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Media Corporation

  • BY: Andrew Hore |
  • POSTED: 17/08/2009 |

One year after changing its nominated adviser and broker to Daniel Stewart, Media Corporation has switched again to Dowgate - which is now part of Astaire.

The shares fell 0.05p to 1.03p each, which values Media Corp at 2.72m. The net asset value was 7.18m, including 4.57m of intangible assets, at the end of March 2009.

Media Corp has appointed John Palmer as a non-executive director. Palmer has worked at Unilever and Mattel Toys Australia. Michael Hawkes has stepped down from the board.

Media Corp increased its revenues by 18% to 2m in the six months to March 2009. The loss increased from 190,000 to 898,000. Both the advertising and publishing divisions made increased losses. Cost savings should show through in the second half.

Net cash was 2.51m at the end of March 2009, which was 1.3m lower than six months before. Media Corp had spent 211,000 on its own shares during the period.

All bid discussions have ended.

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