Porta Communications PLC ("Porta", the "Group" or the "Company") is pleased to announce that it has raised £350,000 through the issue of 3,850,000 new Ordinary Shares of 10p each to a small number of new and existing investors. The equity fund raise has been undertaken in conjunction with the securing of a £500,000 convertible loan facility, to assist the Group with its acquisition plans and for general working capital purposes.
The subscribers in the equity fund raising have each subscribed for new Ordinary Shares at 10p per share and each has additionally received, as commission for the subscription, one extra share for every ten shares subscribed. The closing mid-market price of the Porta Ordinary shares was 7.875p on 3 April 2012. Application will be made for the new Ordinary Shares to be admitted to trading on AIM, with trading in the new Ordinary Shares expected to commence on or around 12 April 2012.
The £500,000 loan facility is convertible into Ordinary Shares at a price of 10p per share, at the providers' discretion, or repayable by the Company at any time over the next twelve months.
Commenting on the fund raising, David Wright, Chief Executive of Porta, said "I am pleased that we have been able to secure additional funds at a premium to the current share price, whilst minimising dilution for existing shareholders. These funds will be used to help us execute our planned acquisition strategy and I look forward to updating shareholders in the coming months."
Porta Communications plc, the international marketing and communications business, is led by David Wright, Chief Executive and Chairman. David is well known for establishing Citigate in late 1988. In 1997 he reversed Citigate into Incepta plc and David became Chief Executive of the enlarged Group, later becoming Chairman. By 2003, when David left Incepta, he had built one of the largest international financial communications companies in the world, through a series of key acquisitions and an active recruitment programme, a programme that he intends to repeat through Porta.
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