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Penny Share Review 189
Monday 23 June 2003
The Daily Telegraph from Saturday reckoned that Ennstone (ENN) brings a little glamour to the world of quarrying, as it supplies gravel to Althorp House, family home of the late Princess Diana and also to Buckingham Palace. It is the Company's value-added decorative products, from stone walling to silver granite chippings that "…make Ennstone a little more attractive to discerning investors." The decorative products division was the driver of growth, which last year saw margins rise from 11.4% to 12.2% and the Company has developed new ranges in association with planners, architects and conservationists. The newspaper hopes that with sector in the midst of consolidation then, "With any luck, the Company's efforts will attract a suitor." It concludes, "With its strong record, niche products and the prospect of a bid, it's worth a punt." Saturday's Times also commented on the Company's bolt-on acquisition of Valley Redi-Mix in Virginia, it's second in that state this year and follows close on the heels of the purchase of T&T Aggregates in Doncaster. An upfront payment of $5m will be followed by the remaining $4.175m paid in eight annual instalments. At 10.24 the shares were up 0.75p to 40.5p from Friday's close.
The Observer, on a larger piece on independent record companies, revealed the main reason behind the deal that saw Poptones (POP.L) go private. Alan McGee, remarked that Poptones sold 370,000 records in two years, "a relatively good start for a record label. Only as a public company, where instant profits are everything, has it not worked. And that's why I'm taking it private." Despite the pressure that larger music companies are under particularly from falling sales McGee is adamant that the "future is in boutique labels like Poptones: three-, four- or five-man record companies." The shares were unchanged at 10.23 from Friday's close.
The sale of 200m shares by ex-Stanelco (SEO) Director Ian Davis on Friday was reported in a few of Saturday's newspapers. The Daily Telegraph noted that Mr Davis now holds 51.5m shares and that traders said "they expect the shares to recover in the next few weeks as Mr Davis had been looking to reduce his stake for some time." Volumes were understandably high at 591m shares largely as a result of two-way trading. The shares were unchanged at 10.24 from Friday's close.
Virotec International (VTI) got a brief mention in Saturday's Times. Chairman Brian Sheeran is undertaking a UK roadshow this week and the newspaper reported that this "is set to rekindle interest" in the Company. At 10.23 the shares were up 0.25p to 8.125p from Friday's close.
Monday's Daily Express reported on Zi Medical's (ZIM.L) distribution agreement with Baxter, one of the world's biggest healthcare groups. Baxter is set to distribute the Company's Red-Eye intravenous drip monitoring system, but will also have access to other patented technology. The deal is hoped to speed up the pace that Red-Eye is picked up by healthcare organisations. The shares had moved ahead by 0.75p from Friday's close to 8p at 10.23.
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.
Bioprojects (BIP) - Further investment in Vialogy. Oxford BioMedica (OXB) - Update on ProSavin. Oxus Gold (OXS) - Director Change. Trio Holdings (TRN.L) - Holdings in Company.
Look Out For This Week
June 23, Monday - UK leading indicators.
June 24, Tuesday- Millwall Holdings EGM, UK CML mortgage lending survey (May).
June 25, Wednesday- US interest rate decision.
June 26, Thursday- UK Revised business investment (Q1), BBA mortgage lending data.
June 27, Friday - UK Final GDP (Q1), Balance of Payments (Q1), CBI pay settlements survey.
The next Penny Share Review will be posted on Monday, 30 June 2003.
Compiled by A McLintock
Penny Shares Online - penny shares research and information service.
There is an extra risk of losing money when shares are bought in some smaller companies including 'Penny Shares'. There is a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, you may get back much less than you paid for them or you may have difficulty in selling them. Past performance is not a reliable indicator of future results. The price may change quickly and it may go down as well as up. You could lose every penny put into a particular share.
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