Porta Communications has issued a statement refuting the claims of Media Square, which has begun legal proceedings against it for £760,000 in damages.
Yesterday Media Square said that it was to sue Porta and its chief executive, claiming that claiming that Wright, as chief executive of Porta, attempt ‘an unlawful conspiracy’ which aimed Porta to back the acquisition of all or part of the Media Square Group.
The claim of a conspiracy comes from October 2009 when shareholders within Media Square requisitioned a General Meeting with the aim of Wright being appointed as a director and chief executive of Media Square. The requisition however was later withdrawn.
Porta has responded, saying that it ‘absolutely refutes’ the claims and said that it will defend them rigorously and that any losses incurred by Media Square are likely to be due to its own actions.
The group has also provided a trading update to the stock market, claiming that all divisions are trading in-line with exepectations that that it has now integrated Threadneedle Communications within the group.
It also revealed that recently established PR agency Newgate has more than doubled its headcount to 13, since opening at the end of September.
David Wright, Chairman and Chief Executive of Porta commented:"We are delighted by the progress the Group has made to date and the high quality personnel we are attracting. We are on target to build a significant international public relations and marketing group."