Parallel Media Group PLC Update and Loan Funding (0431T)
December 30 2016 - 5:00AM
UK Regulatory
TIDMPAA
RNS Number : 0431T
Parallel Media Group PLC
30 December 2016
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 GBP288,000 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 GBP1,438,000.
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
This information is provided by RNS
The company news service from the London Stock Exchange
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