Parallel Media Group plc
(‘PMG’ or the ‘Company’)
Update re: Golf Division
Parallel Media Group Plc (AIM:PAA), the AIM quoted sports, entertainment and media agency, announces that The Championship in Singapore has been postponed from 2015 to a new Spring date in 2016, which is expected to be announced as part of the European Tour 2016 schedule. A further announcement will be made in due course.
As previously announced, The Championship was re-located from Korea to Singapore in 2014 and the relocation of The Championship to Singapore has enabled PMG to run The Championship in Singapore and also to continue with a "Championship" or similar event in Korea. Discussions in relation to an event in Korea during 2015 continue.
The result of the postponement is that the revenue associated with the event will now fall into the Company's 2016 financial year.
In addition, PMG is currently in advanced discussion with a further investor in the Championship (Singapore) Pte Limited, and is working alongside that potential investor to secure a title sponsor for The Championship.
Furthermore, as set out in the Company’s half yearly results for the six months ended 30 June 2014, the Company continues its discussion to stage the 2015 edition of the Prudential Causeway Trophy in either Singapore or Malaysia.
An update regarding the Music Division of the Company will be provided in due course.
For more information please contact:
Parallel Media Group Plc
+44 (0) 20 7225 2000
Sanlam Securities UK Limited
Virginia Bull - Corporate Finance
+44 (0) 20 7628 2200