Business
Trading update, Capital Plan and Notice of GM
Trading update, Capital Plan and Notice of GM.
About this update from Iconic Labs Plc
[{"type":"text","content":"\n \nRNS Number : 3938C Iconic Labs PLC 07 February 2020 \n\n7 February 2020 \nIconic Labs Plc (\"Iconic Labs\" or the \"Company\")\nTrading update, Capital Plan (including Financing update and Settlement of Previous Debt Facilities), Share Capital Reorganisation and Notice of GM\n \nIconic Labs Plc (LSE:ICON) (the \"Company\"), a multi-divisional new media and technology business, is pleased to provide the following updates. \nTrading Update\nThe Company's business is now generating revenues and starting to achieve real growth and traction. As evidenced by recent announcements the management team has signed several contracts and further has a strong pipeline of potential transactions. It has also successfully launched its first platform with the acquisition and revamp of GSN, the leading LGBT website. Building a business based on growing revenues in the short and medium term while developing and building the long-term value of brand assets is something the management team did successfully at UNILAD and they believe a similar model will be even more successful at the Company.\nThe launch of the new GSN website is particularly significant because it not only provides revenues and access to the LGBTI market, estimated to be in the region of $3.6 trillion of annual spend globally, but also secures for the Company a platform and brand with credibility in such a valuable sector. \nSince the launch of the new GSN website, it is attracting over a million monthly users and in just one month since the launch the Company has secured initial revenues and has a sales pipeline which is ahead of management's expectations. GSN represents a blueprint of the overall plan for the Company, building or acquiring assets that have great value potential and can, when combined with the expertise of the management team, potentially become world leading brands in valuable sectors.\nThe management team considers that value has already been created in the Company's business, and that this is not fully recognised in the current share price. Management recognises that the share price is currently being held back because of the dilutive effects of, and uncertainty relating to, the historic debt position inherited from the old WideCells business, and which continues to have an impact on the current financing position of the Company. \nIn light...