London’s AIM-listed Media Corporation, owner of online poker site Purple Lounge, has placed 29,102,728 shares – its entire holding – with investors to enable it to raise £0.87 million to be used for new acquisitions.
The company bought Purple Lounge in October 2009 and Justin Drummond, chief executive of the group said, “Whilst the Group had significant cash of over £2.3 million as at 31st December 2009, the additional funds raised will give the Group funds to pursue new acquisition opportunities.
“Having concluded and successfully integrated the acquisition of Purple Lounge Limited in October 2009 we are now very well positioned to pursue further earnings enhancing acquisitions in 2010. In addition, the Group will make a profit of £0.16 million on its holding of the treasury shares underpinning the original share buy back strategy.”
