Porta denies 'unlawful conspiracy' over Media Square
Porta Communications, an AIM listed public relations firm, says it will 'defend vigorously' a legal claim made against it, and its chief executive David Wright, by rival Media Square.
Porta Communications, an AIM listed public relations firm, says it will 'defend vigorously' a legal claim made against it, and its chief executive David Wright, by rival Media Square.
Media Square announced yesterday that it had begun legal proceedings over an incident in 2009, when some of its own shareholders tried to appoint David Wright as the company's Chief Executive.
Media Square has branded the action an "unlawful conspiracy" and says disruption caused to its advertising division may contribute to it missing profit expectations. It is seeking £760,000 in damages.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In response Porta says it "absolutely refutes these claims as they are untrue and will defend them vigorously. The board of Porta also believes that any losses which Media Square may have suffered are likely to be as a result of their own actions and failings."
In a trading update, also issued today, Porta says all its divisions are trading in line with, or better than expectations.
Shares in Porta fell 12% in early trading, Media Square was down 24%, having lost 86% of its value since the start of the year.
BS
-
Rightmove: property asking prices hit record high
News Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
By Marc Shoffman Published
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published