MediaCorp settles legal dispute
Settlement agreement will see AIM-listed company issue 15 million ordinary shares to CD Casino Limited
Media Corporation has reached a settlement with CD Casino Limited following a legal dispute dating back to February, the AIM-listed business has announced.
As part of the agreement CD Casino – which includes Michael Caselli, publisher and editor-in-chief of industry magazine iGaming Business, among its directors – will receive 15 million ordinary shares in MediaCorp, currently valued at 53 pence each.
Publicity relating to the case, initially brought against MediaCorp subsidiary Search Focus Ltd, was blamed for the at-the-time temporary shutdown of poker and casino business Purple Lounge.
When the legal claim was initially brought by CD Casino in February, MediaCorp issued a statement explaining: “The board has taken legal advice and considers the claim to be spurious and without foundation and will defend it vigorously.”
Purple Lounge was since shut down altogether following the voluntary termination of its Maltese licences by MediaCorp, and the parent company announced in May that its egaming subsidiary would be liquidated. Baker Tilly have since been appointed as liquidators.
In the period since the CD Casino claim was initially brought, interim CEO Sara Vincent and chairman Jason Drummond have both left Media Corporation.
A statement from the company today explained that: “Following this announcement the Group has no further outstanding litigation.”