Acquisition and grant of option

RNS Number : 7990P

Parallel Media Group PLC

30 October 2012

 



30 October 2012

Parallel Media Group PLC

("PMG" or the "Company")

Acquisition and grant of option

PMG, the AIM quoted sports marketing, entertainment and digital media agency, announces that it has acquired HW Alpha PTE Ltd ("HW Alpha")'s 50% interest in Parallel Smart Media Asia Alpha Entertainment Pte Limited. The consideration for the acquisition comprises a nominal cash sum and the grant to HW Alpha of an 18 month option to subscribe for 900,000 Ordinary Shares in PMG at 35p a share.

David Ciclitira, Chairman of PMG, said:

"I am delighted that Parallel Smart Media Asia Alpha Entertainment Pte Limited will become more integrated with the PMG Group. We anticipate that this restructuring will be of significant benefit to the Company's shareholders as we look to develop our K-pop business."

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For further information, please contact:

Parallel Media Group plc                                                                                                      020 7225 2000

Amelia Wix

Northland Capital Partners Limited                                                                                 020 7796 8800

Luke Cairns, Edward Hutton

Bishopsgate Communications                                                                                            020 7562 3350

Nick Rome, Sam Allen

[e-mail]

 

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