25 May 2012

Top-level changes at Parallel Media 

01/08/2011 Robert Tyerman

Stewart Mison has resigned as managing director of loss-making Parallel Media Group (PAA), where seasoned entrepreneur Chris Akers is to oversee strategy. Market watchers expect further developments shortly at AIM-quoted Parallel, a sports, media and digital agency which lost a nearly doubled £410,300 in the six months to last December.

Akers, a former UK Sports Entrepreneur of the Year who founded Sports Internet Group in 1999 for £25,000 and sold it to BSkyB the following year for £301 million, is to handle investor relations for London-based Parallel and preside over the development of its new Parallel Smart Media subsidiary, as well as playing a key role in the company's strategy.

Chairman David Ciclitira claims Akers' decision to join 'is testament to the reputation of the company and to the growth potential of Parallel Smart Media.' Parallel Media, which raised £1.2 million the other day at 35p, has seen its shares tumble from 93.5p to 17.5p over the past year, before rallying modestly to 28.5p, where they value the company at £4.75 million and offer further speculative recovery potential.

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Tags: AIM market, Chris Akers, Parallel Smart Media, Stewart Mison

Sector: Media

Companies: Parallel Media

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