17 Dec 2010 14:15
17 December 2010
TSE Group plc
("TSE" or the "Company")
Result of General Meeting
Refocus of Strategy, Placing, Board Changes and Change of Name
On 23 November 2010, the Company announced the following proposals: a refocusing of the Company's strategy to one of building an international communications and marketing business; the appointment of David Wright as the new Chief Executive Officer; a placing of new ordinary shares to raise £2.75 million; and change of name, all conditional, inter alia, upon shareholder approval.
The Board is pleased to announce that shareholders approved all resolutions proposed at the General meeting held earlier today.
Changes to the Board
David Wright has become Chief Executive Officer with immediate effect. David has considerable knowledge and experience of building an international marketing and communications business. He was founder of Citigate, one of the leading public relations companies within the UK and in 1997 reversed Citigate into Incepta Plc, becoming Chief Executive and subsequently Chairman.
Other than the information disclosed in the announcement on 23 November, there are no further disclosures to be made in accordance with schedule 2(g) of the AIM Rules.
As previously announced Robin Courage has retired from the Board with effect from conclusion of the General Meeting held earlier today and the Board would like to take this opportunity to thank Robin for his contribution to the Group during his tenure as a director.
Change of Name
Shareholders have approved the proposed change of name to Porta Communications plc, which is expected to become effective from 20 December 2010. The Company's new EPIC will be PTCM.
New share certificates will be issued, following which existing share certificates will no longer be valid. Shareholders will still be able to trade in ordinary shares until the issue of new share certificates
Placing
Application has been made for the 2.75 billion new ordinary shares issued under the placing to be admitted to AIM. Admission to AIM is expected to become effective, and dealings commence, on 20 December 2010.
In addition, 150 million new ordinary shares have been issued to David Wright in lieu of fees and under an agreement dated 20 August 2007 relating to the acquisition of TSE Consulting an additional 8 million ordinary shares have been issued to each of Robin Courage and Lars Haue-Pederson. Application will be made for these shares to be admitted to AIM. Admission is expected to become effective and dealings commence on 24 December 2010.
Adam Reynolds, Chairman, commented as follows:
"I am delighted that shareholders have today approved all resolutions at the General Meeting. The Board intends to build an international communications and marketing business. David has substantial knowledge of this sector as he was the founder of Citigate and subsequently became the CEO of Incepta Plc. Porta Communications plc will act as a holding company with individual divisions within which it is intended that the following services will be provided: Public Relations (initially financial, corporate and public affairs); advertising and related services (including media buying and media bartering); and market research."
For further information please contact:
TSE Group plc Tel: +44(0)207 2451100
Adam Reynolds
Paul Foulger
Zeus Capital Tel: +44(0)161 8311512
Ross Andrews