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For H1 effect of exchange rate was £81,510 according to the accounts. So H2 will be much higher as that is when the pound fell heavily. So exchange rate could see at least an additional 150-200k gain for h2? 250k for year is not unreasonable? The effect on equity on these firms is where the big gain comes from as stated in my post below. 500k maybe? So 800k overall would not be impossible?

http://www.iii.co.uk/articles/381019/top-bid-targets-2017?context=LSE:HNT 'Media agencies like Huntsworth (HNT) could be active, and unique franchises such as YouGov (YOU), Next15 (NFC) and Ebiquity (EBQ) "could be of interest to predators where the ratings allow". But it's ITV where the real interest lies. If Sky (SKY) goes, it'll be the only large cap broadcaster in the UK.' If directors stop buying then maybe Huntsworth could be a takeover target?? Or is this site suggesting Huntsworth will buy up other agencies?? Hmmm.

http://www.citigatedewerogerson.com/2017/01/citigate-dewe-rogerson-paris-new-management-team/ Looks like existing staff have filled the void. Lots of mentions of additional clients in this link. 'The agency strengthened in 2016 and gained about twenty major clients in corporate, financial and strategic communications, on a wide spectrum of companies from the CAC 40 to Fintech and Biotech startups but also SMEs. Last year was marked by numerous market operations including IPOs (NextStage, Française de l’Energie), major M&As and topical issues (Eurosic, Médipole Partenaires, Medivation) or sensitive issues. Nicolas Castex, who had been the Managing Director of Citigate in Paris until now, stepped down to devote himself to another project.'

http://www.holmesreport.com/latest/article/apco-names-europe-chairman-and-hires-new-france-md 'Castex, who has led Citigate’s Paris office since he founded it in 2004, takes on responsibility for APCO's offices in Paris and Lyon. "He brings outstanding experience of advising international brands in the French market and he will also strengthen our growing financial communication practice in Europe," said Boussagol.' Let's hope he didn't take too many clients with him. After 12-13 year maybe he just wanted a change?

This has certainly picked up. May well be the seller is cleared? Have been a high volume of small buys of 10-30k. Almost 17-20p rise here since new year. Yep the share was always making good money. I wonder if someone knows something and is building up their stake. Likely to be same buyer for the majority of these trades??

Buys coming in at 36.5p Still not sure why this share is being pushed lower here. Between the directors and others they had pushed share close to 40p after new years. Something is holding this share back. Not sure what. Lack of news is not helping here. This share is over 70% controlled by funds.

All these buy trades and yet no shift in price? Unless the 4.81 trades were actually sells? If they are all buys then 5p and above can't be too far off.

It's always worth rereading last years accounts. As this give a lot of info on what might happen this year. One document they do provide is the effect on a 5% swing in currency effect on profit. For Australian dollar a 5% swing is worth £73,852 to Porta in profit. At present the swing is close to 24%. If that was to remain for the full year that is worth nearly 350k to Porta. There would also be a 80k gain from HK from Currency. Little impact on Singapore. A small loss of 7k vs Euro for each 5%. Effect on Equity for Singapore, Aus and Hong kong collectively is worth good money for Porta. 43k for each 5% (Aus)(+24% vs £) 30k for each 5%. (Sing)(+16% vs £.) and 52k (HK) (+21% vs £.). So equity wise these businesses have gained nearly 500k based on pound losing value. Euro is a 25k drop for each 5%. We also know the Asian businesses have grown 11% so far so these figure must be much higher now. Given Toad's comments I wonder if these figures could be higher than 11%? The results also indicate we have rights to buy 6% more of Singapore each year. We currently own 44% of this business. Not sure when and if they plan to do this. At AGM they suggested they intended to increase all ownership of foreign businesses to 80%. Redleaf appears to be 100%. However Redleaf is marked in for after the full year results. So June- September again. Not sure what their plans for middle east business are. Again all these pod businesses are making good money so increasing ownership helps Porta's bottom line. Not worked out the numbers for these. We paid out 902k to non controlling parties last year. Reducing this by 70-80% long term will help hugely for Porta's share holders.. Overall could see some interesting impact of full year results from the above. Either way the above can make a big impact. Sure we have given away equity but long term this business will be generating a good profit. The above only reconfirms why this is such a strong buy.

The more I look at this it seems so undervalued. 160k of buys today. 5p on no news seems easily passable.

That sounds very promising Toad. I had noticed in H1 they seemed to be winning quite a few new contracts. The news in H2 had dried up. Albeit the Public Affair hires gave them a few new clients. However like most firms they don't always announce new clients. If you look at Newgate Website and other sites you will see they are actively hiring now. Most of these hires seem due to growth. They are currently looking to employ an in house recruitment manager. At first I thought this was to replace someone who had left but it may be a new position? All these kind of indicators are good. With PR sometimes hiring the best people will get you the best clients. I have no doubt Gavin, Steffan and other new staff are leading the revival at Porta. Some/all of the big hires may have made bought clients with them. So I am not too worried about their cost. At present the share price seems to still be staying at a peak of 5p. With good news this could easily push much higher to 6-7p short term. 10p+ long term. As and when directors start buying the share will surge as there appears to be very little stock about. Overall not too worried about the lack of news here.

Good news if trading is pretty good? Where did you get that news? I would not expect news from Porta on trading unless it is significantly below or above market expectations. If you look at firm's like cello and Huntsworth they do very few announcements. Porta do have an active Twitter account which can be informative. Lack of trades is not a worry here. No one is really selling. We still have many buyers in background mopping up stock. I have no idea why directors are not buying here. Key thing now is for Porta to sort out the loan cost. 12% is way too high. Waiting game for the trading update.

Happy New year all. Let's hope 2017 can finally bring some cheers to Porta. Looks like Samsonite has been busy again. Hopefully Newgate HK advised them on this transaction below. http://www4.samsonite.com/_investordocs/20170104140651_E_Samsonite%20-%20Tumi%20Korea%20Press%20Release%20(2017-01-04%20-%20FINAL).pdf

Well they had a couple of small placings in December for 9m and 20m. Remember in 2015 they had that large placing for 1029m. This year they have only had 3 placings over 100m. Last year 6-7 over 100m. So on this basis I would expect the Jan to June figure to be down 75% due to the large 1029m trade. This makes a big difference on your stats. Your numbers on the full year are wrong. They are not down 40%. 40% is the percentage of 1022/2590=40%. The drop is actually closer to 60%. Remove the large 1029m trade and the drop is closer to 33%. Of course IPO are just one part of thi business. The question is how have they recovered since the Brexit vote. Cenkos are still making money. They do have money in the bank too. As others have pointed out some of this drop is due to dividends. Other is due to a persistant seller. When the market recovers CENKOS SP should recover too. 70p seems to be the market price at present for this firm. Is that a fair price or has this been over sold or under sold?

Actually looks like this was announced for tax reason. So the shares are held by a company Bob and his wife are directors of. No actual shares have been sold to any third parties here as Bob and his wife own the company the shares have been moved to. Caused a brief jump in the SP today based on 200k or so volume. We had been edging towards 5p for quite some time here. If there is still a big seller here they will be noting up this share is edging higher and higher. If it reaches 6p it will be up almost 100% in a few months. A case of a share being oversold.

All that RNS is saying is Bob has passed his holdings onto family.

http://www.gorkana.com/2016/12/gcs-announces-agency-roster/ This should provide Grayling some work. Unclear what % of the 350M might come their way?

You say Gavin and Steffan? Don't forget Charlie Chichester who they recently hired a few months back. Simon Gentry too. I have no doubt all these big names have bought clients with them. The timing of Glencore with Steffan seems no accident. Simon Gentry bought 3 or so clients with him. Not sure about Charlie Chichester. As Adastra pointed out many of these big names actually approached Porta wanting to join the firm. It's not just the UK where they have hired big names. In the H1 accounts they mentioned new hires in Australia too. So the current board have been very busy. I would not write off the BOD either. There is a huge amount of knowledge and experience in that board. It was that same board that hired the people one of whom is now CEO here and likely to be calling the shots in the near future. In any case nothing much will happen over Christmas and the new year. Many book time off work too. Many places close over the Christmas period too.

At these prices a merger seems unlikely. I would prefer a takeover if an offer of at least 10-15p was received. Would they even accept this? Pends how well the firm is actually doing. Hopefully find out in Feb if the TU sticks to a similar date this year. Noticed another 100k buy on ISDX today. Seem to be quite a few people stake building here in last 2 or so weeks. Don't think I have missed any news here. Probably just speculation. Fund taking a punt maybe?

Cheaper pound! Also share price is reasonable for their point of entry. Maybe taking a punt. 5% share is nothing really for this firm. Note the other late 500k reported sell. If these late 2x500k and 193k trades are old Mutual then they are nearly cleared here. So some good news. Once cleared share price will likely recover a bit. Assuming no one else wants to sell out here and I am right about Old Mutual clearing full stake.

MICHINOKO LIMITED were the company who mostly bought out Old Mutual's stake 2 weeks ago.. 16.5m shares.