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Penny Share Review 142

Monday 22 July 2002

The Weekend's Comments

The Independent on Saturday reports Conroy Diamonds and Gold's (CDG) fundraising of £150,000 via the placing of 1.5m shares at 10p each announced on Friday. The shares were up 8% to 13.5p on the news and at 12.17 today they have edged up another 0.5p to 14p from Friday's close.

The Sunday Times suspected that E-Capital Investments (ECI.L) is set to turn its back on technology by transferring the management of its remaining technology investments to a rival firm Sigma Technology Group. (This was confirmed in the announcement, which you can access through the link below). The newspaper elaborated on the Company's future strategy stating that it will now turn itself into a private-equity fund and concentrate on luxury-goods brands, retailers and leisure businesses and other-goods companies. Its initial investment will be about £20m in these sectors and is looking to take advantage of any under valuation caused by the market downturn. At 13.36 the shares were unchanged from Friday's close of 1.5p.

Mean Fiddler's (MEF.L) move into Europe was anticipated by Monday's Times. The Company has acquired a 25% stake in the Bizarre Festival, one of Germany's biggest rock and pop events that regularly attracts 50,000 people. Mean Fiddler has the option to increase its shareholding to 50% by 2004 (See announcement below). The shares were up 0.5p to 29p at 13.36 from Friday's close of 28.5p.

Private investor Derek Pain bemoans the fact in Saturday's Independent that his stake in Profile Media (PMD.L) has "fallen so far that it is now hardly worth selling and I am left hoping its management can rescue the specialist publisher. It will be a daunting task." At 13.36 the shares were unchanged from Friday's close of 3.5p.

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.

Cambridge Mineral Resources (CMR.L) - Letter to Shareholders.
Cater Barnard (CRB.L) - Change of Adviser.
E-Capital Investments (ECI.L) - Agreement.
Mean Fiddler (MEF.L) - Acquisition.
Propan Homes (PPH.L) - Final Results.

Look Out For This Week

22 July - Propan Homes (Finals)
23 July - Japan Consumer Confidence Index
24 July - Alizyme (Interims), UK CBI quarterly industrial survey
25 July - UK Retail Sales, Germany business climate index
26 July - UK GDP (first estimate) Q2, US Michigan consumer sentiment

Compiled by Andrew McLintock


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