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Media Corporation

  • BY: Andrew Hore |
  • POSTED: 27/04/2012 |

Media Corporation says that its online gaming business Purple Lounge is trading behind expectations and the group will make a higher than forecast loss.

Management believes that the negative trade press relating to litigation by CD The site has been temporarily suspended. Media Corp has lent more than 900,000 to Purple Lounge.

Media Corp had been planning acquisitions for its online gaming division. The shares were suspended at 1.02p each on 16 April, which values Media Corp as 3.65m. This was when the potential purchase of Poker Channel owner Gaming Media Group was announced.

However, the group cash position has deteriorated. There was 400,000 in the bank at the end of March 2012 with 250,000 received for disposals a few days later.  At the end of September 2011 there was 2.2m in the bank.

Media Corp is considering its options for Purple Lounge and the decision may depend on whether the acquisition goes ahead.

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