1st Nov 2013 08:17
LONDON (Alliance News) - Marketing and communications business Porta Communications PLC Friday said it has increased its holding in Thirteen Communications Limited to 51% from 30% through the payment of GBP350,000.
The fee is to be satisfied by the issue of 2.7 million new Porta shares at a price of 13 pence per share.
Porta said Thirteen has been set up to offer a broad range of consultancy services rooted in consumer and corporate public relations.
"In September this year, Porta took a 30% holding in Thirteen in exchange for start-up capital, including office related costs, with an option to take a controlling interest over the next two years," Chief Executive David Wright said in a statement.
"However, after less than two months trading, the success of Thirteen in both new business brought in and in joint pitches with Newgate, prompted the decision to bring forward the group's plan for ownership," he added.
In addition, the Porta has issued 422,950 shares at a price of 13 pence per share to an unnamed employee of the group in lieu of part of his annual salary.
Porta shares were quoted early Friday at 13.94 pence per share, down 3.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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