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CeNes - Appoints Nomura as sole broker

February 2004

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Cenes has appointed a new director, a new nomad and broker and also called an EGM.  First was the strengthening of the board with the appointment of Alan Smith, chairman of Acambis, as a non-executive director. This was followed a few days later with the appointment of  Piper Jaffray as nominated advisor and Nomura as sole broker, replacing Beeson Gregory. Cenes is also calling an EGM to seek shareholder authorisation for the issue of up to 10 per cent of its equity at some point in the future. Our view is that Cenes will raise funds - but not yet. A more opportune moment will come should the shares get excited ahead of Phase III M6G trial data in the next six months. Speculative buy. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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