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IN BRIEF: Iconic Labs Wholly Denies Claims By OTT Holdings

Mon, 18th Jan 2021 17:56

Iconic Labs PLC - media company - Notes press release issued by OTT Holdings Ltd refuting its allegations. Iconic Labs says it has not received a valid requisition notice to convene a general meeting, has not called a general meeting of its shareholders and no general meeting is scheduled to take place. Iconic Labs rebuffs OTT claim that it holds 5.74 billion Iconic shares. Says OTT is not registered as a holder of any of its shares and that an initial enquiry suggested that OTT Holdings is a Cyprus based developer of hotels and "does not appear to have any commercial interest or experience in the social media and publishing industry in which the company conducts its operations." Also refutes allegations concerning an alleged lack of commercial progress.

"In the last 22 months the board has had to restructure the previous WideCells business that was close to insolvency and has built a new media business from zero revenues to now running at an annual revenue run rate of over GBP1 million a year. The large majority of these revenues come from management service agreements which Iconic was only able to obtain because of the skills and experience of the Board in managing digital media businesses. It should also be noted that during the last 20 months, the Board members and the company's advisors have deferred substantial parts of their salaries and fees in order to invest in the growth of the company," Iconic Labs says.

Current stock price: 0.0080 pence

Year-to-date change: down 34%

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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