Business
Results of Annual General Meeting
Results of Annual General Meeting.
About this update from Gana Media Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 4834L\n Mobile Streams plc\n 30 April 2020\n \n \n \n \n 30 April 2020\n \n \n \n \n \n Mobile Streams plc\n \n \n (\"MOS\" or \"the Company\")\n \n \n \n \n \n Results of Annual General Meeting \n \n \n AGM Statement\n \n \n Approval of Conditional Placing of £146,250 gross\n \n \n Total Voting Rights\n \n \n \n \n \n Results of Annual General Meeting \n \n \n The Company is pleased to announce that, with the exception of the resolution to reappoint Peter Tomlinson as a director, which was withdrawn due to his resignation from the Board on 22 April 2020, all resolutions were passed.\n \n \n \n \n \n AGM Statement \n \n \n The Company is pleased to provide an update on trading and current developments.\n \n \n \n \n \n Content business\n \n \n The legacy mobile content business, which generates revenues through relationships with mobile operators and content aggregators and retailing directly to the consumer, continues to perform in line with expectations. Group revenue for the first three months of 2020 was £100,000 (2019: £190,000). EBITDA for this period (calculated as profit before tax, interest, amortisation, depreciation, share compensation expense and impairment of assets) showed a loss of £131,000 (2019: loss of £479,000) following a focus on cost cutting within the Group. The revenue in Argentina and Mexico remained stable for the first three months of 2020, although the Argentinian peso was devalued by 1.8% during the period., The underlying operations of the existing mobile content business (ie excluding plc costs, some initial costs in establishing the Streams platform and other one-off costs) are running at close to break-even, despite reduced revenues compared with the prior year.\n \n \n \n \n \n The Group's cash balance is currently £97,000, including the net proceeds of the £75,000 Placing announced on 30 March and a net tax credit of £50,000 received by the Argentine business in March.\n \n \n \n \n \n Data business\n \n \n The Streams platform delivered via our partnership with KrunchData continues to develop well and, as announced on 14 April, signed its first commercial agreement with the National Emergencies Trust (\"NET\"). Regarding our, We are delighted to announce that feedback on the platform from the National Emergencies Trust, whic...