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Penny Share Review 505

Monday 10 August 2009

Today’s Daily Express featured African Eagle Resources (AFE), drawing attention to the Company’s Open Offer, which, it commented, proved extremely popular with small investors. The piece noted that the Board and its advisers had discovered rule changes that allowed the business to raise up to €2.5m without having to produce a full prospectus, and signs that other organisations were following this example. The shares were 0.25p better off at 5.125p this morning.

“Rumour of the day” in The Times on Saturday reported broker FinnCap’s belief that Ffastfill (FFA) had become a “logical target” for the likes of Fidessa and Thompson Reuters. The price increased by 0.625p to 7.375p during early trading today. Immupharma (IMM) appeared in the Daily Express on Saturday, which commented that the shares had been in ‘rude health’ recently and drew attention to Panmure Gordon’s 300p target price. It concluded that analysts believe the business has the potential to gain market share, though the stock was unchanged at 85.50p following this press attention.

The Daily Express on Saturday mentioned Oxford BioMedica (OXB) in an article regarding the biotech sector. The piece quoted Broker KBC Peel Hunt, which highlighted several companies with healthy cash balances. OXB was one of these, but the shares were unaffected, remaining 10.75p earlier today.

The prices above were taken at around 10:26 on 10 August 2009.

Announcements

The following companies, in which City Equities customers may have an interest, released announcements to the market this morning. These can be found by entering the relevant company name or ticker code in the search box on this site.

Advanced Medical Solutions (AMS): 510(k) Approval for Silver Polyurethane (PU) Anti-bacterial Foam Dressings.

Carpathian Resources (ASX - CPN): Becoming a Substantial Shareholder.

Discovery Metals (DME): Drilling Report.

Dowgate Capital (DGT): Astaire Group Offer Update.

Eckoh (ECK): Notice of General Meeting.

Imaginatik (IMTK): Placing.

Mano River Resources (MANA): Gold Project Update.

Provexis (PXS): Recent Share Price Movement.

Providence Resources (PVR): Dunquin Farm-out to ENI – New License Interest.

Rift Oil (RIFT): AIM Suspension.

Silverdell (SID): Re Directorate.

Stratex International (STI): Inlice & Altintepe Gold Project Update – Turkey.

Synchronica (SYNC): Contract Win with Second African Operator.

Look out for this week

Monday, 10 August – UK Bank of England Reverse Gilt Auction.

Tuesday, 11 August – RICS UK Housing Market Survey (July). CML Regulated Mortgage Survey (June).

Wednesday, 12 August – Monthly UK Unemployment Figures (July).

Thursday, 13 August – Eurozone GDP (First Release) Second Quarter. US Retail Sales (July).

Friday, 14 August – CML Quarterly Mortgage Areas & Repossessions Data (Q2).

Diary items source: Fidessa and The Independent (10 August 2009).

The next Penny Share Review will be posted on Monday, 17 August 2009.

Compiled by Chris Richards.




Risk Warning

There is an extra risk of losing money when shares are bought in some smaller companies including 'Penny Shares'. There is a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, you may get back much less than you paid for them or you may have difficulty in selling them. Past performance is not a reliable indicator of future results. The price may change quickly and it may go down as well as up. You could lose every penny put into a particular share.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddesdon, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.