Points from today's final results1 Jul 2016 00:56
•Structured a long term contract with Team Rock
• The Company has reached a settlement with Arena whereby the Company has received a cash sum of US$125k (£84K) received in March 2016 and another US$25k (Approx £17k) is to be received in February 2017.
•With a much cleaner balance sheet and a reduced cost base, PMG can now look clearly to the future to focus on its two primary sources of revenue - its live event division and its entertainment business. The board feels positive about the growth potential of the Group and, wishing further to demonstrate support of PMG, David Ciclitira has increased his loans to the Company from £872k at 31st December 2015 to £984k at the date of the publication of these accounts.
•During the year the PMG board of Directors sold Parallel Media Group (Championship) Ltd therefore removing certain debts from the statement of financial position.
•The Company has generated a gross profit of £0.24m in the current year
•The continued cost cutting exercise across the Group has again been a significant success with other administrative expenses down from £0.98m to £0.35m, a saving of £0.63m in the twelve month period under review.
•PMG is currently in discussion to extend its Live Events portfolio by means of acquisition and expects to make announcements later in 2016 or early 2017.
•Directors options at 55p
•Parallel Media Group Asia has a 50% interest in Parallel Smart Media Asia Alpha Entertainments Private Limited and holds 50% of the 200 ordinary shares at 1SGD each. The Company is incorporated in Singapore.
•Parallel Media Group has a joint venture with Parallel Media Italia s.r.l a Company incorporated in Italy and holds 51% of the ordinary share capital of EUR10,000. The Company did not trade in 2014 and 2015.
•Parallel Media Group has a joint venture with Causeway Trophy PTE Ltd a Company incorporated in Singapore and holds 50% of the ordinary share capital of SGD100.
All of this for one of the smallest market cap companies on AIM currently sitting at £0.37m market cap, won't take much of an update to multi bag, yes, people will say it's a risky stock, but ask yourself why does DC keep bank rolling this? Surely something in the pipe, and if that is so, this won't be at £0.37m market cap, if it got to £1.5m it would have done 400%!!