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Penny Share Review 154

Monday 14 October 2002

The Weekend's Comments

The Daily Express from Monday comments on Air Music & Media's (AMU) purchase of Hollywood DVD noting that the acquired business is similar in that it buys up back catalogues, but produces on the DVD format. Air expects to take costs out in manufacturing, copyright and logistics after the deal, which is to be satisfied by cash and shares.

Saturday's Express reviews the speculation that a consortium including Alan Page, who recently joined AIM shell NWD (NWD.L), was considering a break-up bid for Cordiant.

Mears (MER) featured in the Broker Buys section of Saturday's Daily Mail. Old Mutual rates it as a buy at 64p on the basis of impressive cash flow, strong management and an undemanding rating.

In the same article Propan Homes (PPH.L) comes under the focus of SQC Research. They reckon that the shares are significantly undervalued and recommend to buy at 10.5p.

Monday's Independent reported that Seymour Pierce (SYP.L) had received takeover approaches earlier this year. Several bid approaches over the summer, which valued the fund management arm at between £40m and £60m and the entire group at £80m, were thought to have come from European financial groups. This comes in the wake of last week's profit warning and resignation of chief executive John Mackay, which sent the shares "tumbling by a third to 3p, valuing the company at £22m." At this level Seymour Pierce "is worth little more than it cash pile." The paper added that this increased pressure on Keith Harris, who assumed the chief executive role, to clarify the position on Wednesday when he expected to update investors on the Group's strategic options. However, a spokesperson for the Company noted that although there had been bids for the fund management arm no such move had been made for the entire group. The spokesperson added if a bid of the amount reported had been received the "board would have had to enter discussions."

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.

NMT Group Plc (NMT) Agreement.

Look Out For This Week

14 Oct - UK producer price inflation (Sep), BRC sales monitor (Sep).
15 Oct - UK inflation (Sept), US business inventories (Aug).
16 Oct - Rage (F), UK unemployment (Sep), Eurozone inflation (Sep).
17 Oct - UK RICS residential housing survey.
18 Oct - UK CML mortgage lending survey (Sep), US inflation (Sep).

Compiled by Andrew McLintock

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