migme into administration

12/06/2018 - 14:46

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Digital media company migme has been placed into administration, 10 months after its plan to sell the business to a US-based investment group fell through.

Shares in migme were suspended in August.

Digital media company migme has been placed into administration, 10 months after its plan to sell the business to a US-based investment group fell through.

Simon Theobald and Melissa Humann of PPB Advisory were appointed as administrators on Saturday.

“The administrators intend to work with the company's directors and other stakeholders to achieve a recapitalisation of migme,” the administrators said in a letter.

The news comes after the company, established by tech entrepreneur Steven Goh, said in August last year that a planned sale of the underlying business to US company Solaris Power Cells had not materialised.

“The company expects to announce an alternative plan shortly,” it said in August.

Shares in migme were suspended in August and last traded hands at 4.4 cents each.

The company’s most recent financial statement show a $23.1 million loss after tax for the 12 months to December 31 2016, down 10 per cent on its previous full-year result, while revenue was 12 per cent lower at $12.1 million.

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