News blog
Porta Communications
- BY: Andrew Hore |
- POSTED: 17/01/2012 |
Marketing services provider Porta Communications has acquired a second small financial PR firm.
Portas is paying £148,000 in cash and 4.875m shares at 10p each for Hansard Communications, from a business controlled by two former Porta directors Adam Reynolds and Paul Foulger. The issue of up to 1.625m of these shares is dependent on fee income from existing and potential new clients under discussion. The maximum consideration is valued at £636,000 and all the shares have to be retained until 31 January 2013.
Hansard will be integrated with Newgate Threadneedle giving the enlarged firm more than 80 clients. It will be number one in terms of AIM client numbers. Hansard should make a significant profit contribution.
At 7.25p a share, Porta is valued at £5.13m.
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