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Penny Share Review 392

Monday 11 June 2007

Some welcome comment for Immersion Technologies (ITI.L)(formerly St James’ Energy) came from The Times on Saturday. The shares, which have undergone a 7-for-1 consolidation, have been under some pressure since the reverse takeover of the innovative flat-panel loudspeaker maker. The paper believes the selling has been for two reasons – resources investors coming out because it left behind the original chosen sector and the fact that ‘rival’ NXT has reported poor trading news. However, The Times reported that, “some believe the tide could turn”, with a trading statement (perhaps this week) including an update on its Chinese manufacturing plant and deals with Aston Martin and Jaguar coming through a tie-up with in-car hi-fi company, Alpine. Despite the positive report, the shares were marked down 0.125p again this morning, to sit at 6.5p-mid.

The ‘At A Glance’ column of Saturday’s Daily Mail included the rather dismal recent share price graph for London Asia Capital (LDC), under the title ‘Asian Ache’. It noted the Group’s investment in China Exchange, which has itself spent over £7m investing in three Chinese businesses. Interestingly, one of the businesses allows individuals to pawn belongings to raise finance in order to invest on local stock exchanges. The stock has marked time so far today, and remains at 10.125p.

Confirmation of a discounted fundraising by Meridian Petroleum (MRP) was picked up on by Saturday’s The Guardian. Meridian is raising a short £1.8m, before expenses, through issuing new shares at 11p, primarily for its existing oil and gas properties in the US. Naturally volatile since the announcement, the shares were 0.25p better at the time of writing at 14.875p in the middle.

The prices above were taken between 10:15am and 10:36am on Monday, 11 June 2007.

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.

AddLeisure (ADE): Agreement with Alliance Boots.

Alltracel Pharmaceuticals (AP..L): Issue of Equity – in lieu of fees and option exercise.

First Dental (FDT): Change of Adviser.

Croma Group (CMG): Directorate Change.

Delling Group (DLG): Progress re Integration.

Earthport (EPO): Agreement with BuyFX.

ILX Group (ILX): Contract gain.

ReGen Therapeutics (RGT): Research update.

Scotty Group (SCO): Holding in Company.

Synchronica (SYNC): Addition of OMA EMN support on Mobile Gateway.

Totally (TLY): Final Results.

Zambezi Resources (ZRL): Holding in Company.

Look out for this week

Monday, 11 June – UK Monthly GDP.

Tuesday, 12 June – Imaginatik (IMTK) Final Results; UK April trade data, CML April mortgage lending.

Wednesday, 13 June – World Television (WTV) AGM; UK labour market data.

Thursday, 14 June – Nexus management (NXS) Interims, River Diamonds (RVD) AGM/EGM; CBI property trends, RICS UK May house prices, Bank of England May inflation attitudes, UK May retail sales.

Friday, 15 June – Nothing of note.

The next Penny Share Review will be posted on Monday, 18 June 2007.

Compiled by Andrew Thacker.

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