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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