12th Nov 2015 08:55
LONDON (Alliance News) - Marketing and events management agency Parallel Media Group PLC said its has signed a heads of agreement to secure the underwriting of the 2016 Classic Rock Roll of Honour music event in Tokyo.
Parallel has signed a legally-binding agreement with Klab Entertainment Inc and Team Rock Ltd.
The agreement will mean the firm's Parallel Contemporary Music International Ltd subsidiary will receive licence fees, commission and a share of the net profit from the event. As an operating profit from the event is expected, the subsidiary will pass revenue to the Parallel group. No financial details were disclosed.
Team Rock is majority owned by funds managed by Harwood Capital LLP, which owns 28% of Parallel.
Shares in Parallel were up 23% on the news to 11.67 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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