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Penny Share Review 164

Monday 23 December 2002

The Weekend's Comments

Penny Share Review - Issue 164

The Weekend's Comments

Brief comments from the Daily Mail and Daily Express on Saturday about Beaufort International Group's (BFG) announcement on Friday of the clinching of a £1.2m deal with the FSA. The shares were unchanged at 0.40p on Monday morning.

According to the Guardian on Saturday, investors chased Ennstone (ENN) 2.25p higher to 40.5p on expectation that a "49p share bid from France may materialise in the not too distant future." At 10.30, the stock had retreated by 1.25p to 39.25p.

The Times on Saturday reports rather confusingly that Seymour Pierce acquired 141.8m e-primefinancial (EPF.L) shares at 3p through a tender offer at 3.25p. The paper didn't mention that the Company purchased these shares from the broker at the same price as part of a share buy back transaction, which effectively reduces the number of shares in issue by 141.8m. At 11.08, the stock had nudged up a quarter of a penny to 3.13p.

In the market report section of Saturday's Independent, a brief mention is made of narrowing losses and an upbeat statement at IMS Maxims (IMX), following the publication of interim results. The shares were unchanged from Friday's close at 6.13p.

Oxus Mining (OXS) is tipped in Saturday's Daily Telegraph, as the Group hopes to announce on progress in January. Talks are currently being held with two banks and if finance is secured, the Telegraph reckons, "returns could be golden." Alternatively, Oxus could partner with a "big brother" mining company. Last week's five and half year high gold price of $339 per ounce, is "good news for gold miners", which have large fixed costs. The Telegraph reports that Oxus could payback $26m of capital costs required after just one year of production. The paper concluded by saying, "Oxus is worth a look for the high-risk speculator". The shares were unchanged from Friday's close at 6.25p.

In the 'Broker Buys' column of the Daily Mail, we learn of SQC Research's buy recommendation on Wigmore Group (WGT.L) at 2.5p, as acquisitions will strengthen its rapid growth. At 10.31 on Monday morning, the shares had notched up a half a pence rise from Friday, to 3.25p.

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) - Agreement.
Constellation Corporation (CST) - Return of shares from Suspension, Interim results and Directorate Change.
Gaming King (GGK) - Director dealing.
Gladstone (GLD) - Final results.
World Sport Group (WLD.L) - Return of Shares from Suspension, Results, Disposal, Change of Name and Open Offer (with share consolidation).

Look Out For This Week

23 Dec - No major data scheduled.
24 Dec - Markets only open between 8.00am and 12.30pm.
25 Dec - Markets Closed - Public Holiday, Christmas Day.
26 Dec - Markets Closed - Public Holiday, Boxing Day.
27 Dec - No major data scheduled.

The next Penny Share Review will be published on 6 January 2003. We wish all our customers an enjoyable holiday period and a prosperous New Year.

Compiled by J Robertson

Penny Shares Online - penny shares research and information service.