News blog
Parallel Media Group
- BY: Andrew Hore |
- POSTED: 14/11/2010 |
Sports marketing and media group Parallel Media Group has raised more than £3.7m through the issue of shares and the capitalisation of money owed to some creditors.
Parallel raised £950,000 at 40p a share and owners of £1.7m of convertible loan notes have converted this debt into shares at the placing price. Other creditors totalling £1.08m have also converted this money owed into shares at 40p each. Managing director Stewart Milson and three non-executive directors are taking shares instead of cash for directors’ fees and other money owed to them.
Just over one-half of the loan notes and other creditor balances were converted by executive chairman David Ciclitira, who along with his concert party owns 42.6% of Parallel.
The improved cash position should help Parallel grow both organically and via acquisition in Asia.
The focus is golf. The Ballantine’s Championship moves to Seoul next April/May.
Parallel has appointed Novus as joint broker. Northland is nominated adviser and joint broker.
At 41.5p a share, Parallel is valued at £6.41m.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|