Porta completes two-year-old acquisition deal

Porta Communications announced the completion of a nearly-two year old acquisition deal on Friday.

The AIM-traded firm initially announced on 23 April 2014 that it had acquired 51% of Redleaf Communications for a consideration of both cash, and the issue of 6,998,050 ordinary shares in Porta.

Of those, 1,760,010 were deferred to be issued following the satisfaction of certain conditions as set out in the acquisition agreement.

"Porta today confirms that, following satisfaction of those conditions it has now issued the remaining shares of 10p each", the company's board said in a statement on Friday.

The consideration shares were subject to a lock-in agreement, which provided for a further 24 month lock-in period from 23 April 2014 and a further 12 month orderly market period, the board added.