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Redleaf Rebrands as Newgate Communications
Porta Communications Plc (AIM: PTCM) announces that its 100% owned subsidiary, Redleaf Polhill Limited ("Redleaf"), has been fully integrated into its global strategic communications agency, Newgate Communications, and will now operate under that brand.
Redleaf was founded in January 2000 by Emma Kane and, in December 2010, acquired and successfully integrated Polhill Communications. On 23 April 2014, Redleaf was acquired by Porta, becoming a wholly owned subsidiary in June 2018 on completion of the earn-out provisions of the acquisition agreement.
Emma Kane was appointed Chief Executive of Newgate Communications Limited and Joint-CEO of Porta on 27 April 2018; the integration of Redleaf and Newgate Communications Limited began on that date.
The merger of Redleaf and Newgate Communications Limited from an accounting perspective will result in a write off of the Redleaf brand intangible which as at 30 June 2018 had a carrying value of £0.4m. In turn this write off will reduce the annual amortisation charge on brand intangibles by £0.1m from 2019.
Additionally, Porta is centralising certain UK subsidiary back office functions in the UK which is expected to deliver annualised cost savings in excess of £0.2m.
Commenting on the rebranding, Emma Kane said:
"This is a very exciting milestone. Today we are formally bringing together two award-winning brands, two great teams, and two exceptional client bases to provide fully integrated and seamless communications under the Newgate Communications brand.
"We now have 16 offices across 7 countries and a significantly expanded range of services delivered by a team of 281 motivated and talented people, passionate about being the best. Our focus going forwards will be on solving communications challenges with evidence, enthusiasm, creativity and integrity.
"Under one brand we are able to reflect the unity and consistency of services whether we are operating locally, nationally or internationally; whatever we are doing for our client, it is one organisation, committed to excellence. I am incredibly proud of everything that the team has achieved to date and very motivated by the immense opportunity we have going forwards."
https://twitter.com/PortaComms
Worth reading the article PR Weekly on their Twitter feed. Seems they have made some more hires, few new clients (Including FTSE 100) and Newgate is now functioning as one company rather than 4-5 companies all doing their own thing.
All sounds good in principle but we need an update on debts and how they plan to ever make any money. Of course they don't tell us what clients they may have lost.
Not watched EK's video on Youtube.
Overall remember this is a PR firm.
At these prices I don't plan to sell. I think Bob needs to write off some of this debt as this would double to triple his share value. Also reduce loans to 4%. I think this announcement won't be far off.
I think they should also pause all these share issues till Porta is making money.
New contract?
https://www.newgatecomms.com/blog/index.php/2018/10/29/centralnic-appoints-newgate-as-its-global-comms-adviser/
Redleaf rebranding on 1st November. Publicasity is now part of Newgate too. Be down to 3 brands soon? 2112, Newgate and CAP?
Newgate webpage now has more staff from Redleaf/Publicasity listed. Note all the major hires such as Gavin Devine and Charlie Chichester which were hired before Steffan took over seem to have left. Charlie Chichester now seems to work for Sard Verbinnen & Co. Can't remember all of the rest. Newgate seems more streamlined now with a lot of the high paid senior staff gone. Are they making money though?
Still seems to be a major stock holder here selling. Guess next news will be loan news. That or a TU about how changes have improved business after the clearout. They need to do something about this growing debt here. Issuing shares at 1p seems crazy. Time for Morton to write off some of the debt? He has made so much profit from it and it would increase the worth of his shares here.
Really not sure a takeover from SEC is coming here. Their cash call for 4m only raised 1m.
Wait and see I guess and hope they can turn this around.
https://www.holmesreport.com/latest/article/2018-asia-pacific-consultancies-of-the-year-winners-revealed
Financial Consultancy of the Year: Newgate Communications (Asia pacific.)
No. Porta issued millions of shares in June. Morton's are reporting this 3 months later. Hence why their % is lower here. Share up on 200k volume.
Am I reading this correctly or have The Morton’s reduced their holding by a couple of percent?
Profits in Asia were down by 600k compared to H1 2017. Part of the reason for the 2m loss here.
I noticed Britvic has announced a new PR company. Part of the reason for Publicasity problems. Albeit they still seem to have F and F and maybe Wrigley among other customers. It's possible they also ditched non profitable clients. Publicasity have a lot of retail clients who are currently struggling. Feather and Black was one of them. House of Fraser too was a Newgate Client.
I think Newington have taken on quite a few of Porta's Public Affairs clients.
Won't really know what is happening for a few months. A friend thinks directirs could be locked out due to loans. There seems to be a steady stream of small sells here. Unclear if a stale investor or PI. I think stale investor as the quantities are so small. The results were not a disaster.
One of the issues in Australia could be that the public has been getting a bit upset about PR contracts and money heading to private firms. Not sure how much this has impacted government monies/contracts to Porta.
Was good to see 2112 cross selling products from other clients.
Confidence is low given recent news albeit Australia alone is worth more than the current valuation
Therefore I urge the directors whom I know read the posts to buy a couple of million shares for reassurance.Otherwise the stock will dip further creating even more dissatisfaction imo
good luck then gotrader , as i said it wasn`t a dig at you but more at the bod in general and their recurring MO. atb
I am invested here. I do agree this has not turned out how many hoped here. At this stage I will hold onto my investment here.
it has been a crock of the proverbial for years and i have tried telling people here many a time.
any time there is a spare £10 a friend is brought on board that costs £9.99 to employ and shareholder value is not even on the agenda.
Gotrader cut his teeth here for research and isn`t invested ( or wasn`t ) and seems to post as if there is something that will come from said research . all he does is put false hope that summats actually going to give an investor a return from their diminishing holding , and that always starts with the next quarter from experience.
not a dig Gotrader but a fact imo. atb
Figure that stands out for me is the 2.7m loss on the UK operations.
So they made a 1.304m loss on operations. Part of which was due to this non recurring 909k of costs. That and 1.313M D and A. Question is how much profit can they make once all these costs have been removed? Looks like Q4 will give us some answers.Numbers look pretty tight. Buyers in background very quiet now.
I am in full agreement with Needmoneynow's post of 23/08
One trade on date of results tells you a story here. So quiet.
So revenue down only 5% after sacking all those senior hires. With relating losses to the changes of 0.95m. With D and A 1.3 m. After dividends a 2m loss. Debt up by about 1m.
Newgate UK costs down 25%. Publicasity to merge up with Newgate.
Third party dividend payments only 350k now. So this is gradually getting smaller. Should help H2 performance with lower cost base.
Information not forthcoming Are we likely to see anything soon? This stock needs a good £1 million of buys imho Could be worth a gamble Fancy it Mr Foley?
..has turned out to be a crock of s,hi,t.
Looks like they owed Porta 32k or so before taken over. I doubt Sports Direct will honour this.
Yet the price is still below 2p. Looks like both were buys. I still think seller has shares left here. We could see this kick back off again. Otherwise share should be well above 2p here.
Still think it is one buyer in background. I may be wrong. See what results bring in 2-3 weeks time.
800k bought today Someone with confidence or in the Know May many buys like these continue
Sec only raised £1,229,335.. This looks to be about a third of the money they planned to raise. Unless the directors plan to put in the rest of the £3m cash? See what they announce. No mention of this in the RNS.
Think this seller has a lot of stock still. Small sells depressing price. Even with the big buys here.
No early buys here. Looks like they filled their boots yesterday.
We don't normally get august TU. Results moved forward too. Could be director buys?
Finally the problems are been addressed ....Agree with you guys good positive RNS...