14 November 2017
Parallel Media Group Plc ("PMG" or the "Group")
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 ("New Loans") to the Group of £83,724 in aggregate, in order to meet contractual obligations of PMG. The New Loans are not subject to any formal agreement and David Ciclitira has agreed that they should be interest free.
The New Loans are in addition to the Group's formalised Loan Agreements with David Ciclitira and with companies controlled by him ("DC Entities"), as set out in the Company's announcement of 30 June 2017, and in addition to contractual fees and related costs of approximately £90,500 accrued from 1 July to 31 October 2017, and payable to David Ciclitira or DC Entities.
The provision of the New Loans is deemed to be a related party transaction under the AIM Rules for Companies. The independent director, Ranjit Murugason, considers that, having consulted with Stockdale Securities, the Group's Nominated Adviser, the provision of the New 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: 020 7225 2000
Stockdale Securities Limited
Richard Johnson / Edward Thomas Tel: 020 7601 6100
This information is provided by RNS