Various companies owned by Mike Danson, the chairman and principal shareholder in the public company Progressive Digital Media Group, continue to trade with that company. And while there is no suggestion that transactions have taken place other than on an arm’s length basis, it is unusual for public companies to have such significant financial relationships with other companies under the control of a principal shareholder.
Following disclosures in Marketing Services Financial Intelligence in 2009, Progressive introduced additional safeguards aimed at ensuring transactions with other Danson companies were at arm’s length (see Progressive Digital Media Group to ensure Danson transactions at arm’s length).
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