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SEC Newgate S.p.A

Porta ups stake in Aussie and Hong Kong subsidiaries

Obviously pleased with the performance of the start-up businesses it backed, Porta has increased its stake in both

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Porta founded Newgate Australia in 2013

Porta Communications PLC (LON:PTCM), the international communications and marketing group, has increased its equity ownership in Newgate Australia and Newgate Hong Kong.

Porta’s stake in Newgate Australia has increased from 51% to 57.86%, at a cost of £345,840, to be satisfied by the issue of 8.65mln Porta shares that the sellers will be required to hold for at least six months.

The stake in Newgate Communications (Hong Kong) Ltd has been upped from 51% to 60% at a cost of £181,767, to be satisfied through the issue of 4.54mln Porta shares, subject to the same lock-in restrictions as the Australian deal.

"We have now reached the first stage, as outlined in the shareholder agreements, for us to increase our shareholding in Newgate Australia and Newgate Hong Kong,” said Gene Golembiewski, finance director of Porta.

“Both of these start-up businesses, which were funded by Porta, have gained traction very quickly in the initial start-up phase and have contributed significantly to Porta's growth and financial performance; solid proof that our overseas start-up strategy has delivered results and is an incentive for local management which, we believe, will benefit all shareholders," Golembiewski added.

 

Quick facts: SEC Newgate S.p.A

Price: £0.40

Market: AIM
Market Cap: £9.7 m
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