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Media Corporation Plc - Sale of Treasury stock, exercise of warrants and director dealings
17-06-2010
17 June 2010
Media Corporation Plc
("Media Corp" or the "Company")
Sale of Treasury stock, exercise of warrants and director dealings
Media Corporation, a leading AIM quoted media and online gaming group, announces that further to the announcement on 10 May 2010, the proposed purchaser of the outstanding 15,102,728 treasury shares (the ‘Treasury Shares’) has informed the Company that, despite his best endeavours, he will be unable to meet his commitment to settle the treasury shares by 18 June. As a result, on behalf of the Company, Astaire Securities plc, the Company’s broker, has sold the remaining Treasury Shares on the terms as originally agreed to certain institutions and other investors raising the Company £453,081.
In addition, on 16 June 2010 certain Directors and Senior Management of the Group exercised 24,250,000 warrants at a price of 1p raising the company a further £242,500.
Application has been made to the London Stock Exchange for the 24,250,000 new ordinary shares of 1p each to admit to trading on AIM. Admission is expected to occur and dealing commence at 8.00am on 21 June 2010.
Through the exercise of warrants, Jason Drummond, Justin Drummond and Nilesh Jagatia, all Directors of the Company, purchased 5,250,000, 13,000,000 and 2,250,000 ordinary shares at 1p, respectively.
Following their exercise of warrants their shareholdings now are as follows:
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Director
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Number of warrants exercised
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Total number of shares now held
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Percentage of issued share capital
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Options and Warrants held
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Jason Drummond
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5,250,000
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27,736,666
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8.27%
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0
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Justin Drummond
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13,000,000
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35,907,000
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10.70%
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0
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Nilesh Jagatia
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2,250,000
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2,350,000
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0.70%
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0
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Following the exercise of the warrants and the sale of the Treasury Shares, the issued share capital of the Company is 335,539,117 ordinary shares of 1p each. This figure may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.
Justin Drummond, CEO of Media Corp, commented:
“The Group recently announced that cash balances were £2.3 million at March 31st 2010. The sale of the outstanding Treasury shares and the proceeds from the exercise of the warrants brings a further £0.7 million strengthening our cash resources further. These additional funds will be used to accelerate further growth and to fund future acquisitions.”
--END--
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Media Corporation Plc
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Tel: +44 20 7618 9000
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Justin Drummond, CEO
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Nilesh Jagatia, Finance Director
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Astaire Securities Plc
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Tel: + 44 20 7492 4750
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Luke Cairns / Shane Gallwey (Nominated Adviser)
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Katie Shelton / Charles Vaughan (Broking)
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Bishopsgate Communications
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Tel: + 44 20 7562 3350
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Gemma O'Hara
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Threadneedle Communications
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Tel: +44 20 7653 9850
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Graham Herring / Josh Royston
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Notes to editors:
Listed on the AIM market of the London Stock Exchange, Media Corp is a leading internet media and online gaming group.
The Group has two principal divisions:
Advertising Network - Formed in 1996, Eyeconomy specialises in mass reach campaigns to over 30 Million unique consumers per month via its own proprietary ad-serving and tracking technology for clients including AOL, Dell and American Express.
Website Publishing - Media Corp has a diverse publishing division specialising in online media.
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