Parallel Media Group PLC (‘PMG’) has acquired the remaining stake in Asian PGA Tour Ltd (‘ATL’), from the various individual and corporate shareholders and has also settled its dispute in Asia. Along with new capital from a group of influential local Asian investors, revised agreements with the American Express Tour de Las Americas and The Ladies European Tour, PMG now feels that it has a solid platform for a successful and stable broadly based international sports media group.
ATL is in the business of sponsorship, promotion and marketing of golf events in Asia. It will continue to promote the Carlsberg Malaysian Open, Caltex Masters presented by Carlsberg, TCL Classic, Nations Cup, Hong Kong Open and proposed new events the China Classic, Vietnam Masters and Malaysia Classic. Under the purchase agreement, ATL will also form a new TV Division, Asian Series TV (‘ASTV’), which will produce and distribute the pictures and reports from its event portfolio.
Commenting on the Acquisition, David Ciclitira, Chairman of PMG said: ‘We are delighted to have consolidated our interest in ATL. We can now concentrate on enhancing the value of these key assets in Asia such as the PGA European Tour co-sanctioned Caltex Masters presented by Carlsberg which is being staged this week by ATL in Singapore. I would like to take this opportunity to thank our partners, shareholders and sponsors for their support over the past few months.’
PMG has transferred ATL to its Asia operations arm, Parallel Media Asia (2003) Limited (‘PMA’) which now owns the whole of ATL. PMA was established in September 2003 as a joint venture between PMG and a group of influential Malaysian investors who have substantial holdings in golf resort and other property developments throughout the region. Amongst the properties they developed are Saujana Golf and Country Club where the Carlsberg Malaysian Open is played annually as well as the world famous Datai resort, recently voted the number one international resort by Conde Naste traveller.
The consideration for the acquisition of 50% of ATL is US$500,000 in cash plus liabilities of $1.3m (some of which has been provided for by the Malaysian investment vehicle Snowy Invest & Trade Inc). In addition WSG will receive all commercial contracts relating to the Dynasty Cup and Volvo Masters of Asia events.
A key term of the Acquisition is that with effect from completion all existing civil legal actions previously brought, asserted, pursued or maintained between PMG or any member of the PMG Group and David Ciclitira on the one hand, and the WSG companies, Seamus O’Brien and Tony Morgan on the other hand are either waived, formally withdrawn or discontinued. In addition, all other contractual relations between the two parties have been terminated.
For further information please contact:-
Parallel Media Group plc
David Ciclitira, Chairman
Tel: 020 7225 2000
St Brides Media & Finance Ltd
Hugo de Salis
Tel: 020 7242 4477