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Penny Share Review 406

Monday 17 September 2007

Advice in the ‘Rumour of the Day’ column in Saturday’s The Times, was to “keep an eye on” Northern Petroleum (NOP). It is believed that Harbert Management’s 10% stake is up for sale and that “oil company rivals may seek to buy it as a prelude to a bid.” Inevitably, the shares had a good early session and were 5.5p better at 158.5p at the time of writing.

The same paper dedicated space to Coffeeheaven’s (COH) results last week. Good news is that core market growth is still high, but two stores in Latvia underperformed and may be shut and other territories of expansion will choke the figures back for a while yet. Its forward rating of 40-times 2009 profits makes the shares look traditionally expensive, but thanks to first mover advantage over Costa and Starbucks in places like Poland, the writer believes that the stock is “worth a look.” Despite this comment, the shares drifted 0.25p today to 36.75p.

Director buying in Reflec (REF) was highlighted in the Daily Express on Saturday. Five board members got their wallets out at 35p to double their aggregate holding, but the lead was not followed by investors today, as we saw the shares fall 1.5p to 31.5p-mid.

Now the last remaining UK-listed aggregates group, Ennstone (ENN) shares are considered “worth a punt” by The Independent on Saturday, in its Save & Spend supplement. Notwithstanding problems with its US operations, not least dollar weakness, the shares were highlighted for being asset-backed with potential for valuation upgrades. However, the market seems to be unconvinced and the stock tracked 1.25p lower to 42.25p

The prices above were taken at 11:15 on Monday, 17 September 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.

Eicom (EIC): New Channel Launch.

Essentially Group (ESN): Interim Results.

Financial Payment Systems (FPS): Interim Results.

First Artist (FAN): Trading Statement.

Griffin Mining (GFM): Interim Results.

Lombard Risk Management (LRM): Director Short-Term Loan.

Maghreb Minerals (MMS): Positive Results from Bou Jabeur and Address Change.

Medavinci (MVC): Change of Company Secretary.

Serviced Office Group (SVO): Interim Results.

Stratex International (STI): Holding In Company.

Totally (TLY): Interim Results.

Venteco (VTO): Interim Results.

Look out for this week

Monday, 17 September – Interims from Essentially Group (ESN), Griffin Mining (GFM), Serviced Office Group (SVO), Totally (TLY) and Venteco (VTO). AGM from Angel Biotechnology (ABH); No UK economic data scheduled.

Tuesday, 18 September – UK Treasury Select Committee 10-year report of Bank Of England MPC, August CPI inflation.

Wednesday, 19 September – Interims from Business Control Solutions (BCT); UK CBI economics forecast, Bank of England MPC minutes.

Thursday, 20 September – UK August Retail Sales, public sector finances, August mortgage lending, August provisional M4 lending, CBI September industrial trends survey.

Friday, 21 September – No UK economic data scheduled.

The next Penny Share Review will be posted on Monday, 24 September 2007.

Compiled by Andrew Thacker.

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