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Penny Share Review 341
12 June 2006
The Independent today highlighted pressure on Michael Thomsen, Chairman of Cambridge Mineral Resources (CMR) to step down, as despite the resources boom of late, the company has not performed. Regardless of this speculation, the share price was unchanged at 4.00p this morning.
The share price of First Artist (FAN) ticked up following news of a sports event management joint venture with Complete Leisure Group, according to The Guardian on Saturday. However, the share price was unchanged this morning at 8.13p.
GB Group (GBG) appeared in The Business this weekend in an upbeat article that reported that revenues are coming through, but the cost of expansion pushed the Company into loss. It concluded that the business looks capable of making significant profits and may become an acquisition target, finishing with a “Buy” recommendation. The share price remained 35.25p his morning. The Sunday Telegraph reported that London Asia Capital (LDC) is planning to bring 8 Chinese companies to AIM this year with combined market caps of roughly £150m. The article went on to suggest that it will be investing in around another 40 companies or so in the next month, although not all destined for AIM and now has a presence in 20 of the 34 provinces in China, with new office opening (please see below). Monday morning’s trading saw the share price rise by 0.75p to 20.00p.
Rumours of increased resource estimates from Runruno were unable to shift the share price of Metals Exploration (MTL) according to The Times on Saturday. However, the share price did increase by 0.50p to 41.25p this morning.
Millbrook (MBK) received attention in The Business this weekend. The article suggested that many punters had got bored with the situation and misunderstood profits warnings, leaving an undervalued and under noticed business. It went on to say that there remains risk in the situation, but concluding with a “Buy” recommendation. The share price moved forward by 0.13p to 5.63p this morning.
Northern Petroleum (NOP) featured in the Express on Saturday, which reported positive share price movement following its license award over the Papekop oil field. The shares gained another 7.00p to reach 141.50p this morning.
A review of the resources sector in today’s FT included Ovoca Gold (OVG), noting its focus on Ireland along with African Diamonds (AFD), headed by John Teeling of Petrel Resources, remarking that the AK6 resource in Botswana may be bigger than first thought. Shares in African Diamonds ticked up 1.00p to 154.50p this morning, while those in Ovoca were unchanged at 7.38p.
Monday morning prices were taken between 9.00am and 10.00am on 12 June 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.
African Eagle (AFE): Drilling Report.
Eurasia Mining (EUA): Final Results.
Image Scan Holdings (IGE): Interim Results.
London Asia Capital (LDC): Office Opening.
Minco (MIO): Drilling Report.
Northern Petroleum (NOP): Reserves Upgrade.
Monday 12 June – Final Results from Eurasia Mining (EUA). Interim Results from Image Scan Holdings (IGE). Producer Price Inflation (MayLook out for this week
Tuesday 13 June – UK Inflation (May).
Wednesday 14 June – UK Unemployment (May). US Inflation (May).
Thursday 15 June – RICS House Price Survey (May).
Friday 16 June – US Current Account (Q1).
The next Penny Share Review will be posted on Monday 19 June 2006.
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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