Media Corporation Plc, the AIM quoted advertising network and online gaming group, has acquired Intabet Limited, a new online betting platform,. As consideration for the acquisition the Media Corporation has issued and allotted to the vendors of Intabet 152,719,840 new ordinary shares at 1p each valuing Intabet at £1.53m. and representing 29.99 per cent of the enlarged issued share capital of the Company.
Phil Jackson and Adam Fraser-Harris, part of the management team of Intabet, are to join the Board of Media Corp with immediate effect as non-executive chairman and interim CEO respectively. With the announcement of the Acquisition, Justin Drummond, Chairman, and Sara Vincent, Interim CEO, have resigned from the Board with immediate effect and have left the Group.