Last checked at 28 Oct 2008 15:13
28 October 2008
Parallel Media Group (PMG or 'the Company')
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:
| Name | Number of Shares Purchased | Price per share | Total Holding | Percentage of Issued Share capital |
| Edward Adams1 Non Executive Director | 3,645,075 | .0.82p | 3,645,075 | 0.8% |
| Martin Doherty CFO | 1,463,561 | 0.17p | 1,463,561 | 0.3% |
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.
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 |