Last checked at 30 Dec 2016 10:00
30 December 2016
Parallel Media Group Plc ("PMG" or the "Group")
Update and Loan Funding
Update
Parallel Media Group Plc (AIM: PAA), a leading event marketing and media agency, announces that 2016 has been a year of further consolidation.
The Group has continued to reduce its outstanding current liabilities, whilst reviewing acquisition prospects which will enable the PMG in 2017 to confirm opportunities in the live event and entertainment sector.
Loan Funding
Furthermore PMG announces that David Ciclitira, the Chairman of the Group, has provided further loans to the Group of £288,000 in aggregate. The total unaudited balance of loans advanced by David Ciclitira and entities controlled by David Ciclitira as at 29 December 2016 amounts to £1,438,000.
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 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