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Penny Share Review 259

01 November 2004

The Guardian and the Independent on Saturday reported the termination of takeover talks in Eckoh Technologies (ECK) with Carphone Warehouse. The shares are unchanged at 9.13p from Friday’s close.

The Independent on Saturday reported on Earthport (EPO) delivering its stored value product to credEcard. The shares are up by 4.3% from Friday’s close at 1.23p.

The Independent wrote that Surgical Innovations (SUN) was being circled by brokers keen to snatch it away from its current advisor, Westhouse. According to the newspaper, if a City charm offensive by the management combines with a new broker keen to bring acquisition opportunities to the Company, then the shares could be worth watching. The shares are unchanged from Friday’s close at 2.13p.

The Independent on Saturday noted ITrain’s (IRN.L) news of a contract to supply its training courses for Microsoft’s Windows XP to a number of German banks. The shares are unchanged from Friday’s close at 9.5p.

Several newspapers, including the Independent, the Times and the Guardian on Saturday, commented on a large seller in Pipex (PXC.L), possibly David Richards who is a former director, being cleared from the market. The Independent wrote that analysts expected the stock to continue to make progress, while the Guardian noted that with that drag now removed, the shares could have a run. The shares were up 1.5%p from Friday’s close to 8.38p.

The Independent on Saturday reported that brokers had cleared a large stock overhang in GB Group (GBG) from the market. The shares are up 0.75p to 20.75p from Friday’s close.

The Daily Express on Saturday featured Northern Petroleum (NOP) and noted that helped by the recent interest in oil stocks, the Company had seen its shares surge. The shares are up 1.3% to 9.88p from Friday’s close.

The FT noted the rescue plan for Ofex Holdings (OFX.L) would be approved today after the Board unanimously rejected a rival offer from Shield Investments at the weekend. Shield’s bid had proposed providing £2.5m of funding and a restructuring that would leave existing shareholders with 40% of the enlarged company and retain the Jenkins family in the running of Ofex. The Company was also featured in several newspapers including the Guardian and the Daily Mail. The shares are up by 17.4% to 6.75p from Friday’s close.

Triplearc (TPA) was featured in the Daily Mail on Saturday in the ‘Broker Buys’ section. The newspaper noted Altium Securities’ ‘Buy’ recommendation at 20p due to substantial earnings growth profile. The shares are up 2.5% to 20.75p from Friday’s close.

The Daily Telegraph on Saturday reported on the battle over the fate of Ennstone (ENN) that ended with a victory for the CEO Vaughan McLeod over three of his largest shareholders. The CEO won the support of 56% of shares cast at an EGM for his plan to buy Johnston Group. The shares are down 0.5p to 35p from Friday’s close.

Monday’s prices, quoted above, were taken around 11.07am on 1 November 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.

Black Rock Oil & Gas (BLR) – Drilling report.

Electric Word (ELE) – Change of Advisor.

Ennstone (ENN) – Offer wholly unconditional.

Galleon Holdings (GON) – Change of Advisor.

Hot Group (HOT.L) – The appointment of new managing director.

IDOX (IDOX) – Trading Update.

Interactive Digital Solutions (IGL) – Extension of Option Agreement.

Media Square (MSQ) – Disposal.

Ofex Holdings (OFX.L) – Rejection of proposed offer & Result of EGM.

Ormonde Mining (ORM) – Option agreement.

Tertiary Minerals (TYM) – Quarterly report on exploration activities.

Look out for this week

Monday, 1 Nov – AGM: Cheerful Scout & Maverick Entertainment. UK: PMI manufacturing (Oct)

Tuesday, 2 Nov – UK: CBI distributive trades (Oct), US: Presidential elections.

Wednesday, 3 Nov – UK: PMI services (Oct), Ger: Unemployment (Oct).

Thursday, 4 Nov – UK: Bank of England meeting, US: Jobless claims, Eurozone: Unemployment rate.

Friday, 5 Nov –UK: Industrial production (Sep), Eurozone: Retail sales (Sep), OECD leading indicator US: Non-farm payrolls.

The next Penny Share Review will be posted on Monday, 8 November 2004.

Compiled by Özlem McCann

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