Three 'penny' shares to buy now

The Alternative Investment Market has risen 70% from its low in March this year. But there are still plenty of good stocks to buy among the small-caps. Here, Tom Bulford picks three.

Littner hits the back of the net and penny share investors cheer all the way to the bank! That was the big story at the end of last week as Claude Littner, former chief executive of Tottenham Hotspur and confederate of Sir Alan Sugar, announced a 52p per share takeover bid for Powerleague Group (ticker: PWR).

Mr Littner is chairman of Powerleague, which has grown into one of the leading operators of six-a-side football facilities in the UK. Nearly four years ago, he was kind enough to show me round one of Powerleague's soccer venues in Watford.

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Tom worked as a fund manager in the City of London and in Hong Kong for over 20 years. As a director with Schroder Investment Management International he was responsible for £2 billion of foreign clients' money, and launched what became Argentina's largest mutual fund. Now working from his home in Oxfordshire, Tom Bulford helps private investors with his premium tipping newsletter, Red Hot Biotech Alert.