Morton family loan to Porta shown as from “third party”

BLOCKLEY, U.K. - March 15, 2015 - PRLog -- Loans of £2.3 million made to Porta Communications by a company associated with the son of Porta’s chairman Bob Morton were described as being “from a third party” in Porta’s accounts for 2013, according to a report in the online marketing industry publication Marketing Services Financial Intelligence (http://www.fintellect.com).

In fact the loans were made by a company called Retro Grand that is owned by the trustees of a trust for the benefit of Morton’s son Edward.

The loans were repaid in 2014.

Only last month Morton was heavily censured by the Takeover Panel after arranging for companies in which his sons had an interest to acquire shares in the publicly listed technology investment company Armour Group in the mistaken belief that this would not have to be disclosed as an increase in the total number of shares held by a group of associated individuals and companies called a “concert party”.   Retro Grand was one of the companies involved in that breach.

The Panel accused Morton of “serious breaches” of the Takeover Code that were “particularly concerning” in view of Morton’s “record of failing to comply with his obligations under the Code”.

The loans to Porta Communications from Retro Grand were in addition to loans and additional share capital provided by Bob Morton’s personal offshore investment vehicle Hawk Investment Holdings.

The full note about the loans from Retro Grand stated: “During 2013, the company obtained three new short term loan facilities with a total face value of £2,300,000 from a third party Retro Grand Limited for working capital needs. Subsequent to year end, and following successful completion of the February 2014 placing, on 18 March 2014 the company has repaid all of its Retro Grand loans and related interest.”