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That will see the AIM-listed company receive £12.5m by December next year compared to the £20m by November 2016 which was initially agreed.Cupid launched a strategic review earlier this year and has admitted it has found the fast pace of change in the online dating sector, with the growing popularity of mobile apps such as Tinder, difficult to keep up with. After a number of fundamental changes in the dating market, we instigated a rapid strategic review of the dating business. The board believe that [this] announcement represents the solution which protects the best interests of shareholders, by providing much greater certainty over the group's cash balances and deferred consideration and removing substantially all costs from the group. The company will effectively become a well capitalised cash shell with approximately £18 million that can be utilised for new opportunities in line with our proposed investing policy or returned to shareholders.??
In its outline investment policy Cupid said it may make a series of small investments or plough all its cash into one company but it would not plough money into firms which are making operating losses.The new owners of the Cupid "casual" brands have decided that they no longer wish to support third party clients.The Dating Studio is giving its partners two months notice to terminate their white label relationship.Mark Brooks: Our client, Dating Factory is our recommended option for orphaned Cupid white label partners.They're as solid as a rock and growing, and the technology, reporting and rev shares are first rate.