Last checked at 22 Oct 2015 07:10
22 October 2015
PARALLEL MEDIA GROUP PLC
("PMG" OR THE "GROUP")
US pop songstress's Japan concerts on 8-9 December 2015
Parallel Media Group Plc (AIM:PAA), a leading event marketing and media agency, is pleased to announce that its music division, via its joint venture arrangements with a major US media conglomerate through PCM, has secured the underwriting for the Japan based concerts of a US pop songstress's tour on 8-9 December 2015 at the Saitama Super Arena, Saitama.
As set out in the Group's final results for the year ended 31 December 2014, pursuant to the PCM Agreement PMG receives all of the revenue which PCM receives (whether by way of dividends or otherwise) as a result of PCM being a 45% shareholder in the joint venture company after deduction of certain approved operating costs and any VAT. The effect of this arrangement with PCM is that the Group receives the economic benefit of PCM's joint venture, while the costs associated with the joint venture arrangement are met by PCM rather than PMG.
The revenue generated in accordance with the underwriting arrangement in relation to the concert dates in Japan is expected to result in PCM generating revenue in excess of the approved operating costs and VAT as referred to above. Accordingly, this arrangement will result in revenue being received by the Group.
The definitions used in this announcement are as set out in the Group's final results for the year ended 31 December 2014.
Contact Details
For more information please contact:
Parallel Media Group Plc David Ciclitira www.parallelmediagroup.com
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+44 (0) 20 7225 2000 |
Sanlam Securities UK Limited Virginia Bull - Corporate Finance www.sanlamsecuritiesuk.com
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+44 (0) 20 7628 2200 |