Digital Interactive Television Group, the consortium formed by Freeserve founder Peter Wilkinson, and former BskyB new media chief John Swingewood has paid £1.7m for personal finance TV station The Money Channel.
Accountancy Age, 14 Oct 2001
According to the FT the company's assets were sold for Pounds 1.7m in a voluntary agreement which would see creditors paid 70p for every pound they are owed.
Administrators PricewaterhouseCoopers said DTIG planned to offer The Money Channel as a 'shell' for a potential reverse takeover, which could result in further compensation for 1,100 shareholders that would otherwise have received nothing.
A creditor of The Money Channel told the FT DITG planned to launch gambling and shopping channels using the company's 'advanced digital post production studios'.
The Money Channel, the brainchild of former teen icon Adam Faith listed in 1999 on small-cap exchange AIM at a price of 22p per share. Six months later the shares rose to 500p. However the share price began to dive at the beginning of 2000, and continued to fall over the next 12 months after the company reported significant losses, rising costs and low turnover.
When shares were suspended in May, the stock was quoted at 13p.
PwC declined to comment when contacted, while the Digital Interactive Television Group could not be reached.
The race to become the biggest firm on the planet...
Comments
Have your say on this article