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Penny Share Review 428

Monday 18 February 2008

The Daily Express on Saturday noted an upturn in the price of EiRx Therapeutics (ERX), after the business announced a funding package that would provide working capital until the end of the year. This momentum appeared to spill over into Monday morning, where the shares added a further 0.025p to reach 0.06p.

Matra Petroleum (MTA) comprised part of today’s Independent, noting disappointment last week as its Hungarian well failed to produce gas. Acid treatment is planned in Russia to improve the flow of gas and MD Peter Hind was quoted in the article as being optimistic that the Company will bounce back, with higher production expected following this treatment and a drilling programme for Hungary being planned. Following this press attention, the shares were 0.25p better at 5.00p this morning.

The Times on Saturday included Meridian Petroleum (MRP), reporting the fall in its share price after warning many of its gas fields in the US were too costly to explore and develop on its own, while The Guardian and Independent on Saturday also attributed the Company’s admission that it may not meet shareholder expectations for short-term growth. The trend continued earlier today, as the price slipped by a further 1.75p to 6.125p.

Oxford BioMedica (OXB) appeared in the weekend’s Financial Times, which highlighted Cubana Investments’ acquisition of shares last week and the stock’s increasing price on rumours of a bid from Sanofi-Aventis. The Independent concurred, reporting that Cubana had interestingly also taken a stake in OXB’s counterpart, Proteome Sciences. Further upturn occurred earlier today, with an increase of 1.50p to 27.00p.

The Capital Letters section of Saturday’s Guardian included a communication from an investor who had been approached to sell shares in Hanover Capital (formerly Oxygen Holdings) that they had bought some time previously during the dotcom era and were now effectively worthless, for between £9 and £16 per share. Tony Levene‘s reply suggested that other holders of similar shares had been contacted and that this was a form of scam. His advice, to “slam the phone down on this.”

Prices above were taken at 10.18am on Monday, 18 February 2008.

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.

Advanced Medical Solutions (AMS): Notice of Results.

Empyrean Energy (EME): Projects Update.

ILX Group (ILX): Re Financing.

Lombard Risk Management (LRM): Sale of Business Unit and Directorate Change.

Mediasurface (MSR): Issue of Equity and Final Results.

Northern Petroleum (NOP): Trading Update.

Look out for this week

Monday, 18 February – Final Results from Mediasurface (MSR). UK Rightmove House Price Index (February).

Tuesday, 19 February – Nothing of note.

Wednesday, 20 February – Real Affinity (RAF) EGM. UK CML Mortgage Lending (January).

Thursday, 21 February – Tertiary Minerals (TYM) EGM. UK Retail Sales (January).

Friday, 22 February – Nothing of note.

The next Penny Share Review will be posted on Monday, 25 February 2008.

Compiled by Chris Richards.

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