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Penny Share Review 222

Monday 16 February 2004

According to the Independent on Saturday, dealers hear that African Diamonds (AFD) will soon, maybe this week, announce a joint venture deal with mining giant BHP Billiton for the development of assets in Botswana. The paper went onto to say, "the agreement is already written and merely requires the signatures of the two management teams". Shares in the explorer dropped 2.5p on Monday morning to 69.00p

The forming of a new company, Falkland Minerals, by Cambridge Mineral Resources (CMR) to explore for mineral deposits in the South Atlantic islands, was reported by Saturday's Independent. Cambridge's Managing Director, David Bramhill, says the Falkland Islands are believed to have been part of South Africa, one of the world's richest mineral areas, before breaking away millions of years ago. Mr Bramhill believes that if the Falklands came from the tip of South Africa, and the mineral deposits were created before the break away, the islands "must be loaded with diamonds and gold". Cambridge's shares remained unchanged at 16.25p on Monday morning.

The Independent on Saturday reported on the positive comments by broker Numis Securities on Cardpoint (CASH), who believe the shares are greatly undervalued and should trade closer to 170p. Numis reckons that over the coming months, cash machine operators will continue to enjoy sustained good news. The paper also notes that at the start of the week, Scott Tod showed there is plenty of money to be made from the cash machines sector, following its results statement. The equity ticked 1.5p higher to 146.00p on Monday morning.

Today's Daily Express reports on the introduction of two new products from Croma Group (CMG), a sniper detection system and a special suit that does not trigger infra-red detection systems. The Chairman, John French, says that two sales of the sniper detection equipment have already been achieved. This morning, following conformation of the two new products, the shares moved 1p higher to 7.25p.

Desire Petroleum (DES), which is exploring for oil around the Falklands, received a brief mention in the same Saturday Independent article about Cambridge Minerals. The shares traded 0.25p lower on Monday morning at 12.00p.

Under the headline 'Eurovestech cashes in', Saturday's Guardian commented on the quick profit made by the Group after the disposal of shares in Arc International, in which it held a 5% stake. Before the disposal, speculation had grown that Eurovestech (EVT) was planning some from of corporate action at Arc. Shares in Eurovestech remained unchanged at 12.25p this morning.

The Weekend Financial Times reported on moves by disgruntled shareholders of Investment Management Holdings (IMH) to force an EGM to consider whether the company could have any claims against the independent directors and advisors who approved the management buy out of Seymour Pierce last April. Shares in the Group remained unchanged this morning at 2.75p.

The 0.88p improvement in the share price of Northern Petroleum (NOP) after the announcement that Active Capital had a 5.1% stake, receives a mention in Saturday's Daily Mail. On Monday morning, the shares remained unchanged at 7.88p.

The Telegraph from Saturday noted the heavy volume of 50.35m shares traded in Offshore Telecom (OST.L), but mistakenly said this represents 55% of the Company, when it actually represents 5.5%. The equity moved 0.13p lower this morning to 2.45p.

The Daily Mail on Saturday briefly commented on the 0.38p rise in the shares of ReGen Therapeutics (RGN.L) last Friday, following a recent Placing. Shares in the Company, advanced a further 0.25p to 3.63p on Monday morning.

NB: Monday morning prices quoted were taken at the time of going to press at just after 10.30am.

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.

Croma Group (CMG) - Product developments.
Hereward Ventures (HEV.L) - Fund raising.
Oxus Gold (OXS.L) - Shareholder declaration.
Raft International (RFT.L) - Barclays Capital business.

Look out for this week

Monday 16 Feb - Nothing of note scheduled.
Tuesday 17 Feb - Housing pricing survey.
Wednesday 18 Feb - Bank of England minutes from Feb meeting.
Thursday 19 Feb - Retail sales and money supply.
Friday 20 Feb - Nothing of note scheduled.

The next Penny Share Review will be posted on Monday, 23 February 2004.

Compiled by Jason Robertson




Penny Shares Online - penny shares research and information service.



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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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