Iconic Labs PLC Increase and Change to Management Agreements (7434H)
07 Diciembre 2020 - 3:03AM
UK Regulatory
TIDMICON
RNS Number : 7434H
Iconic Labs PLC
07 December 2020
Iconic Labs Plc ("Iconic Labs" or the "Company")
Increase in Management Services Fee to GBP125,000 a month and
change to the Management Services Agreements
Iconic Labs Plc (LSE:ICON), a multidivisional new media and
technology business, today announces that it has agreed with
Greencastle Acquisition Limited ("Greencastle Capital") (which is
the holding company of the JOE and HER Media and Lovin Media
businesses) to change the basis on which the management services
that are currently provided in respect of the JOE and HER and
Lovin' Media businesses are provided going forwards.
The original management services contracts ("MSCs") were
intended to be separate contracts and with a monthly fee of
GBP100,000 for managing the JOE and HER Media businesses and a
monthly fee of GBP10,000 for managing the Lovin' Media business.
However, as these businesses are now being run together,
Greencastle Capital has agreed to consolidate the management
services that are currently being provided by the Company under
separate MSCs into one combined single MSC for all of these
management services. Consequently, the existing individual MSCs
have been terminated and a new single combined MSC has been entered
into. In addition, Greencastle Capital has agreed to increase the
aggregate management fee to GBP125,000 per month, with all other
terms remaining the same and, as part of the negotiations, and also
to reflect the previously announced strategic partnership between
Greencastle Capital and Premier Media Broadcasting Limited, the
right to convert the GBP1 million term loan previously entered into
between the Company and Greencastle MM LLP (of which Greencastle
Capital is the 98% member) into equity in Greencastle MM LLP has
been removed. Otherwise, the key provisions of the term loan remain
the same which includes Greencastle MM LLP having the right to
pre-pay the outstanding balance of the term loan in whole or in
part at any time and otherwise the full amount of any outstanding
amounts being payable at the end of its two year term, commencing
from the date the loan was initially drawn down.
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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of this information may apply. For further information, please
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RNS may use your IP address to confirm compliance with the terms
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(END) Dow Jones Newswires
December 07, 2020 04:03 ET (09:03 GMT)
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