Porta Communications Buys ICAS Holdings - Quick Facts

Porta Communications plc (PTCM.L) announced the acquisition of ICAS Holdings Limited and its 100% owned subsidiary which trades as Publicasity for consideration of 2.81 million pounds. The consideration is satisfied as to 702 thousand pounds in cash, 702 thousand pounds in loan notes, with the balance of 1.40 million pounds provided in the form of 14.04 million Porta ordinary 10p shares at 10p each. The loan notes carry a coupon of 6 percent and are redeemable for cash 12 months from the date of issue.

Publicasity is a consumer public relations company specialising in the food & drink, travel & tourism, retail, home and fashion sectors, and is run by Zoe Ward-Waring and Tom Hargreaves.

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