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Penny Share Review 199

Monday 01 September 2003

The Sunday Times rates Griffin Mining (GFM) as a 'Speculative Buy' as the Group recently raised £1.68m from the issue of new equity, which will be used to make a start on initial construction work at the Company's main prospect, the Caijiaying gold mine in China. The newspaper wrote that the feasibility study was expected to be published this week and the production could start in 2005. The Times reiterated the view and wrote ' … it looks to be a good time to invest'. The shares moved up 7.9% higher to 20.5p on Monday morning at 09:22 from Friday's closing price.

The Independent on Saturday wrote Corpora (CP.L) was up 5p, 14.3% on its second day of trading. The shares were up another 12.5% this morning at 09:24 trading at 45p, albeit in a thin market.

The Independent on Saturday wrote that Host Europe (HER) was the most heavily traded share as two ousted directors sold shares and the Guardian on Saturday added that broker Evolution Beeson Gregory took on the stock, parcelling most of it on to clients. The Company is also mentioned in the Daily Telegraph on Saturday and the Daily Express on Saturday. The shares were trading at 1.33p this morning at 09:30, up 0.03p.

The Sunday Telegraph reported on Motion Media's (MMD.L) announcement last Thursday that renewed speculation had run too far. The newspaper added that after soaring off a 2p low, the shares fell and that ' … it is impossible to define a benchmark value'. The shares were up 1p to 15p at 09:37 this morning.

The Daily Telegraph on Saturday wrote volumes in football club Millwall (MWH) had reached 267m. The shares remained unchanged this morning at 09:41 at 0.18p.

The Daily Mail on Saturday wrote Arbuthnot rates Mears (MER) as a 'Buy' at 119p and the acquisition of Scion will be earnings enhancing in year one. The shares remained unchanged this morning at 09:46 at 121.50p.

The Daily Mail on Saturday featured Virotec (VTI) in its 'Investment Extra' column. The newspaper wrote that Nigel Wray took up shares in the recent placing and Wray and partner Nick Leslau at property group Prestbury will emerge with a stake of close to 8%. 'Intriguing' says the Daily Mail and adds that Wray's interest is the property angle, if Virotec can clean up polluted sites, Prestbury can come in and develop them. The Company is chasing orders of £100,000 to £250,000 and quite a few of these would be needed to bring the Company into profit and this means, according to the newspaper, 'the head of steam building up behind the shares could lead to disappointment'. However, one big contract could fan the flames further, says the Daily Mail, as the talks are going on with South West Water and Alcan has a £10m budget to clean up its vacated site at Fife. The article ended by saying:' to sustain the rise, it (Virotec) needs to deliver the contracts. Meanwhile, enjoy the ride.' The shares were up 1p at 18.25p at 09:48.

The Daily Express on Saturday reported on CEO Fred Weinert's share purchase in Mobilefuture (MBF.L), 4 million shares at 1/4p, and mentioned that Pacific Media recently took a large stake in the Company as well. The shares were 0.01p higher this morning at 10:01 at 0.29p.

The Daily Express on Saturday wrote that Evolution Beeson Gregory thinks signs of an upturn in the Japanese semiconductor market should help Bede (BED) and that the broker kept its 'Buy' rating, lifting its price target by 5p. The shares were 0.75p higher at 29.25p by 10:02 today.

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.

Sefton Resources (SER) - Director Declaration.
I-Documentsystems (IDOX) - Acquisition and Placing.
Enneurope plc (ENU.L) - Offer Update.
Wigmore Group (WGT.L) - Notice of Results.
Incepta Group (ITA.L) - Trading Statement.

Look Out For This Week

September 01, Monday- UK: Consumer credit and mortgage approvals (July), M4 lending (July).
September 02, Tuesday- UK: Debt Management Office announces the size of the 2036 gilt auction.
September 03, Wednesday- UK: Service sector CIPS (Aug), CBI quarterly distributive trades survey.
September 04, Thursday- UK: British Retail Consortium shop price index (Aug), SMMT new vehicles (Aug), Bank of England interest rate decision.
September 05, Friday- No data scheduled.

The next Penny Share Review will be posted on Monday, 08 September 2003.

Compiled by Özlem McCann

Penny Shares Online - penny shares research and information service.




Risk Warning

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.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddeson, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.