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Penny Share Review 430

Monday 03 March 2008

The Times on Saturday highlighted that shares in Caledon Resources (CDN) had been ‘climbing nicely’ on expectations of higher coking coal prices. However, it went on that equipment problems caused lower levels of extraction than earlier in the year and although the Company commented everything was progressing to plan, timing may be tight with a £10-£15m secondary listing in Australia planned. The weekend’s FT continued in a similar vein, that the fundraising is likely to be struck at a large discount to Friday’s closing price. The shares were down 0.75p at 46.25p earlier today.

Saturday’s Times highlighted Friday’s announcement by Encore Oil (EO.) that drilling had had started on the Barbarossa project, however despite this press attention, the shares dipped by 1.00p to 54.00p during early trading this morning.

First Artist (FAN) comprised part of The Independent on Saturday, noting it is ‘trading pretty well’ with first-half performance in line with expectations. It concluded, “ A fickle business in uncertain times, but worth holding”, though despite this advice the price slipped by 3.00p down to 76.50p earlier.

The Sunday Times business section included speculation about the acquisition of James Grant Media by Formation Group (FRM), confirmed in an announcement earlier today (please see below). James Grant’s clients include Piers Morgan and Fearne Cotton and the piece noted the deal was the third significant acquisition for FRM. The shares were 3.75p better at 22.50p during this morning’s trading.

The Independent on Saturday noted upturn in the share price of Pentagon Protection (PPR), as the business announced contract wins, and a further increase of 0.025p to 1.20p occurred this morning.

Shares in Stanelco (SEO) increased, as it backed the M&S campaign against plastic bags, according to The Times on Saturday, and the momentum appeared to spill over into this week, as the shares rose by 0.20p to reach 0.56p during Monday morning’s trading.

The Daily Telegraph commented that Lupus Capital (LUP) had risen the most in two years of trading on confirmation of meeting analyst expectations for 2007 and potential for further growth, though the shares started this week down by 0.75p at 72.75p.

Verona Pharma (VRP) appeared in The Mail on Sunday, which stated that the business is close to approval for fast tracking its asthma treatment. The article also highlighted research into anti-inflammatory treatments that are based on the biological technology starfish use to keep themselves clean of barnacles. The shares seemed to benefit from this press attention, and added 0.25p to reach 5.25p earlier today.

Prices above were taken at around 11.27am on Monday, 3 March 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.

Amphion Innovations (AMP): PrivateMarkets Fundraising.

Cantono (CTNO) (Formerly Hamsard): Holdings in Company.

Discovery Metals (DME): Miscellaneous.

DM (DMP): Final Results.

Formation Group (FRM): Acquisition and Appointment of Director.

Galleon Holdings (GON): China Soccer.

Knowledge Technology (KTS): Expansion of StarNet.

Mincorp (MOP): Interim Results.

Pantheon Resources (PANR): Point Clair Drilling Update.

Provexis (PXS): Holdings in Company.

Renewable Energy Holdings (REH): CETO Update.

Symphony Environment (SYM): The Plastic Bag Debate.

Look out for this week

Monday, 3 March – Results from DM (DMP) & Mincorp (MOP). UK CIPS Manufacturing PMI (February).

Tuesday, 4 March – UK CIPS Construction PMI (February).

Wednesday, 5 March – UK BRC Retail Shop Price Index (February).

Thursday, 6 March – Results from Access Intelligence (ACC) and Sareum (SAR). Bank of England Interest Rate Decision.

Friday, 7 March – Nothing of note.

The next Penny Share Review will be posted on Monday, 10 March 2008.

Compiled by Chris Richards.

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.

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