Porta Communications PLC Addititonal interest in Newgate Australia (1812N)
August 04 2017 - 8:14AM
UK Regulatory
TIDMPTCM
RNS Number : 1812N
Porta Communications PLC
04 August 2017
4 August 2017
Porta Communications Plc
("Porta" or "the Company")
Acquisition of additional interest in Newgate Australia
Porta Communications Plc (AIM: PTCM) announces that, further to
its announcement on 7 December 2016, it has increased its equity
ownership in Newgate Communications PTY Ltd ("Newgate Australia")
to 62.29 per cent.
Under the terms of the shareholders' agreement between Porta and
its fellow shareholders of Newgate Australia (the "Australian
Newgate Shareholders"), (the "Australian Shareholder Agreement"),
Porta has the right to acquire an additional 4.428 per cent
interest in Newgate Australia in 2017 and each of the subsequent
four years. The subsequent acquisitions from the Australian Newgate
Shareholders will be on a pro rata basis, or as otherwise agreed
between the Australian Newgate Shareholders, and notified to Porta
in accordance with the Australian Shareholder Agreement. The
consideration for each additional interest acquired by Porta in
Newgate Australia will be satisfied by the issue of ordinary shares
of 1 pence each in the capital of the Company ("Ordinary
Shares").
Consequently, Porta has acquired 4.428 per cent of Newgate
Australia, increasing Porta's interest from 57.86 per cent to 62.29
per cent. The consideration for this additional interest is
GBP277,375, which is being satisfied by the issue of 8,091,453
Ordinary Shares (the "Consideration Shares") at a price of 3.428p
per Ordinary Share, being the average of the middle market
quotation for each of the five business days preceding the date of
issue. The Consideration Shares are subject to a lock-in agreement
which provides for a six-month lock-in period and a further
six-month orderly market period.
Application for admission to trading on AIM
Application has been made to the AIM market of the London Stock
Exchange ("AIM") for 8,091,453 new Ordinary Shares, which rank pari
passu with the Company's existing issued Ordinary Shares, to be
admitted to trading on AIM. Dealings on AIM are expected to
commence at 8:00 a.m. on or around 10 August 2017
("Admission").
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission the
issued share capital of the Company will comprise 451,432,894
Ordinary Shares with voting rights attached (one vote per share).
The Company does not hold any shares in treasury. This figure of
451,432,894 may be used by the Company's shareholders as the
denominator for the calculation by which they will determine
whether they are required to notify their interest in, or a change
to their interest in the share capital of Porta under the DTRs.
-- ends --
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries
Porta Communications Plc
Steffan Williams, CEO
Rhydian Bankes, CFO
www.portacomms.com
+44 (0) 20 7680 6500
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Samantha Harrison
Daniel Bush
+44 (0) 207 383 5100
N+1 Singer (Broker)
James Maxwell
Lauren Kettle
+44 (0) 20 7496 3000
Newgate Communications (Media Enquiries)
Bob Huxford
Adam Lloyd
James Ash
+44 (0) 20 7680 6500
Notes to Editors:
Porta is a fully integrated communications and marketing group
with specialisms including financial, corporate and consumer public
relations, public affairs and research and multi-capability
marketing, brand and creative communications.
The group has offices in 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,
Redleaf Communications, Publicasity, 2112 Communications and Summit
Marketing Services.
Porta Communications' corporate website is -
www.portacomms.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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