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Penny Share Review 235

Monday 17 May 2004

Cambridge Mineral Resources (CMR), which admitted to early-stage offer talks last week, lost some ground on Friday, as hedge fund RAB Capital sold six million shares cutting its stake to 20.2%. According to The Times, followers of the Company saw the timing of the sale as being odd, as RAB is expected to visit CMR's Lomero-Poyatos project in Spain. The shares were down 0.50p at 17.00p from Friday's close.

The Sunday Express featured Ennstone (ENN) and reported on Arbuthnot's estimates that despite environmental constraints, its assets are worth much more that the book value of 45p per share and advises to buy at 37p. The shares were down by 1.00p at 36.00p from Friday's close.

Galahad Gold (GLA) featured in Edmond Jackson's 'Private Investor' column for The Sunday Telegraph. He noted that after the Company's switch into resources the shares ran as high 27p, but reversed on the back of a sell recommendation by the Investors Chronicle in February. Investors Chronicle questioned aspects of Galahad's asset base. However, the Company is confident that its deposit will "prove up" and this view was supported by the purchase last week of 2.5m shares at 11.45p by Jim Slater, the deputy chairman and finance director. Mr Jackson reckons that having overlooked gold-related shares so far; increasing political and economic uncertainties favour some exposure as a portfolio hedge. The shares were unchanged from Friday's close at 12.75p.

Evidence of stake building in Gladstone (GLD) saw the shares move forward in trading on Friday, according to Saturday's Independent. The shares were down by 0.75p at 14.75p from Friday's close.

I-documentsystems (IDOX.L) featured in Saturday's Times' 'Stockwatch' column. It is not the "most glamorous of companies", but "this year it should turn a profit". Changes to the way the government works in terms of E-government, the Freedom of Information Act (which comes into force next year) and the Gershon Review could provide new opportunities for Idox. The shares were off 1.00p at 9.75p from Friday's close.

Shares in London Asia Capital (LDC) were up on Friday as investors' minds had been focused on the prospects for UK business in China according to Saturday's Guardian. This comes on the back of the recent visit to the UK by the country's prime minister Wen Jiabao. The shares were off by 0.25p at 15.75p from Friday's close.

The Daily Mail from Saturday picked up on the reassurances to investors by Petrel Resources (PET), as it stated that it continues to push on in Iraq. The Company added that it employs trustworthy Iraqis and security is not a problem. The shares were off 2.50p from Friday's close at 42.00p.

Pipex Communications (PXC.L), according to The Sunday Telegraph's Small Cap Comment, is the UK's sixth-largest supplier of broadband services. At the end of March is had 120,000 business and residential customers, making it bigger than the combined customer base of rivals Demon, One-Tel and NTL. Pipex is growing quicker than its competition by signing up an average of 6,000 customers each month. Analysts argue that the stock is trading on a 70% discount to its peers based on sales growth models and it also expected to benefit from BT's decision to cut the cost of broadband access for its rivals by 70%. The paper recommends to 'Buy'. The shares were unchanged from Friday's close at 9.00p.

Events at Planestation (PTG) appear to be moving ahead, as the Company revealed after the market close on Friday that it had dismissed its property director Geoffrey Lansbury and that it has entered into exclusive talks with Langtree Group about the sale of the International Garden Festival. Saturday's FT noted that Mr Lansbury is now on "gardening leave" until May 2005 continuing to draw a salary of £190,000. The shares were off by 0.28p from Friday's close at 4.63p.

The situation at Sibir Energy (SBE) comes under review in Saturday's Independent. The supposed dilution of its holding in a joint venture with Roman Abramovich's Sibneft oil business has been the headline of recent weeks, but gossips have continued to speculate. One story picked up by the Independent is that the mayor of Moscow's wife has a part of the 36% holding registered as belonging to Russian entrepreneur Chalva Tchigirinski. However, the Company denied this story. The shares remain suspended.

Toad (TOA.L) moved ahead on Friday on expectations about Tuesday's (18 May) annual meeting, according to Saturday's Daily Telegraph. The shares were down 1.00p from Friday's close at 20.50p.

NB: The prices quoted above were taken around 10.30 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.

Cardpoint (CASH) - Suspension - In talks with HBOS.
Gippsland Ltd (GIP) - Tantalum Offtake Agreement.
Hereward Ventures (HEV.L) - Acquisition.
Matrix Communications (MXC.L) - Director Change.

Look out for this week

Monday, 17 May - Mice Group (F).
Tuesday, 18 May - DataCash (AGM), UK RICS Housing market survey (Apr).
Wednesday, 19 May - Advanced Medical Solutions (AGM), UK Bank of England meeting minutes.
Thursday, 20 May - UK Retail Sales (Apr).
Friday, 21 May - UK CML mortgage lending (Apr).

The next Penny Share Review will be posted on Monday, 24 May 2004.

Compiled by Andrew McLintock

Penny Shares Online - penny shares research and information service.