Board Changes

RNS Number : 9318W

Parallel Media Group PLC

29 November 2010

 



  29th November 2010

Parallel Media Group

("PMG" or "the Company")

BOARD CHANGES

The Board of Parallel Media Group Plc ("PMG" or "the Company"), a leading international sports marketing and media group, is pleased to announce the following changes to the Company's Board.

The Board has confirmed the appointment of Leonard Fine CA (SA) as the Board's Senior Independent Director. He has served on the Board as a Non-Executive Director for a number of years, latterly as Chairman of the remuneration committee. He acted as the Senior Independent Director in relation to the recent approval of waiver of obligations under Rule 9 of the Takeover Code.           

Edward Adams is standing down as a Non-Executive Director and Ranjit Murugason joins the Board of the Company as a Non-Executive Director with immediate effect.  Mr Murugason became a shareholder in PMG at the time of the placing announced earlier this month.

Mr Murugason is a former investment banker previously with Nomura, UBS and ABN AMRO, in London, and served  as Global Head of  Industrials for the Investment Banking Division of ABN AMRO Bank NV until he left The City in the summer of 2003. Over the last 16 years, he has worked extensively throughout Asia on some of the most transformational and milestone privatisation and corporate acquisition projects especially in India, China, Malaysia, Singapore and ASEAN.

In recent years, as a venture capitalist and principal investor, he has been involved in the small and medium enterprise sector in Europe, Asia and Africa and latterly was CEO of GMR Group's International Division, one of the world's largest owner operator's of energy and transport infrastructure and the owner of Delhi Daredevils, the India Premier League cricket team.

Mr Murugason is a Singapore national and qualified in London as a barrister. He was educated at Dulwich College and obtained law degrees from London and Oxford University.

Mr Murugason is interested in 750,000 shares, representing 4.86 % of the issued share capital of the Company.

Mr. Murugason holds, or has held, the following directorships during the past 5 years:

Current directorships:

Delivering Britain Limited

Praxley Corporate Solutions (Pty) Limited

U-Play Design Limited

Urban Strategic Limited

Urban Strategic Pte Ltd

Previous directorships

Et-china.com International Holdings Limited

InterGen BV

Istanbul Sabiha Gökçen International Airport Ltd

Istanbul Sabiha Gökçen International Airport Development Company Ltd

Hot Tuna (International) PLC

Hot Tuna (UK) Limited

MAP Print Limited

Miller Harris Limited

GMR Infrastructure (UK) Limited

GMR Infrastructure (Singapore) Pte Limited

GMR Infrastructure (Turkey) Pte Limited

Island Power (Singapore) Pte Limited

Urban Forum Limited

Urban Resorts Limited

There is no further information to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Mr. Murugason's appointment.

Chairman of Parallel Media Group, David Ciclitira announcing the Board Changes said:

"I am immensely grateful to Edward Adams for his long term service to PMG and his help to me personally on a number of issues that the Company has faced in the past trading years.

However the recent placing has brought with it new shareholders who wish to play a part in the future growth of PMG. Ranjit has an impeccable City pedigree and brings to the Board a depth of experience of the Asian financial markets which will help me and PMG as we grow our business in this expanding and prosperous market.

Leonard Fine has worked with me for 15 years and has chaired our Audit and Remuneration Committees. He understands perfectly the issues and challenges that PMG faces and our ambition for growth. As such he is perfect to be our Senior Independent Director."

ENDS

For further information, please contact:

Stewart Mison,  Martin Doherty	Parallel Media Group Plc	020 7225 2000
Luke Cairns, Edward Hutton	Northland Capital Partners Ltd	020 7492 4750
Charles Goodfellow, Paul  Dudley	Novus Capital Markets  Limited	020 7107 1850
Alex Giacchetti, Laura Stevens	Bishopsgate Communications Ltd	020 7562 3350

 

END

 

 

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