Dispute resolution

RNS Number : 2654T

Parallel Media Group PLC

24 March 2016

 

24 March 2016

Parallel Media Group Plc ("PMG" or the "Group")

Dispute resolution

Parallel Media Group Plc (AIM: PAA), a leading event marketing and media agency, announces that on 24 March 2016 it entered into a settlement agreement with Arena Event Services Limited ("Arena") and Harlequin Marquees and Event Services Limited to resolve outstanding disputed contracts dating back to 2011 and 2013.  Under the terms of the settlement agreement, Arena will pay PMG an initial sum of US$125,000 on or before 23 March 2016 and a subsequent sum of US$25,000 by 13 January 2017.  The initial payment has been received by PMG.  In addition, the 37,500 shares in PMG held by Arena will realised for the benefit of PMG.

ENDS

For further information please contact:

Parallel Media Group Plc

David Ciclitira                                                                                                   Tel: [phone]

Stockdale Securities Limited

Robert Finlay / Edward Thomas                                                                Tel: [phone]

 

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