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31 Aug 2010 11:05
31 August 2010 Parallel Media Group Plc ("PMG" or the "Group") Update on Fundraising Result of General Meeting Trading Update
As previously announced on 30 June and 10 August 2010, PMG is in discussions with regard to a significant injection of capital. These discussions are continuing, and PMG has appointed Macquarie Bank to advise on the process with the potential Asian investors. The Directors believe that the discussions will complete and new funding will be in place within the next couple of months. In addition, it is expected that the conversion of the £1.7m principal of loan notes will occur at the same time, together with any extension premium due thereon.
PMG is also pleased to announce that at the general meeting held earlier today, the resolutions were passed by shareholders. Admission of the Group's consolidated share capital is expected to occur, and trading to commence, at 8.00am tomorrow, 1 September 2010. The number of ordinary shares of 2.2p each, post the consolidation, will be 4,845,563.
Current trading continues in line with expectations. Looking towards next year, arrangements have completed to move the Ballantine's Championship to the Korean capital, Seoul. The move is expected to transform the event by generating a higher profile for sponsors, hospitality and attendance in what is already Korea's largest tournament and a significant increase in revenues for PMG. Plans are also progressing with the creation of a new golf tournament in China, which is expected to be held in 2012, as well as evaluating a number of potential acquisition opportunities which would consolidate PMG's position in world golf.
For further information, please contact:
Stewart Mison, Martin Parallel Media Group Plc 020 7225 2000Doherty Stuart Lane, Toby Gibbs Astaire Securities Plc (Nomad / 020 7492 4750 Broker) Alex Giacchetti, Laura Bishopsgate Communications 020 7562 3355Stevens
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