Last checked at 24 Oct 2008 11:05
24 October 2008
PARALLEL MEDIA GROUP PLC
Result of General Meeting
Share Issue
Change in Significant Shareholding
At the General Meeting of Parallel Media Group Plc (the "Company" or "PMG"), held this morning, all the resolutions were passed.
The Company has issued 2,300 Ordinary Shares of 0.5 pence each to Leonard Fine, a non executive director, in order to ensure that the number of issued Ordinary Shares is exactly divisible by 4,000 (as set out in the circular to shareholders dated 29 September 2008 (the "Circular")).
The 413,040,000 New Ordinary Shares of 0.01 pence each that will be created as a result of the Share Capital Reorganisation set out in the Circular are expected to be admitted to AIM, and dealings to commence, at 8.00am on 27 October 2008.
The Company will also be issuing a further 54,032,593 New Ordinary Shares of 0.01 pence in respect of the Malaysian Settlement, as set out in the Circular. These shares also are expected to be admitted to AIM, and dealings to commence, at 8.00am on 27 October 2008.
The Circular also made reference to the settlement of certain creditors, amounting to a total of £199,157, through the issue of up to 79,667,894 New Ordinary Shares of 0.01 pence each. The Company expects this settlement to be completed in the next few weeks when a further announcement will be made.
Following the issue of shares in respect of the Malaysian Settlement, the total issued share capital of the Company will be 467,072,593 Ordinary Shares of 0.01 pence each. There are no shares held in treasury.
As a result of the Malaysian Settlement, the number of shares held by Snowy Invest and Trade Inc. will increase to 74,996,593, representing 16.1 per cent of the total issued share capital.
For further information, please contact:
| Parallel Media Group Plc | David Ciclitira, Chairman Martin Doherty, CFO | 020 7225 2000 |
| Dowgate Capital Advisers | Tony Rawlinson, Chairman Antony Legge | 020 7492 4777 |
| Conduit PR | Jos Simpson Ben Way | 020 7429 6666 |