Porta Communications PLC Update on Retro Grand Limited convertible loan (6780O)
09 November 2016 - 5:31AM
UK Regulatory
TIDMPTCM
RNS Number : 6780O
Porta Communications PLC
08 November 2016
8 November 2016
Porta Communications Plc
("Porta", "the Group" or "the Company")
Update on Retro Grand Limited convertible loan
Porta Communications Plc, the international communications and
marketing group, announces that is has agreed a replacement
facility with Retro Grand Limited ("Retro Grand") to re-finance the
existing convertible loan from Retro Grand, which had a carrying
value of GBP5.0m as at 30 June 2016, on similar terms.
Gene Golembiewski, Finance Director, said: "I am pleased that we
have agreed a replacement facility which helps to secure the
financial position of the Company over the coming twelve months. We
continue to evaluate our balance sheet and future capital
requirements."
The new convertible loan facility will have a loan period of 364
days from the effective re-financing date of 9 November 2016 and
interest will be payable at a rate of 1% per month. In the event of
default Retro Grand will have the option of converting the loan
into Porta ordinary shares, with the conversion price calculated on
the basis of the volume weighted average price for the five days
immediately prior to the conversion option being exercised.
The face value of the replacement convertible loan is
approximately GBP5.18m at the effective re-financing date and a
non-refundable arrangement fee of 1% of the refinanced amount will
be payable on the new facility.
Retro Grand is a company registered in the British Virgin
Islands which is wholly owned by the trustee of the Edward Trust.
The Edward Trust is a trust whose principal beneficiary is Edward
Morton, one of the adult sons of Bob Morton, a former director of
the Company.
-- ends --
The information contained within this announcement is considered
to be inside information prior to its release.
Enquiries
Porta Communications Plc
Gene Golembiewski, Finance Director
www.portacomms.com
+44 (0) 20 7680 6500
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett
Samantha Harrison
Daniel Bush
+44 (0) 207 383 5100
N+1 Singer (Broker)
James Maxwell
Lauren Kettle
+44 (0) 20 7496 3000
Redleaf PR (Media Enquiries)
Charlie Geller
Sam Modlin
+44 (0) 20 7382 4769
Notes to Editors:
Porta has two divisions:
-- Communications - financial, corporate and consumer public
relations, public affairs and research;
-- Marketing & Advertising - 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,
PPS Group, Redleaf Communications, Publicasity, 13 Communications,
Newgate Sponsorship, 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
END
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