Iconic Labs PLC - media company - Notes completed acquisition of Maximum Media Ltd, which trades as Joe Media in Ireland, by Greencastle Capital. As a result, pursuant to the management contract with Greencastle, the company has taken over responsibility for all operational and strategic management of Joe Media Ireland with immediate effect. Iconic already manages Joe Media in UK. Greencastle has also agreed to up the monthly management fee payable to the company to GBP100,000 from GBP50,000 with immediate effect. The company's entitlement to a 25% share of profits remains in place.
Separately announces that as part of a process of negotiations with European High Growth Opportunities Fund in respect of debts owed to the fund, Iconic has formally terminated all contracts and other arrangements between itself and European High Growth Opportunities Fund. This is consistent with and follows from Iconic's previous announcement that it is not intending to issue any further drawdown notices under the European High Growth Opportunities Fund facility.
Current stock price: 0.017 pence; up 17% on Wednesday
Year-to-date change: down 74%
By Paul McGowan; paulmcgowan@alliancenews.com
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Iconic Labs (ICON)