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Penny Share Review 449

Monday 14 July 2008

Unfortunately, we did not receive delivery of the majority of the Saturday newspapers, meaning that today’s Penny Share Review is somewhat thin on the ground. Please accept our apologies for this.

The one Saturday paper we did receive, the Daily Mail, included a piece on Oxford BioMedica (OXB), following the Company’s disappointing human trials for its TroVax renal cancer drug candidate. Main questions now focus on alternative therapy uses for TroVax (see today’s announcement by clicking on the OXB link) and the continued support of Sanofi-Aventis, which has yet to decide to continue funding the drug’s development. The article stated that, “Brokers now value the shares at between 5p and 10p……At the lower price there is some value there (as the Company) has £38m cash in the bank – the equivalent of 7p a share.” However, pessimism has clearly run into this week, as the shares traded 8% lower at 6.9p on Monday morning.

Today’s Daily Express featured the demerger of MarineTrack from Zyzygy (ZYZ) into shell company XSN, the former Sports Network business that was once the domain of boxing promoter Frank Warren. As always, a clue is in the name and MarineTrack sells tracking devices to vessels of varying size, from private yachts to ocean-going liners. The opening market cap on 29 July is expected to be circa £2.6m and the Group should have cash resources of around £750,000. Perhaps people are still running the slide-rule over the deal, as both Zyzygy and XSN shares were unchanged in early trade at 0.175p and 0.85p respectively.

Prices above were taken at around 09:20 on Monday, 14 July 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.

Angel Biotechnology (ABH): Final Results and return from suspension.

Cue Energy (CUE): Notice of AGM and proposed change of name.

Discovery Metals (DME): Drilling Report.

Formjet (FMJ): Trading statement.

Galleon Holdings (GON): Roll-out of latest product IP.

Irvine Energy (IVE): Operations Update.

Matra Petroleum (MTA): Pamuk-1 Sidetrack Result.

Networkers International (NWKI): Admission of new shares.

Northern Petroleum (NOP): Sale of Underground Gas Storage Projects.

Oxford BioMedica (OXB): TroVax QUASAR trial.

Tanfield (TAN): Holding in Company.

ValiRx (VAL): Acquisition of Cronos Therapeutics.

Zambezi Resources (ZRL): Uranium Joint Venture Update.

Look out for this week

Monday, 14 July – Results from Angel Biotechnology (ABH). UK June producer price index; Bank of England 2008 annual report.

Tuesday, 15 July – UK BRC June retail sales monitor; RICS June housing market survey.

Wednesday, 16 July – UK labour market report.

Thursday, 17 July – Nothing of note.

Friday, 18 July – ILX Group (ILX) AGM. UK June public finances; June M4/M4 lending.

The next Penny Share Review will be posted on Monday, 21 July 2008.

Compiled by Andrew Thacker.

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