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Proactive news snapshot – Porta Communications, S & U, FairFX…

Published: 15:45 04 Aug 2017 BST

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Communications, marketing and advertising conglomerate Porta Communications PLC (LON:PTCM) has increased its stake in public relations business Newgate Australia to 62.29%.

Porta is paying £277,375 through the issue of 9.1mln shares at a price of 3.428p each for the 4.428% stake.

The AIM-quoted group also has the right to acquire an additional 4.428% interest in each of the next four years which will also be satisfied through the issue of Porta shares.

Shares in specialist lender S & U Plc (LON:SUS) jumped higher at the opening bell this morning after it told investors that its Advantage motor finance subsidiary is trading at “record levels”.

New loan transactions are up by 20% year-on-year, while monthly collections from its 49,000 customers hit an all-time high of £10mln in July – a 27% increase on the same month in 2016.

The appointment by precious metals explorer ECR Minerals PLC (LON:ECR) of mining industry executive David Tang as new chairman underscores the firm's continuing transformation and increased focus on Chinese investment.

The firm, which is busy on Australian exploration currently, has named Tang as its new non-executive chairman and director. He was previously managing director of China Nonferrous Gold Limited (LON:CNG), formerly Kryso Resources, where ECR chief Craig Brown was boss - so they know each other.

Tang was president of China Nonferrous Metals Int’l Mining Co Ltd (CNMIM), its largest shareholder. The company brought the Pakrut gold deposit in Tajikistan to production status two years ago.

Elsewhere, currency-card specialist FairFX Group Plc (LON:FFX) has confirmed it is in advanced talks over the acquisition of a payments services business to be funded by a £25mln placing.

FairFx added that the placing would still be priced at 58p per share, while the “substantial” acquisition, if it goes ahead, would cost £15mln, though the deal has not yet been finalised.

In other news, Faron Pharmaceuticals Ltd (LON:FARN) said it is planning to provide its lead drug on a compassionate use basis once its phase III clinical trial has concluded.

The study, codenamed INTEREST, should be wrapped up in the fourth-quarter. It was set up to assess the efficacy of Traumakine in treating acute respiratory distress syndrome (ARDS).

88 Energy Ltd’s (LON:88E) interim results statement this afernoon gave investors very little in terms of new information as the operational hiatus in Alaska continues.

Last month, the company announced it was shut-in the Icewine-2 well, on Alaska’s North Slope, in a bid to improve the recovery of fracking fluid ahead of a planned production test. It had been in the middle of flow-back operations after fracking two zones in the HRZ shale.

Prior to the shut-in, around 16% of the stimulation fluid has been recovered. No further feedback from Icewine-2 well was given in the results statement.

And finally, marine power specialist Atlantis Resources Ltd (LON:ARL) told investors its finance chief Simon Counsell will stand down at the end of August, to be replaced by Andrew Dagley.

The latter is the current head of corporate finance at the group and has been with Atlantis since before its IPO (initial public offering) in 2014.

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