Last checked at 23 Sep 2010 07:00
PARALLEL MEDIA GROUP PLC ("PMG" OR THE "GROUP") INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2010 HIGHLIGHTS
* Successfully promoted and delivered the third Ballantine's Championship,
the largest golf tournament in South Korea
* Delivered highly acclaimed art exhibitions in London sponsored by Standard
Chartered * Turnover increased + 2% to £5.8 million (2009: £5.7million) * Gross profit increased + 9% to £1.5 million (2009: £1.4 million) * EBITDA (Earnings before interest, tax, depreciation and amortisation) increased + 20% to £465,000 (2009: £389,000) * Net profit after tax for the period £77,000 (2009 profit £60,000)
Contact Details
For more information please contact: Stewart Mison +44 (0) 20 7225 2000Group Managing Director Parallel Media Group Plc Luke Cairns, Edward Hutton +44 (0) 20 7492 4750Astaire Securities Plc Laura Stevens, Natalie Quinn Bishopsgate Communications +44 (0) 20 7562 3350 www.parallelmediagroup.com CHAIRMAN'S STATEMENT Overview
The first six months of this year have been an extremely positive period for your company Parallel Media Group plc (PMG), maintaining and growing the business base in Asia.
The last 12 months have witnessed a significant growth in the luxury brandmarket in Asia where companies such as Richemont, the Swatch Group and LVMHhave reported record growth. PMG has appointed Macquarie as its strategicadvisors to respond to this growth and to help build its sports and lifestylebusiness across Asia. Macquarie has agreed to take its advisor fee in stock
inPMG.
The core of PMG's business has been, and will continue to be, in the short to medium term, promoting successful Golfing Tournaments in mainstream Asian Markets.
PMG has successfully promoted the third Ballantine's Championship in Korea,Asia's most dynamic golf market. Within 3 years The Ballantine's Championshiphas become Korea's largest and most prestigious Golf Tournament. PMG hasrecently announced that it has extended its Sponsorship with Pernod Ricarduntil 2013 and will be moving the Ballantine's Championship to Seoul from 2011onward which will provide strong profit growth potential. PMG has renegotiated its agreement with the PGA European Tour in relation tothe Hong Kong Open, extending its commercial involvement for a further threeyears as part of an overall agreement with the PGA European Tour. As a part ofthe overall agreement, PMG has been awarded a new date on the PGA European Tourfrom 2012 onwards. Advanced discussions are underway to promote a newTournament in China from 2012.
PMG also manages the Kazakhstan Open and acts as a commercial partner and advisor for the Omega Mission Hills World Cup of Golf in China.
PMG has also renewed the sponsorship for the Korean Ladies Masters with DaishinSecurities. Daishin Securities Korean Ladies Masters is co-sanctioned by theLadies European Tour. PMG has the Worldwide television rights for the LET. PMGis in discussions to launch a new Ladies Golf Tournament in Korea from 2012. As part of the "Macquarie review" PMG has identified other areas of potentialgrowth in the Asian lifestyle luxury market. Following on from its involvementin the initial exhibition at the Saatchi Gallery, PMG has negotiated a longterm representation agreement of Korean Eye. Korean Eye has extended itssponsorship with Standard Chartered enabling it to expand across the region in2011 and 2012. The latest initiative is the launch of a new exhibition inSingapore in October of this year.
PMG has also reached an agreement with All Sport to represent their interest in Korea in relation to the new Formula 1 event in Korea.
In addition to these exciting business developments, your company has also been able to restructure its Shareholding and Capital base. The majority of the developments were approved at the General Meeting held on August 31st 2010.
I believe that these changes are crucial in enabling your company to raise further funding to develop its growth. These changes are set out below and in full in the Post Balance Sheet section of these results.
Financial Review Turnover for the six months to 30 June 2010 increased 2% to £5.8million (2009:£5.7million), due mainly to increased secondary sponsorship for theBallantine's Championship. The gross profit for the period increased 9% to £1.5million (2009: £1.4 million). Gross margins are expected to continueimproving as events mature and demand for secondary sponsorship increases. PMG is investing to build new long-term opportunities that have multi-yearrevenue contracts, each providing a platform for growth in Asia and theinternational market. In the period under review, development costs (the costsincurred to create new events from which future revenues are expected) were £0.22 million (2009: £0.13million); The operating profit for the period was £0.37 million (2009: profit £0.27 million). The profit for the period afterfinance costs and tax was £77,000 (2009: profit £ 60,000). The cash balance at the 30 June 2010 was a positive £0.32 million (2009: £0.86million). In July and August 2010, PMG agreed new bank facilities of £1.15million repayable over 5 years, reduced short term debt and extendedconvertible loans totalling £1.7 million to be convertible or repayable on
orbefore 31 December 2012. The group generated £0.3million cash from operations during the period (2009: £0.5 million) and is actively managing the demands for cash required for growth,with the reduction of debt.
I am pleased to update you on the ongoing case of RAM Media Limited (in administration) vs The Greek Ministry of Culture, which I have mentioned in past reports. PMG is RAM Media's largest creditor and has received a total of £ 0.52 million to date which is now expected to be the full and final settlement.
Post Balance Sheet Events
PMG commenced this business year with four corporate financial objectives:restructure company borrowing; reach new terms with the Convertible Loan Noteholders; consolidate the number of shares in issue and bring new investment tothe Company by way of subscription for shares. The conversion and settlement of the Convertible Loan notes that fell due forpayment on 1st July was announced on 30th June 2010 and highlighted in the 2009Report and Accounts. On 5 July 2010, PMG issued ordinary shares in respect ofconvertible loan liabilities and interest. The Company has reached agreementwith all remaining Convertible Loan Note holders totalling £1.7 million toconvert and/or repay the loans in December 2012. On 6th August PMG announced a new banking facility with Lloyds Banking GroupPlc of £1.15 Million (with a £1 Million loan repayable over 5 years and £0.15Million of overdraft facility). The loan was applied to repay short and mediumterm debts.
On 2 September, following approval from shareholders on 31 August 2010, PMG consolidated the ordinary share capital, such that the holders of every 220 ordinary shares of 0.01p each received 1 new ordinary share of 2.2p each. A full analysis of Post Balance Sheet Events is provided in note 11 to these unaudited interim results..
The successful completion of both the debt restructure and equity consolidation now provides the platform for new investment in PMG and we expect to update shareholders on this shortly. PMG has in principal agreement with the outstanding convertible loan note holders that they will convert early into equity on the introduction of new money.
Stakeholders
I would like to thank our board members, major stakeholders and staff who continue to contribute to PMG's success. PMG has built a loyal, world class team, whose dynamism enables us to offer expertise and support to a growing international clientele of blue chip companies, tourist boards and brands.
David CiclitiraChairman,22 September 2010CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2010
6 months to 6 months to 12 months to 30 June 30 June 31 December 2010 2009 2009 unaudited unaudited audited Notes £'000 £'000 £'000 Continuing operations Revenue 5,836 5,679 10,240 Cost of Sales (4,340) (4,308) (7,390) Gross Profit 1,496 1,371 2,850 Administrative Expenses (1,123) (1,051) (2,195) Foreign Exchange 92 69 46 Earnings before interest, tax, depreciation and amortisation 465 389 701
Depreciation and Amortisation
of intangibles (100) (93) (216) Operating Profit 365 296 485 Finance cost (288) (237) (421) Investment Income - 1 1 Profit on ordinary activities before tax 77 60 65 Taxation - - - Profit for the period 77 60 65 Attributable to: Minority Interests - - -
Equity Holders of the parent 77 60 65
77 60 65 Earnings per share 4 Basic 0.02p 0.01p 0.01p Diluted 0.01p 0.02p 0.02p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2010
6 months to 6 months to 12 months to 30 June 30 June 31 December 2010 2009 2009 unaudited unaudited audited £'000 £'000 £'000 Profit for the year 77 60 65 Other comprehensive income Exchange difference on
translation of foreign operations (46) 103 61
Tax effect of changes in other comprehensive income - Total comprehensive income for the year 31 163 126 Total comprehensive income attributable to: Equity holders of the parent 25 146 115 Minority interest 6 17 11 31 163 126 CONSOLIDATED BALANCE SHEETAS AT 30 JUNE 2010 30 June 30 June 31 December 2010 2009 2009 unaudited unaudited audited Notes £'000 £'000 £'000 Non-current assets Property, Plant & Equipment 8 19 13 Intangible Assets 2,205 2,341 2,273 Development Costs 481 280 254 Investments 12 13 12 Total non-current assets 2,706 2,653 2,552 Current Assets Trade Receivables 1,756 1,227 1,351 Cash 319 859 322 Total current assets 2,075 2,086 1,673 Current Liabilities:
Financial Liabilities - borrowings 6 1,193 867 983
Financial Liabilities - loans 7 613 146 2,427 Trade & Other payables 3,622 3,675 3,440 Total current liabilities 5,428 4,688 6,850
Net current assets/(liabilities) (3,354) (2,602) (5,177)
Non- current liabilities - financial borrowings 8 (2,207) (2,898) (248) Net Liabilities (2,854) (2,847) (2,873) Equity Share Capital 9 3,070 3,070 3,070 Share premium 2,091 2,091 2,091
Equity element of convertible loans 57 57 57
Other reserves 557 557 557 Capital redemption reserve 5,034 5,034 5,034 Foreign translation reserve (33) 45 20 Retained earnings (13,488) (13,571) (13,566) Total Equity (2,712) (2,798) (2,737) Minority Interest (142) (130) (136)
Equity attributable to equity
holders of the parent (2,854) (2,847) (2,873)
CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2010
31 30 June 30 June December 2010 2009 2009 unaudited unaudited audited £'000 £'000 £'000
Cash flows from operating activities Operating Profit / (Loss) 365 296 485
Depreciation 5 4 9 Sale of investments - 5 -
Amortisation of intangibles - Tournament 68 68 136rights
Amortisation of intangibles - development 27 21 71 costs
(Increase)/decrease in debtors (404) (377) (499) Increase/(decrease) in creditors 389 385 149 Foreign exchange on non-operating (52) (11) 11activities Increase in translation reserve (60) 104 74 Cash generated from operating activities 338 495 436 Cash flow from investing activities Development costs capitalised (254) (139) (166) Purchase of property, plant & equipment (1) - Sale of other investments 4 Interest received 1 2 Net cash used in investing activities (254) (139) (160) Cash flow from financing activities Proceed from / (repayments of) bank (64) 184 131facility Cash received from convertible loans - 14 14
Convertible loans repaid - (55) (158) Loan received 200 - 45 Loan repaid (105) (56) (315) Interest paid (83) (173) (293)
Net cash used in financing activities (52) (86) (576)
Cash and cash equivalents at beginning of 322 728 728 the year
Exchange (loss) / gains on cash and cash (35) (139) (106) equivalents
Net (decrease)/increase in cash and cash 32 270 (300)
equivalents Cash and cash equivalents at end of the 319 859 322period
CONSOLIDATED CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2010
Share Share Equity Other Capital Forex Minority Capital Premium reserve reserves Redemption reserve Interest P&L Total
At 1 January 2010 3,070 2,091 57 557 5,034 20
(136) (13,566) (2,873) Profit for the period 77 77 Foreign exchange (53) (53) Minority Interest movement (6) (6)
At 30 June 2010 3,070 2,091 57 557 5,034 (33)
(142) (13,488) (2,854) The table below sets out the movements in reserve for the six months ended 30 June 2009 Share Share Equity Other Capital Forex Minority Retained Capital Premium reserve reserves Redemption reserve Interest Earnings Total At 1 January 2009 3,070 2,091 57 557 5,034 (41)
(147) (13,631) (3,010) Profit for the period 60 60 Foreign exchange 86 86 Foreign exchange 17 17
At 30 June 2009 3,070 2,091 57 557 5,034 45
(130) (13,571) (2,847)
NOTES TO THE FINANCIAL INFORMATION
Basis of Preparation The condensed financial statements have been prepared using accounting policiesconsistent with International Financial Reporting Standards and in accordancewith the International Accounting Standard (IAS) 34 Interim FinancialReporting. The condensed consolidated Interim Financial Statements should be read inconjunction with the annual financial statements for the year ended 31 December2009, which have been prepared in accordance with IFRS's. The comparativefigures shown for the year ended 31 December 2009 do not constitute statutoryaccounts as they have been extracted from the statutory accounts which havebeen filed with the Registrar of Companies. These interim results are unauditedand do not constitute statutory accounts.
Significant Accounting Policies
The condensed financial statements have been prepared under the historical cost convention, except for the revaluation of financial instruments.
The same accounting policies, presentation and method of computation are followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2009.
Segment Information The group is organised into two main divisions Event Promotion and Consultancyand Sales. The Event Promotion operates professional golf tournaments in Asiawhich are Sanctioned by the European Tour and Ladies European Tour. TheConsultancy and Sales division is based in the London headquarters and workswith major international brands, sports federations and tourist boards onsports and lifestyle projects, brand development, sales and marketingopportunities. Event Promotion Sales & Consultancy Asia Europe Consolidated 6 months 6 months 6 months 6 months 6 months 6 months to to to to to to 30 June 30 June 30 June 30 June 30 June 30 June 2010 2009 2010 2009 2010 2009 £'000 £'000 £'000 £'000 £'000 £'000 Group Revenue 5,415 5,397 420 282 5,836 5,679 Segment result 1,076 983 420 119 1,496 1,102 Unallocated corporate overhead (1,131) (806) Operating profit 365 296 Finance Costs (288) (237) Investment income - 1 Profit for the period 77 60 Segment Assets 2,465 3,113 455 752 2,921 3,865 Unallocated corporate assets 1,860 871 Consolidated total assets 4,781 4,736 Segment liabilities (1,906) (2,843) (491) (19) (2,396) (2,862) Unallocated corporate liabilities (5,209) (4,721) Consolidated total liabilities (7,605) (7,583) Net liabilities (2,824) (2,847) Earnings per Share The basic earnings per share is calculated by dividing the loss attributable toequity shareholders by the weighted average number of shares in issue duringthe year. In calculating the diluted earnings per share, outstanding shareoptions, warrants and convertible loans are taken into account where the impactof these is dilutive. 6 months to 6 months to year ended 30 June 30 June 31 December 2010 2009 2009 (i) Basic
Profit for the period (£'000) 77 60
65 Weighted average number of shares in issue (No.) 467,072,593 467,072,593 467,072,593 Earning per share (p) 0.02p 0.01p 0.01p (ii) Fully diluted
Profit for the period (£'000) 77 60
65 Add back interest charged
on convertible loans (£'000) 59 79
138
Revised Profit for the period (£'000) 136 139
203 Weighted average number of shares in issue (No.) 467,072,593 467,072,593 467,072,593
Ordinary shares issuable under convertible loan agreements * 447,075,493 447,075,493 447,075,493 914,148,086 914,148,086 914,148,086 Diluted Earnings per share (p) 0.01p 0.02p 0.02p
* The potential dilutive effect of ordinary shares issuable under convertible loan agreements relates to bonus shares as approved by shareholders on 24 October 2008. All other share issues under convertible agreements, share options and warrants are non-dilutive
Dividends - No dividend was recommended or paid for the period under review
Financial Liabilities - Borrowings
30 June 31 December 2010 2009 £'000 £'000 Bank facility 183 128 Medium Term Lending (repayable < 1year) 780 855 Short term shareholder loans 230 - 1,193 983
The Bank Facility was repaid in August 2010 and Medium term loans totalling €0.5 million were repaid in August 2010 - see Post Balance Sheet events for
moredetail. Two short term loans were introduced from shareholders during the periodtotalling £0.2 million (£0.1 million of which was introduced by Luna Trading, acompany under the control of David Ciclitira. These loans are three months andcarry interest equivalent to £15,000 payable in shares. Current Liabilities - Financial Borrowings - Loans 30 June 31 December 2010 2009 £'000 £'000 Convertible loans - 2,427 Short term loans (non- converting) 613 - 613 2,427 On 30 June 2010, agreement was reached to extend £1.8 million of convertibleloans and these amounts are now shown as convertible or repayable in more thanone year. These changes to convertible loan agreements were ratified at theGeneral Meeting on 31 August 2010. See details below and Post Balance Sheetevents.
On 30 June 2010, agreement was reached with £0.6 million of Convertible loan note holders to remove conversion provisions and repay loans to agreed schedules to achieve full repayment on or before 30 June 2011. The loans attract interest at the rate of 10% per annum.
Non-Current Liabilities - Borrowings
30 June 31 December 2010 2009 £'000 £'000 Bank facility 119 Other loans 336 129 Convertible loans 1,871 2,207 248
The loan of £0.3 million is payable to a company under the control of D Ciclitira. This loan is unsecured and carries interest at 14%. This loan together with short-term lending from other D Ciclitira controlled entities have the option to convert into ordinary shares at 55p (following the share consolidation in August 2010) together with associated premium as approved by shareholders at the General Meeting on 24th October 2008. See Post Balance Sheet events for more detail.
Convertible Loans The value of convertible loans at the balance sheet date has been determined inaccordance with IAS 32. This requires the recognition of the debt and equitycomponents of the amounts received, with equity components shown directly inequity reserves. 30 June 31 December 2010 2009 £'000 £'000 Convertible loans due in less than one year - 2,427 Convertible loans due in more than one year 1,871
Convertible loans totalling £1.8m are due for conversion or repayment not laterthan 31 December 2012. The loans carry interest at 8% which is to be settledvia the issue of ordinary shares. The conversion price of the loans is 55pfollowing consolidation of the Ordinary shares in August 2010. See Post BalanceSheet events for more details.
Convertible loan amounts due in more than one year includes £1.2m of loan principal owed to Walbrook Trustees (Jersey) Limited, who are trustees of a discretionary trust (the Tokyo Settlement) of which D Ciclitira is a potential beneficiary.
Issued Share Capital
Issued share capital as at 30th June 2010 is £3.07m being 467,072,593 ordinary shares of 0.01 pence; 199,831,545 deferred shares of 0.5 pence and 103,260 deferred B shares of £19.60. There were no movements in the issued share capital of the Company in the period.
Related Parties
Walbrook Trustees (Jersey) Limited is a company who are trustees of a discretionary trust (the Tokyo Settlement) of which David Ciclitira is a potential beneficiary. The Tokyo Settlement provides convertible loans totalling £1.175 million to the company. Interest is charged on the loan at Euro Libor + 4%. The convertible loan amount at 30 June 2010 was:
Period ended Year ended 30 June 31 December 2010 2009 £'000 £'000 Opening balance (1,296) (1,227) Interest charged in the year (not paid) (30) (69) Closing balance (1,326) (1,296) Luna Trading provides loans and guarantees on behalf of Parallel Media GroupPlc as follows: Period ended Year ended 30 June 31 December 2010 2009 £'000 £'000 Opening balance due to Luna (296) (327) Loan movements during the period (40) 31 Closing balance due to Luna (336) (296)
In 2009, loan amounts due to David Ciclitira and related entities (ElysianGroup Ltd and 56 Ennismore Gardens Ltd) were consolidated in Luna Trading Ltd.Following the 30 June 2010, amounts due to Luna were renegotiated in line withthe terms granted to other convertible loan note holders, namely that theywould be convertible on or before 31 December 2012. See Post Balance Sheetevents for more details. In line with the consolidation and extension of the Luna loans, amounts duefrom Luna at 30 June 2010 were £50,000. Luna Trading Ltd provided a guaranteeon a £300,000 bridging loan facility provided by Royal Bank of Scotland. LunaTrading charges interest at 1.5% per month for provision of this guarantee.Luna Trading Ltd is the company through which PMG contract with David Ciclitirafor international consulting and business services. During the period ended 30June 2010, Luna Trading Ltd invoiced (and PMG paid) for consultancy fees of £111,000. Under the agreement, PMG paid for remote office costs of £20,000, loanguarantee and interest amounts of £49,000 and the reimbursement of businessexpenses incurred overseas of £17,000. During the period ended 30 June 2010, Luna Trading Ltd provided a short-term 3month loan of £100,000 to PMG. The loan charged interest payable in shares
of £15,000.
The net amounts due to Luna Trading Ltd at 30 June 2010 were as follows:
£'000 Short -term loan & accrued interest 115 Long-term loan - convertible or repayable on or before 31 December 2010 336 Amounts due to PMG (50) 401 During the year ended 31 December 2009, Parallel Media Group Plc traded withParallel Media (Africa) Limited and Parallel Media (Korea) Limited, to developWorld Cup and Formula One sales and marketing opportunities. Amountsoutstanding from these entities at 30 June 2010 is £0.26 million. Bothcompanies were developed by David Ciclitira and will transfer into the Group ata nominal amount. During the period ended 30 June 2010, Parallel Media Group Plc has undertakenwork on behalf of Parallel Contemporary Arts Ltd, a company under the controlof David Ciclitira. On 17 June 2010, PMG plc entered into agreements to supplyservices to Parallel Contemporary Arts Limited for an initial period ending
on31 December 2012. Post Balance Sheet Events New Bank Facilities
On 6 August 2010, PMG entered into new bank facilities with Lloyds Banking Group Plc totalling £1.15 million of which £1 million is a loan with principal repaid over 5 years and £0.15 million is available by way of overdraft.
The loan was applied to repay existing bank facilities of £0.25 million and €0.5 million of medium term lending. The new facility is guaranteed by DavidCiclitira, the Company's Chairman, in consideration for which David Ciclitirahas been granted a debenture over the Company's assets and a call option overParallel Media Group (Championships)Limited, a wholly owned subsidiary of PMGwhich holds the rights to the Company's major sporting events. In addition,David Ciclitira will receive, for the period of the guarantee, 5% per annum onthe amount of the guarantee. Extension of Loans
On 6 August 2010, Luna Trading Limited ("Luna"), a company related to DavidCiclitira, agreed to extend its loan of £336,000 (the "Luna Loan") to 31December 2012. Luna will receive a payment equal to the aggregate of theinterest to 31 December 2010 at 8% per annum and 10% of the principal (the"Extension Payment"). The Extension Payment was paid in shares following thereceipt of shareholder approval and the granting of a waiver of Rule 9 of theCity Code on Takeovers and Mergers ("Rule 9 Waiver"). The principal amount ofthe loan is convertible at 55p (following the consolidation of ordinary sharesin September 2010).
Loan Agreements and Share issues
On 5 July 2010, in accordance with the terms of convertible loan agreements andother similar facilities, the terms of which were agreed in October 2008 andset out in a circular to the Group's shareholders at that time, PMG issued447,075,493 new ordinary shares of 0.01p to the holders of the Loan Agreements.A further 84,675,578 new ordinary shares of 0.01p each at 0.25p per share wereissued in respect of the interest due on those loans.
On 6 August 2010, in accordance with the terms of the Luna Loan, PMG issued 67,200,000 new ordinary shares of 0.01p each in the capital of the Company pursuant the exercise of an option, the terms of which were agreed in October 2008 and set out in a circular to the Group's shareholders at that time.
On 2 September and following approval from shareholders on 31 August 2010, PMG consolidated the ordinary share capital, such that the holders of every 220 ordinary shares of 0.01p each; received 1 new ordinary share of 2.2p.
On 2 September 2010, PMG issued 1,151,238 ordinary shares of 2.2p in respect of extension premiums and interest on Convertible loan notes; and a further 176,665 ordinary shares of 2.2p in settlement of certain debts.
A reconciliation of the shares in issue and subsequent consolidation is set outin the table below: Ordinary shares of 0.01p Shares in issue Shares in issue as at 30 June 2010 467,072,593 Issued on 5 July 2010 in settlement of convertible loan agreement liabilities 447,075,493 Issued on 5 July 2010 in settlement of convertible loan interest 84,675,578
Issued on 6 August in settlement of Luna Loan liabilities 67,200,000
Ordinary shares of 0.01p in issue on 1 September 2010 1,066,023,664
Ordinary shares of 2.2p in issue following consolidation on 2 September 2010 4,845,563 Ordinary shares issued of 2.2p issued in respect of convertible loan extensions and Interest 1,151,238 Ordinary shares of 2.2p issued in respect of debts 176,665 Ordinary shares of 2.2p in issue on 17 September 2010 6,173,466 The number of ordinary shares of 2.2p in issue on 21 September 2010 is6,173,466 and the amounts due on convertible loans which are convertible orrepayable on or before the 31 December 2012 is £ 1.7 million. Following theissue of the above shares in July, August and September, the major shareholderscan be summarised as follows: No. of shares %
David Ciclitira (concert party) 2,799,649 45.35%
Smith & Williamson Nominees Ltd 677,672 10.98%
Chris Salter 497,732 8.06% Pierce Casey 407,052 6.59% Malaysian investors 340,911 5.52% Other shareholders 1,450,450 23.49% 6,173,466 100% FIFPRO AWARDS As previously reported, PMG is the largest creditor of RAM Media Limited (inAdministration) who have successfully pursued a case for damages against theGreek Government. In March 2010, an interim payment was received totalling £274,000. In August 2010 a further payment was received totalling £277,000,which is now expected to be the full and final settlement from this claim.
Other
Copies of unaudited interim results have not been sent to shareholders, however copies are available at www.parallelmediagroup.com or on request from the Company Secretary at the company's Registered Office: 3-12 Harbour Yard, Chelsea Harbour, London, SW10 0XD
Approval of Interim Financial Statements
The interim financial statements were approved by the board of directors on
22 September 2010
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