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30 Oct 2008 15:16
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30Β October 2008
Parallel Media Group (PMG or 'the Company')
CORRECTION
THIS ANNOUNCEMENT REPLACES THE ANNOUNCEMENT ORIGINALLY ISSUED ATΒ 15.13 ON 28 OCTOBER 2008 WITH RNS NUMBER 8642G.
On Tuesday 28 October 2008, PMG announced that one of its directors, Mr Edward Adams had purchased 3,645,075 shares in the Company through Allied Trust Company Limited. This announcement was made in good faith following the receipt of a contract note in respect of this number of shares.
UnfortunatelyΒ the number of shares in the contract note was incorrect and to date the broker has been unable to fulfil the terms of the original contract note. As at today's date,Β the number of sharesΒ that has been purchased by Allied Trust Company Ltd (as trustees of the Asvattha Trust, a trust in which Mr Adams is the primary beneficiary) isΒ 2,753,645.
The number of sharesΒ disclosedΒ on Tuesday 28 OctoberΒ as having been bought by Mr AdamsΒ isΒ thereforeΒ incorrect. Instead ofΒ 3,645,075, the number of shares should readΒ 2,753,645. The price per share bought by Mr Adams was disclosed as .0.82p. The price per share should read 0.08p. The percentage of issued share capital held by Mr Adams was disclosed as 0.8%. This should read 0.6%
All other disclosures in the announcement are unchanged.
For the avoidance of doubt the full text of the corrected announcement is set out below.
Statement re Share Price Movement
Dealings by Directors and PDMRs
The directors of PMG have noted the recent deterioration in the Company's share price. The directors know of no reason why this has occurred.Β Trading continues to be in line with expectationsΒ with the Company having recently announced a number of key sponsors for the Hong Kong Open which will take place in early NovemberΒ 2008.Β PMG anticipates that as a result of these key sponsorships revenues from the event will be significantly ahead of the Β£2.5 millionΒ revenuesΒ generated for the Company last year. The DirectorsΒ remain confident of returning to profit in 2008, as announced in the Company's interim results on 29 September 2008,Β andΒ furtherΒ considerΒ thatΒ the value of the underlying assetsΒ are considerably in excess of theΒ Company'sΒ current market value.
The Company hasΒ todayΒ been informed that onΒ Monday 27 OctoberΒ 2008, aΒ director andΒ aΒ senior employeeΒ have purchased shares in the Company as follows:
|
Name |
Number of Shares Purchased |
Price per share |
Total Holding |
Percentage of Issued Share capital |
|
Edward Adams1 Non Executive Director |
2,753,645 |
0.08p |
2,753,645 |
0.6% |
|
Martin Doherty CFO |
1,463,561 |
0.17p |
1,463,561 |
0.3% |
Notes:
1.Β The shares are held by Allied Trust Company Ltd as trustees of the Asvattha Trust, a trust in which Mr Adams is the primary beneficiary.
For further information please contact:
|
Parallel Media Group Plc |
David Ciclitira, Chairman Martin Doherty, CFO |
020 7225 2000 |
|
Dowgate Capital Advisers |
Tony Rawlinson, Chairman AntonyΒ Legge |
020 7492 4777 |
|
Conduit PR |
Jos Simpson Ben Way |
020 7429 6666 |
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