Live Company Regulatory News (LVCG)

7 Sep 2006 07:00

Parallel Media Group plcUpdate to changes to business arrangements in Asia and restructuring offinancingOn 16 August 2006, Parallel Media Group plc (the "Company" or "PMG") announcedthat it had entered into heads of agreement for a rearrangement of its Asiangolf interests and that it was seeking to raise funds to repay loans and toprovide working capital. In that announcement, the Company said that it wouldmake a further announcement before the Extraordinary General Meeting of theCompany convened for 9:45 a.m. today.The Company is pleased to announce that its negotiations with the Malaysianfinanciers with whom the heads of agreement were signed, with the providers ofthe funds PMG needed to raise and with creditors as referred to in the previousannouncement are all nearing a satisfactory conclusion and the Boardanticipates making a further announcement giving full details of thetransaction and the fund raising in the next few days.For further information, contact:David Ciclitira, Chairman, Parallel Media Group plc 020 7225 2000Conduit PR 020 7429 6600ENDPARALLEL MEDIA GROUP PLC