Porta Communications shares have risen 21.51% to 3.19p in afternoon trade as the departure of David Wright as chairman may pave the way for a bid of the communications and marketing group.
The company could be seen as good value for money to investors as it has lost 33.75% off its share price in the year to date and last month announced a significant contract win with Tesco.
Porta's wholly-owned consumer public relations and digital communications agency, Publicasity, won a competitive pitch to represent clothing firm F&F Tesco in the UK and manage a network of agencies across Central Europe, including Poland, the Czech Republic, Hungary and Slovakia.
Porta announced today that John Foley, previously the senior independent non-executive director, has been appointed non-executive chairman.
Rhydian Bankes, the company's former head of group finance, has become chief financial officer and a director of Porta. Previous CFO, Gene Golembiewski, will remain an executive director.
Inspirit Energy Holdings plc (LON:INSP) surged 21.87% to 0.195p as it confirmed that it is in discussions about a fixed interest loan from Argentarius ETI Management Ltd of up to £2mln.
The company added that it is in the final stages in the development cycle of approvals for its micro combined heat and power (mCHP) boiler. It expects trials to begin thereafter.
The boiler, which produces hot water and electrical output simultaneously, will be used for commercial applications and is designed to meet the challenge of reduced carbon energy supply. It can run on natural gas, LPG and Bio Fuels.
Focusrite plc (LON:TUNE) shares were 10.11% higher at 245.0p after the music and audio products company reported an increase in half year revenue and profit.
Revenue in the six months to 28 February jumped 23.7% to £32.0mln while profit before tax surged 89.1% to £4.6mln, driven by sales of its Scarlett USB audio interface and its Novation Launchpad in the US.
The company also raised its dividend by 15.4% to 0.75p.
2.41pm... Europa Oil & Gas gains, LGO Energy slips
Europa Oil & Gas plc (LON:EOG) edged up 6.96% to 7.22p as it told investors that a new planning application has been submitted for the Wressle project in Lincolnshire.
Early this year, the oil field development project was denied planning permission by the North Lincolnshire County Council. The new application addresses specific concerns raised by the council. It will now be validated by the council ahead of a consultation process, and, according to Europa, that typically takes two weeks.
On the downside, LGO Energy's shares fell 6.50% to 1.80p as it said production from its Goudron field in Trinidad fell in the first quarter of 2017. The company added that while its two newest wells are both producing, one of them needs further attention after experiencing volatile rates of output.
11.45pm...Audioboom shares fall
British audio startup Audioboom Group plc (LON:BOOM) shares declined 5.06% to 2.23p as it reported a full year loss, reflecting the cost of increasing its investment in the US.
The company reported a loss of £4.6mln, though it was an improvement on last year’s £5.7mln. Revenue edged up to £1.3mln from £1.1mln, driven by advertising.
Audioboom said it has booked £3mln in advertising campaigns for 2017.
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Chief executive Rob Proctor said in a shareholder statement: "During the rest of 2017, we expect to see the investments made in 2016, particularly in the US where the podcast industry is more mature and developed, begin to gain further traction and accelerate revenues further."
"The podcasting industry is growing rapidly and Audioboom is well positioned to take advantage of this development, matching targeted advertising to audiences."
Shares in Action Hotels PLC (LON:AHCG) shot 3.60% higher to 38.85p after telling investors that Novotel has been chosen as the brand partner for a new hotel at the Melbourne Convention and Exhibition Centre.
Novotel Melbourne South Wharf, due to be completed in early 2018, will be the second largest site in the Action Hotels portfolio – with 347 rooms (30 more than originally announced).
It means the London-listed hotel owner and developer has some 3,214 rooms in its portfolio of operating and in development assets.
Trakm8 Holdings PLC (LON:TRAK) shares jumped 5.61% to 87.12p after the telematics and data insight provider said it was awarded a contract extension by motor insurer Direct Line Insurance Group plc (LON:DLG).
Under the contract, Trakm8 supplies T10 hardware and data services to Direct Line. The contract has been extended for another three years until April 2020.
Nyota Minerals Limited (LON:NYO) was on the back foot with its shares down 29.50% to 0.0282p after announcing a £98,880 fundraising through the issue of up to 469,400,850 new ordinary shares to clients of Peterhouse Corporate Finance Limited.
Proceeds of the placing will be used for general working capital purposes, Nyota said.
09.37am...Skinny Tan distribution deal with ASOS lifts shares in InnovaDerma
InnovaDerma plc (LON:ADP) shares advanced 11.36% to 224.40p as the UK life sciences and beauty firm announced a distribution deal with online fashion giant ASOS plc (LON:ASC) for its tanning product, Skinny Tan.
Skinny Tan will be available on the ASOS website from June and will be marketed and distributed by the online retailer across the globe.
WATCH: Zak Mir on InnovaDerma
InnovaDerma added that it achieved its highest-ever monthly revenue in April. The group said trading continues to be “very robust” and revenue growth has continued its “positive momentum”.
"We are exceptionally pleased to have secured ASOS and this, together with delivering record revenues for three of the four past months is a testament to the growing popularity of Skinny Tan,” said executive chairman Haris Chaudhry.
“We are significantly-expanding our direct client base in multiple markets and the exceptional success in Superdrug is making Skinny Tan one of the UK's most popular self-tanner. The business is making excellent progress and the board is confident of the future.”
The company also announced that it is a finalist for the initial public offering of the year award at the Small Cap Awards on 22 June.
Porta Communications PLC (LON:PTCM) shares gained 14.01% to 2.99p as it announced a board reshuffling after David Wright stepped down as the communications and marketing group chairman.
John Foley, previously the senior independent non-executive director, has been appointed non-executive chairman.
Rhydian Bankes, the company's former head of group finance, has become chief financial officer and a director of Porta. Previous CFO, Gene Golembiewski, will remain an executive director.
Heading in the opposite direction, shares in Osirium Technologies plc (LON:OSI) fell 11.65% to 110.0p after reporting a wider operating loss of £1.8mln from £847,138 the previous year.
The cyber-security software provider said the wider loss primarily reflected increased investment in sales and marketing and additional headcount. Revenue, however, rose to £477,577 from £290,150 a year ago.
Prospex Oil and Gas plc (LON:PXOG) dropped 15.05% to 0.395p after saying the end result of its Boleslaw well in Poland was “not what we had hoped for”.
The group abandoned the well as no recoverable hydrocarbons were indicated on the mud logs after drilling.
The company also widened its full year operating loss to £77,093 from £601,892 a year earlier.
Proactive news headlines....
88 Energy Limited (LON:88E, ASX:88E) said its eagerly-awaited Icewine-2 well, on Alaska’s North Slope, is on track for production testing late next month or early July as it gave a progress report.
Spudded April 24, the drill bit reached 2,978 feet by 8.33pm on April 27, marking the completion of the surface hole.
Life sciences firm OptiBiotix Health plc (LON:OPTI) has had an abstract accepted for presentation at next month's International Scientific Conference on Probiotics and Prebiotics.
The med-tech specialist ANGLE PLC (LON:AGL OTCQX:ANPCY) is making “good progress against key milestones”, according to the company’s chief executive Andrew Newland. His comments came alongside a business update following the close of the financial year on April 30.
IP specialist Tekcapital PLC (LON:TEK) will no longer own a majority stake in Belluscura following a private placement that will raise up to US$1.7mln for the med-tech business. Belluscura will use the cash for its own commercial plans that may include a separate listing later this year.
Rose Petroleum PLC (LON:ROSE) confirmed it has received further cash from the Mexican tax authority, Servicio de Administración Tributaria (SAT). The junior oil and gas firm today updated investors on its ongoing process to recover value-added tax owed by the Mexican authorities. It received the equivalent of US$167,500 (MX$3.16mln) in April, bringing the total payments since March to US$486,000.
LGO Energy PLC (LON:LGO) highlighted the handover and restart of the Bonasse field on the South West Peninsula, in Trinidad, as it updated on its operations on the Caribbean island. The company, via its subsidiary Leni Trinidad Limited (LTL), holds interests in more than 10,000 acres of prospective but underexplored acreage on the peninsula, including interests in the Icacos and Bonasse field.
Life sciences firm OptiBiotix Health plc (LON:OPTI) has had an abstract accepted for presentation at next month's International Scientific Conference on Probiotics and Prebiotics. Taking place in Budapest, Hungary, from 20 June to 22 June, the conference is the world's largest scientific gathering of the movers and shakers in the field of probiotics (micro-organisms that are believed to provide health benefits when consumed) and prebiotics (substances that induce the growth or activity of micro-organisms).
Premier African Minerals Limited (LON:PREM) expects shortly to make a first shipment of wolframite concentrate from its RHA mine in Zimbabwe. Wolframite is the source ore for tungsten and the ramp-up of the processing plant is going well said George Roach, chief executive, while the X-ray machine installed to sort the ore is working ahead of expectations.
Action Hotels PLC (LON:AHCG) has told investors that Novotel has been chosen as the brand partner for a new hotel at the Melbourne Convention and Exhibition Centre. Novotel Melbourne South Wharf, due to be completed in early 2018, will be the second largest site in the Action Hotels portfolio – with 347 rooms (30 more than originally announced).
Shanta Gold PLC (LON:SHG) has published a substantial maiden resource estimate for Nkuluwisi, one of the satellite deposits that surrounds its New Luika gold mine in Tanzania. At a 0.5g/t cut-off, Nkuluwisi holds total resources of 3.97mln ore tonnes, which at a grade of 1.1 grammes per tonne (g/t) equates to 140,894 ounces of gold.