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Penny Share Review 234

Monday 10 May 2004

The Sunday Telegraph rated Griffin Mining (GFM) as a 'Buy' since the Company and its assets are attractive to bigger firms due to high prices of zinc and gold. According to the newspaper, industry rumours suggest that both Anglo American and Ivanhoe Mines have had talks with Griffin, and negotiations on a buyout are likely to start at 50p a share, with management holding out for a lot more. The shares traded 3.5p higher on Monday at 28.5p.

I-documentsystems (IDOX) was featured in the FT, which informed investors of the acquisition of TFPL, a consultancy company, announced today. The newspaper commented that the acquisition more than doubles the size of the Company by turnover. I-documentsystems shares were unchanged on Monday morning at 11.75p.

According to the Daily Mail on Saturday, Fundamental-e Investments (FEI) could 'soon motor'. The newspaper wrote that the word is that its easy-to-use interactive telephone network is about be accessed worldwide. Shares in the Group increased by 0.5p to 10.13p on Monday.

The Observer on Sunday reported that Sibir Energy (SBE) is considering a legal action against Sibneft as its stake in the Russian joint venture, Yugra, has been diluted almost to nothing without its consent. A statement is expected to be made in the next fortnight. The shares are currently suspended at 28p.

The Times on Saturday mentioned the sale of 50,000 shares at 947p in WILink (WLK) by Non-executive Director Graham Morse. The shares were unchanged on Monday morning at 980p.

Mean Fiddler (MEF.L) was featured in the Daily Telegraph, which recapped on its business and commented on the positive outlook ahead of its final results announcement made this morning. The shares moved 4.5p lower on Monday to 52.5p.

The Independent says: "Listen out for another positive trading update" in IDN Telecom (IDN). Shares in the Group notched up a 0.55p rise to trade at 3.2p on Monday morning.

The Guardian on Saturday reported on CEO Michael Castledine-Wolfe's acquisition of 10,000 Supercart (SC.L) shares at 32.45p each. Shares in the Group were unchanged at 33.5p on Monday.

The Daily Express on Saturday said that Maclellan's (MLG) recent decline prompted Chairman Bob Morton to increase his stake by picking up 500,000 shares via his Southwind vehicle. Shares in the Group stayed the same price at 67.5p on Monday morning.

NB: Tuesday morning prices quoted above were taken at just after 10.26 am today.

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.

I-documentsystems Group (IDOX) - Acquisition.
IDN Telecom (IDNK.L) - Trading Update.
Griffin Mining (GFM) - Final Results.
Mean Fiddler (MEF.L) - Final Results.
Leisureplay (LPY.L) - SAR (Substantial Acquisition of Shares).

Look out for this week

Monday, 10 May - UK: Producer prices (Apr), ODPM house prices (Mar), BRC Sales monitor (Apr). Griffin Mining (F), Mean Fiddler (F).
Tuesday, 11 May - UK: Industrial production.
Wednesday, 12 May - UK: Unemployment (Apr), Average earnings (Mar), Trade in goods & services (Mar), BoE inflation report. Alliance Pharma (F)
Thursday, 13 May - Ger: GDP (Q1), US: Jobless claims, PPI (Apr), Retail sales (Apr).
Friday, 14 May - Eurozone: GDP (Q1), US: Business inventories (Mar), Ind. Production (Apr), CPI (Apr).

The next Penny Share Review will be posted on Monday, 17 May 2004.

Compiled by Özlem McCann

Penny Shares Online - penny shares research and information service.