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Penny Share Review 284

03 May 2005

Press

The Sunday Telegraph invited readers to “take a look” at Egdon Resources (EDR) and rated the shares as a “risky buy”. After an expensive move from Ofex to AIM, the Company emerged debt-free from the period and the 25%+ gain in the share price over the last month may lead to further upturn, according to the article, due to its foresight in the Portland gas storage project. This was certainly the case this morning, as the shares moved forward by 1.50p to 37.25p.

The Mail on Sunday noted that there are still positive oil stories out there and reported that City sources suggested shares in Europa Oil & Gas (EOG) might be undervalued. This morning’s trading saw an increase of +0.50p as the price rose to 32.00p

The Sunday Times reported on the acquisition of Newbold Enterprises by Gaming Corporation (GMC.L) claiming that its resultant ownership of Gambling.com will be the world’s largest gaming portal site. Positive interpretation of this news lead to an increase of 0.75p to 14.75p this morning.

A recent downward turn in the share price of Gladstone (GLD) presents investors with an opportunity to follow the Director’s lead and “consider buying on the current weakness” reported the Sunday Telegraph. The piece went on to say that sales are increasing and the recent dip in profits was largely attributed to the costly establishment of its Australian subsidiary. Monday morning’s trading saw a 2.00p improvement, with the shares reaching 23.75p.

London Asia Capital (LDC) featured in today’s Financial Times in an article that provided commentary on its advisory capacity within China. The piece noted that the Company was well positioned to take advantage of the growing energy industry, but that its small size was responsible for 90% of potential deals being turned away. The shares increase by 1.00p to 17.50p this morning.

An improvement in the share price of Oxford BioMedica (OXB) was featured in Saturday’s Times and was attributed to ongoing speculation surrounding bid interest from Johnson & Johnson. The shares enjoyed a further increase of 1.50p to 30.00p this morning.

The Independent on Sunday commented on the recent acquisition of Donhost by Pipex (PXC.L) noting that it furnished its 22-year old owner with £4.5m. The acquisition was the third of similar buys having paid £16m to the owners of Nildram and Host Europe. The shares increased by 0.13p to 7.88p this morning.

Monday morning prices above were taken near to 11.00 on 3rd May 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.

Advanced Medical Solutions (AMS): Agreement with Baxter.

Avionic Services (ASR.L): Trading statement.

Coffeeheaven (COH): Trading update and Acquisition.

Eckoh Technologies (ECK): Completion of Acquisition.

Galahad Gold (GLA): Directorate Change.

Gaming Corporation (GMC.L): Acquisition of Gambling.com.

Highams Systems (HSS): Directorate change.

Interregnum (ITR.L): Acquisition.

London Asia Capital (LDC): Further Corporate Mandates.

Sopheon (SPE): Contract Win.

Look out for this week

Tuesday 3rd May – UK Manufacturing survey from the Chartered Institute of Purchase and Supply. Eurozone unemployment rate.

Wednesday 4th May – Mediasurface Interim Results. Eurozone Retail Sales.

Thursday 5th May – UK General Election. UK Retail Consortium Shop Price Index. US Jobless Claim.

Friday 6th May – US Consumer Credit. UK Insolvency Data.

The next Penny Share Review will be posted on Monday, 9th May 2005.

Compiled by Chris Richards.

Penny Shares Online - penny shares research and information service.




Risk Warning

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.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddeson, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.