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A group for online gambling ceases to trade

Date: 16.10.2013 | Categories: Articles | Tags:

Media Corp is confused over issues over the meltdown of Purple Lounge Poker

Last year many players were financially impacted by the meltdown of Purple Lounge Poker and perhaps now they will be satisfied by the parent group Media Corp plc’s failure despite new management and corporate maneuvering of questionable nature.

Media Corp made a stock exchange notification this week, which advised that the company does not have the necessary money to keep running without additional material investment and has because of this ceased it trading activities, abandoning its plans for the venture Intrabet.

Phil Jackson, the chairman, said that the company’s directors have made a long review of the prospects and current operations of Media Corp, reaching the conclusion that the impact of charges for operating, hosting and technology on the limited financial resources of the company, when combined with its failure to obtain an appropriate license for gaming are not allowing its Intabet platform to be launched.

“It is the belief of the Directors that if the Intrabet development continues, it will drain the resources of the company, which will be very damaging to it in the lack of investment or revenues,” Jackson added.

“Coupled with the constant legacy issues facing the enterprise, taking vast amounts of time for management, diverting the attention of management from the operation business, they have reached the difficult decision to halt the operation and the development of the platform Intabet and most of the trading business of the company.”

Jackson further revealed that Media Corp is not in a position in which it will be capable of delivering the much talked about platform for betting to Box Nation, but announced that Goal Millions will keep operating under license via Vamagaming. However, having little or no budget for promotions, its contribution to the revenue stream of the company is expected to be very low.

“With Media Corp having ceased almost all of its trading business, under rule 15 of the AIM Rules for Companies, the enterprise will now become an investment company,” Jackson informed its shareholders of his plans for the future.

“By doing so, the company must adopt a new policy for investment which will be subjected to the approval of shareholders at a general meeting. After the investing policy’s adoption, it is very likely that the company will dispose of its Intabet interest and the associated with it intellectual property,”

In what looked like an attempt at placating its shareholders, Jackson announced that since its AIM exchange suspension, a number of parties have approached the Media Corp with proposals for the company presenting better prospects for all shareholders.

“Having this in mind, and one more proposal which proposes for new strategic investment and new directors, the directors have chosen to take this course of action – the cessation of trading. It is the belief of the directors that it is no longer viable to continue the existing business without substantial material investment as its absence could risk the solvency of the Company,” said Jackson.

Notice of the meeting of the executive body, detailing the investing policy that has been detailed will be presented to the shareholders soon and at that time will be made a further announcement.

Resolutions will also be outlined to reorganize the company’s share capital and increase authorities, this way allowing it to allocate more shares for cash, and enabling it to raise enough funds to state implementing its policy for investment.

The accounts for the period ending on the 30th of September, 2012 and the financial report have been long delayed together with the interim account for the period ending on the 31st of March, 2013 but will be presented prior to the general meeting which is to take place in London on the 16th of September, 2013.