Last checked at 1 Mar 2016 13:37
1 March 2016
Parallel Media Group Plc ("PMG" or the "Group")
Loan Update
Parallel Media Group Plc (AIM: PAA), a leading event marketing and media agency, announces that David Ciclitira, the Chairman of the Group, has provided further loans to the Group of £84,129 in aggregate. The total balance of loans advanced by David Ciclitira and entities controlled by David Ciclitira amounts to £910,513.
The latest amounts advanced have been made to meet contractual obligations of PMG. Although there are as yet no formal terms for this loan, it is agreed between David Ciclitira and the independent directors, being Tim Sturm and Ranjit Murugason (the "Independent Directors"), that the loans will not carry interest and are repayable upon demand.
The provision of loans is deemed to be a related party transaction under the AIM rules for Companies. The Independent Directors consider that, having consulted with Stockdale Securities, the Group's new Nominated Adviser, the provision of loans is considered fair and reasonable so far as the Group's shareholders are concerned.
For further information please contact:
Parallel Media Group Plc
David Ciclitira Tel: 020 7225 2000
Stockdale Securities Limited
Robert Finlay / Edward Thomas Tel: 020 7601 6100