Porta Communications acquires businesses, issues 7.5m shares

28th Mar 2014 11:54

AIM-listed Porta Communications has acquired two businesses from WSM Communications Group in exchange for 7.5m newly issued shares. The two businesses incorporate a digital team of 12 specialists and seven print management and design specialists that together provide full studio design and art-working capabilities and a full digital design and production unit, servicing a range of blue-chip clients.The business units generated around £1.3m of fee income and an unspecified "small profit" in the 11-month period to February 2014. The group said 5.7m of the consideration shares are subject to a 12-month lock-in agreement and a further 12-month orderly market agreement. The remaining shares are subject to a three-month orderly market agreement.WSM has made a commitment to place digital, design and print activation work where possible to these businesses, it added. "Through our advertising agency 21:12 we are already working with the digital team on a number of client projects and are witnessing how their digital capabilities are significantly enhancing our ability to offer existing and new clients digital solutions to their wide ranging communications needs," Porta's Chief Executive said.Porta's shares rose 6.31% to 14.75p by 12:06 Friday. NR