23rd Jan 2019 13:14
LONDON (Alliance News) - Media content provider One Media iP Group PLC on Wednesday clarified that it will use the previously announced USD1.0 million recoupable advance for general working capital purposes.
The advance has been made by one of the company's distributors and is recoupable by December 2020 against future sales by the company.
"In the event that the requisite sales are not met, the distributor has the option but not the obligation to immediately recoup the outstanding amount," the company said.
On Monday, One Media said it received a signed contract for a recoupable advance against future digital earnings. No specific details of the contract were disclosed.
One Media shares were flat at 5.15 pence each on Wednesday.
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