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Penny Share Review 357

Monday 02 October 2006

Dowgate Capital (DGT) featured in Saturday’s Daily Mail, which commented that the share price had risen following the reverse takeover, for £4.6m in cash and shares, of Seymour Pierce Ellis. This momentum seemed to spill over into Monday morning’s trading, where the shares added a further 0.02p to reach 0.83p.

The Independent on Saturday suggested that interim results from Eurasia Mining (EUA), announced on Friday, were not as bad as feared and the share price had moved forward as a consequence. The price was unchanged at 5.00p this morning.

Saturday’s Independent reported that shares in Formjet (FMJ) had increased in price after it said it was close to announcing a key commercial agreement, which it did this morning (please see the announcement below). Moreover, The Independent today reported that Tesco is beginning to sell software through 100 of its stores, although the piece did not mention Formjet directly. The share price added 1.50p to reach 4.25p during trading this morning.

The Observer yesterday included an article titled “Return of the belted buccaneer” that looked at Greg Hutchings and Lupus Capital (LUP). It stated that further acquisitions for the Company are anticipated before long, but the current focus will remain Schlegel, which is benefiting from the boom in new housing and office developments. Furthermore, Saturday’s Independent suggested the Company is “quietly building a head of steam” after it announced pre tax profits of £3.88m last week, concluding with a “Buy” rating for the shares. The price remained 15.75p this morning.

Oakdene Homes (OKD) appeared in James Bartholemew’s column in the Telegraph on Saturday, which detailed that the shares are starting to “motor”. He reflected positively on the Newhaven development and commented that the Company may be big enough for institutions to buy into in a few years time. The shares remained unchanged at 190.00p this morning. The Daily Telegraph on Saturday reported on the insurance company Hiscox taking a 13.45% stake in Pavilion Insurance Network (PVL) at 7.75p. The article went on to note CEO Andrew Selby’s reaction “We’re delighted that they have taken such a considerable stake …” The share price added a further 0.25p this morning to reach 7.75p.

Subsea Resources (SUB) appeared in Saturday’s Independent, noting that the share price had slipped after bad weather had delayed 2 projects. The article went on to say that an analyst at Ambrian Securities, Anthony Nathan, had said that this news will be seen as slightly disappointing, even though the weather is out of the Company’s control. The shares fell by 0.50p to 35.50p this morning.

Shares in Western & Oriental (WEST) increased after the Company said trading was in line with expectations, according to The Independent on Saturday. The price was unchanged this morning at 13.50p.

The prices given above were taken between 9.07am and 9.57am on 2 October 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 Platinum (APP): New Order Right for Leeuwkop.

Cytomyx Holdings (CYX): AIM Suspension.

Dermasalve Sciences (DRM): Change of Advisor.

Ennstone (ENN): Acquisition.

Formjet (FMJ): Tesco Branded Products.

Oxford BioMedica (OXB): Gene Therapy for Blindness.

Pavilion Insurance Network (PVL): Launch of Laptopguard.

Proventec (PROV): Sale of Investment.

Univision (UVEL): Acquisition of Leader Smart.

Look out for this week

Monday 2 October – UK Manufacturing PMI (September).

Tuesday 3 October – UK Mortgage Equity Withdrawal (Q2). Eurozone Unemployment (August).

Wednesday 4 October – US Factory Orders (August).

Thursday 5 October – UK Interest Rate Decision. US Weekly Jobless Claim.

Friday 6 October – UK Manufacturing Output (August).

The next Penny Share Review will be posted on Monday, 9 October 2006.

Compiled by Chris Richards.

Penny Shares Online - penny shares research and information service.




Risk Warning

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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