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Penny Share Review 246

Monday 02 August 2004

The Sunday Telegraph’s Edmond Jackson featured Advanced Technology (AVT.L) illustrating how its share price went all the way down to its current levels of 5p. Mr. Jackson points out that the directors are responsible for the production of accounts in a timely manner to avoid the shares from being suspended and that the flow of information between the executive and the non-executive directors has not been adequate. Furthermore, Mr. Jackson stated that institutions have rescued the Company on many occasions via fund raisings and that he does not see how the Group can be backed without assurances and a projection. Shares in Advanced Technology were unchanged this morning at 6.25p.

The Independent on Saturday said that investors warmed to Ennstone's (ENN) plans to buy Johnston Group. The stock was unchanged at 35.75p on Monday morning.

The newspaper also noted that Harrogate Group's (HGP) full-year results failed to impress investors and that Bede's (BED.L) share price rose on talk that news of a further deal, such as the one with a leading US manufacturer for its Bedemetrix product, could be 'just around the corner'. Shares in Harrogate Group moved down by 23% to 0.20p, while Bede saw its price increase by 2p to 28.25p on Monday.

The disposal of 50,000 Ten Alps Communications (TAL) shares by the CEO did not go a miss by the Independent on Saturday. The newspaper pointed out that the Group's shares have more than doubled over the past 12 months and that the CEO was cashing in on the Company's recent success. The stock went down by 2p to 43.50p on Monday morning.

The Independent on Sunday noted that Matrix Communications (MXC.L) is announcing three more acquisitions today, as a result of which the Company's Board will boast the former UK managing directors of Cisco Systems, Foundry Networks and Extreme Networks, three of the world's biggest network equipment businesses. Furthermore, the newspaper mentioned Betfair becoming a customer of the Group with a supply agreement worth £1.5m over the next two years. Shares in the Company rose by 0.03p to 3.63p on Monday.

The Daily Express on Saturday wrote that there was speculation that Motion Media's newly acquired business Scotty Group (SCO) was set to announce a deal to supply video-conferencing systems to a European finance house and that there was also talk of a US contract win for its Carestation product. The equity fell by 1.8% to 4.13p on Monday.

The newspaper also noted the bullish quarterly mining exploration update of Gippsland (GIP) whose shares were unchanged at 3.05p on Monday.

Energy Technique (ETQ) received a mention in the Daily Mail on Saturday, after it was tipped as a 'Buy' by broker Evolution Beeson Gregory at 5p. Shares in Energy Technique were up by 11.6% on Monday morning to 6.0p.

The Daily Mail on Saturday mentioned that Invox (INX.L) is buying a leading Internet service provider, Brightview, for £25m, which is partly financed by a Placing at 300p underwritten by Numis Securities. The shares were unchanged on Monday morning at 315p.

The Sunday Times mentioned Terry Ramsden had built a following among investors in the AIM and shares in companies, one of which is Leisureplay (LPY.L), have soared as he built significant stakes. The shares continued to go up on Monday morning to 21.63p.

The Mail on Sunday wrote that Planestation (PTG) was in talks with Air Montenegro and four other East European airlines for Kent International Airport. The shares remained the same at 5.97p on Monday morning.

Supercart (SC.L) was tipped in the FT (31 July/1 August), which pointed to the Group's distribution agreement with Caddie and the 20% hike in the share price last week. The shares were up by 1.5p to 22.50p from Friday's closing price.

Monday morning prices quoted above were taken at just after 11.19am on 2 August 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.

AeroBox (ARX) - Formal FAA approval for AKE2.
Eurasia Mining (EUA) - Initial exploration results.
Leisureplay (LPY.L) - Investments.
Multi Group (MLT) - Acquisition & Disposal.
Matrix Communications (MXC.L) - Multiple Acquisitions and Trading Update.
Tertiary Minerals (TYM) - Quarterly Report.
Virotec International (VTI) - Quarterly cash flow report.

Look out for this week

Monday, 2 August - UK: Manufacturing PMI (Jul).

Tuesday, 3 August - Eurozone: Unemployment rate (Jun), Producer Prices (Jun), UK: CBI distributive trades survey (Jul).

Wednesday, 4 August - UK & Eurozone: Service Sector PMI (Jul).

Thursday, 5 August - UK: Industrial Production (Jun), Bank of England Meeting (interest rate announcement).

Friday, 6 August - Osmetech final results. UK: Insolvency statistics (Q2).

The next Penny Share Review will be posted on Monday, 9 August 2004.

Compiled by ÖZLEM McCANN

Penny Shares Online - penny shares research and information service.