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Penny Share Review 285
09 May 2005
Press
The acquisition of Kelly’s Eye by Gamingking (GGK) was responsible for recent positive price movement, according to the weekend’s Financial Times. The piece stated that the addition of this profit making organisation will allow the Company to serve in excess of 5,000 clubs and this morning’s trading saw a further upturn of 0.08p as the share price reached 2.65p.
Final results from Griffin Mining (GFM) (See below) showed significant progress in its Chinese projects and were said to come as a reward for patient shareholders previewed in today’s Independent. The article suggested that Griffin was now able to deliver on its promises and is keen to assure investors that it will not blow its cash flow on new high-risk exploration ventures. The Mail on Sunday commented that it is unusual to see mining firms in a profitable position prior to production and that this was due to diligence in keeping costs low on its Chinese operations. There was also the suggestion of takeover rumours from the Canadian group, Ivanhoe. Moreover, the market seemed to interpret the results positively, as the share price increased by 1.75p to 35.25p this morning.
An increased profit forecast of £500,000 from broker Seymour Pierce for Oakdene Homes (OKD) was reported in Saturday’s Daily Express. The article suggested that this bullish action was on the back of the Company’s recent acquisition of Honeygrove. Nevertheless, the shares remained unchanged this morning at 130.50p. The weekend’s Financial Times noted pre tax losses that were recently posted by Screen FX (SFX) and the article reported that even news of a deal with shopping mall operators Westfield Shoppingtowns, meaning a potential advertising audience of 300m by 2006, was unable to shift the share price. This morning’s trading saw no further development, as the shares remained steady at 6.50p.
The Financial Mail on Sunday urged investors in Subsea Resources (SUB) to hold on for the ride, as the Company moved to bring forward salvage operations to July this year. The piece commented that Subsea will be working with an offshore engineering firm, the company that was responsible for salvaging oil from the sea-bed under a previous project, and anticipation could be responsible for a price increase of 0.25p as the shares traded at 29.50p this morning.
Virotec International (VTI) featured in the Sunday Express, which commented that Durlacher rated the shares as a ‘buy’ on Friday’s close. This move could be further to a major new contract win for the Company and the shares enjoyed a further increase of 0.25p as they rose to 25.25p during this morning’s session. Monday morning prices above were taken near to 11.00 on 9th 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.
Alliance Pharma (APH): Co-Promotion Agreement.
Alltrue Investmetns (ATR): Final Results.
Apace Media (APA): Sponsorship Agreement.
Formation Group (FRM): Director Shareholding.
Griffin Mining (GFM): Final Results.
Mercator Gold (MCR): Drilling Report.
Oil Quest (OILQ.L): Independent Evaluation.
Oxford BioMedica (OXB): European Patent Granted.
Teleunit (TLU): Re Agreement.
Look out for this week
Monday 9th May – UK Bank of England Interest Rate Decision and Producer Price Index.
Tuesday 10th May – Oxford Biomedica AGM.
Wednesday 11th May – UK Bank of England Inflation Report. US Federal Budget.
Thursday 12th May – iTrain Final Results. UK Housebuilding Data.
Friday 13th May – US Retail Sales.
The next Penny Share Review will be posted on Monday, 16thth May 2005.
Compiled by Chris Richards.
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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