Poland's entry to the EU in 2004...and a share that can only benefit

"The Enneurope board believes that this fundraising should enable the Company to
make strong progress towards building a significant market presence in North
West Poland over the next few months. We will be well placed to take advantage
of Poland's entry into the EU in 2004, following the strong referendum vote in
favour of EU membership."

There are 27,980,000 shares in Enneurope.

The major shareholders are as follows:

ARLINGTON GROUP 71.18%
ENNSTONE PLC 8.55%
MONTINARRO 3.57 %
LOTHIAN PENSION FD 1.79%
NOIT 6.43%
TOTAL 91.52%

Therefore,the freefloat of shares is a total of 2,372,000 shares.
Of these,I would imagine that at least half are probably held by individuals who have no intention of selling at these levels.

As investors start to look at shares for their 2004 portfolio,one of the themes is likely to be the countries who will be gaining full admittance to the EU in 2004.
Poland is one of these countries.
The benefits for Poland,in time,will be an upsurge in inward investment and infrastructure spending.
Probably the only pure play on the Polish economy in the LSE is Enneurope.

I have bought some to tuck away for a 1-3 year investment,and fully expect this share to be trading considerably higher next year.

It is an incredibly dull share,that hardly trades from week-to-week at the moment.
However,it is trading at a life-time low,and as recently as 3 months ago,Arlington,its biggest shareholder paid 15p per share in a placing.

Arlington cannot dispose of any New Enneurope Shares issued to it under the Proposals other than by accepting a bid for Enneurope
or by exercising the put option upon a bid for Ennstone becoming or being declared unconditional in all respects.

There will be an exceptional loss in the next results covering the aborted NOIT bid.I believe that has been discounted in the price,specifically when it fell from 16p to the current level.

For those with a medium term preference,I feel this share is one to buy and tuck away.