Business
New management services contract with JOE Media
New management services contract with JOE Media.
About this update from Iconic Labs Plc
[{"type":"text","content":"\n \n \n RNS Number : 3221S\n Iconic Labs PLC\n 08 July 2020\n \n \n \n \n \n \n \n Iconic Labs Plc (\"Iconic Labs\" or the \"Company\")\n \n \n New management services contract with JOE Media Business generating revenues of at least £50,000 a month. Intention to look at conventional financing options to replace current facility.\n \n \n Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that it has entered into a management services contract with Greencastle MM LLP (\"Greencastle Capital\"), which has at the same time, completed the acquisition of the JOE media UK business, which includes the 'House of Rugby' show, the most watched Rugby show in the world, out of administration. The JOE media businesses already generate in excess of £10m of revenue per year.\n \n \n ● Under the terms of the management services contract, which came into effect today, Iconic Labs will be paid a monthly management fee of £50,000 plus external costs, and in addition shall receive 25% of all profits if certain revenue and profit targets are met.\n \n \n ● Iconic Labs anticipates this management services contract will contribute a significant amount of revenue to the Company and will enable Iconic Labs to become operationally profitable within three months. \n \n \n ● Iconic Labs will immediately manage all operational and commercial aspects of the JOE media businesses in the UK and will do so in Ireland following regulatory clearance. JOE media is a market leader in digital media in Ireland and in the UK described as 'most influential publisher' by the BBC. \n \n \n ● The JOE media businesses generated in excess of £10m of revenue in FY 2019 with the UK part of the business having grown annual revenue at an annual rate of 117.7% between 2016 and 2019. \n \n \n \n \n \n JOE Media\n \n \n Greencastle Capital has acquired the JOE media business in the UK out of administration. It expects to imminently sign a contract for the acquisition of the JOE media Irish business and once an Irish Media Merger notification period has expired completion of the acquisition of the JOE media Irish business will occur. This is expected to take place within two months.\n \n \n The management services contract with Greencastle Capital also provides that Iconic Labs will manage t...