19th Jun 2018 17:58
LONDON (Alliance News) - Marketing group Porta Communications PLC said Tuesday it has lifted its equity ownership in Redleaf Polhill Ltd, Newgate Communications PTY Ltd, and Newgate Communications HK Ltd.
Porta purchased 19% of communications agency Redleaf for GBP1.1 million, bringing its total interest to 100%. Half of the payment, GBP523,900, will be paid in cash and the other 50% through the issue of 23.5 million shares at a price of 2.23 pence each.
Shares in Porta closed down 3.8% at 2.02p on Tuesday.
Emma Kane, Porta's joint chief executive and CEO of Newgate Communications and Readleaf, will secure 21.2 million of these shares. Following the transaction, Kane and her associated persons will hold 22.7 million shares in Porta, equivalent to a 4.5% stake.
Separately, Porta said it acquired 20% of Newgate Communications HK, also known as Newgate Hong Kong, for GBP244,061. The consideration will be paid in 9.3 million shares. This acquisition brings Porta's total interest in Newgate Hong Kong to 80% from 60%.
In addition, the company bought 4.4% interest in Newgate Communications PTY, also called Newgate Australia, for GBP338,251. This sum will be paid in 12.9 million shares, too. Porta's interest in Newgate Australia is now 67%, up from 62% prior to the transaction.
Related Shares:
PTCM.L