Interim Results

PARALLEL MEDIA GROUP PLC ("PMG" OR THE "GROUP") INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2010 HIGHLIGHTS * Successfully promoted and delivered the third Ballantine's Championship, the largest golf tournament in South Korea * Delivered highly acclaimed art exhibitions in London sponsored by Standard Chartered * Turnover increased + 2% to £5.8 million (2009: £5.7million) * Gross profit increased + 9% to £1.5 million (2009: £1.4 million) * EBITDA (Earnings before interest, tax, depreciation and amortisation) increased + 20% to £465,000 (2009: £389,000) * Net profit after tax for the period £77,000 (2009 profit £60,000) Contact Details For more information please contact: Stewart Mison +44 (0) 20 7225 2000 Group Managing Director Parallel Media Group Plc Luke Cairns, Edward Hutton +44 (0) 20 7492 4750 Astaire Securities Plc Laura Stevens, Natalie Quinn Bishopsgate Communications +44 (0) 20 7562 3350 www.parallelmediagroup.com CHAIRMAN'S STATEMENT Overview The first six months of this year have been an extremely positive period for your company Parallel Media Group plc (PMG), maintaining and growing the business base in Asia. The last 12 months have witnessed a significant growth in the luxury brand market in Asia where companies such as Richemont, the Swatch Group and LVMH have reported record growth. PMG has appointed Macquarie as its strategic advisors to respond to this growth and to help build its sports and lifestyle business across Asia. Macquarie has agreed to take its advisor fee in stock in PMG. The core of PMG's business has been, and will continue to be, in the short to medium term, promoting successful Golfing Tournaments in mainstream Asian Markets. PMG has successfully promoted the third Ballantine's Championship in Korea, Asia's most dynamic golf market. Within 3 years The Ballantine's Championship has become Korea's largest and most prestigious Golf Tournament. PMG has recently announced that it has extended its Sponsorship with Pernod Ricard until 2013 and will be moving the Ballantine's Championship to Seoul from 2011 onward which will provide strong profit growth potential. PMG has renegotiated its agreement with the PGA European Tour in relation to the Hong Kong Open, extending its commercial involvement for a further three years as part of an overall agreement with the PGA European Tour. As a part of the overall agreement, PMG has been awarded a new date on the PGA European Tour from 2012 onwards. Advanced discussions are underway to promote a new Tournament in China from 2012. PMG also manages the Kazakhstan Open and acts as a commercial partner and advisor for the Omega Mission Hills World Cup of Golf in China. PMG has also renewed the sponsorship for the Korean Ladies Masters with Daishin Securities. Daishin Securities Korean Ladies Masters is co-sanctioned by the Ladies European Tour. PMG has the Worldwide television rights for the LET. PMG is in discussions to launch a new Ladies Golf Tournament in Korea from 2012. As part of the "Macquarie review" PMG has identified other areas of potential growth in the Asian lifestyle luxury market. Following on from its involvement in the initial exhibition at the Saatchi Gallery, PMG has negotiated a long term representation agreement of Korean Eye. Korean Eye has extended its sponsorship with Standard Chartered enabling it to expand across the region in 2011 and 2012. The latest initiative is the launch of a new exhibition in Singapore in October of this year. PMG has also reached an agreement with All Sport to represent their interest in Korea in relation to the new Formula 1 event in Korea. In addition to these exciting business developments, your company has also been able to restructure its Shareholding and Capital base. The majority of the developments were approved at the General Meeting held on August 31st 2010. I believe that these changes are crucial in enabling your company to raise further funding to develop its growth. These changes are set out below and in full in the Post Balance Sheet section of these results. Financial Review Turnover for the six months to 30 June 2010 increased 2% to £5.8million (2009: £5.7million), due mainly to increased secondary sponsorship for the Ballantine's Championship. The gross profit for the period increased 9% to £ 1.5million (2009: £1.4 million). Gross margins are expected to continue improving as events mature and demand for secondary sponsorship increases. PMG is investing to build new long-term opportunities that have multi-year revenue contracts, each providing a platform for growth in Asia and the international market. In the period under review, development costs (the costs incurred to create new events from which future revenues are expected) were £ 0.22 million (2009: £0.13million); The operating profit for the period was £ 0.37 million (2009: profit £0.27 million). The profit for the period after finance costs and tax was £77,000 (2009: profit £ 60,000). The cash balance at the 30 June 2010 was a positive £0.32 million (2009: £0.86 million). In July and August 2010, PMG agreed new bank facilities of £1.15 million repayable over 5 years, reduced short term debt and extended convertible loans totalling £1.7 million to be convertible or repayable on or before 31 December 2012. The group generated £0.3million cash from operations during the period (2009: £ 0.5 million) and is actively managing the demands for cash required for growth, with the reduction of debt. I am pleased to update you on the ongoing case of RAM Media Limited (in administration) vs The Greek Ministry of Culture, which I have mentioned in past reports. PMG is RAM Media's largest creditor and has received a total of £ 0.52 million to date which is now expected to be the full and final settlement. Post Balance Sheet Events PMG commenced this business year with four corporate financial objectives: restructure company borrowing; reach new terms with the Convertible Loan Note holders; consolidate the number of shares in issue and bring new investment to the Company by way of subscription for shares. The conversion and settlement of the Convertible Loan notes that fell due for payment on 1st July was announced on 30th June 2010 and highlighted in the 2009 Report and Accounts. On 5 July 2010, PMG issued ordinary shares in respect of convertible loan liabilities and interest. The Company has reached agreement with all remaining Convertible Loan Note holders totalling £1.7 million to convert and/or repay the loans in December 2012. On 6th August PMG announced a new banking facility with Lloyds Banking Group Plc of £1.15 Million (with a £1 Million loan repayable over 5 years and £0.15 Million of overdraft facility). The loan was applied to repay short and medium term debts. On 2 September, following approval from shareholders on 31 August 2010, PMG consolidated the ordinary share capital, such that the holders of every 220 ordinary shares of 0.01p each received 1 new ordinary share of 2.2p each. A full analysis of Post Balance Sheet Events is provided in note 11 to these unaudited interim results.. The successful completion of both the debt restructure and equity consolidation now provides the platform for new investment in PMG and we expect to update shareholders on this shortly. PMG has in principal agreement with the outstanding convertible loan note holders that they will convert early into equity on the introduction of new money. Stakeholders I would like to thank our board members, major stakeholders and staff who continue to contribute to PMG's success. PMG has built a loyal, world class team, whose dynamism enables us to offer expertise and support to a growing international clientele of blue chip companies, tourist boards and brands. David Ciclitira Chairman, 22 September 2010 CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2010 6 months to 6 months to 12 months to 30 June 30 June 31 December 2010 2009 2009 unaudited unaudited audited Notes £'000 £'000 £'000 Continuing operations Revenue 5,836 5,679 10,240 Cost of Sales (4,340) (4,308) (7,390) Gross Profit 1,496 1,371 2,850 Administrative Expenses (1,123) (1,051) (2,195) Foreign Exchange 92 69 46 Earnings before interest, tax, depreciation and amortisation 465 389 701 Depreciation and Amortisation of intangibles (100) (93) (216) Operating Profit 365 296 485 Finance cost (288) (237) (421) Investment Income - 1 1 Profit on ordinary activities before tax 77 60 65 Taxation - - - Profit for the period 77 60 65 Attributable to: Minority Interests - - - Equity Holders of the parent 77 60 65 77 60 65 Earnings per share 4 Basic 0.02p 0.01p 0.01p Diluted 0.01p 0.02p 0.02p CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2010 6 months to 6 months to 12 months to 30 June 30 June 31 December 2010 2009 2009 unaudited unaudited audited £'000 £'000 £'000 Profit for the year 77 60 65 Other comprehensive income Exchange difference on translation of foreign operations (46) 103 61 Tax effect of changes in other comprehensive income - Total comprehensive income for the year 31 163 126 Total comprehensive income attributable to: Equity holders of the parent 25 146 115 Minority interest 6 17 11 31 163 126 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2010 30 June 30 June 31 December 2010 2009 2009 unaudited unaudited audited Notes £'000 £'000 £'000 Non-current assets Property, Plant & Equipment 8 19 13 Intangible Assets 2,205 2,341 2,273 Development Costs 481 280 254 Investments 12 13 12 Total non-current assets 2,706 2,653 2,552 Current Assets Trade Receivables 1,756 1,227 1,351 Cash 319 859 322 Total current assets 2,075 2,086 1,673 Current Liabilities: Financial Liabilities - borrowings 6 1,193 867 983 Financial Liabilities - loans 7 613 146 2,427 Trade & Other payables 3,622 3,675 3,440 Total current liabilities 5,428 4,688 6,850 Net current assets/(liabilities) (3,354) (2,602) (5,177) Non- current liabilities - financial borrowings 8 (2,207) (2,898) (248) Net Liabilities (2,854) (2,847) (2,873) Equity Share Capital 9 3,070 3,070 3,070 Share premium 2,091 2,091 2,091 Equity element of convertible loans 57 57 57 Other reserves 557 557 557 Capital redemption reserve 5,034 5,034 5,034 Foreign translation reserve (33) 45 20 Retained earnings (13,488) (13,571) (13,566) Total Equity (2,712) (2,798) (2,737) Minority Interest (142) (130) (136) Equity attributable to equity holders of the parent (2,854) (2,847) (2,873) CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2010 31 30 June 30 June December 2010 2009 2009 unaudited unaudited audited £'000 £'000 £'000 Cash flows from operating activities Operating Profit / (Loss) 365 296 485 Depreciation 5 4 9 Sale of investments - 5 - Amortisation of intangibles - Tournament 68 68 136 rights Amortisation of intangibles - development 27 21 71 costs (Increase)/decrease in debtors (404) (377) (499) Increase/(decrease) in creditors 389 385 149 Foreign exchange on non-operating (52) (11) 11 activities Increase in translation reserve (60) 104 74 Cash generated from operating activities 338 495 436 Cash flow from investing activities Development costs capitalised (254) (139) (166) Purchase of property, plant & equipment (1) - Sale of other investments 4 Interest received 1 2 Net cash used in investing activities (254) (139) (160) Cash flow from financing activities Proceed from / (repayments of) bank (64) 184 131 facility Cash received from convertible loans - 14 14 Convertible loans repaid - (55) (158) Loan received 200 - 45 Loan repaid (105) (56) (315) Interest paid (83) (173) (293) Net cash used in financing activities (52) (86) (576) Cash and cash equivalents at beginning of 322 728 728 the year Exchange (loss) / gains on cash and cash (35) (139) (106) equivalents Net (decrease)/increase in cash and cash 32 270 (300) equivalents Cash and cash equivalents at end of the 319 859 322 period CONSOLIDATED CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2010 Share Share Equity Other Capital Forex Minority Capital Premium reserve reserves Redemption reserve Interest P&L Total At 1 January 2010 3,070 2,091 57 557 5,034 20 (136) (13,566) (2,873) Profit for the period 77 77 Foreign exchange (53) (53) Minority Interest movement (6) (6) At 30 June 2010 3,070 2,091 57 557 5,034 (33) (142) (13,488) (2,854) The table below sets out the movements in reserve for the six months ended 30 June 2009 Share Share Equity Other Capital Forex Minority Retained Capital Premium reserve reserves Redemption reserve Interest Earnings Total At 1 January 2009 3,070 2,091 57 557 5,034 (41) (147) (13,631) (3,010) Profit for the period 60 60 Foreign exchange 86 86 Foreign exchange 17 17 At 30 June 2009 3,070 2,091 57 557 5,034 45 (130) (13,571) (2,847) NOTES TO THE FINANCIAL INFORMATION Basis of Preparation The condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with the International Accounting Standard (IAS) 34 Interim Financial Reporting. The condensed consolidated Interim Financial Statements should be read in conjunction with the annual financial statements for the year ended 31 December 2009, which have been prepared in accordance with IFRS's. The comparative figures shown for the year ended 31 December 2009 do not constitute statutory accounts as they have been extracted from the statutory accounts which have been filed with the Registrar of Companies. These interim results are unaudited and do not constitute statutory accounts. Significant Accounting Policies The condensed financial statements have been prepared under the historical cost convention, except for the revaluation of financial instruments. The same accounting policies, presentation and method of computation are followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2009. Segment Information The group is organised into two main divisions Event Promotion and Consultancy and Sales. The Event Promotion operates professional golf tournaments in Asia which are Sanctioned by the European Tour and Ladies European Tour. The Consultancy and Sales division is based in the London headquarters and works with major international brands, sports federations and tourist boards on sports and lifestyle projects, brand development, sales and marketing opportunities. Event Promotion Sales & Consultancy Asia Europe Consolidated 6 months 6 months 6 months 6 months 6 months 6 months to to to to to to 30 June 30 June 30 June 30 June 30 June 30 June 2010 2009 2010 2009 2010 2009 £'000 £'000 £'000 £'000 £'000 £'000 Group Revenue 5,415 5,397 420 282 5,836 5,679 Segment result 1,076 983 420 119 1,496 1,102 Unallocated corporate overhead (1,131) (806) Operating profit 365 296 Finance Costs (288) (237) Investment income - 1 Profit for the period 77 60 Segment Assets 2,465 3,113 455 752 2,921 3,865 Unallocated corporate assets 1,860 871 Consolidated total assets 4,781 4,736 Segment liabilities (1,906) (2,843) (491) (19) (2,396) (2,862) Unallocated corporate liabilities (5,209) (4,721) Consolidated total liabilities (7,605) (7,583) Net liabilities (2,824) (2,847) Earnings per Share The basic earnings per share is calculated by dividing the loss attributable to equity shareholders by the weighted average number of shares in issue during the year. In calculating the diluted earnings per share, outstanding share options, warrants and convertible loans are taken into account where the impact of these is dilutive. 6 months to 6 months to year ended 30 June 30 June 31 December 2010 2009 2009 (i) Basic Profit for the period (£'000) 77 60 65 Weighted average number of shares in issue (No.) 467,072,593 467,072,593 467,072,593 Earning per share (p) 0.02p 0.01p 0.01p (ii) Fully diluted Profit for the period (£'000) 77 60 65 Add back interest charged on convertible loans (£'000) 59 79 138 Revised Profit for the period (£'000) 136 139 203 Weighted average number of shares in issue (No.) 467,072,593 467,072,593 467,072,593 Ordinary shares issuable under convertible loan agreements * 447,075,493 447,075,493 447,075,493 914,148,086 914,148,086 914,148,086 Diluted Earnings per share (p) 0.01p 0.02p 0.02p * The potential dilutive effect of ordinary shares issuable under convertible loan agreements relates to bonus shares as approved by shareholders on 24 October 2008. All other share issues under convertible agreements, share options and warrants are non-dilutive Dividends - No dividend was recommended or paid for the period under review Financial Liabilities - Borrowings 30 June 31 December 2010 2009 £'000 £'000 Bank facility 183 128 Medium Term Lending (repayable < 1year) 780 855 Short term shareholder loans 230 - 1,193 983 The Bank Facility was repaid in August 2010 and Medium term loans totalling € 0.5 million were repaid in August 2010 - see Post Balance Sheet events for more detail. Two short term loans were introduced from shareholders during the period totalling £0.2 million (£0.1 million of which was introduced by Luna Trading, a company under the control of David Ciclitira. These loans are three months and carry interest equivalent to £15,000 payable in shares. Current Liabilities - Financial Borrowings - Loans 30 June 31 December 2010 2009 £'000 £'000 Convertible loans - 2,427 Short term loans (non- converting) 613 - 613 2,427 On 30 June 2010, agreement was reached to extend £1.8 million of convertible loans and these amounts are now shown as convertible or repayable in more than one year. These changes to convertible loan agreements were ratified at the General Meeting on 31 August 2010. See details below and Post Balance Sheet events. On 30 June 2010, agreement was reached with £0.6 million of Convertible loan note holders to remove conversion provisions and repay loans to agreed schedules to achieve full repayment on or before 30 June 2011. The loans attract interest at the rate of 10% per annum. Non-Current Liabilities - Borrowings 30 June 31 December 2010 2009 £'000 £'000 Bank facility 119 Other loans 336 129 Convertible loans 1,871 2,207 248 The loan of £0.3 million is payable to a company under the control of D Ciclitira. This loan is unsecured and carries interest at 14%. This loan together with short-term lending from other D Ciclitira controlled entities have the option to convert into ordinary shares at 55p (following the share consolidation in August 2010) together with associated premium as approved by shareholders at the General Meeting on 24th October 2008. See Post Balance Sheet events for more detail. Convertible Loans The value of convertible loans at the balance sheet date has been determined in accordance with IAS 32. This requires the recognition of the debt and equity components of the amounts received, with equity components shown directly in equity reserves. 30 June 31 December 2010 2009 £'000 £'000 Convertible loans due in less than one year - 2,427 Convertible loans due in more than one year 1,871 Convertible loans totalling £1.8m are due for conversion or repayment not later than 31 December 2012. The loans carry interest at 8% which is to be settled via the issue of ordinary shares. The conversion price of the loans is 55p following consolidation of the Ordinary shares in August 2010. See Post Balance Sheet events for more details. Convertible loan amounts due in more than one year includes £1.2m of loan principal owed to Walbrook Trustees (Jersey) Limited, who are trustees of a discretionary trust (the Tokyo Settlement) of which D Ciclitira is a potential beneficiary. Issued Share Capital Issued share capital as at 30th June 2010 is £3.07m being 467,072,593 ordinary shares of 0.01 pence; 199,831,545 deferred shares of 0.5 pence and 103,260 deferred B shares of £19.60. There were no movements in the issued share capital of the Company in the period. Related Parties Walbrook Trustees (Jersey) Limited is a company who are trustees of a discretionary trust (the Tokyo Settlement) of which David Ciclitira is a potential beneficiary. The Tokyo Settlement provides convertible loans totalling £1.175 million to the company. Interest is charged on the loan at Euro Libor + 4%. The convertible loan amount at 30 June 2010 was: Period ended Year ended 30 June 31 December 2010 2009 £'000 £'000 Opening balance (1,296) (1,227) Interest charged in the year (not paid) (30) (69) Closing balance (1,326) (1,296) Luna Trading provides loans and guarantees on behalf of Parallel Media Group Plc as follows: Period ended Year ended 30 June 31 December 2010 2009 £'000 £'000 Opening balance due to Luna (296) (327) Loan movements during the period (40) 31 Closing balance due to Luna (336) (296) In 2009, loan amounts due to David Ciclitira and related entities (Elysian Group Ltd and 56 Ennismore Gardens Ltd) were consolidated in Luna Trading Ltd. Following the 30 June 2010, amounts due to Luna were renegotiated in line with the terms granted to other convertible loan note holders, namely that they would be convertible on or before 31 December 2012. See Post Balance Sheet events for more details. In line with the consolidation and extension of the Luna loans, amounts due from Luna at 30 June 2010 were £50,000. Luna Trading Ltd provided a guarantee on a £300,000 bridging loan facility provided by Royal Bank of Scotland. Luna Trading charges interest at 1.5% per month for provision of this guarantee. Luna Trading Ltd is the company through which PMG contract with David Ciclitira for international consulting and business services. During the period ended 30 June 2010, Luna Trading Ltd invoiced (and PMG paid) for consultancy fees of £ 111,000. Under the agreement, PMG paid for remote office costs of £20,000, loan guarantee and interest amounts of £49,000 and the reimbursement of business expenses incurred overseas of £17,000. During the period ended 30 June 2010, Luna Trading Ltd provided a short-term 3 month loan of £100,000 to PMG. The loan charged interest payable in shares of £ 15,000. The net amounts due to Luna Trading Ltd at 30 June 2010 were as follows: £'000 Short -term loan & accrued interest 115 Long-term loan - convertible or repayable on or before 31 December 2010 336 Amounts due to PMG (50) 401 During the year ended 31 December 2009, Parallel Media Group Plc traded with Parallel Media (Africa) Limited and Parallel Media (Korea) Limited, to develop World Cup and Formula One sales and marketing opportunities. Amounts outstanding from these entities at 30 June 2010 is £0.26 million. Both companies were developed by David Ciclitira and will transfer into the Group at a nominal amount. During the period ended 30 June 2010, Parallel Media Group Plc has undertaken work on behalf of Parallel Contemporary Arts Ltd, a company under the control of David Ciclitira. On 17 June 2010, PMG plc entered into agreements to supply services to Parallel Contemporary Arts Limited for an initial period ending on 31 December 2012. Post Balance Sheet Events New Bank Facilities On 6 August 2010, PMG entered into new bank facilities with Lloyds Banking Group Plc totalling £1.15 million of which £1 million is a loan with principal repaid over 5 years and £0.15 million is available by way of overdraft. The loan was applied to repay existing bank facilities of £0.25 million and € 0.5 million of medium term lending. The new facility is guaranteed by David Ciclitira, the Company's Chairman, in consideration for which David Ciclitira has been granted a debenture over the Company's assets and a call option over Parallel Media Group (Championships)Limited, a wholly owned subsidiary of PMG which holds the rights to the Company's major sporting events. In addition, David Ciclitira will receive, for the period of the guarantee, 5% per annum on the amount of the guarantee. Extension of Loans On 6 August 2010, Luna Trading Limited ("Luna"), a company related to David Ciclitira, agreed to extend its loan of £336,000 (the "Luna Loan") to 31 December 2012. Luna will receive a payment equal to the aggregate of the interest to 31 December 2010 at 8% per annum and 10% of the principal (the "Extension Payment"). The Extension Payment was paid in shares following the receipt of shareholder approval and the granting of a waiver of Rule 9 of the City Code on Takeovers and Mergers ("Rule 9 Waiver"). The principal amount of the loan is convertible at 55p (following the consolidation of ordinary shares in September 2010). Loan Agreements and Share issues On 5 July 2010, in accordance with the terms of convertible loan agreements and other similar facilities, the terms of which were agreed in October 2008 and set out in a circular to the Group's shareholders at that time, PMG issued 447,075,493 new ordinary shares of 0.01p to the holders of the Loan Agreements. A further 84,675,578 new ordinary shares of 0.01p each at 0.25p per share were issued in respect of the interest due on those loans. On 6 August 2010, in accordance with the terms of the Luna Loan, PMG issued 67,200,000 new ordinary shares of 0.01p each in the capital of the Company pursuant the exercise of an option, the terms of which were agreed in October 2008 and set out in a circular to the Group's shareholders at that time. On 2 September and following approval from shareholders on 31 August 2010, PMG consolidated the ordinary share capital, such that the holders of every 220 ordinary shares of 0.01p each; received 1 new ordinary share of 2.2p. On 2 September 2010, PMG issued 1,151,238 ordinary shares of 2.2p in respect of extension premiums and interest on Convertible loan notes; and a further 176,665 ordinary shares of 2.2p in settlement of certain debts. A reconciliation of the shares in issue and subsequent consolidation is set out in the table below: Ordinary shares of 0.01p Shares in issue Shares in issue as at 30 June 2010 467,072,593 Issued on 5 July 2010 in settlement of convertible loan agreement liabilities 447,075,493 Issued on 5 July 2010 in settlement of convertible loan interest 84,675,578 Issued on 6 August in settlement of Luna Loan liabilities 67,200,000 Ordinary shares of 0.01p in issue on 1 September 2010 1,066,023,664 Ordinary shares of 2.2p in issue following consolidation on 2 September 2010 4,845,563 Ordinary shares issued of 2.2p issued in respect of convertible loan extensions and Interest 1,151,238 Ordinary shares of 2.2p issued in respect of debts 176,665 Ordinary shares of 2.2p in issue on 17 September 2010 6,173,466 The number of ordinary shares of 2.2p in issue on 21 September 2010 is 6,173,466 and the amounts due on convertible loans which are convertible or repayable on or before the 31 December 2012 is £ 1.7 million. Following the issue of the above shares in July, August and September, the major shareholders can be summarised as follows: No. of shares % David Ciclitira (concert party) 2,799,649 45.35% Smith & Williamson Nominees Ltd 677,672 10.98% Chris Salter 497,732 8.06% Pierce Casey 407,052 6.59% Malaysian investors 340,911 5.52% Other shareholders 1,450,450 23.49% 6,173,466 100% FIFPRO AWARDS As previously reported, PMG is the largest creditor of RAM Media Limited (in Administration) who have successfully pursued a case for damages against the Greek Government. In March 2010, an interim payment was received totalling £ 274,000. In August 2010 a further payment was received totalling £277,000, which is now expected to be the full and final settlement from this claim. Other Copies of unaudited interim results have not been sent to shareholders, however copies are available at www.parallelmediagroup.com or on request from the Company Secretary at the company's Registered Office: 3-12 Harbour Yard, Chelsea Harbour, London, SW10 0XD Approval of Interim Financial Statements The interim financial statements were approved by the board of directors on 22 September 2010
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