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Mon, 7th Dec 2020 09:03
RNS Number : 7434H
Iconic Labs PLC
07 December 2020
Iconic Labs Plc ("Iconic Labs" or the "Company")
Increase in Management Services Fee to £125,000 a month and change to the Management Services Agreements
Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that it has agreed with Greencastle Acquisition Limited ("Greencastle Capital") (which is the holding company of the JOE and HER Media and Lovin Media businesses) to change the basis on which the management services that are currently provided in respect of the JOE and HER and Lovin' Media businesses are provided going forwards.
The original management services contracts ("MSCs") were intended to be separate contracts and with a monthly fee of £100,000 for managing the JOE and HER Media businesses and a monthly fee of £10,000 for managing the Lovin' Media business. However, as these businesses are now being run together, Greencastle Capital has agreed to consolidate the management services that are currently being provided by the Company under separate MSCs into one combined single MSC for all of these management services. Consequently, the existing individual MSCs have been terminated and a new single combined MSC has been entered into. In addition, Greencastle Capital has agreed to increase the aggregate management fee to £125,000 per month, with all other terms remaining the same and, as part of the negotiations, and also to reflect the previously announced strategic partnership between Greencastle Capital and Premier Media Broadcasting Limited, the right to convert the £1 million term loan previously entered into between the Company and Greencastle MM LLP (of which Greencastle Capital is the 98% member) into equity in Greencastle MM LLP has been removed. Otherwise, the key provisions of the term loan remain the same which includes Greencastle MM LLP having the right to pre-pay the outstanding balance of the term loan in whole or in part at any time and otherwise the full amount of any outstanding amounts being payable at the end of its two year term, commencing from the date the loan was initially drawn down.
Sounds like PW "Tom Winfrith" has his knickers in a twist lol. Not asking the right question, why would a Billionaire bother trading £100k on ICON? Pittance to them surely?
It's going to be a good day. Hold onto these, a Billionaire wouldn't be interested in making £100k trading ICON chicken feed to them. Let's see what more news brings try to work wtf is going on.
Unless OTT is someone else this guy has money.
“I have been doing business in Central and Eastern Europe (CEE) since 1991 and invested more than €3bn in more than 200 real estate assets and developments,” Ott says.
https://www.intellinews.com/russian-real-estate-company-s-assets-frozen-by-cypriot-court-181463/
OTT HOLDINGS LIMITED is registered in Cyprus at 14/12/10 as a(n) Limited Company. The Registration Number for this Cyprus Limited Company as held by the Official Government of the Cyprus Registrar Of Companies is HE278553. The Organisation Status is Active. There are 3 Officials currently on file. The address of the company is ?a?te?? ?ate????, 16, DIAGORAS HOUSE, Floor 7, 1097, ?e???s?a, ??p???. As for the officials as seen at the Official Cyprus Registrar at the point in time when the data were collected JEAN-FRANCOIS OTT holds the position of Director, ?????? ????? holds the position of Director, ?????S ????????S holds the position of Secretary.