Iconic Labs PLC Termination of Greencastle Capital Service agrmts (4672N)
01 Febrero 2021 - 1:00AM
UK Regulatory
TIDMICON
RNS Number : 4672N
Iconic Labs PLC
01 February 2021
Iconic Labs Plc ("Iconic Labs" or the "Company")
Termination of Greencastle Capital Management Service
Agreements
Iconic Labs Plc (LSE:ICON), a multidivisional new media and
technology business announces that it has today received notices of
termination of the management service agreements between the
Company and Greencastle Capital in respect of the JOE Media and
TheLondonEconomic businesses.
The notices from Greencastle Capital state as follows:
"Dear Katharine,
As you know we have kept the situation at Iconic Labs Plc
("Iconic") under careful review during the last few months. While
we are very pleased with the performance of Iconic, we take the
view that the successful performance is principally the result of
the skills and work of the senior management team of John Quinlan,
Sam Asante and Liam Harrington. With their resignation and likely
replacement by a Cypriot hotel team we do not consider that it is
acceptable for Greencastle Capital to risk its assets and own
financial position by continuing the relationship with Iconic.
Hence we have sent these notices of termination which are to take
immediate effect.
We add that this outcome was not one that we foresaw and we
regret it has happened and the needless destruction of value that
has accompanied it. We struggle to understand why Alpha Blue Ocean
was not prepared to enter into a deal that seems to have been
months in the making. We had hoped to build a longer, deeper
relationship with Iconic, but clearly this can no longer
happen.
We nevertheless wish you the best of luck going forward.
Kind regards,
Greencastle Capital"
The Company has received valid termination notices of the
management service agreement in respect of TheLondonEconomic and
the management service agreement in respect of JOE Media and Lovin'
Media which have been terminated. The Company notes that these
management service agreements represent the most significant
proportion of the Company's revenues to date.
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:
Iconic Labs ir@iconiclabs.co.uk
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 anonymised basis
with others as part of our commercial services. For further
information about how RNS and the London Stock Exchange use the
personal data you provide us, please see our Privacy Policy.
END
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
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFFFIVLRILVIL
(END) Dow Jones Newswires
February 01, 2021 02:00 ET (07:00 GMT)
Widecells (LSE:WDC)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Widecells (LSE:WDC)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024