MEDICLINIC INTERNATIONAL PLC

Board/Management Information • Feb 6, 2013

National Storage Mechanism | Additional information

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RNS Number : 1980X

Media Corporation PLC

06 February 2013

6 February 2013

Media Corporation Plc

(the "Group" or the "Company")

Directorate change and trading Update

Directorate Change

The Company announces that, following the placing into administration of Eyeconomy Limited (of which he was the Managing Director) Mark Butt has resigned from the board with immediate effect.

Sale of On The Box

The Company also announces that it has today sold its publishing asset, www.onthebox.com ('Onthebox') for £75,000. According to management accounts Onthebox had revenues of c.£8,000 in the period from 1 January 2012 to 30 November 2012. It is not considered a core asset and would require further investment for any growth, investment the directors consider is better used on the Company's Intabet platform. The proceeds of the sale will be used for general working capital.

Financial update

Finally, the board regrets to announce the discovery of a potential liability to HMRC in respect of previously unpaid National Insurance. The directors are in the process of working with HMRC to establish the full extent of the liability and an agreed payment programme. Based on the correspondence to date it is the directors' belief that the amount is manageable based on the Company's current resources. As soon as the liability position is clear, a further announcement will be made.

The amount outstanding covers the period prior to 2010 during which time former directors (and others), of the Company were paid by the Company as consultants to the Group where they should have in fact been treated as employees and the associated National Insurance paid by both the employer and employee to HMRC.

Phil Jackson, Chairman, commented: "With the Eyeconomy in administration, Mark Butt no longer had any real executive function within the Group and it was only logical that he step down from the board and we wish him well for the future.

I am very pleased to have realised some cash out of an underperforming asset like Onthebox and the funds will help us achieve our goal of launching the Intabet platform. To this end we are in discussions with a number of parties who have shown an interest to licence part of our technology which would enable us to start generating revenues from our technology and allow us to start to move forward despite the continued legacy issues from the previous management such as that with HMRC."

Further announcements will be made as appropriate.

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Media Corporation Plc Phil Jackson - Chairman	Tel: +44 207 618 9000
Northland Capital Partners Limited Luke Cairns / Lauren Kettle (Nominated Adviser)	Tel: + 44 207 796 8800
XCAP Securities Jon Belliss (Joint Broker)	Tel: + 44 207 101 7070
Bishopsgate Communications	Tel: + 44 207 562 3350
Nick Rome

This information is provided by RNS

The company news service from the London Stock Exchange

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