Penny Share Review:

• Issue 474 : 05 Jan 2009
• Issue 473 : 29 Dec 2008
• Issue 472 : 22 Dec 2008
• Issue 471 : 15 Dec 2008
• Issue 470 : 08 Dec 2008
• Issue 469 : 01 Dec 2008
• Issue 468 : 24 Nov 2008
• Issue 467 : 17 Nov 2008
• Issue 466 : 10 Nov 2008
• Issue 465 : 03 Nov 2008
• 2009 Archive
• 2008 Archive
• 2007 Archive
• 2006 Archive
• 2005 Archive
• 2004 Archive
• 2003 Archive
• 2002 Archive

Penny Share Review 160

Monday 25 November 2002

The Weekend's Comments

The AIM/Ofex Investor section of The Business (Sunday) focused on Propan Homes (PPH.L), describing it as, "Small, but perfectly formed" and the article was particularly glowing thereafter. Management received praise and the very low rating (a single figure P/E) was picked out as well. The paper concluded, "Apart from adopting a doom-monger's view of the housing market, we can't think of a good reason not to buy Propan". Despite the enthusiastic review, the shares were unchanged at 11.5p-13.5p this morning.

Moves by "serial investor" Andrew Perloff at Grosvenor Land (GVR.L) caught the eye of Saturday's editions of the Daily Mail and Daily Express. Mr Perloff, who bought a tranche of shares to take his holding to 29% - just below the trigger threshold for a formal bid - had previously launched a tender offer at 10p, but this fell some way short of the Group's reported NAV, which at the last accounting date was just short of 18p per share. By 10:30 today, the shares had added ½p on the bid and stood at 14p-14.5p.

Mike Curley's MICE Group (MEG) featured in Stephen Foley's review page in Saturday's The Independent. Considered, "worth a look", the shares have fallen with market concerns that their main business, that of exhibition work, would suffer with any downturn in world markets. However, results are improving, although he warned investors that margin pressure was coming from some larger clients, which may impact future profits. The shares had edged up ½p from Friday's close by 10:31 today.

Following huge share trading volumes last week, the Financial Mail on Sunday homed in on Reflec (REF) where, it is believed, clothing entrepreneur Shami Ahmed will imminently be revealed as a significant holder. It is understood that he has acquired a 7.5% stake in the reflectives company "as an investment rather than a prelude to a full takeover". His apparent return to the shareholder register has stirred the interest of investors as the stock has staged a major rally from less than ½p, only a week or so ago. By 10:54 today the shares were up 0.55p at 1.8p-2p, a gain of 40.74%.

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) - Revised resource estimates for the Caijiaying zinc-gold project
Oxford BioMedica (OXB) - Appoint Collins Stewart as broker.
WiLink (WLK) - Trading update and profit forecast.

Look Out For This Week

25 Nov - No UK Data. US Treasury auction of short-dated T-bills.
26 Nov - CBI National Conference, Manchester. UK provincial business investment (Q3).
27 Nov - UK pre-Budget report, first revision GDP (Q3) and BBA mortgage lending.
28 Nov - Country & Metropolitan (CRY.L) Finals. No data scheduled.
29 Nov - UK consumer credit (Oct), final M4 (Oct), M4 lending (Oct).

Compiled by Andrew Thacker

Penny Shares Online - penny shares research and information service.