Greencastle Capital Joe Discussions

RNS Number : 1426Q

Iconic Labs PLC

16 June 2020

 

Iconic Labs Plc ("Iconic Labs" or the "Company") supports Greencastle Capital bid for Joe Media and discussions on management contract

Iconic Labs Plc (LSE:ICON) (the "Company"), a multi-divisional new media and technology business today announces that it is 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 has been informed by the Examiner and the Joint Administrators that, after consideration of Greencastle's indicative bid, it has been taken through into the respective second and final rounds.  The next step in the process is discussions with management and final due diligence, which is expected to take place this week.

If the Greencastle bid is successful, Iconic Labs and Greencastle intend to enter into a management services agreement whereby Iconic will manage the JOE assets.  Negotiations in respect of this management agreement are taking place, but there can be no assurance that either the Greencastle bid will ultimately be successful or 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^th 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.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

**ENDS**

For further information, please visit the Company's website www.iconiclabs.co.uk or contact:

Damon Heath	Shard Capital Partners LLP	Tel: [phone]
	Iconic Labs	[e-mail]

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