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Penny Share Review 274
21 February 2005
Press
Stake-building in Bits Corp (BIT.L) by major shareholder Mick Baxter was picked up by Saturday’s Independent. He added 300,000 shares to take his holding to 1.8m or 4.2%. The shares perked up again this morning moving ahead by 1.38p to 11.13p.
Ennstone’s (ENN) disposal of Johnston Group’s engineering division was noted in the Weekend FT. The sale involves two separate deals: the European road sweeper business will be sold to Swiss Group Bucher Industries for £20.5m, while the North American sweeper business is subject to an MBO for £5.74m. The shares have risen recently on the back of recent consolidation in the aggregates industries. The shares were up by 0.50p to 45.00p.
Galahad Gold (GLA) is viewed by Jim Slater, the Company’s deputy Chairman, as his best investment of recent times. Slater is featured in the Sunday Times’ ‘Fame and Fortune’ interview. The shares were unchanged at 12.75p.
The rumour of the day in Monday’s Times involved Griffin Mining (GFM), as speculation grew that it is “being circled by major players in the mining market including Anglo-American and the Vancouver-based Ivanhoe Mines. The shares were up by 1p to 34.75p.
London Asia Capital (LDC) was featured in the FT’s ‘Weekend share watch’ column. The article noted, “the shares might look expensive” and are now trading at a premium to net asset value, but this “does not reflect shareholders’ hopes of significant windfalls when investments float in the US or UK.” The first, China Financial Services, in which LDC has a 48% stake – worth about £7m – is “expected this year”. The article continued, “Its fortunes inevitably rest on how well China does. Analysts forecast growth of 8%…but there is always a risk that something – whether political or economic – could derail these estimates”. The shares appear to have moved ahead on the comment and stood at 23.00p up 3p in trading this morning.
The Weekend FT picked up on the acquisition by Metals Exploration (MTL) of the Jaclupan Project on Cebu Island in the Philippines. An agreement with Metex Mineral Resources to buy the rights to an exploration permit application once it has been granted covering more than 3,300 hectares. Gold and copper mineralisation has been found in four localities and the project “will be a priority target for follow-up exploration and possibly drilling in 2005”. The shares were unchanged at 12.13p.
SRS Technology’s (SGY.L) hopes of gaining from a rise in government funding for technology to help the elderly was reported by Saturday’s Express. SRS produces a touch-screen remote-control system for doors, windows and appliances, such as TV’s, phones and computers. It has so far supplied more than 650 systems and is confident sales growth will continue. The sales director highlighted that housing associations want this kind of equipment and that 1m disabled people could benefit from the devices. The shares were unchanged at 4.50p.
Monday Morning prices above were taken just after 10.00am on 21 February 2005.
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.
Gaming Corporation (GMC.L) – Launch of Poker Site.
Look out for this week
Monday, 21 Feb – US public holiday.
Tuesday, 22 Feb – Media Square (F), Electric Word (F).
Wednesday, 23 Feb – Dickinson Legg (I), UK MPC meeting minutes (Feb)
Thursday, 24 Feb – Access Intelligence (F)
Friday, 25 Feb – UK GDP (Q4).
The next Penny Share Review will be posted on Monday, 28 February 2005.
Compiled by Andrew McLintock
Penny Shares Online - penny shares research and information service.
There is an extra risk of losing money when shares are bought in some smaller companies including 'Penny Shares'. There is a big difference between the buying price and the selling price of these shares. If they have to be sold immediately, you may get back much less than you paid for them or you may have difficulty in selling them. Past performance is not a reliable indicator of future results. The price may change quickly and it may go down as well as up. You could lose every penny put into a particular share.
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