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Porta Communications
- BY: Andrew Hore |
- POSTED: 20/09/2011 |
Cash shell Porta Communications is acquiring 80% of Threadneedle Communications for £3.8m.
Porta, which became a shell after it sold its Switzerland-based sports consultancy and changed its name from TSE Group, is run by former Citigate PR and Incepta boss David Wright and was looking to expand in the marketing services sector. Paul Foulger and Adam Reynolds, who run rival PR firm Hansard Communications, stepped down from the Porta board in June and sold 409.3m shares at 0.1p each.
The new subsidiary’s name will be changed to Newgate Threadneedle. It is the third largest financial PR firm in terms of AIM-quoted clients and has a strong position in the resources sector.
The shares have been suspended at 0.12p, valuing Porta at £4.47m. The disposal of TSE raised £304,000 in the spring.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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