5 Feb 2016 07:00
5 February 2016
Porta Communications Plc
("Porta" or "the Company")
Further re: Acquisition of Redleaf Communications
Porta Communications (AIM:PTCM) announced on 23 April 2014 that it had acquired 51% of the issued share capital of Redleaf Communications for a consideration payable in both cash and the issue of 6,998,050 Ordinary Shares in Porta, of which 1,760,010 were deferred to be issued following the satisfaction of certain conditions set out in the acquisition agreement. Porta today confirms that, following satisfaction of those conditions it has now issued the remaining 1,760,010 ordinary shares of 10p each ("Consideration Shares") due in respect of the initial acquisition of 51% of Redleaf Communications.
The Consideration Shares are subject to a lock-in agreement which provides for a 24 month lock-in period from 23 April 2014 and a further 12 month orderly market period.
Application will be made to the London Stock Exchange for 1,760,010 Ordinary Shares to be admitted to trading on AIM. It is expected that admission will occur and that dealings will commence at 8.00 a.m. on 11 February 2016. Following admission of these Ordinary Shares, Porta's total issued share capital will consist of 279,087,905 Ordinary Shares, each carrying one vote per share. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA's Disclosure and Transparency Rules.
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Enquiries:
Porta Communications plc
www.portacomms.com
David Wright, Chief Executive
Gene Golembiewski, Finance Director
+44 (0) 20 7680 6500
Sanlam Securities UK Limited
Simon Clements / Virginia Bull
+44 (0) 20 7628 2200
Redleaf Communications - Media Enquiries
Charlie Geller
+44 (0) 20 7382 4769
Notes to Editors:
Porta has two divisions:
• Communications - financial, corporate and consumer public relations, public affairs and research
• Marketing & Advertising - multi-capability marketing, brand and creative communications
The Group currently has offices in Aberdeen, Abu Dhabi, Beijing, Brisbane, Bristol, Canberra, Cardiff, Edinburgh, Hong Kong, London, Manchester, Melbourne, Singapore and Sydney.
The brands and companies it owns are: Newgate Communications, PPS Group, Redleaf Communications, 13 Communications, Publicasity, 2112 Communications and Summit Marketing Services.
Porta Communications' corporate website is - www.portacomms.com.