EX-RSM TENON chairman Bob Morton has taken a similar role at communications business Porta Comms following its acquisition of rival WFCA.
Morton (pictured) stepped down earlier this year from RSM Tenon, alongside chief executive Andy Raynor just after the discovery of accounting errors at the firm.
Morton was chairman of WFCA and has significant shares in both WFCA and Porta Comms, the listed international communications and marketing company that offers PR, advertising and media buying services.
Porta put in an offer to acquire the entire share capital of advertising agency WFCA with shareholders to receive one Porta share for every 21 WFCA shares.
The acquisition was estimated at £1.49m at the time of the offer, 16 August for all shares of WFCA, at about 0.33p per share.
Commenting on the offer at the time Stephen Latter, finance director of WFCA, said: “This is a very exciting development for WFCA’s shareholders, clients and staff alike. Porta is a marketing communications business with ambitious growth plans both geographically and in breadth of service, and with our excellent creative and media services, the combined organisation offers a compelling proposition.”
Latter will continue to oversee the finance function of WFCA at the combined business with Porta Comms FD Keith Springall staying in his role.
In January RSM Tenon uncovered accounting errors and then restated its accounts later this year. In February, the firm reported a loss on continuing operations of £71m, a reported drop in revenue of 9% and a reduction in pre-tax profit of £12.1m.
In June Morton bought more than a quarter of a million pounds of the firm’s shares. He picked up about five million shares at the firm at 5.41p a share making him the owner of about 6.31% of the firm.
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