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Penny Share Review 153

Monday 07 October 2002

The Weekend's Comments

Monday's FT reported on 10 Group's (TGR.L) intentions to sue certain shareholders for defamatory remarks made about Andy Moore, the chairman, after the shares lost most of their value. The paper noted that legal proceedings against more than 10 shareholders had commenced after postings made on a bulletin board provided by Advanced Financial Network (ADVFN). The Company's solicitor said the offending messages contained untrue statements and that the company had suffered significant losses as a result of the comments and was seeking compensation. However, shareholders believe they have a right to be aggrieved and one is quoted, "I still believe that Moore should be apologising to us. Its not everyday you invest £2,500 and get £11 back." The Company's action is described by legal professional as being "absolutely extraordinary" and the equivalent of "trying to sue everyone who ever said anything bad about you in a pub" by a spokesperson for ADVFN. At 10.52 the shares were unchanged from Friday's close.

Saturday's Independent commented on rumours that Poptones (POP.L), the record company founded by Alan McGee, the man that launched the career of Oasis, is on the verge of signing Hole, the band fronted by Courtney Love. Chairman Mike Blackburn is quoted as saying, "were [Courtney Love] to sign, that would be a big story. There isn't a contract yet but we are hopeful that there might be." Pre-tax losses were narrowed due to the success of The Hives and that with other cost-cutting measures taken over the year the company could "look forward to the future with more confidence than we otherwise might." Cash at the bank at the end of September would "certainly" see it through the next twelve months the paper noted. At 10.50 the shares were unchanged from Friday's close.

TransEDA (TRA.L) rates a small mention in an article about Penny Shares in The Business, but it is a comment on the spread rather than any company specific news. The article reviews the penny share world pointing out the benefits and risks and concludes, "if you do your homework, penny shares are one of the few niches where you can wipe the floor with institutional investors." At 10.49 the shares were unchanged from Friday's close.

The Sunday Telegraph reminded us that it tipped the shares in Zipcom (ZIP) back in October when it was trading at 5p. Last week's reverse takeover of Transigent, which is set to increase revenues, market share and strengthen its balance sheet appears to have bolstered confidence as the paper writes, "this is not the time to be bailing out. Keep buying." At 10.48 the shares 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.

Griffin Mining (GFM) Assay Results.
Vitrotec International (VTI) Issue of Equity.

Look Out For This Week

7 Oct - UK Manufacturing production (Aug), US Consumer Credit (Aug).
8 Oct - Germany jobless figures (Sept)
9 Oct - Incepta (I), UK Trade figures (Aug).
10 Oct - UK new construction orders (Aug), BOE MPC interest rate decision.
11 Oct - No data scheduled.

Compiled by Andrew McLintock

Penny Shares Online - penny shares research and information service.