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Penny Share Review 335

02 May 2006

The Sunday Telegraph invited its readers to “keep buying” shares in Griffin Mining (GFM) after the Company has delivered on its plans to build mines in China and has benefited from the recent prices of Gold and Zinc. It went on to report that demand for Zinc is expected to remain strong and that the Company is debt free with strong cash flow. Collins Stewart has upgraded its price target to 121p and following this positive attention, the share price gained 4.50p to 90.75p this morning.

Meridian Petroleum (MRP) appeared in the weekend’s The Business, which commented that the Company is looking strong. This sentiment was mirrored in trading activity this morning, as the shares rose by 3.25p to 37.50p.

The Business this weekend highlighted Rift Oil (RIFT.L) as a “potential speculative young superstar”, but acknowledged that the boat may have been missed and if the price had reached 12p readers should “let it go” and look towards Sefton Resources (SER). Shares in Rift climbed to 11.00p, increasing by 1.13p during Monday morning’s trading, whilst Sefton added 0.08p to 0.57p.

Screen FX (SFX) appeared in Saturday’s Daily Mail, highlighting the EGM approval of the fundraising and commenting on “interesting” new investors, such as entrepreneur Nigel Wray, getting involved. The Drakes Circus deal in Plymouth was also noted and the share price increased by 0.25p to 1.38p during this morning’s session, following the transport deal announcement (please see below).

Subsea Resources (SUB) formed part of The Daily Telegraph today, which reported that the company will begin lifting cargo from project Celia in June, with projects Sally, containing 8,500 tonnes of aluminium and Miranda, containing 4,500 tonnes of nickel to follow. The Company hoped to recover £150m of contents over the next 2 years. The share price remained unchanged at 38.75p this morning.

Saturday’s Express highlighted the CEO of Tanfield (TAN) reducing his holding to 25 million shares after selling 5 million shares at 19.3p. Regardless of this activity, the shares climbed by 1.00p to 24.25p this morning. Tuesday morning prices were taken at around 10.00am on 2 May 2006.

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.

Aerobox (ARX): $3m financing.

Bella Media (BLL): Californian 3D-imax approval.

Carpathian Resources (CPN): Director shareholding.

Central China Goldfields (GGG): Change of Advisor and New Business License.

Computer Software (CSW): Acquisition.

Eurasia Mining (EUA): Kola Exploration starts.

Formation Group (FRM): Interim Results and Change of Advisor.

Hardide (HDD): Update in US Facility

Matra Petroleum (MTA): Blue Topaz-9 Update.

Oxford BioMedica (OXB): Encouraged by Retinostat Data.

PSG Solutions (PGS): Trading Update.

Screen FX (SFX): New agreement award.

Look out for this week

Tuesday 2 May – Interim results from Formation Group (FRM). BBA Mortgage Lending full release.

Wednesday 3 May – BRC Shop Price Index (April).

Thursday 4 May – Final results from iTrain (IRN.L). Bank of England Interest Rate Decision.

Friday 5 May – Final results from NWD Group (NWD.L).

The next Penny Share Review will be posted on Monday 8 May 2006.

Compiled by Chris Richards.

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