Shell comapny Mungo Trading was formed after Timestrip sold its smart label technology business for up to 225,000 in June 2010. Mungo is looking for engineering or industrial businesses to acquire. Timestrip reversed into shell company Internet Music & Media on 28 February 2005. The 6.4m reversal and a 3m placing were done at a price of 4p a share. Prior to this IMM had gone through a company voluntary arrangement because the internet music business had not succeeded. There was a 50-for-one consolidation at the time. Shell company Chandra acquired Groovetech to form IMM in April 2000. A 72% stake in Groovetech cost 8.8m in shares and 2.41m was raised from a placing and open offer at 158p a share - 7900p post-consolidation. In August 2001, IMM raised 1.85m at 12p a share - 600p post-consolidation. Chandra joined Aim in October 1999 at 25p a share equivalent to 750p a share post-consolidation.

Sector: Industrial

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