REG - Iconic Labs PLC - New management contract - Lovin' Media

Iconic LabsAnnouncement

16/11/2020 07:00

RNS Number : 3529F
  
Iconic Labs PLC
  
16 November 2020
  
 

 
 
 
Iconic Labs Plc ("Iconic Labs" or the "Company")
 
New management contract - Lovin' Media
 
Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that following the acquisition by Greencastle Acquisition Limited ("Greencastle") of LD Lovin' Dublin Limited ("Lovin' Media"), the Company has entered into a management services contract with Greencastle under which it will take over responsibility for all operational and strategic management of Lovin' Media with immediate effect.  This new management services contract has the same terms as previous management services contracts between the Company and Greencastle, and under it Iconic Labs will be paid a monthly management fee of £10,000 plus external costs, and in addition shall receive 25% of all profits if certain revenue and profit targets are met.
Lovin' Media is one of Irelands most recognisable online publisher brands and is operationally profitable. The digital and social media publisher based in Dublin, is best known for its original editorial lifestyle and entertainment content specifically focusing on things to do in Ireland and in particular in the city of Dublin. As such, it is an ideal addition to the portfolio of brands including JOE and Her that are managed by Iconic Labs, delivering a new and valuable audience demographic. Iconic Labs intends to invest its resource and knowledge to help scale the business and revenues and build on the great work the team at Lovin' Media have done in developing a successful content and brand. It will remain as a separate brand. 
John Quinlan, CEO of the Company, said "This new management services contract sits perfectly with our existing contract to manage JOE and Her.  At the same time as enabling synergies across the businesses in certain functions, Lovin' Media provides us with a complementary and exciting brand to discuss with clients.  We will also apply our tried and tested methods to increase reach and revenues and look forward to successfully growing Lovin' Media alongside JOE and Her."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
**ENDS**
For further information, please visit the Company's website www.iconiclabs.co.uk or contact:



Damon Heath


Shard Capital Partners LLP


Tel: +44 (0) 20 7186 9950



Iconic Labs ir@iconiclabs.co.uk
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This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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