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Penny Share Review 139
Monday 01 July 2002
The Weekend's Comments
The problems with AuIron Energy's (AUY.L) south Australian operation appear to have come to a head with Friday's announcement that the Company will no longer continue to fund the SASE project on its own. The Independent on Saturday picked up on this news and reported that the shares had fallen by 0.75p to 4.75p, a drop of 13.6%. At 12.00 the shares were down 0.5p to 4.25p from Friday's close.
Saturday's Independent reported that Bula Resources (BUS.L) has "again stalled for time over relisting its shares." Clarification of its financial position is expected in the coming days with publication of annual report and accounts and apparently a cash injection by a charity headed by the son of Libyan leader Colonel Gaddafi is also being discussed. The shares remain suspended.
An upbeat trading statement from Envesta (EVS.L) on Friday got a brief mention in Saturday's Daily Express. At 12.02 the shares were unchanged from Friday's close of 4.375p.
Market sentiment and company valuations came under attack from Mean Fiddler's (MEF.L) Chairman Vince Power. His concerns were voiced in The Daily Express from Saturday. "I am at a loss to understand why the market continues to undervalue our company", he said. It reported a full-year loss of £1.5m but Mr. Power remarked that the Company had made "good progress with the integration and the development of the group as the UK's fastest growing live music business." The Daily Mail reported that current trading is in line with expectations and that a new property had been acquired to act as a feeder bar for its flagship music venue, Astoria. The shares were up 1p to 28.5p at 12.03 from Friday's close.
The Independent on Sunday's portfolio for 2002 includes Screen (SEN.L). The newspaper observed that despite a 40% slide earlier in the year the shares have recovered recently on the back of a positive trading statement. The shares were unchanged from Friday's close of 39p at 12.05.
The Financial section of The Sunday Express commented on moves by two shareholders to make some changes at Westside Acquisitions (WST.L). Their proposals would see them take up positions on the Board, severely cut administration costs and return capital to investors earlier than anticipated by the present Board. Shareholders will vote on these resolutions at the AGM on Thursday. Meanwhile, Westside's subsidiary Elms Group is reported to have been chosen by the London FA to start the capital's first five-a-side tournament to encourage grassroots football and discover hidden talent. At 12.06 the shares were unchanged from Friday's close of 3.625p.
Shares in World Sport (WLD.L) took a beating on Friday as the Group delayed publication of its full-year results statement. The rush to exit led to the shares tumbling by 7p or 51.9%, to 6.5p. The shares were suspended this morning.
Today's 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.
BioProjects International (BIP) - Investment in core portfolio.
Black Rock Oil and Gas (BLR) - Holding(s) in Company.
Constellation Corporation (CST) - Temporary Suspension.
CybIT Holdings (CYH) - New Partnership.
Glow Communications (GLW.L) - Results of AGM.
Netwindfall (NWD.L) - Acquisition and new director.
World Sport (WLD.L) - Temporary Suspension.
Look Out For This Week
1 July - UK Nationwide house price survey (June and Q2)
2 July - Eurozone consumer and business confidence (June), unemployment (May)
3 July - Eurozone interest rate announcement
4 July - UK interest rate decision.
5 July - US non-farm payrolls (June)
Compiled by Andrew McLintock
Penny Shares Online - penny shares research and information service.
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.
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