RNS Number : 4415M

Media Corporation PLC

23 August 2013

Media Corporation plc

("Media Corp" or the "Company")

Trading Update

Cessation of Business

Further to the trading update of 5 August 2013 the directors of the Company (the "Directors") have now concluded their review of Company's current operations and prospects. The impact of increasing technology, hosting and operating charges on the Company's limited financial resources, coupled with the inability of the Company to obtain an appropriate Gaming License in its own right are proving prohibitive to the Company being able to launch the Intabet platform in any meaningful capacity as previously envisaged. The Directors believe that continued development of Intabet would prove a drain on the Company that it cannot sustain in the absence of meaningful revenues or investment. Together with continued legacy issues facing the Company taking up substantial amounts of management time detracting their attentions from the operating business, the Directors have taken the difficult decision to cease development and operation of the Intabet platform and substantially all of the Company's trading business.

As a result the Company will not be in a position to deliver the betting platform to Box Nation. Goal Millions will continue to operate under licence through Vamagaming, but with next to no promotional budget, its contribution to the Company's revenue stream is expected to be negligible. With Media Corp now having ceased substantially all of its trading business the Company will now become an investing company under rule 15 of the AIM Rules for Companies. In doing so, the Company must adopt an investing policy which will be subject to shareholder approval at a general meeting. Following the adoption of an investing policy it is likely that the Company will dispose of its interest in Intabet and its associated intellectual property.

As disclosed on 5 August, since being suspended the Company has been approached by a number of parties with proposals for Media Corp that might represent better prospects for the shareholders. It is with this in mind, and one proposal in particular which would bring with it new directors and strategic investment, that the Directors have taken this action. The Directors believe the continuation of the existing business is no longer viable without material investment, the absence of which would risk the solvency of the Company.

Notice of a general meeting of the Company (the "Circular") detailing the proposed investing policy will be sent to shareholders in due course and a further announcement made at that time. The Circular will also outline resolutions to reorganise the share capital of the Company and increase the authorities to allow it to allot shares for cash, enabling it to raise sufficient funds to begin implementing the investing policy.

It is the Directors' intention to publish the report and accounts for the period ended 30 September 2012 and the interim accounts for the period ended 31 March 2013 prior to the general meeting called by the Circular.

Contact

Media Corporation Plc Tel: +44 207 618 9000

Phil Jackson - Chairman

Northland Capital Partners Limited Tel: + 44 207 796 8800

Luke Cairns / Lauren Kettle (Nominated Adviser)

XCAP Securities Tel: + 44 207 101 7070

Jon Belliss (Joint Broker)

Bishopsgate Communications Tel: + 44 207 562 3350

Nick Rome

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