Live Company Regulatory News (LVCG)

30 Oct 2008 15:16



30 October 2008

Parallel Media Group (PMG or 'the Company')

CORRECTION

THIS ANNOUNCEMENT REPLACES THE ANNOUNCEMENT ORIGINALLY ISSUED AT 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.

Unfortunately 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, the number of shares 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) is 2,753,645.

The number of shares disclosed on Tuesday 28 October as having been bought by Mr Adams is therefore incorrect. Instead of 3,645,075, the number of shares should read 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. Trading continues to be in line with expectations with the Company having recently announced a number of key sponsors for the Hong Kong Open which will take place in early November 2008.  PMG anticipates that as a result of these key sponsorships revenues from the event will be significantly ahead of the £2.5 million revenues generated for the Company last year. The Directors remain confident of returning to profit in 2008, as announced in the Company's interim results on 29 September 2008, and further consider that the value of the underlying assets are considerably in excess of the Company's current market value.

The Company has today been informed that on Monday 27 October 2008, a director and a senior employee have purchased shares in the Company as follows:

Notes:

1. 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.

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