Porta Communications PLC Financial Completion of New Banking Facility (7411H)
June 12 2017 - 1:00AM
UK Regulatory
TIDMPTCM
RNS Number : 7411H
Porta Communications PLC
12 June 2017
12 June 2017
Porta Communications Plc
("Porta" or "the Company")
Financial Completion of New Banking Facility
Porta Communications Plc (AIM: PTCM), the international
communications and marketing group, is pleased to announce that,
further to the announcement of 8 June 2017, it has formally
implemented the revolving credit facility ("RCF") with Clydesdale
Bank Plc ("Clydesdale") and that all of the conditions precedent
have been satisfied, enabling the Company to draw down on the
RCF.
As required by the RCF agreement, the Company and certain of its
subsidiaries have signed an intercreditor agreement with Clydesdale
and the Company's existing lenders, Hawk Investment Holdings
Limited ("Hawk") and Retro Grand Limited ("Retro Grand"), which
subordinates their loans to the senior RCF bank debt (the
"Intercreditor Agreement"). The Intercreditor Agreement also
contains certain conditions in relation to interest payments and
restrictions on capital repayments against the existing loans from
Hawk and Retro Grand to the Company during the term of the RCF.
Security for the RCF has been granted to Clydesdale over the
assets of the Company and certain of its wholly owned
subsidiaries.
Related Party Transaction
The signing of the Intercreditor Agreement constitutes a related
party transaction pursuant to Rule 13 of the AIM Rules for
Companies, as Hawk and Retro Grand are related parties of the
Company. Hawk is a substantial shareholder of the Company. Morton
PTC Limited, as the trustee of the Morton Family Trust, is the
legal owner of Hawk, and as the trustee of the Edward Trust, is the
legal owner of Retro Grand.
The directors consider, having consulted with the Company's
nominated adviser, Grant Thornton UK LLP, that the terms of this
transaction are fair and reasonable insofar as the Company's
shareholders are concerned.
-- ends --
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
+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
Newgate Communications (Media Enquiries)
Bob Huxford
Adam Lloyd
James Ash
+44 (0) 20 7680 6500
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
END
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