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Penny Share Review 188

Monday 16 June 2003

Saturday's Daily Mail speculated that news about Envesta (EVS) would be forthcoming this week. According to the rumours in the market, Chairman Stephen Dean is about to stand down. This comes in the wake of last month's failed deal, which involved Mr Dean's investment company Cater Barnard (CRB.L) and an associated party selling a stake in Envesta to Argo Trust, a company controlled by Italian telecommunications firm Dreamfarm S.A. The shares had moved forward by 0.63p from Friday's close at 10.21 reaching 3.13p.

Oxus Gold (OXS), the renamed Oxus Mining, featured in Saturday's Daily Express in the market report section. It moved ahead, according to the commentator, on heavy turnover amid rumours that production at its Uzbekistan project could start ahead of schedule. The Director's have been buying and the Company has also met a number of institutions. According to dealers an overhang has been cleared and broker Brown Shipley had recently issued an upbeat report with a 24p price target. At 10.22 the shares were off 0.5p from Friday's close.

Details of the deal that saw the trading businesses of Poptones (POP.L) being sold to Alan McGee for £1 were reviewed in Monday's Daily Express. The Board noted that the failure to find enough successful artists were the reasons behind the failure and even changes in strategy failed to move it into profitability. This leaves Poptones as a cash shell with £180,000 in the bank, apparently under the control of "shellmeister" Mike Edelson. The shares were 4.5p at 10.22, unchanged from Friday's close.

The Weekend Financial Times covered news of the cancellation of the stock listing and the voluntary liquidation of Ronson (RON.L). It wants to delist on July 15 and sell its main trading arm, Ronson International, and redistribute the sale proceeds to shareholders. According to the announcement on Friday, the challenges facing the Company were many and that it had been unable to invest in the "basic requirements of the business, including marketing, advertising and product development." Ultimately its performance did not justify the expense of the listing. Last month an offer was received which valued the Company at between £1.6m and £1.7m, but this was deemed too low and other bids were sought. The shares at 10.21 were off 0.09p at 0.165p 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.

CybIT (CYH) - Preliminary results, Placing & Additional Listing.
Oxus Gold (OXS) - Issue of Equity.
Ten Alps (TAL) - Preliminary results.
The Wigmore Group (WGT.L) - New Contract with Gala.

Look Out For This Week

June 16, Monday - CybIT (F), Ten Alps (F), UK RICS monthly house price survey.
June 17, Tuesday- UK RPI (May), US CPI (May) and industrial production.
June 18, Wednesday- UK: MPC meeting minutes (June.
June 19, Thursday- UK Retail Sales (May), British Bankers Association lending data (May), CML lending survey.
June 20, Friday- Cardpoint (EGM).

The next Penny Share Review will be posted on Monday, 23 June 2003.

Compiled by A McLintock

Penny Shares Online - penny shares research and information service.