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Penny Share Review 350

14 August 2006

Saturday’s Times featured Eckoh Technologies (ECK) under its “Rumour of the day” section, commenting that the share price had risen following talk that a bid approach had been received. The Independent today also reflected this theme, but went into a little more detail, reckoning that the potential deal valued the Company at more than £50m. The talks were confirmed this morning (please see below) and the momentum continued, as the shares increased by 0.75p to 14.00p.

IDN Telecom (IDN) appeared in the Daily Mail on Saturday, reporting that SQC Research recommends to buy at 2.125p, due to the Company being undervalued and open to a bid. An increase in the share price of 0.15p was witnessed during this morning’s trading, as it reached 2.27p.

The share price of ILX (ILX) benefited from an upbeat AGM statement, which spoke of encouraging trading in the first quarter, according to Saturday’s Guardian. The shares were unchanged this morning at 97.50p.

The Guardian on Saturday highlighted problems for Newmont Mining concerning a large tax bill, operating in Uzbekistan, under its “Golden Opportunity” section. It went on to note that this had spurred Oxus Gold (OXS) to announce that it did not face similar difficulties and the Company’s share price had risen following this declaration. Further increases of 2.50p occurred this morning, as the shares reached 38.50p.

Subsea Resources (SUB) received various press attention at the weekend, appearing in Saturday’s Independent, which reflected on last week’s news of a copper salvage. It stated that broker Ambrian reckons the cargo could be worth £17m and that a further 4 projects could be worth £93m and the piece concluded with a “Buy” recommendation. Meanwhile, Saturday’s Telegraph reported that with a share price of 40.5p, the Company is valued at £46m with significant potential. The share price seemed to react positively to this attention during this morning’s session, as it added 0.50p to reach 40.50p.

The prices given above were taken between 9.00am and 9.37am on 14 August 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.

Eckoh Technologies (ECK): Rule 2.10 Announcement.

Formjet (FMJ): Interim Results.

Global Marine Energy (GME): Orders Secured.

Greatland Gold (GGP): Exploration Update.

Mano River Resources (MANA): Update on Diamond Exploration.

Osmetech (OMH): Holdings in Company.

Sunrise Diamonds (SDS): Join Venture Acquisition.

Tepnel Life Sciences (TED): Interim Results.

Look out for this week

Monday 14 August – UK producer Prices (July).

Tuesday 15 August – UK RICS Housing Market Survey (July) and Consumer Prices (July).

Wednesday 16 August – UK Unemployment (June/July) and Average Earnings (June). US Housing Starts (July).

Thursday 17 August – UK Retail Sales (July). US Leading Indicators (July).

Friday 18 August – UK Public Finances (July). US University of Michigan Confidence (August).

The next Penny Share Review will be posted on Monday, 21 August 2006.

Compiled by Chris Richards.

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