Loan Update

RNS Number : 7925C

Parallel Media Group PLC

30 June 2016

 

30 June 2016

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

Loan Update

Parallel Media Group Plc (AIM: PAA), a leading event marketing and media agency, announces that David Ciclitira, the Chairman of the Group, has provided further loans to the Group. The total balance of loans advanced by David Ciclitira and entities controlled by David Ciclitira as at 30 June 2016 amounts to c.£984,000.

The latest amounts advanced have been made to meet contractual obligations of PMG. Although there are as yet no formal terms for this loan, it is agreed between David Ciclitira and the independent directors, being Tim Sturm and Ranjit Murugason (the "Independent Directors"), that the loans will not carry interest and are repayable upon demand.

The provision of loans is deemed to be a related party transaction under the AIM rules for Companies. The Independent Directors consider that, having consulted with Stockdale Securities, the Group's new Nominated Adviser, the provision of loans is considered fair and reasonable so far as the Group's shareholders are concerned.

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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