News blog
WFCA / Porta Communications
- BY: Andrew Hore |
- POSTED: 17/08/2012 |
PR and marketing businesses consolidator Porta Communications is making a recommended all-share offer for advertising and marketing company WFCA.
Porta is offering one of its shares for every 21 WFCA shares. At a Porta share price of 7p, each WFCA share is valued at 0.333p a share and the company is valued at £1.49m.
Bob Morton is a shareholder in both companies and Morton’s Hawk investment Holdings has leant £450,000 to WFCA. The cash was required because new clients have delayed spending money. Trading conditions are not improving.
Interim figures showed a profit of £530 on more than halved revenues of £3.59m in the six months to December 2011 but WFCA made an underlying loss.Net debt was £347,000 at the end of 2011.
Porta wants to integrate WFCA with its previous acquisition, Twenty20.
Bob Morton will become non-executive chairman of the enlarged group. Hawk will own 11.6% of Porta and has also lent money to the company.
Porta is trading in line with expectations. The financial PR arm Newgate Threadneedle is trading ahead of expectations.
The enlarged company will be valued at £7.2m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2012_34.pdf
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