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Penny Share Review 143

Monday 29 July 2002

The Weekend's Comments

The recent slide in the share price has renewed interest in Alizyme (AZM). The Independent on Sunday in a review of the pharmaceutical sector notes that with no new blockbuster drugs waiting to replace those whose patents are about to run out, the larger firms will "have to look to the bottom of the sector for their ideas." It adds, "for the likes of GSK and Astra, partnership with Alizyme may prove too good an opportunity to miss." Alizyme would also benefit from a partnership as it is estimated to only have financing for another year and on this basis the shares are "very attractive indeed." The Daily Mail from Saturday, in its 'broker buys' column, comments on the 'buy' recommendation by Cannaccord Capital. It picks up on the Company's need for new money next year, but adds that the shares are a 'buy' at 46p as they are undervalued. The shares at 13.19 were unchanged from Friday's close of 47.5p.

The Daily Mail from Saturday, again in its 'broker buys' column, refers to a 'buy' recommendation for Electric Word (ELE) by Seymour Pierce. The broker comments that the shares are a buy at 3.75p as "demand in the public sectors remains buoyant and there is no shortage of opportunities for expansion." At 13.19 the shares were up 0.25p at 4.25p from Friday's close of 4p.

Recent briefings by Ennstone's (ENN) chairman Vaughan McLeod, who has been highlighting the fact that the shares' low forward earnings multiple and steep discount to a net asset value of 55p, is reported by The Times from Saturday to have impressed JO Hambro Capital Management enough for them to take up a 6.75% stake. The shares were up 0.25p to 30.5p from Friday's close at 13.20.

The sale of Stratus Services' 26% stake in Enterprise Asia (EPA) did not affect the shares, which were unchanged at 0.4p on Friday, Saturday's Daily Telegraph mentioned. Today's announcement (see the link below) reveals that Try GN Ltd picked up this stake. At 13.20 the shares were unchanged from Friday's close.

Saturday's Independent in its market mover's section picks up on developments in IMS Maxim (IMX) and Virotec International (VTI.L). IMS Maxims' results revealed on Friday that current trading was slightly below budget and that this news pushed the shares down. Investors of Virotec, according to the newspaper were excited by the Portuguese contract. At 13.20 shares in IMS Maxim were unchanged while Virotec's shares were up 0.25p to 9.25p from Friday's close.

The Sunday Telegraph draws private investors' attention to the fact that some funds managers have sold out of their South African mining shares and that in relation to its long-term average real value of gold is not especially cheap. It goes on to review Oxus Mining's (OXS) recent fundraising noting that not only does it have a high-calibre board but is also well regarded within the industry. The shares were unchanged from Friday's close at 13.21.

The Guardian from Saturday commented that despite the sale of 34m shares or 6% of Poptones (POP.L) by Julian Richer the shares were unmoved at 0.475p. The shares were unchanged at 13.21 from Friday's close.

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.

Artisan (ART) - Prelim results.
Enterprise Asia (EPA) - Holding(s) in Company.
Perthshire Leisure (PSL.L) - Holding(s) in Company.

Look Out For This Week

29 July - UK Consumer credit (June)
30 July - US Consumer confidence (July)
31 July - UK Monetary Policy committee meeting, US GDP (Q2)
1 August - UK Interest rate decision
2 August - No data scheduled.



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