Last checked at 3 Feb 2012 07:00
3 February 2012 Parallel Media Group PLC ("PMG" or the "Company") Issue of equity
PMG, the AIM-quoted sports media and digital agency, announces that it has issued a total of 1,462,595 shares as detailed below in settlement of fees and commissions, bonuses to certain directors of the Company and following the exercise of share options (the "New Ordinary Shares").
The average price at which the New Ordinary Shares (other than the option shares) are being issued is 34.6p, representing a premium of 116% to the closing midmarket price of 16p at the close of business on 2 February 2012. The New Ordinary Shares represent 6.8% of the enlarged issued share capital.
Shares Issue price Shares issued in 845,928 34.5p settlement of fees and (average) commissions for fundraising, financial advisory and other services and expenses Shares issued to Urban 416,667 24p Strategic Pte Ltd* on exercise of option
Shares issued to Directors in settlement of bonus awards
David Ciclitira 100,000 35p Leonard Fine 100,000 35p Total 1,462,595
* Ranjit Murugason is interested in Urban Strategic Pte Ltd.
Application will be made for admission of the New Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on or around 9 February 2012. The New Ordinary Shares will rank pari passu with the existing ordinary shares.
Total voting rights
Following Admission, there will be 21,482,346 ordinary shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
Directors' interests
Following the issue and allotment of the New Ordinary Shares and Admission, the interests of Messrs Ciclitira, Fine and Murugason in the issued share capital of the Company will be as follows:
Shares % David Ciclitira* 8,040,450 37.43 Leonard Fine 233,750 1.09 Ranjit Murugason 1,386,249 6.45
* David Ciclitira's interest includes his direct interest, that of Luna Trading
Limited and that of the other members of the Concert Party as defined in the
circular published by the Company dated 9 August 2010.
Commenting today, David Ciclitira, Chairman of PMG, says:
"We have had positive news recently, in respect of our agreement to enter joint venture with Froggies Media SARL.
"We are pleased to receive continued and growing support from directors, employees, shareholders and advisers."
-End-
For further information, please contact:
Parallel Media Group plc 020 7225 2000
David Ciclitira
Northland Capital Partners Limited 020 7796 8800
Luke Cairns, Edward Hutton
Novus Capital Markets Limited 020 7107 1881
Nicholas Lee
Bishopsgate Communications 020 7562 3350
Deepali Schneider, Natalie Quinn
pmg@bishopsgatecommunications.com
XLON