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Media Corporation

  • BY: Andrew Hore |
  • POSTED: 17/06/2010 |

Online advertising and gaming company Media Corporation has sold 15.1m shares it held in treasury even though the original buyer could not complete the transaction.

The shares have been placed with other investors at 3p a share, the price they were supposed to be bought at back in January. The share price recently went back above 3p after a strong trading statement. At 3.92p a share, Media Corp is valued at £11m.

The sale raised £453,000 and a further £242,500 was raised after warrants were exercised at 1p a share by the company’s management.

Cash balances were £2.3m at the end of March and the business should be cash generative. That means that Media Corp should have £3m in the bank. This cash can be used for bolt-on acquisitions in the gaming sector. 

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