Iconic Labs PLC New management contract - Lovin' Media (3529F)
November 16 2020 - 2:00AM
UK Regulatory
TIDMICON
RNS Number : 3529F
Iconic Labs PLC
16 November 2020
Iconic Labs Plc ("Iconic Labs" or the "Company")
New management contract - Lovin' Media
Iconic Labs Plc (LSE:ICON), a multidivisional new media and
technology business, today announces that following the acquisition
by Greencastle Acquisition Limited ("Greencastle") of LD Lovin'
Dublin Limited ("Lovin' Media"), the Company has entered into a
management services contract with Greencastle under which it will
take over responsibility for all operational and strategic
management of Lovin' Media with immediate effect. This new
management services contract has the same terms as previous
management services contracts between the Company and Greencastle,
and under it Iconic Labs will be paid a monthly management fee of
GBP10,000 plus external costs, and in addition shall receive 25% of
all profits if certain revenue and profit targets are met.
Lovin' Media is one of Irelands most recognisable online
publisher brands and is operationally profitable. The digital and
social media publisher based in Dublin, is best known for its
original editorial lifestyle and entertainment content specifically
focusing on things to do in Ireland and in particular in the city
of Dublin. As such, it is an ideal addition to the portfolio of
brands including JOE and Her that are managed by Iconic Labs,
delivering a new and valuable audience demographic. Iconic Labs
intends to invest its resource and knowledge to help scale the
business and revenues and build on the great work the team at
Lovin' Media have done in developing a successful content and
brand. It will remain as a separate brand.
John Quinlan, CEO of the Company, said "This new management
services contract sits perfectly with our existing contract to
manage JOE and Her. At the same time as enabling synergies across
the businesses in certain functions, Lovin' Media provides us with
a complementary and exciting brand to discuss with clients. We will
also apply our tried and tested methods to increase reach and
revenues and look forward to successfully growing Lovin' Media
alongside JOE and Her."
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 Tel: +44 (0) 20 7186
LLP 9950
Iconic Labs ir@iconiclabs.co.uk
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
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END
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November 16, 2020 02:00 ET (07:00 GMT)
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