Last checked at 25 Jun 2009 07:00
25 June 2009
Progressive Digital Media Group plc (formerly TMN Group plc)
Completion of Acquisition
Further to the announcement of the passing of all resolutions by the shareholders of Progressive Digital Media Group plc (formerly TMN Group plc) ("the Company") at the EGM held on 24 June 2009, the Company is pleased to announce today the completion of the acquisition of the entire issued share capital of Progressive Digital Media Group Limited (the "Acquisition"). Accordingly, the Enlarged Share Capital of the Company, consisting of 369,547,686 Ordinary Shares of 0.01 pence each has today been admitted to trading on AIM.
The Company also announces that it has entered into an agreement with its major shareholder, Michael Danson. The purpose of the agreement is to ensure that all transactions between the Company and Michael Danson will be conducted on arms length terms.
The Company also announces that it will appoint two additional non-executive directors, making a total of three non-executive directors, by 25 September 2009.
All capitalised terms used have the same meaning given to them as defined in the re-admission document sent to the Company's shareholders dated 5 June 2009.
Enquiries:
Progressive Digital Media Group plc +44 (0) 20 7336 5200
Simon Pyper / Ken Appiah
Investec Investment Banking +44 (0) 20 7597 5970
Erik Anderson / David Flin / Avital Lobel
Hudson Sandler +44 (0) 207 796 4133
Nick Lyon / James White