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Penny Share Review 401

Monday 13 August 2007

A strange article in this morning’s The Independent regarding Black Rock Oil & Gas (BLR) was headed, “Beware: devil is in the detail…” It’s focus was the share consolidation and disapplication of pre-emption rights over future share issues, but the ability of an oil and gas exploration company to place shares without always having to seek existing shareholder authority is an important and efficient principal. The piece concluded with an opinion that further results from Acacia Este, “will have to be good to justify the company’s shares almost doubling since the consolidation.” So far today, they have shaded half a penny to sit at 43.5p

Derek Pain’s ‘No Pain, No Gain’ section of Saturday’s The Independent commented on the travails at Access Intelligence (ACC), which now mean that the shares have been dropped from his personal portfolio. The disappointing recent interims and trimmed broker forecast makes for an uphill struggle, in Mr Pain’s eyes, and the stock drifted again this morning by an eighth to 4p-mid. His replacement for Access is Nighthawk Energy (HAWK), citing the fact that oil and gas prices should remain strong so the Company’s US assets could see it become a cash cow. A sprightly performer anyway, the shares were up 1.25p at 42.75p this morning.

The ability of US investors to trade ADRs of Tomco Energy (TOM) was noted by The Times on Saturday. The shares are well traded on AIM anyway and more volume nudged the stock 0.075p higher to 4.125p. The same column picked up on the stake building in Vyke Communications (VYKE) by CIM Special Situations Fund, coming on the back of a robust trading statement from the Group. Vyke’s shares have remained strong and were 1.5p better at 89.5p at the time of writing.

A rise in the price of Formation Group (FRM) was noted by The Independent on Saturday, with the plaudits given to its share buy-back program. The stock was steady at 22.5p in early trade.

The prices above were taken between 9.59am and 10.00am on Monday, 13 August 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.

Ariana Resources (AAU) – Holding in Company.

Business Control Solutions (BCT) - Directorate change.

EiRx Therapeutics (ERX) - Cancer Drug Grant.

MediWatch (MDW) - Director shareholding.

Omega Diagnostics (ODX) - Schedule 1 regarding Acquisition and Fundraising.

Pentagon Protection (PPR) - Contract gains.

Sopheon (SPE) - Agreement with IDe.

Starvest (SVE) - Purchase of own shares.

Timestrip (TIME) - Contract win & Trading Update.

Venteco (VTO) - Holding in Company

Look out for this week

Monday, 13 August – Rheochem (RHEP) AGM. UK CBI SME trends survey; July PPI.

Tuesday, 14 August – UK RICS July house price survey; Q2 GDP; CML June mortgage lending.

Wednesday, 15 August – Bank of England 2 August minutes; UK labour market data.

Thursday, 16 August – UK July retail sales.

Friday, 17 August – Delling (DLG) AGM.

The next Penny Share Review will be posted on Monday, 20 August 2007.

Compiled by Andrew Thacker

Penny Shares Online - penny shares research and information service.