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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Parallel Media | LSE:PAA | London | Ordinary Share | GB00BGSGT481 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 38.00 | 36.00 | 40.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0487P
Parallel Media Group PLC
26 August 2003
26 August 2003
Parallel Media Group Plc
Rejection of Asian PGA's Claims
Parallel Media Group Plc ("PMG"), the AIM listed executive sports rights and
marketing business, following a press release issued earlier today by the Asian
PGA Tour ("APGA") regarding the contract with Asian PGA Tour Limited ("ATL"),
has made the following statement to clarify its position.
PMG, having taken full legal advice, refutes APGA's purported termination of the
Master Rights Agreement with ATL. ATL has a twenty-five year contract (the
Master Rights Agreement) and a further 20-year extension option with the APGA
for all of its commercial rights. PMG has therefore demanded an immediate
retraction and will take every step to protect its rights and those of ATL,
including all of its third party agreements.
PMG through ATL is currently promoting 8 events on the Asian Tour and as such,
is the single largest promoter of tournaments on the Tour. PMG is a 49.9%
shareholder and the exclusive sponsorship sales agent of ATL. Its Chairman and
CEO David Ciclitira has a 0.1% holding.
David Ciclitira, Chairman and CEO of PMG said: "PMG is astonished that APGA has
announced its action without discussion. PMG and ATL have always performed and
will continue to fulfil their obligations in relation to the APGA, working in
the best interests of the Tour and its members. Our new JV partners in Malaysia
are familiar with the current situation."
For further information please contact:
Parallel Media Group plc ("PMG") & Asian PGA Tour Limited ("ATL")
David Ciclitira - Chairman & CEO PMG Tel: 020 225 2000
Director ATL
Keld Kristiansen - Director PMG Tel: + 603 7984 2066
Director ATL
City Financial Associates ("CFA")
Stephen Barclay - CFA Tel: 020 7090 7800
St Brides Media & Finance Ltd
Ian James Tel: 020 7242 4477
This information is provided by RNS
The company news service from the London Stock Exchange
END
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