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Penny Share Review 398

Monday 23 July 2007

David Shand's Market report section of the Daily Express on Saturday picked up on the large traded volume of Angel Biotechnology (ABH) shares, reporting that "traders said a big seller had been cleared after a restructuring of the Company." On this word, the shares were marginally better at 0.18p today. Mr Shand also noted the good rise in Vyke Communications (VYKE) stock after a positive trading update revealed strong growth in customer accounts during the second quarter. Reflecting a 20-for-1 consolidation, the stock was fractionally better at 59.5p, equivalent to 2.975p in its old form, versus a 2.9p-mid close on Friday.

Saturday's The Independent mentioned the good performance of Irvine Energy (IVE) shares, following its deal to buy more acreage from partner Metro Energy. Unfortunately, the article stated the share price was 1.12p, which is actually 3p shy of the truth, as the shares marked time this morning at 4.125p-mid. The same column featured the re-admission of shares in Mineral Securities Ltd (MXX), the latest incarnation for Scarborough Minerals, which itself began life as Greenwich Resources. A 5-for-4 share swap later, the new 'Minsec' stock was unchanged at 97.5p in early trade.

Today's edition of The Independent was less congratulatory about Corpora's change of name to Infonic (IFNC), which took effect this morning. Although acknowledging a "brief but bullish statement on the company's prospects", journalist Andrew Denson advised readers to "give this one a wide berth for the time being", given the Company's unremarkable track record. Despite the gloomy verdict, the shares were unmoved so far today at 4.625p.

The prices above were taken between 9.43am and 9.45am on Monday, 23 July 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.

Alliance Pharma (APH): Positive Isprelor Results.

Europa Oil & Gas (EOG): Drilling Update – Abore-1.

Intandem Films (IFM): Shareholding in Radical.

Matra Petroleum (MTA): Arkhangelovskoe-12 Spudded.

Scotty Group (SCO): Contract Win.

Smart Focus (STF): Trading Update.

Vyke Communications (VYKE): Trading Update and Result of AGM.

Look out for this week

Monday, 23 July – UK Rightmove House Price Survey (July).

Tuesday, 24 July – UK CBI Quarterly Industrial Trends Survey.

Wednesday, 25 July – CML H1 Mortgage Arrears, Repossessions.

Thursday, 26 July – Nationwide UK House Prices and BBA Final Mortgage Lending (June).

Friday, 27 July – Nothing of note.

The next Penny Share Review will be posted on Monday, 30 July 2007.

Compiled by Chris Richards / Andrew Thacker.

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.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddeson, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.