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Penny Share Review 280

04 April 2005

Press

The Mail on Sunday reviewed the progress of Bede (BED) in a very positive article, which concluded that it had been a good fourth quarter for the Company. Heavily increased sales and a healthy order book have both lead to hopes that a profit could be posted in 2005, earlier than originally forecast. The piece goes on to speculate that this revelation could see the shares move further forward. Indeed, this morning’s trading saw an increase of 1.25p to 53.25p.

Desire Petroleum (DES) featured in a Sunday Telegraph article regarding smaller oil companies. The piece surmised that low asset levels against the hopes of potential findings account for the high premiums of such companies. Desire slipped 1.50p to 45.0p this morning.

Ennstone (ENN) appeared in The Mail on Sunday, which suggested that corporate activity in this sector could indicate that the Company is well positioned for a takeover. The article reviewed the disposal of unwanted assets following the Johnston acquisition and stated that profit figures were in line with expectations. However, despite this the shares fell 0.75p to 42.75 this morning. An optimistic article covering Entertainment Rights (ERT) appeared in this week’s Mail on Sunday. The piece speculated that this year could be strong for earnings growth, compounded by a series of deals coming to light. Comparisons were drawn with HIT Entertainment, which was recently approached with a £490m cash deal by Apax, stressing the appeal of the Company and indicating that at current levels it appears cheap. This sentiment was mirrored by trading this morning leading to a price increase of 2.50p to 24.50p. The Daily Mail on Saturday pinned a price increase for Eckoh Technologies (ECK) on its acquisition of Anglia Telecom. This could certainly be the case, as this morning’s trading saw the price move forward by 0.13p to 9.63p. The disposal of almost 15% of Griffin mining (GFM) by RAB Capital was reported in The Sunday Telegraph. The shares were sold ‘secretly’ without any formal notification to the Company and the article mentioned that, although RAB had not broken any rules in its non-disclosure, other shareholders, namely Merrill Lynch and Gartmore, had chosen to disclose following similar circumstances. This news was reflected in trading this morning, which saw Griffin down 0.75p at 30.75p.

Monday’s Financial Times provided commentary on the deal between Knowledge Technology Solutions (KTS) and O2, through which the Company will be launching its MarketTerminal product. The system will rival offerings from competitors, such as Bloomberg and Reuters, to deliver real-time international market data to wireless users. The market for such data was estimated by Strategy Analytics as being worth $61bn last year, expected to grow rapidly, and interpretation of these developments has lead to an increase in the share price this morning of 1.00p to 6.75p.

Saturday’s Independent mentioned Legendary Investments (LEG) following Director, Zafar Karim, doubling his stake. Despite this news the shares remain unchanged this morning at 0.20p.

The Independent on Saturday noted rumours of a possible merger between Matrix Communications (MXC.L) and Azzurri communications. This would be treated as a reverse-takeover, due to the size of Azzurri, and such speculation could be attributed to the shares advance of 6.00p to 185p.

The Times on Saturday mentioned ReGen Therapeutics (RGT) following their funding of Proteome Sciences. The shares are unchanged at 1.80p this morning. Southern African Resources (SFU.L) appeared in the Financial Times this weekend in an article about the companies of Phil Edmonds, which outlined his track record in the resource exploration sector. Southern are down 1.50p to 25.00p this morning.

Monday morning prices above were taken near to 11.00 on 4th April 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.

Conroy Diamonds and Gold (CDG) – New Gold Targets Identified.

Egdon Resources (EDR) – Notice of Results.

Knowledge Technology (KTS) – Product Launch.

Legendary Investments (LEG) – Directors Shareholding.

SectorGuard (SGD) – Grant of Options.

Symphony Plastic Technology (SYM) – Distribution Agreement – Qatar.

Tanfield Group (TAN) – Preliminary Results.

Look out for this week

Monday 4th April – Final Results from Dragon Oil. EU Economic forecast.

Tuesday 5th April – Final Results from Bede. UK service sector survey from CIPS.

Wednesday 6th April – Nothing of note.

Thursday 7th April – UK Interest Rate Decision. Euro Interest rate Decision.

Friday 8th April – US Wholesale Inventories.

The next Penny Share Review will be posted on Monday, 11th April 2005.

Compiled by Chris Richards.

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