Media Corporation places subsidiary Eyeconomy into administration

AIM-listed Media Corporation has placed its wholly-owned subsidiary, the internet advertising business Eyeconomy, into administration with KRE Corporate Recovery LLP.

AIM-listed Media Corporation has placed its wholly-owned subsidiary, the internet advertising business Eyeconomy, into administration with KRE Corporate Recovery LLP.

This news follows the group's announcement on December 12th that Eyeconomy was expected to make a loss for the division for the 15-month period ending December 31st 2012.

In a statement published by the company on Monday, Media Corporation stated: "Eyeconomy's considerable drop in sales, coupled with the growing negative net asset position of the business, has led the board of the company to take the tough decision that as Eyeconomy is no longer an appropriate fit with the ongoing strategic direction of the group its resources are better focused on the pending launch of Intabet and associated sites. A further announcement regarding the administration will be made in due course."

The group reported that other trading operations were unaffected and continue to trade as normal. The company said it remains completely focused on development of the Intabet platform and new, complimentary technologies and products.

Media Corporation's shares were down 4.76% to 0.10p at 13:42 on Monday afternoon.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020
The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020
Why you should stuff your end-of-pandemic portfolio with Chinese stocks
China stockmarkets

Why you should stuff your end-of-pandemic portfolio with Chinese stocks

For an end-of-pandemic portfolio, you need assets that can cope with today’s volatility. And that, says Merryn Somerset Webb, means Chinese stocks.
14 Sep 2020