Business
Update on Joe Media and Other Business Update
Update on Joe Media and Other Business Update.
About this update from Iconic Labs Plc
RNS Number : 0443S Iconic Labs PLC 03 July 2020 3 July 2020 Iconic Labs Plc ("Iconic Labs" or the "Company") update on Joe Media and Other Business Update Iconic Labs Plc (LSE:ICON), a multi-divisional new media and technology business today announces the following business update in relation to various ongoing contracts and opportunities. Supporting Greencastle Capital bid for Maximum Media and Joe Media The Company has previously announced on 16 June 2020 that it was working with Greencastle Capital ("Greencastle") to support a bid by Greencastle to acquire Maximum Media Limited ("Maximum Media"), which is currently subject to an examinership process in the Republic of Ireland, and for the assets of Joe Media Limited ("Joe Media UK"), which is currently in administration in the UK. Both Maximum Media and Joe Media UK currently trade under the 'JOE' brand and are well known media companies in the UK and Ireland. Greencastle is in continued discussions with Joe Media. The bidding process is ongoing and there can be no assurance that the Greencastle bid will ultimately be successful. The Company wishes to clarify that the only parties involved in the bid are Greencastle Capital and Iconic Labs as per the statement issued to the London Stock Exchange on 16 June 2020. For the avoidance of doubt, Mr Niall McGarry, the original founder of Maximum Media and Joe Media, is not involved in any aspect of the bid being made by Greencastle and supported by the Company. Should the Greencastle bid be successful, Iconic Labs and Greencastle will enter into a management services agreement whereby Iconic will manage the JOE assets and negotiations in respect of this management services agreement are taking place. There can be no assurance that terms for a management services agreement will be agreed. Greencastle is a subsidiary of Linton Capital LLP and is ultimately owned and controlled by David Sefton. As announced on 14 April 2020, Iconic Labs has already entered into a management services agreement with another publisher majority owned by Greencastle, TheLondonEconomic (TLE). The Company will update the market as and when there are further developments. Social Alchemist The Company stated in its latest prospectus, published on ...