LONDON (Alliance News) - Digital media and technology firm Milestone Group PLC on Monday said its Nexstar joint venture has signed a new payroll contract with a UK-based entertainment industry payroll firm.
Nexstar will provide a payroll system to the unnamed customer, which will see Nexstar provide pre-paid cards to the firm, in addition to the Nexstar platform for controlling payroll administration and payments.
Nexstar will get a fee per platform built for each of the customer's clients who request the service. Milestone said the service and the platform will be commissioned in the next few weeks and will then be immediately earnings enhancing.
Separately, Milestone said it has issued shares to raise more funds and to cover a creditor balance.
The funds for the company have been raised by issuing 4.8 million shares at 1.50 pence per share, raising a total of GBP72,500.
The shares issued to cover the balance owed to creditors total 4.6 million, issued at 1.00p per share in line with a price previously agreed with the unnamed creditor.
Shares in Milestone were down 2.0% to 1.25 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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