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Penny Share Review 459

Monday 22 September 2008

Saturday’s Times included Ennstone (ENN) in its ‘Smaller Companies’ section, noting increase in the shares after the Company confirmed receipt of an approach that could lead to an offer. The momentum appeared to spill over into trading earlier today, as the shares added 0.50p to reach 16.00p.

Fall in the share price of DM (DMP) was highlighted in The Times on Saturday, after lack of available debt financing meant an end to takeover talks. However, there was no further price fluctuation on Monday morning, as the price stayed at 11.50p.

Gold Oil (GOO) comprised part of the weekend’s Financial Times, which restated some ‘good news’ in the form of the Company receiving a preliminary takeover approach. The piece reiterated the grant of permits for concessions in Colombia and off the coast of Peru, concluding, “revenues are expected to increase as more wells come on stream, which could still make the stock an attractive mid-term proposition if the potential takeover proves unsuccessful.” Nevertheless, the shares were 0.02p worse off at 8.78p earlier.

Intelligent Environments (IEN) appeared in The Independent today, pointing out that Interims are due next week. The piece noted some analysts believe retail bank IT spending will be cut next year, but suggested that as times get tough, consumers are more likely to be looking for credit. It concluded that the change of revenue generation to per-user should help, though the shares were unchanged at 7.75p following this press attention.

Today’s Daily Telegraph highlighted the High Court challenge of the London Stock Exchange over AIM reporting rules by Plus Markets (PMK), specifically regarding the fact that trading in Aim securities through other exchanges must be reported to the LSE. Plus believes the LSE is abusing its dominant market position, however the LSE argues that the reporting rules ensure transparency. This was also reported by Saturday’s Times. Despite this, the shares remained 9.00p this morning.

Prices above were taken at around 11:04am on Monday, 22 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.

AIM Resources (AIMR): Mumbwa Drilling Results.

Albidon (ALD): Closeout of Hedgebook and First Concentrate Delivery.

Beowulf Mining (BEM): Further re Director Appointment.

Cinpart (CINP): Directors Dealings.

Dowgate Capital (DGT): Transaction in own shares.

Frontier Mining (FML): Benkala Operations Update.

Gippsland (GIP): Project and Corporate Update.

Irvine Energy (IVE): Operations Update.

Lithic Metals & Energy (LMY): Result of AGM.

Mineral Securities (MXX): Directorate Change and Compulsory Acquisition of Shares.

Northern Petroleum (NOP): Interim Results.

Ormonde Mining (ORM): Interim Results.

Oxus Gold (OXS): Appointment of Joint Broker.

Rheochem (RHEP): Holdings in Company.

Speymill (SYG): Interim Results.

Thor Mining (THR): Director Shareholding.

Look out for this week

Monday, 22 September – Results from Northern Petroleum (NOP), Ormonde Mining (ORM) and Speymill (SYG). Bank of England Quarterly Bulleting.

Tuesday, 23 September – UK BBA Mortgage Approvals and Lending.

Wednesday, 24 September – CBI Distributive Trades Survey (September).

Thursday, 25 September – US Weekly Jobless Claim and New Home Sales.

Friday, 26 September – Nothing of note.

The next Penny Share Review will be posted on Monday, 29 September 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.

The information contained above has been compiled from documented sources which are believed to be reliable but, due to their very nature, are subject to a degree of historical inaccuracy and have not been independently verified and cannot be guaranteed. The pages on this website are provided for information only. City Equities Limited will not accept responsibility for loss incurred by any person or body acting, or refraining from acting, as a result of information and/or opinions given anywhere on this website. Issued by City Equities Limited, Aldermary House, 10-15 Queen Street, London, EC4N 1TY. Registered in England. Registered No. 2742847. Registered Address: Amwell House, 19 Amwell Street, Hoddeson, Herts. EN11 8TS. City Equities Limited is Authorised and regulated by the Financial Services Authority. Registration No. 155051.