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Penny Share Review 191

Monday 07 July 2003

The Sunday Telegraph noted that the shares in Advanced Medical Solutions (AMS) had made little progress since the Company moved from the main market to AIM. However, according to paper "this ignores the good progress the company has made." It recommends to buy, as a £1m profit is forecast in 2004 with the focus moving to "growing the professional products business, which has substantially better margins". At 11.34 the shares were up 0.75p to 9.38p from Friday's close.

Aukett (AUK) attracts the attention of The Sunday Express. The paper reported on the pre-tax profit at the interim stage, but added that concerns about future railway projects would outweigh any gains made from working with London Underground and Clerical Medical. On this basis it recommends to sell. The shares were unchanged from Friday's close.

A few of Saturday's papers speculated as to why the shares in GX Networks (GXN.L) were seen to move ahead on Friday. The Daily Express suggested, "talk of a positive forthcoming announcement", a sentiment echoed by The Independent. The Times added that it was rumours of "an imminent contract win" that had stirred interest, while The Guardian put forward the idea that it was merger speculation, which had whetted investors' appetite. According to The Guardian, a venture capital firm "is set to reverse one of its telecom investments into GX in return for stock." From Friday's close the shares were up 0.25p to 4.88p at 11.32.

The latest developments at Murray Financial (MFC.L) are reviewed in Saturday's Daily Telegraph. Apparently founder Ken Murray is reconsidering his resignation from the board, as he is "furious" that it was not disclosed on the requisition forms sent to shareholders that Mr Julian Lewis was a director of Resurge. However, the joint managing director of Resurge, Jamie Constable put this down to nothing more than an administrative error. "It seems ridiculous that Ken is making a fuss", he adds. The shares were unchanged 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.

Electric Word (ELE) - Notice of results.
Enneurope (ENU.L) - Offer document posted.
IDN Telecom (IDN) - Notice of results.
Iomart (IOM) - Trading Statement.

Look Out For This Week

July 7, Monday - UK Industrial output (May).
June 8, Tuesday - Nothing scheduled.
June 9, Wednesday - UK trade in goods and services (May).
June 10, Thursday - UK Interest rate decision.
June 11, Friday - Nothing scheduled.

The next Penny Share Review will be posted on Monday, 14 July 2003.

Compiled by A McLintock

Penny Shares Online - penny shares research and information service.