Parallel Media Receives Funds After Settlement Agreement

LONDON (Alliance News) - Parallel Media Group PLC on Thursday said it has entered into a settlement agreement with Arena Event Services Ltd and Harlequin Marquees & Event Services Ltd to resolve outstanding disputed contracts dating back to 2011 and 2013.

"Under the terms of the settlement agreement, Arena will pay Parallel Media Group an initial sum of USD125,000 on or before 23 March 2016 and a subsequent sum of USD25,000 by 13 January 2017," the company said.

The initial payment has been received, Parallel Media said. In addition, the 37,500 shares in PMG held by Arena will be realised for the benefit of Parallel Media.

Shares in Parallel Media were up 14% at 10.85 pence on Thursday afternoon.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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