Cash shell Musicunsigned appears to have found a new direction. It has conditionally agreed to reverse an independent financial adviser into the business. Musicunsigned will pay £122,647 in cash, £1.1m in loan notes and 55,300,934 in shares for Elite Strategies, which provides advice on investment and pensions to quoted and unquoted companies as well as individuals. Elite is seeking a listing because it believes the industry is fragmented with sound opportunities for growth. Stephen Dean is a non-executive director of the company. Musicunsigned started as an internet-based forum for unsigned recording artists and floated on Aim in October 2000 raising £2.4m net of expenses. In March the board revealed that revenues had fallen 'well below its original forecasts' and it closed down its operations because the business model required more funds than it would be 'prudent to spend'. It has now sold all of its remaining businesses, which included MU Music Publishing, MU Recordings, Musicunsigned Ltd, Songlocation and Soundlocation. For the six months to 30 June 2000, the company made a loss before tax of £1.17m on sales of £25,000.