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Mobile Streams PLC on Monday said it has completed the reverse takeovers of Estadio Gana and Capital Media Sports, while it reported its bottom line was weakened by surging administrative costs resulting from the new business development. Shares in the London-based mobile gaming content provider plummeted 34% to 0.41 pence on Monday afternoon in London. Mobile Streams announced it completed its reverse takeover of Estadio Gana and Capital Media Sports, and as a result, the creation of Gana Media Group PLC. Mobile Streams will acquire its remaining interest in Estadio Gana, taking it to 100%, and the remaining 78% of Capital Media Sports. The purchase price for the rest of Estadio Gana is £31.9 million which will be settled through the issue of 5.10 billion consideration shares at a price of 0.625 pence per share, while the price for the remaining stake in Capital Media Sports is £2.9 million, settled through 584.2 million shares at 0.495 pence each. The proposed acquisitions, first announced back in March, are intended to form a Latin America-focused ‘leading integrated sports, media and entertainment conglomerate’, with a particular emphasis on Mexico. Mobile Streams has proposed a name change to Gana Media Group, which is expected to be admitted to AIM on January 8. The anticipated market capitalisation on admission is £86 million. The company has also raised gross proceeds of £3.0 million pursuant to fundraising. Following the publishing of the admission document, trading in the company’s shares restarted on London’s AIM on Monday, after it was temporarily suspended. ‘I am delighted to announce the completion of this deal and the creation of Gana Media Group. I welcome our new board members and colleagues,’ said Chief Executive Mark Epstein. ‘It is my honour and privilege to lead Gana Media Group and we can look forward to a great 2026.’ On Monday, Mobile Streams also published its full-year results for the year to June 30. Pretax loss widened to £2.3 million from £947,000 the year before, due to rising administrative expenses. This was despite revenue more than tripling to £1.4 million from £436,000, which was attributed to marketing, development and intelligence services as part of the new business operations development in Mexico. Administrative expenses doubled to £3.2 million from £1.6 million, while impairment of investment in associates surged to £447,000 from zero the year prior. This was attributed to a ‘substantial’ increase in costs associated with establishing the new business. ‘Looking ahead to 2026 the board has put together a strategy that we believe is both exciting and achievable and therefore we are confident that, subject to the continuing development of the bet business, the level of trade in this new business segment will continue to build significantly,’ said Chair John Barker. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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