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Penny Share Review 144

Monday 05 August 2002

The Weekend's Comments

The return of Just Group (JUS.L) receives some attention in Saturday's Telegraph, Guardian and Independent. The Group went into administration in January and its return is seen as a victory for "shareholder power and determination", according to new executive chairman Christopher Jones. He intends now to pursue a lawsuit against the former partners of Andersen, its ex-auditor. Just was rescued from administration after a group of private investors, The Just Action Group, raised £3m in an offer to shareholders. The money raised was enough to pay down the amount outstanding to the Royal Bank of Scotland and to satisfy preferential creditors. The AGM last Friday approved the rescue plan and the Company can now complete its fundraising. The offer to shareholders will now be transferred to Just Group as a formal company offer and will be extended to August 16. The balance of the total funds raised will be used to fund an acquisition and to ensure the return of the company to profitability.

The deal with Kwik Save and Somerfield announced on Friday sees Symphony Plastic Technologies (SYM) receive further press attention. Today's Daily Express notes that Symphony, after sealing the £4.35m contract to supply all the plastic bags for the two supermarkets, is due to begin delivery in the final quarter of this year. This follows closely on the heels of the deal to supply bags to the Co-operative supermarket chain. At 10.30 the shares were down 1p at 40.5p 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.

Environmental Polymers (EPG.L) - Financial Update

Look Out For This Week

5 August - UK manufacturing production (June)
6 August - UK CBI regional trends survey
7 August - UK Bank of England inflation report, US Consumer Credit (June)
8 August - UK Land registry Q2 residential property price report (June)
9 August - UK Trade figures (June)

Compiled by Andrew McLintock


Penny Shares Online - penny shares research and information service.




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