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Penny Share Review 372

Monday 22 January 2007

ADDLeisure (ADD) rated a mention in Saturday’s Express, following the small £0.25m fundraising on Friday. The price remained steady at 2.75p in trading this morning.

Strong recent gains at Croma Group (CMG) on the back of a bullish trading statement were the backdrop to news in Saturday’s Express that the Company was set to announce contract wins of about £1m, including a deal with MoD worth £530,000. See the announcement below for more detail. This news pushed the shares higher by 0.5p this morning, trading at 5.25p.

Geoff Foster in Saturday’s Daily Mail wrote that Galleon Holdings (GON) was sitting on news that would really get its share price rockin’ n rollin. According to informed sources, Sir Elton John, is the beneficial owner of a 24% stake in the Company. However, as yet the market hasn’t been informed one way or the other allowing speculation to grow. Other interesting names on the register include John Gildersleeve, chairman of Carphone Warehouse and EMI, while music group Sanctuary owns 3%, whose chief executive, Frank Pressland, is Sir Elton’s manager. It appears the intrigue surrounding Elton John has stimulated interest this morning as the shares were up by 2.75p at 15.5p.

Saturday’s Times picked up on market whispers of interest from Ivanhoe Mines, following last week’s sale by Griffin Mining (GFM) directors of about 4% of the Company to a private investor. The rumours suggested the stock ended up in a holding account in Bermuda, allowing the stake-builder to remain anonymous. The shares were ahead by 1.75p to 108.25p in trading this morning.

The City Diary in Saturday’s Times picked up on the return of the Lonrho name following Lonrho Africa’s (LAF) decision to drop the continent. Apparently, the name was owned by unknown party, which held up the name change. However, the Diary doesn’t suspect a return to the old days of feuds with Mohamed Al Fayed and a disregard for corporate governance. The shares were unchanged at 25.25p this morning.

Derek Pain in Saturday’s Independent reviewed the chequered history at Scotty Group (SCO) and noted that although there are signs that Scotty is making headway, progress is “tortuously slow”. The balance sheet is weak and he suspects some form of fundraising. Nevertheless, he believes they deserve a little speculative interest and could emerge as a rewarding high-tech player, but he doesn’t expect it to get to his previous dream target of 25p. The shares were unchanged at 1.375p this morning.

The prices were taken around 10.10am on Monday 22 January ’07.

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.

Business Control Solutions (BCT): Trading Update.

Croma Group (CMG): Contract wins.

Meridian Petroleum (MRP): Operations update.

Sareum (SAR): Collaboration with Janssen Pharmaceutica.

Tanfield (TAN): Trading update.

Tarquin Resources (TQN): Operations update.

Toledo Mining (TMC): Operations update.

Venteco (VTO): Acquisition.

Look out for this week

Monday 22 January – UK Rightmove and Hometrack house price index.

Tuesday 23 January – nothing of note.

Wednesday 24 January – UK Q4 GDP, MBA mortgage applications.

Thursday 25 January – Nexus Management (F).

Friday 26 January – nothing of note.

The next Penny Share Review will be posted on Monday, 29 January 2007.

Compiled by Andrew McLintock.

Penny Shares Online - penny shares research and information service.