Porta Communications PLC Addititonal interest in Newgate Australia (1812N)

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.

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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

[phone]

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett

Samantha Harrison

Daniel Bush

[phone]

N+1 Singer (Broker)

James Maxwell

Lauren Kettle

[phone]

Newgate Communications (Media Enquiries)

Bob Huxford

Adam Lloyd

James Ash

[phone]

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

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August 04, 2017 08:14 ET (12:14 GMT)