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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