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Penny Share Review 231

Monday 19 April 2004

According to Saturday's Daily Express, investors were still warming to the positive drilling update from Cambridge Mineral Resources' (CMR) Lomero Poyatas project, among them is RAB Capital who increased its holding to 23.8%. At 11.15 the shares were up 0.63p from Friday's close at 15.25p.

Talks with the new Greek government about the Sappes exploration project helped the shares of Greenwich Resources (GRWA) move forward on Friday, reported Saturday's Independent. The shares were unchanged from Friday's close of 2.75p at 11.16.

Griffin Mining (GFM), according to Edmond Jackson of the Sunday Telegraph, "has become a favourite on AIM this year, with its shares rising from 17p to test 30p". Mr Jackson calculated a fair value for the shares at about 30p, but he admitted this might have been conservative, as he built in quite a large margin error to account for the higher risk in relation to the industry and the country. Despite this he considers Griffin to be an "attractive long-term play, so long as one appreciates the potential for bumps along the way". He added that commercially Griffin "looks set to progress", as the outlook for zinc prices is fair and the geological fault system at its deposit in China also has good upside potential as a gold resource. The shares were ahead by 0.50p from Friday's close at 11.11 and stood at 27.25p.

The acquisition of Rochdale Development by London & Boston Investments (LBN) makes it into the market report section of Saturday's Independent. Rochdale is the holding company for a trading subsidiary, Moore & Bickle, which produces flexible packaging products. London & Boston will pay a maximum of £2.975m in cash for the profit-making business. We also learned today (Monday) of a new contract in China for another of LBN's trading subsidiaries, Audiotel (see announcement below). At 11.16 the shares were up by 0.50p from Friday's close to stand at 10.75p.

Northern Petroleum (NOP) has been drumming up support this week, according to Geoff Foster of the Daily Mail. Saturday's edition highlighted that one institution (Invesco) was so impressed with the Company's presentation that it filled its boots. On the back of this the shares moved ahead on Friday and were up again this morning, probably as a result of Mr Foster's comment. The shares were up 0.38p from Friday's close and had reached 8.50p by 11.17.

Sopheon's (SPE) contract win with Airbus was previewed in this morning's (Monday) Independent (see link below). The Company's software product, Accolade, is part of a new software system that has been sold to Airbus by Siemens that will ensure designers across the group, and its contractors, can be kept up to date with national and international safety and technical standards. At 11.18 the shares were up 1.25p from Friday's close at 28.00p.

TripleArc (TPA) featured in the stockwatch section of Saturday's Times. The paper commented that despite a series of new contracts since the acquisition of Access Plus, the most recent of which came last week when it signed up BAA, the shares have disappointed. The poor performance was put down to, among other things, Access Plus shareholders cashing in their profits. However, the acquisition has put TripleArc in a stronger position, as it can now go for larger contracts with bigger companies. The shares were up by 0.25p from Friday's close at 11.18 and stood at 18.50p.

Saturday's Daily Mail picked up on an upbeat trading statement by Virtue Broadcasting (VTB.L). Full year results are anticipated to be in line with expectations and it has won business from more than 40 new clients including Pernod Ricard and Alliance & Leicester. The shares were unchanged from Friday's close of 4.75p at 11.26.

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.

BioProjects (BIP) - Exercise of Warrants.
London & Boston Investments (LBN) - Contract.
Matrix Comms (MXC.L) - Joins LINX.
Ofex Holdings (OFX.L) - Result of AGM.
Quiktrak Networks (QTR.L) - Tracking Technology.
Sopheon (SPE) - Airbus contract.
Warthog (WHOG) - Holdings in Company.

Look out for this week

Mon, 19 Apr - UK retail sales (Mar)
Tue, 20 Apr - Virtue Broadcasting EGM
Wed, 21 Apr - Deal Group Media (9 Months), Maverick Entertainment (F), NWD (F).
Thr, 22 Apr - UK CML mortgage lending (Mar).
Fri, 23 Apr - UK GDP estimate (Q1).

The next Penny Share Review will be posted on Monday, 26 April 2004.

Compiled by Andrew McLintock

Penny Shares Online - penny shares research and information service.