Parallel Media Chairman adds to already sizeable stake
Tue 30 Oct 2012
LONDON (SHARECAST) - Parallel Media Group's Chairman has purchased 62,500 shares on Tuesday, the same day the company acquired HW Alpha's 50 per cent interest in Parallel Smart Media Asia Alpha Entertainment.
David Ciclitire, who has led the company since its foundation, bought the shares at an average price of 14.92p each, taking his stake in the company to 8.1m shares.
The acquisition was made for a nominal sum and the grant to HW Alpha of an 18-month option to subscribe for 900,000 ordinary shares in Parallel at 35p a share.
"We anticipate that this restructuring will be of significant benefit to the company's shareholders as we look to develop our K-pop business," Ciclitira said.
Top Director Buys
Lowland Investment Co (LWI)
Director name: Mr Robert Robertson
Amount purchased: 6,000 @ 983.00p
Aurora Investment Trust (ARR)
Director name: Mr M J Barstow
Amount purchased: 20,000 @ 146.00p