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Penny Share Review 306
03 October 2005
Press
News of Apace Media’s (APA) acquisition of MM Televizia, which has a record label and two TV channels in Bulgaria, made it into the weekend’s FT. MM Televizia was described by the Company as the “MTV of Bulgaria” and marks the beginning of its strategy to expand into Bulgaria and the Czech Republic and allow it to benefit from the expected growth in the eastern European advertising market. The shares were unchanged at 0.98p this morning.
Saturday’s Daily Express reviewed the week’s events at Deal Group Media (DGM) and highlighted the profits warning and the chief executive and chairman buying shares, who judged the market had been too harsh. The shares were unchanged at 7.50p this morning.
The Mail on Sunday featured developments at Plus Markets Group (PMK) following shareholder approval to raise £2.5m to fund a new share-trading platform to rival the current LSE system. The new system could make it cheaper to deal in AIM shares and has been backed by institutions such as Close Brothers, the parent firm of market makers Winterflood. Elsewhere, the City’s free newspaper, City A.M. noted that last week had been a good week for Ofex following three new admissions. The shares edged forward by 0.13p to 8.75p in trading this morning.
Subsea Resources (SUB) has found the going at sea more difficult than expected according to Saturday’s Daily Mail. It aimed to be recovering cargoes by now and still hopes to do so in October, but worsening weather could delay this to March. The Company have conceded that they are a bit behind, but are upbeat given the ability to find its target in the face of tornadoes, hurricanes, engine failure and remote-vessel failure. Despite this the newspaper concluded that real action has been put back to spring and “the shares face a long winter”. The shares were down by 1.50p to 32.50p on the comment.
Friday brought a flurry of results and Saturday’s Telegraph featured four companies in its market report. Aquilo (AQL) rallied after noting it has a positive outlook for 2006, while for the other three it was described as a bloodbath. Harrogate Group (HGP) slumped after revealing losses at its trading subsidiary, Axiom, had become unsustainable. Widening full-year losses at Real Affinity (RAF) sent the shares tumbling, although there was no mention of the contribution that the disappointing bid by Langbar had made. TripleArc (TPA) crashed to a new low after it announced £1m of costs were misallocated, resulting in a profit overstatement. Aquilo was unchanged at 2.00p, Harrogate was down 0.02p to 0.09p, while Real Affinity and TripleArc had edged forward by 0.01p and 0.13p to 0.42p and 3.63p respectively.
Monday morning prices were taken near to 10.40am on 3 October 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.
Corpora (CP/.L) – Final Results.
Eckoh Technologies (ECK) – Pre Close trading update.
Galleon Holdings (GON) – Director Change/Contract Win.
Image Scan Holdings (IGE) - Issue of Options.
Plus Markets Group (PMK) – Holdings in Company.
Qonnectis (QTI) – Change of Adviser.
Stanelco (SEO) – Patent Disposal & Update.
Tecteon (TEO.L) – Contract/Contract Update.
Look out for this week
Monday 3 October – nothing of note.
Tuesday 4 October – nothing of note.
Wednesday 5 October – nothing of note.
Thursday 6 October – BoE interest rate decision.
Friday 7 October – nothing of note.
The next Penny Share Review will be posted on Monday 10 October 2005.
Compiled by Andrew McLintock.
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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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