UK Social Networking Platform Acquired

Shell company Fieldbury has agreed a reverse takeover of MobileWave for £1.07m. MobileWave's PlanetOi' combines a social networking platform, mobile phone app, sales promotion and market research tool and a rewards scheme.

Fieldbury plc is currently a cash shell listed on the London Stock Exchange. The deal, which is subject to shareholder approval, would change its status from investment company to trading company - it will also take the MobileWave name.

Chairman Rory Stear says his board 'believes that MobileWave is well positioned to benefit from the roll-out of a new and exciting product, the PlanetOi' technology platform, which represents a significant opportunity for the company and its shareholders.'

The firm is also proposing to add a second Non-executive Director (NED) - it already boasts Andy Polansky, President of Weber Shandwick Worldwide as an NED, and proposes to add Vivake Gupta, CEO and MD of technology consulting firm Lab49. Body Shop and Big Issue co-founder Gordon Roddick also served as a Director and is listed on the web site, at www.fieldbury.com .

Shareholders will vote on the proposal at a General Meeting on 11 August, and if successful the acquisition will be completed the following day.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.