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Penny Share Review 229

Monday 05 April 2004

The Independent and Express on Saturday noted the 0.15p rise in the shares of Coffeeheaven (COH) on Friday, in response to its ambitious expansion plans in Eastern Europe. Shares in the Group stood firm at 1.38p on Monday morning.

The Sunday Telegraph rates Galahad Gold (GLA) as a 'Buy', saying the recent fall in the share price is overdone and that the shares stand some way short of the 30p a share valuation placed on it by broker Seymour Pierce. The stock was unchanged at 12.50p, just before 11am today.

Shares in Gaming Corporation (GMC.L) moved higher last week, as talks over an acquisition were said to be "moving swiftly", according to the Independent on Saturday. Gaming's shares remained unchanged at 2.75p this morning.

According to Saturday's Independent, the shares in IDN Telecom (IDN) rose on Friday due to speculation that a bullish trading is due this week. IDN shares ticked 0.03p higher to 3.00p on Monday.

The achievement of 'in-line' results from iTrain (IRN.L) are noted by the Daily Mail on Saturday. The paper notes the 'Speculative Buy' recommendation from house broker Corporate Synergy and scope for profit momentum continuing into 2004. Shares in iTrain traded unchanged at 11.50p this morning.

The Guardian from Saturday, mentions that rumors of a tie up between Mano River Resources (MANA) and BHP Billiton in Sierra Leone and also speculation that its diamonds and gold interests could be spun off, moved the shares higher last week. The stock traded at 14.13p this morning, unchanged from last Friday.

The Daily Mail from Saturday talks about London Asia Capital's (LDC) plan to build a Chinese investment bank and of its string of stakes in small companies in the country. The paper notes the risks of the Asian bubble possibly bursting, Chinese politics and the requirement to raise further funds. Nevertheless, the article concludes by saying that if LDC succeeds "it could become a bid target for a Western Bank keen to go east. At 17.75p, the rewards could exceed the risks." LDC's shares retreated 0.25p to 17.50p this morning.

Today's Independent notes the 'big changes' taking place at OFEX Holdings (OFX.L), such as the move to a competing market making system that is hoped to commence in the early part of the summer. The paper also speculated on the appointment of a fifth market maker soon. Ofex shares moved a penny higher on Monday to 29.50p.

Today's Independent reported on Parallel Media's (PAA) plan to raise new funds to promote a new Asian Series and to pay back director loans, following the acquisition of World Sports' 50% stake in the Asia PGA Tour. The stock dropped 0.63p to 4.00p on Monday morning.

Several of the weekend newspapers reported on Pipex Communications' (PXC.L) agreed 2.49p bid for Host Europe (HER). The Independent from Saturday notes that analysts like Pipex's strategy of bolting providers together and cutting costs. Pipex shares traded unchanged at 11.38p this morning, while Host Europe moved 0.01p lower to 2.48p.

Saturday's Telegraph recaps on the Board changes last week at Planestation (PTG) and of trader speculation that around 10 people have already left the Company, from the planning and business development area. Shares in the Group moved 0.33p higher to 4.85p this morning.

The Independent on Saturday reported that a Rage Software action group formed by Leon Kaye, is preparing to take legal action against the Company's stockbroker and auditor. The action group claims that private investors were misled by a fund raising document issued in May 2002. The shares were delisted last year.

Talk that SectorGuard (SGD) will follow up its acquisition of Abbot Security with another deal soon, moved the shares higher by 0.25p, the Independent from Saturday noted. Shares in SectorGuard moved 0.13p lower to 4.38p this morning.

The Weekend FT reported on the improved result figures from Sopheon (SPE), which has benefited from the implementation of a restructuring programme. The stock dropped 3p to 30.75p on Monday morning.

Monday morning prices were taken at just before 11.00am on 5 April 2004.

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.

Mean Fiddler Music Group (MEF.L) - Festival update
ReGen Therapeutics (RGN.L) - Research Update and NY presentation.
Tandem Group (TND) - Final results
Zi-Medical (ZIM.L) - Final results

Look out for this week

Mon, 5 Apr - Zi-Medical (F), UK industial production and manufacturing output.
Tue, 6 Apr - Nothing of note.
Wed, 7 Apr - Nothing of note.
Thr, 8 Apr - BoE interest rate decision, UK trade figures.
Fri, 9 Apr - UK Public holiday.

The next Penny Share Review will be posted on Tuesday, 13 April 2004.

Compiled by Jason Robertson

Penny Shares Online - penny shares research and information service.