PRESS DIGEST - British business press - April 28

The Times

CANCER STRIDE FOR GSK

GlaxoSmithKline (GSK.L) unveiled the results of an 8,000 patient phase-III trial of its Avodart drug at an American Urological Association meeting in Chicago. The world's first preventative treatment for prostate cancer may be on the market in a year after the trial found the drug reduced at-risk patients' chances of developing the disease by nearly a quarter.

O'REILLY SEEKS BUYER FOR STRUGGLING INDEPENDENT

Eleven years after taking control of The Independent newspaper, Sir Anthony O'Reilly is looking to sell. Independent News & Media is looking for investors who might be willing to buy a controlling stake in the newspaper or even buy it outright. Sir Anthony and his son Gavin, who is due to take over as chief executive at Independent News & Media (INME.I) in May, have conceded that the level of losses being incurred by The Independent are unsustainable. The newspaper and its sister Sunday title are expected to lose over ten million pounds this year.

TIDDLER TO WATCH

Synchronica (DAU.L), a provide of software for mobile phones, saw its shares stay unchanged at 3.25 pence despite winning a contract to supply the Dominican Republic unit of a leading Latin American mobile company. House broker Finncap said the deal, thought to be with Digicel, could be the first of several with the client and stuck with its price target of eleven pence.

TEMPUS:

3I (III.L) (hold)

UK Coal (UKC.L) (hold)

Advanced Computer Software (buy)

Daily Telegraph

3I SHARES SLUMP ON RIGHTS FEAR

3i saw its shares fall 14.5 percent to 318 pence on Monday on fears of an imminent rights issue to reduce its 2.1 billion pound debt burden. The private equity group confirmed it is considering a range of financing options including a potential issue of new equity. Analysts at joint house broker JP Morgan Cazenove predicted a 1-for-1 rights issue at 175 pence, which would raise 738 million pounds before costs'.

LIBERTY INTERNATIONAL INSTITUTES 600 MILLION POUNDS CASH CALL

Liberty International (LII.L) began a much-anticipated fund-raising on Monday, saying it would raise gross proceeds of 500 million to 600 million pounds from a share sale. Excluding the Gordon Family Interests, which will subscribe for 30 million pounds of shares at the issue price, the placing is expected to raise 235 million to 285 million pounds, with a similar amount raised through the open offer. Liberty also issued a trading update in which it said it had seen improved UK shopping centre occupancy rates.