Parallel Media Group PLC Loan Update (4234W)
14 November 2017 - 7:37PM
UK Regulatory
TIDMPAA
RNS Number : 4234W
Parallel Media Group PLC
14 November 2017
14 November 2017
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 ("New Loans") to the Group of
GBP83,724 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 GBP90,500 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
The company news service from the London Stock Exchange
END
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