Porta Communications raises £1.5m in advance of office move

Porta Communications, the AIM-listed owner of Newgate Communications, has raised £1.5m ahead of a 2014 office move.

The company has raised approximately £1.5m (before expenses) after placing of 11,538,462 new ordinary shares of 10 pence each at a price of 13 pence per ordinary share with certain institutional and other investors.

The purpose is to raise funds to be used as a deposit, worth approximately £1m, for new offices in central London. The company believes the relocation will provide extra capacity as it continues to implement its expansion strategy.

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