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Penny Share Review 263

29 November 2004

Saturday’s Independent recaps upon its share tip for Accident Exchange (ACE) and the business model, which involves the loaning out of top of the range cars for those involved in accidents. The paper believes the shares are ‘worth a punt’. The shares continued their upward advance this morning, rising by 5p to 224.5p.

The gain in the share price of African Eagle (AFE) and Griffin Mining (GFM) on Friday caught the attention of Saturday’s Independent, that reported on market professionals comments that hedge fund RAB Capital had stakes in these exploration/mining groups. African Eagle moved higher by 4.25p to 31.75p following an announcement this morning, whilst Griffin Mining fell back 0.75p to 26.25p.

Rumours that Baltimore Technologies dispute with Earthport (EPO) “might be probed by regulators”, was reported by the Daily Express. The shares nudged up by 0.05p to 1.80p this morning.

The Mail on Sunday talked of some of the companies that might be effected by the political crisis in the Ukraine at the moment, including Europa Oil and Gas (EOG), which has an interest in a gas field in the country. Only one of Europa’s 12 projects is located in Ukraine. The stock remained unchanged this morning at 28.25p.

The announcement from Sibir Energy (SBE) on Friday that shares in the company will resume trading on AIM on 21 December, received wide spread press coverage. Saturday’s Telegraph briefly noted the company’s plan to buy Hitchens Global for $153.3m and a 10% stake in OAO Evikhon for $21.7m from Dana Petroleum. A ten for one share consolidation is also planned.

Ten Alps Communications (TAL) received blanket coverage in the weekend newspapers following the release of interim results last Friday. As the Weekend FT reported, Durlacher is forecasting a full year pre-tax profit of £1.6m before goodwill, which would represent a sizeable gain from last year’s £0.6m profit. This would put the shares on a forward pe of 14, at a discount to the media sector the paper calculates. Shares in the media company stood still at 47.5p today.

The warning from Vianet (VIA) that sales in the current year will fall short of hopes received a brief mention in the Saturday edition of the Independent. The stock rebounded slightly today by 0.13p to 5.75p.

Monday’s prices, quoted above, were taken just before 10am on 29 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.

African Eagle (AFE) – Licence expansion.

CMS Webview (CWV) – Trading update.

Formjet (FMJ) – Director dealing.

ILX Group (ILX) – Interim results.

Lombard Risk Management – Issue of shares.

London & Boston (LBN) – Management appointment.

Minco (MIO) – Placing and Director Dealing.

Virotec (VTI) – AGM.

World Television Group (WTV) – Loan Note Conversion.

Look out for this week

Monday, 29 Nov – UK consumer credit/mortgage lending.

Tuesday, 30 Nov – CBI retail sales survey.

Wednesday, 1 Dec – UK manufacturing.

Thursday, 2 Dec – Pre budget report from Gordon Brown and ECB interest rate decision.

Friday, 3 Dec – UK Services PMI.

The next Penny Share Review will be posted on Monday, 6 December 2004.

Compiled by Jason Robertson.

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