Purple Lounge parent company Media Corp has seen its former Chairman Jason Drummond sell off his stock shares that he had in the company.
Drummond agreed to sell all of his 10 million shares in the company for a price of 1p each. After the sell off of the stock, a stock exchange regulatory statement said that Drummond “no longer has a notifiable interest in the Company’s issued ordinary share capital”.
Drummond left his position as company Chairman in February along with Stephen Pettman, the company's fellow Director. Afterward, Jason Drummond's brother Justin Drummond took his position in the company. His resignation began a series of unfortunate events for Media Corp, which saw an Intabet team of Executives come in an liquidate Purple Lounge Casino after the casino shut its doors in April.
Many players still have not been contacted by either Media Corp or Purple Lounge regarding the positive balances in their accounts.
Phil Jackson and Adam Fraser-Harris, Intabet's Executives put in charge of the liquidation of Purple Lounge announced a shareholder meeting on July 5th that will discuss "Resolutions relating to a Capital Reorganisation and Directors’ authorities to allot shares".