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Medicorp raises GBP 870 000 for acquisitions

Medicorp raises GBP 870 000 for acquisitions

Justin Drummond, chief executive of online publishing group Media Corporation will soon be on the acquisition trail, having raised GBP 870 000 by placing 29.1 million treasury shares in the company with institutional and private investors at a price of 3p per share.

15.1 million of the shares were taken up by an existing private investor in the company for settlement mid February

Drummond intends to use the funds raised to "pursue new acquisition opportunities" although he stopped short of detailing these. Mediacorp's last acquisition was Purple Lounge late last year.