Tipped by the independent 2/01/2004

........."And so to our traditional "wild card". Pipex Communications, formerly known as GX Networks, is a telecoms company created by one of the entrepreneurs behind Ukbetting, Peter Dubens. It has been assembled from six smaller players. The ambitious company is generating cash for the first time but is still not widely followed in the City. It could be an undiscovered gem".

I'm surprised to see this stock drifting lower especially after last weeks announcement from Scottish Widows:

Pipex Communications PLC
31 August 2004

SCHEDULE 10



NOTIFICATION OF MAJOR INTERESTS IN SHARES




1. Name of company

Pipex Communications plc

2. Name of shareholder having a major interest

Scottish Widows Investment Partnership

3. Please state whether notification indicates that it is in respect of holding of the shareholder named in
2 above or in respect of a non-beneficial interest or in the case of an individual holder if it is a
holding of that person's spouse or children under the age of 18.

As above

4. Name of the registered holder(s) and, if more than one holder, the number of shares held by each of them

State Street Nominees a/c XBY2 8,353,062

State Street Nominees a/c W32L 3,317,894

State Street Nominees a/c W33H 9,279,484

State Street Nominees a/c XBJ2 10,674,199

State Street Nominees a/c XBY4 3,741,976

State Street Nominees a/c W39H 2,264,023

State Street Nominees a/c XBK6 5,679,883

State Street Nominees a/c W39H 27,000,000



5. Number of shares/amount of stock acquired

Not disclosed

6. Percentage of issued class

Not disclosed

7. Number of shares/amount of stock disposed

Not disclosed

8. Percentage of issued class

Not disclosed

9. Class of security

Ordinary 1p shares

10. Date of transaction

Not disclosed

11. Date company informed

27 August 2004

12. Total holding following this notification

70,310,521

13. Total percentage holding of issued class following this notification

3.222%

14. Any additional information
Scottish Widows Investment Partnership Limited has an overall interest in 89,530,645 of which 70,310,521
is a material interest.


15. Name of contact and telephone number for queries

Stewart Porter 020 8957 1317

16. Name and signature of authorised company official responsible for making this notification.

Stewart Porter, Finance Director

Date of notification: 31 August 2004

Thanks for explaining that "Mack1705" - However, I will now have even less of an idea as to what is going on. It may be interesting to watch Institutional activity at end of play to-day and tomorrow

oakapples,

share your confusion on where PXC price is going...THUS rising by more than 10% over last couple of trading sessions while PXC goes backwards is all very very strange...

Collins Stewart were projecting 2005 eps for PXC @ 0.65p

whereas Consensus for Thus 2006 is 0.2p a share

this puts PXC on a 13x eps multiplier

and THUS on 85x eps multiplier!!!

looking at another peer group company...Kingston Communications I note that JP Morgan are forecasting 2005 eps @ 2.6p...based on current share price(62p) this is a 24x multiple on 2005 earnings

even applying a 20x multiple on PXC share price should be 12p!

confused!!!

Mack1705 - Yes plenty and more and more - If as you have explained buys are recorded as sells if conducted below the mid price (and that must happen often particularly with narrow spreads) how does it all come out in the wash i.e. how is a realistic (and hopefully accurate !!) SP arrived at ????

Oakapples,

remember the moneyam software is only interpretating the trading information for us, and IMHO is giving duff information on what are buys/sells...

the market(MMs) know what the real level of buys/sells and the usual supply/demand dynamics kick in as far as where the price settles...

a further fall in mid price looks on the cards based on today's trading patterns....hope I'm wrong!

Thanks again - on this occasion it would be nice if you are !! -= I am having a really good day across my portfolio - wife is just about to spoil it (taking me shopping!).

MMs must be watching this board!!

had just finished typing last comment and they have moved the 'offer' from 7.8p to 7.95p

weird!

Mack1705

If they are it would be nice to have some straight answers

Troy,

a straight answer from a MM!!!

more chance of Lord Lucan riding Shergar at 3.30pm @ Doncaster on Saturday!!

Sorry Mack1705 i was in dreamland again.

LOL

but on a serious note I expect to see a large protected T buy showing up on our screens, to explain the spread going from 7.75p/7.8p to 7.78p/7.95p about 45 mins ago!

gone very quiet!

no trades since 13:45

calm before the storm!

Would of expected some movement before tommorrow

no large T trade yet?

wonder what made the MMs widen the spread this pm?

Mack1705 - the market feed simply the price and volume information of each trade. There is no buy/sell flag in the data so it is left to the receiver to interpret this. MoneyAM software displays trades below the mid-price as sells and above as buys.

Further confusion arises because sometimes reports on trades are delayed (all within the market rules, apparently) and MoneyAM will interpret them according to the price at the time of reporting, again skewing the buy/sell view.

So when you see an order for 1,000,000 reported as a buy (i.e. bought from an MM) that isn't always accurate. I don't think there's anything that MoneyAM can do about this as the limitation is in the marked data feed. It's all part of the stuff that keeps insiders better informed than the small guy.

Doug

dclinton

do you know any sites where you can get any accurate buys and sells

interesting MM buy @ 7.92p - 1,000,000 shares

Mack1705: I've just noticed that. Most encouraging!

grevis2,

hopefully we will see a few more and then lift off!!!

Could we see an upward turn in the share price now ?