Meanfiddler Holdings, the British-based company owned by Waterford man Mr Vince Power, has established a spin-off Internet company for its new media intellectual property rights valued at £6 million sterling (A10.3 million).
Internet venture capital firm Netvest.com has agreed to pay £3 million for a 49 per cent stake in Meanfiddler.com. Mr Power will retain the remaining 51 per cent.
Under the arrangement, Netvest.com will pay MeanFiddler Holdings £1.2 million in cash prior to Meanfiddler.com's planned listing on London's Alternative Investment Market (AIM) in two weeks' time.
Meanfiddler.com plans to net £2.8 million sterling through the public fund-raising. Mr Power said £1.8 million of this would complete Netvest's payment for its stake in the Internet company, while the remaining £1 million would be reinvested in Meanfiddler.com.
Meanfiddler.com comprises all of MeanFiddler Holding's film, live broadcast and merchandising rights. Members will be able to view live web-casts from Mean Fiddler venues and festivals, socialise in the community chat areas, avail of music downloads, and make purchases in the online shop.
Last weekend, Meanfiddler.com conducted a live broadcast of the Homelands dance event staged in Dublin in association with Mr John Reynolds of Dublin's POD club.
Meanfiddler.com plans to generate revenues by selling concert tickets directly online.
