25 May 2012

Media Square in legal battle with Porta

23/11/2011 Miles Nolan

AIM minnow Media Square (MSQ) has launched a legal battle against rival Porta Communications (PTCM) in a bid to recover a minimum of £760,000 in damages.

Media Square claims that Porta chief executive David Wright (best known for establishing PR agency Citigate) attempted to 'effect an unlawful conspiracy' in attempting to acquire all, or a part of its business. Porta was informed of the claim in mid October, but the news has only just come to light.

In addition, Media Square blames the actions of Porta for causing disruption in its advertising division, which combined with a £100,000 bad debt from the collapse of MF Global, means it now expects to fall short of profit expectations in the year to 29 February 2012.

Porta refutes the claims and intends to defend them vigorously, indeed it argues that any losses incurred by Media Square are of its own making. In a statement today, acquisition driven Porta states that all its divisions are either in line or ahead of expectations. The integration of financial PR firm Threadneedle Communications is now complete, and recently established Newgate PR continues to up its headcount.

Valued at just over £300,000, Media Square was saddled with underlying net debt of £19.5 million as of February. Both parties were unavailable comment when contacted by Growth Company Investor. The battle should make interesting reading in the weeks ahead.

Tags: AIM market, David Wright, Legal battle, Media minnows

Sector: Media

Companies: Media Square (suspended on 8 December 2011) , Porta Communications

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