PRESS DIGEST - British business - June 5

The Guardian

LLOYDS SHAREHOLDERS PLAN ACTION AGAINST BOSSES WHO RODE.

Lloyds Action Now is to parade a black horse and miniature pony outside the annual meeting of Lloyds Banking Group(LLOY.L), as the new shareholder group plans to take legal action against directors of the bank for mounting the takeover of HBOSHBOS.L last year. Officials from Lloyds TSB group Union will also use the meeting to demand that 5,000 jobs offshored to India are brought back to the UK, where around 3,000 roles have already been axed as a result of the takeover.

DEBENHAMS BOSSES CAUGHT OUT BY CVC'S SHARE SALE

CVC Capital Partners has sold 51 million Debenhams(DEB.L) shares, leaving it with a holding of 33 million pounds after the department store chain announced the terms of its long awaited cash call to cut its near 1 billion pound debt. Debenhams bosses were left embarrassed when the private equity group dumped shares after the directors had reassured analysts that such a sale would not happen. The cash call will cut debt from 900 million pounds to 600 million pounds.

JOHNSON MATTHEY SEES PROFITS FALL

Johnson Matthey(JMAT.L) has reported fullæ-year profits of 267.9 million pounds, up one percent, beating forecasts despite being hit by the crisis in the global car industry. However, the platinum specialist warned that it had experienced a downturn in the second half and this had continued into the new financial year. Chief Executive, Neil Carson, said: "So far we have seen no real signs of improvement in demand for automotive products in 2009-10 and we expect the group's sales will be down in our first half in comparison with a very strong performance in the same period last year."

Prepared for Reuters by Durrants ($1=.6107 Pound)