REG - Iconic Labs PLC - Update on JOE Media Ireland

Iconic LabsAnnouncement

14/10/2020 07:00

RNS Number : 9860B
  
Iconic Labs PLC
  
14 October 2020
  
 

 
 
 
Iconic Labs Plc ("Iconic Labs" or the "Company")
 
Update of JOE Media Ireland
 
Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that completion of the acquisition by Greencastle Capital ("Greencastle") of Maximum Media Limited ("JOE Media Ireland"), which trades as JOE Media in Ireland, occurred late on Friday evening, 9th October 20020.  As a result, and 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.  The Company already manages JOE Media in the UK.
JOE Media Ireland produces and distributes content under both the JOE and Her brands, where it has a highly prominent market position and works with many well-known international and Irish brands.  The Company will use its operational expertise together with its data and insights division, which delivers audience intelligence and sentiment, to assist campaign reporting and grow revenues. The Company also intends to ensure that popular existing shows such as 'GAA Hour', 'Unfiltered' and 'House of Rugby' continue to thrive, while developing a range of new and improved content, with new shows and fresh talent.
Greencastle has also agreed that in order to better reflect both the costs of managing the JOE Media group, and the success thus far in managing JOE Media UK, the monthly management fee payable to the Company will be increased from £50,000 to £100,000 with immediate effect. The Company's entitlement to a 25% share of profits remains in place.
The Company continues negotiations with EHGOF in respect of the debts still due to EHGOF and continues to work towards a resolution which will result in the company having a conventionally funded balance sheet, and will provide an update in due course.
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.
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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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