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Penny Share Review 456

Monday 01 September 2008

Today’s Daily Telegraph included a ‘Market Profile’ on Robert Alford, Chairman of Caledon Resources (CDN). The piece detailed Mr Alford’s belief that the shares are oversold, though admits the price has been artificially inflated due to the activities of Polo Resources. He went on that the Company believes it is the only pure coking coal miner on AIM, and has “great assets and good mining methods”, when asked if he thought it remained a bid target. He also expects coking coal prices to increase in 2009, and the shares were 0.50p higher at 80.75p following this press attention.

Shares in Metals Exploration (MTL) increased amid rumours the Company could attract predatory interest from ‘one of the majors’, according to the weekend’s FT. The stock was up by 0.50p at 16.75p during earlier trading today.

Oxford BioMedica (OXB) appeared in Saturday’s Telegraph, which highlighted a fall in the share price following announcement of Interim Results and news that CEO Mike McDonald had left. The Times on Saturday cited rumour that he had been forced out to make way for mergers and acquisitions specialist John Dawson and Saturday’s Independent went further, noting that Investec reiterated its ‘sell’ advice and view that the Company has more risk than its peers. Nevertheless, the price was 0.25p stronger this morning at 11.25p.

The weekend’s Financial Times commented that Tanfield (TAN) increased in price, despite news Lavendon, Europe’s leading powered access rental group, reported reduced capital expenditure by £20m. The article reiterated broker Daniel Stewart’s belief this was ‘bad news for Tanfield’, warning forecasts might need to be reduced again, and the share price was 0.05p worse off at 7.45p earlier.

In an article reporting that the LSE is looking to roll out another version of AIM in Italy later in the year, today’s Daily Telegraph reported that there can be value for companies listing overseas, using Teleunit (TLU) as an example. The Company believes its admission to AIM enhanced the Group’s prospects, not only in terms of raising capital, but also increasing the financial and commercial profile of the business. The shares were unchanged at 2.875p earlier today. Prices above were taken at around 10:25am on Monday, 1 September 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.

Altona Resources (ANR): 1.287bn Tonne JORC Compliant Resource Estimate.

Arko Holdings (AKO): Resignation of Nominated Adviser.

Business Direct Group (BDG): AIM Suspension.

COMS (COMS): Director Shareholding.

Discovery Metals (DME): BFS Progress Report.

Gippsland (GIP): Doubling of Ore Reserves.

Griffin Mining (GFM): Interim Results.

Oak Holdings (OAH): Valuation Report.

Pantheon Resources (PANR): Drilling update and Holdings in Company.

Red Rock Resources (RRR): Issue of Equity.

Look out for this week

Monday, 1 September – Consumer Credit (July) and Manufacturing PMI. Results from Griffin Mining (GFM).

Tuesday, 2 September – Nationwide Consumer Confidence (August).

Wednesday, 3 September – CIPS Services Survey (August) and BRC Shop Prices (August).

Thursday, 4 September – Bank of England Interest Rate Decision.

Friday, 5 September – Nothing of note.

The next Penny Share Review will be posted on Monday, 8 September 2008.

Compiled by Chris Richards

Penny Shares Online - penny shares research and information service.