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Penny Share Review 147
Tuesday 27 August 2002
Some of Saturday's newspapers picked up on the rumour and conjecture surrounding Dragon Oil (DGO). The Daily Telegraph commented on speculation that a bid from Toronto-listed oil explorer Aurado Oil had pushed up the shares. An official statement by Aurado, prompted by the attention of the Irish Takeover Panel, to the effect that it was backing away from an offer did not deflect much of interest from the shares. The Times added that dealers were suggesting, "other moves were afoot", which helped the shares keep most of the day's gain. At 12.08 the shares were up 0.5p to 16p from Friday's close.
The Sunday Telegraph runs the rule over some of Galahad Capital's (GLA) investments adding, "technology shares trading at a discount to the value of cash in their balance sheets are intriguing private and professional investors alike." The success of this strategy was exemplified by the profit made from Galahad's investment in TEAmtalk Media. The newspaper advises, "operators such as Galahad are taking a flexible approach and may need to treat illiquid shares as long term investments." It points to the Company's investment in GB, an IT group specialising in marketing data, as a situation "worth monitoring" due to a net asset position of 18p per share while shares trade at 11.25p in the market. Knowledge Support Systems, another investee company is one to "currently avoid." Galahad also increased its stake in Patsystems to 4%, which has signed five new customers and expects to "retain a substantial cash position when the group becomes cash generative." The article concludes, "Patsystems (is) intriguing as to what will be achieved against (its) claims." The shares were unchanged at 12.09 from Friday's close.
In the same column, Mice's (MEG) takeover of Expocentric is reviewed. The journalist Edmond Jackson points out that at the time of the acquisition he questioned the risks that Mice shareholders were being exposed. He is almost apologetic to write, "the purchase hasn't halted the fall in Mice shares, which have dropped from an 80p range to 50p since the deal was confirmed." At 12.07 the shares were unchanged from Friday's close.
Grosvenor Land (GVR.L) features in the Blackfriar column of Saturday's Daily Express. The newspaper's diarist fears the worst for the Company despite rental income rising 4% last year and profits jumping 49%. The Group is "going global" by seeking property investments in Moscow. At 12.09 the shares were unchanged from Friday's close.
Worries about current year performance at Thomas Potts (THP.L) and a cut in dividend upset the shares, The Daily Mail from Saturday noted. Even news that profits increased 32% to £1.6m couldn't help the shares. At 12.07 the shares were unchanged from Friday's close.
Buying ahead of the interim results, expected next week, sent shares in Wigmore (WGT.L) up by 0.5p The Times from Saturday reported. The figures will reveal the first contribution of Speymill Contracts. The shares at 12.07 were unchanged 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.
Cardpoint (CASH) - Directorate Change.
Northern Petroleum (NOP) - Increase in licence interests
Look Out For This Week
27 August - US Conference Board consumer confidence survey (Aug).
28 August - Oxford Biomedica (Interims), UK BBA mortgage lending.
29 August - No data scheduled.
30 August - Zi Medical (Interims), UK consumer credit (July).
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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