Last checked at 30 Oct 2012 07:00
30 October 2012
Parallel Media Group PLC
("PMG" or the "Company")
Acquisition and grant of option
PMG, the AIM quoted sports marketing, entertainment and digital media agency, announces that it has acquired HW Alpha PTE Ltd ("HW Alpha")'s 50% interest in Parallel Smart Media Asia Alpha Entertainment Pte Limited. The consideration for the acquisition comprises a nominal cash sum and the grant to HW Alpha of an 18 month option to subscribe for 900,000 Ordinary Shares in PMG at 35p a share.
David Ciclitira, Chairman of PMG, said:
"I am delighted that Parallel Smart Media Asia Alpha Entertainment Pte Limited will become more integrated with the PMG Group. We anticipate that this restructuring will be of significant benefit to the Company's shareholders as we look to develop our K-pop business."
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For further information, please contact:
Parallel Media Group plc 020 7225 2000
Amelia Wix
Northland Capital Partners Limited 020 7796 8800
Luke Cairns, Edward Hutton
Bishopsgate Communications 020 7562 3350
Nick Rome, Sam Allen
pmg@bishopsgatecommunications.com