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Penny Share Review 202

Monday 22 September 2003

Talk of a final dividend of between 14-16p by Invox (INX.L) was reported in Saturday's Times. This is considerably higher than the forecast of 6p and an interim payout of 4p. In fact this morning's results (which can be accessed by clicking on the link below) revealed that the final dividend came in at the higher end of these estimates, at 16p. At 10.41 the shares had moved forward from Friday's close by 17.5p and stood at 290p.

Saturday's Independent, in its review of the week, provided some encouraging words on Mean Fiddler (MEF.L) following last week's trading update. It highlighted that Glastonbury, which the Company has a 24% stake, had a record year and that both it and the Reading festival are well-established and will keep attracting big-name bands - and crowds. The Company is also planning to expand its Jazz Café format to other cities and on this basis the newspaper recommends to Buy. The shares were unchanged from Friday's close of 26p at 10.41.

Saturday's Daily Express gave a mention to Motion Media (MMD.L) noting that despite speculation a major contract is on the cards for the videophone technology firm, the shares eased in trading on Friday. Recent speculation has focused on a potential order from Cisco, given that it is lined up to make a presentation in London next week. There is also talk of IBM coming on board as a customer, the Express adds. The shares were up by 1p to 17.25p from Friday's close at 10.41.

Toad (TOA.L) was mentioned in the market report section of Saturday's Independent. Profit taking on Friday saw the shares edge down a little, but at 10.42 this morning they were holding steady at 19.25p.

The broker buys column in Saturday's Daily Mail features the recent report by SQC Research on Wigmore Group (WGT.L). The note recommends to buy at 2.5p on the basis that it is a small company destined to grow to several times its current size within the next two or three years. At 10.42 the shares were up by 0.25p from Friday's close and stood at 2.75p.

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.

Arko Energy (AKO) - Issue of Equity.
AuIron (AUY.L) - Australian Takeover Panel Statement.
Billam (BLLM.L) - Final Results.
Earthport (EPO) - Directorate change.
Invox (INX.L) - Final Results.
Southern African Resources (SFU.L) - Final Results.

Look Out For This Week

September 22, Monday - Billam (F), Invox (F), Southern African Resources (F).
September 23, Tuesday - nothing of note.
September 24, Wednesday - nothing of note.
September 25, Thursday - Host Europe (I), UK BBA mortgage lending/consumer confidence, US durable goods (Aug).
September 26, Friday - UK Bank of England quarterly bulletin, US GDP (Q2), Consumer Sentiment (Sep).

The next Penny Share Review will be posted on Monday, 29 September 2003.

Compiled by A McLintock

Penny Shares Online - penny shares research and information service.