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Share Name Share Symbol Market Type Share ISIN Share Description
Mediclinic International Plc LSE:MDC London Ordinary Share GB00B8HX8Z88 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  15.60 5.35% 307.40 304.00 304.40 304.80 285.60 285.60 376,835 16:35:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 3,083.0 -275.0 -43.4 - 2,266

Purple Lounge Trading Update

27/04/2012 1:16pm

UK Regulatory (RNS & others)


Mediclinic (LSE:MDC)
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TIDMMDC 
 
 

Media Corporation Plc

 

("Media Corp" or the "Company")

 

Purple Lounge Trading Update

 

Further to the trading update of 11 April the Company provides the following trading update ahead of the publication of the interim financial results for the six months ended 31 March 2012.

 

In preparing the interim results it has become clear that the Purple Lounge is trading materially behind the same period of the previous financial year which will result in increased losses for the division and, as a result, the Company as a whole. The directors believe that Purple Lounge has suffered as a result of negative trade press (much of which the directors consider totally unfounded) particularly surrounding the litigation brought against one of the Company's subsidiaries by CD Casino.com Limited.

 

As a result of the recent losses, and resulting impact on the Company's cash position having continually funded the losses, the directors are in the process of considering a number of options for Purple Lounge as a means to control the losses and, in doing so, preserve the Company's cash and value in its other divisions. Media Corp has not received dividends or cash payments from Purple Lounge during its ownership and has loaned over GBP900k in the last few months. The options under consideration may be directly impacted by the outcome of the Company's stated intention of undertaking an acquisition or acquisitions. In the meantime the Company has temporarily suspended the site www.purplelounge.com.

 

As at 31 March the Company had cash balances of GBP400k with an additional GBP250k received on 4th April 2012 from the disposal of loss making publishing assets.

 

The directors hope to publish the full interim results by 31st May 2012.

 

Further announcements will be made as and when appropriate.

 

--ENDS--

 

Contacts:

 
Media Corporation Plc                               Tel: +44 20 7618 9000 
Justin Drummond - Chairman 
Nilesh Jagatia - Group Finance Director 
Northland Capital Partners Limited                  Tel: + 44 20 7796 8800 
Luke Cairns / Rod Venables (Nominated Adviser) 
Katie Shelton (Joint Broker) 
XCAP Securities                                     Tel: + 44 207 101 7070 
Jon Bellis / Karen Kelly (Joint Broker) 
Bishopsgate Communications                          Tel: + 44 20 7562 3350 
Deepali Schneider 
mediacorp@bishopsgatecommunications.com 
 
 
 
 
 

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