The London-based company confirmed it has already started work under the management services agreement with JOE Media, with the contract scheduled to conclude in the second quarter of 2021, which is extended from its original guidance last month that it would end in the fourth quarter of this year, though the contract was expected to be nearer £150,000 then.
JOE Media’s owner, Greencastle Capital. will extend the agreement to JOE’s Ireland operations following their expected acquisition, which has been delayed and is now anticipated early next month.
Iconic said it does not expect any further delay, and will take full operational control of JOE Media's Irish business immediately on completion of that acquisition.
The company also said that discussions with the European High Growth Opportunities Fund about legacy debts are “progressing well”.
Management reiterated its intention to settle its debts from organic funding from revenues together with conventional issuance of ordinary equity capital and non-convertible debt, which it aims to complete by the fourth quarter of 2020.