Stmnt re Share Price Movement

RNS Number : 8642G

Parallel Media Group PLC

28 October 2008

 



28 October 2008

Parallel Media Group (PMG or 'the Company')

Statement re Share Price Movement

Dealings by Directors and PDMRs

The directors of PMG have noted the recent deterioration in the Company's share price. The directors know of no reason why this has occurred. Trading continues to be in line with expectations with the Company having recently announced a number of key sponsors for the Hong Kong Open which will take place in early November 2008.   PMG anticipates that as a result of these key sponsorships revenues from the event will be significantly ahead of the £2.5 million revenues generated for the Company last year. The Directors remain confident of returning to profit in 2008, as announced in the Company's interim results on 29 September 2008, and further consider that the value of the underlying assets are considerably in excess of the Company's current market value.

The Company has today been informed that on Monday 27 October 2008, a director and a senior employee have purchased shares in the Company as follows:

Name	Number of Shares Purchased	Price per share	Total Holding	Percentage of Issued Share capital
Edward Adams1 Non Executive Director	3,645,075	.0.82p	3,645,075	0.8%
Martin Doherty CFO	1,463,561	0.17p	1,463,561	0.3%

Notes:

1. The shares are held by Allied Trust Company Ltd as trustees of the Asvattha Trust, a trust in which Mr Adams is the primary beneficiary.

For further information please contact:

Parallel Media Group Plc	David Ciclitira, Chairman Martin Doherty, CFO	020 7225 2000
Dowgate Capital Advisers	Tony Rawlinson, Chairman Antony Legge	020 7492 4777
Conduit PR	Jos Simpson Ben Way	020 7429 6666

 

END

 

 

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