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To be fair to new investors that may not have seen the latest RNS. READ IT THROUGH before committing funds. If we do slide i may still top up as the company are saying there are alternatives to seeking solutions to the Covid 19 crisis affecting companies trying to survive.
Read through...make up your own mind?
https://www.investegate.co.uk/iconic-labs-plc--icon-/rns/update-on-joe-media-and-other-business-update/202007031707440443S/
It's pretty clear with that rns they are trying to cover their backsides with the previous mentioned 1 million contract etc. There's nothing positive in that rns which was why it was released after the market closed.
so i couldnt be bothered to read the rns earlier but just have , and that is an awful Rns terrible and not surprised it was released when it was , depressing reading
Was referring to your spamming. Not cool. Nothing in particular you said as I usually only glance over your posts ;)
The Joe media deal looks like it will go through. I think that will be very good news for the company.
WTF...have i ssid that is FUNNY FFS..you are toooo Touchy.
Trying to have a conversation ...well get on with it.
It's not funny apple. We're trying to have a realistic conversation here.
Should the Greencastle bid be successful, Iconic Labs and Greencastle will enter into a management services agreement whereby Iconic will manage the JOE assets and negotiations in respect of this management services agreement are taking place. There can be no assurance that terms for a management services agreement will be agreed.
Greencastle is a subsidiary of Linton Capital LLP and is ultimately owned and controlled by David Sefton. As announced on 14 April 2020, Iconic Labs has already entered into a management services agreement with another publisher majority owned by Greencastle, TheLondonEconomic (TLE).
The Company will update the market as and when there are further developments.
The Company has previously announced on 16 June 2020 that it was working with Greencastle Capital ("Greencastle") to support a bid by Greencastle to acquire Maximum Media Limited ("Maximum Media"), which is currently subject to an examinership process in the Republic of Ireland, and for the assets of Joe Media Limited ("Joe Media UK"), which is currently in administration in the UK. Both Maximum Media and Joe Media UK currently trade under the 'JOE' brand and are well known media companies in the UK and Ireland.
Greencastle is in continued discussions with Joe Media. The bidding process is ongoing and there can be no assurance that the Greencastle bid will ultimately be successful
successful, Iconic Labs and Greencastle will enter into a management services agreement whereby Iconic will manage the JOE assets and negotiations in respect of this management services agreement are taking place. There can be no assurance that terms for a management services agreement will be agreed.
Greencastle is a subsidiary of Linton Capital LLP and is ultimately owned and controlled by David Sefton. As announced on 14 April 2020, Iconic Labs has already entered into a management services agreement with another publisher majority owned by Greencastle, TheLondonEconomic (TLE).
The Company will update the market as and when there are further developments.
Social Alchemist
The Company stated in its latest prospectus, published on 26 March 2020, that it planned to complete the acquisition of Social Alchemist in the first quarter of 2020. Due to the ongoing Covid-19 pandemic the Company has been unable to conclude this acquisition. However, Iconic Labs has been in talks to renegotiate the terms of the agreement so as to give the Company maximum flexibility. The Company is pleased to announce that it is now in the final negotiations to complete an agreement for the licence and management of the distribution services of Social Alchemist and will therefore not now need to acquire the Social Alchemist business. This results in the same economic benefit to the Company as the proposed acquisition, but without the need to deploy capital. The Company will provide a further update in due course.
Fintech services contract
The Company stated in July 2019 that it had agreed a deal worth up to £1m to provide marketing and consultancy services and that the deal was subject to final documentation. As of today's date this deal has not yet been completed. The Company is in regular communication with the client about a strategic partnership, however due to cash constraints from the client's perspective caused partly by the Covid-19 pandemic the contract is likely to be materially different than originally agreed. The Company will provide a further update in due course.
Medium Channel Media Limited ("MCM") and Tab Media
The Company stated in an announcement issued on 12 September 2019 that it had taken a 24% shareholding in MCM, that it would be providing management and consultancy services to MCM pursuant to a management services agreement and in addition would be providing a loan for £150,000, to be used solely for working capital purposes. It was also announced on 12 September 2019 that MCM had entered into a conditional agreement to acquire Tab Media Ltd ("Tab Media"), publishers of The Tab, the UK's leading youth student culture focussed publisher.
MCM has informed Iconic Labs, that unfortunately, the conditions to the conditional agreement, which would have enabled MCM to acquire Tab Media, have not been met and that subsequently the agreement has lapsed.
MCM is look
Onwards and upwards from here guys.