PRESS DIGEST - British business - Dec 21

The Times

RUMOUR OF THE DAY

The AIM-listed coal miner Strategic Natural Resources is expected to reveal on Friday it has increased by three-fold the area it is exploring for coal in South Africa. The company, which announced on Thursday it has secured the backing of a black empowerment group of investors, thinks it has found a coal-rich seam in the Eastern Cape.

UNITED CORP PARKS

United Corporate Parks, a property fund that has made money for its shareholders over the past year, floated in December 2006 at 100 pence per share. The company's advantage is that its assets are in India where property valuations are still rising strongly. The company invested its 360 million pounds float proceeds within a month of listing and on Thursday announced the first crystallisation of value from its portfolio.

JOHNSON MATTHEY HITS A HIGH AMID BID TALKS

Shares in the platinum specialist Johnson Matthey (JMAT.L) soared to 20.67 pounds, up from 17.43 pounds, amid market chatter that a 23 pound per share bid approach was in the offing from cash-rich Dow Chemical (DOW.N). The rumour appeared to have been started by a Citigroup note sketching out possible uses for Dow's cash pile. JM said it "would not comment on speculation".

The Daily Telegraph

EQUITABLE LIFE TO SELL AFTER APPROACHES FROM SUITORS

Equitable Life, the UK's oldest mutual life assurer which sensationally collapsed in 2000, has put itself up for sale. It is being advised by the accountants Deloitte, the legal firm Lovells, and the boutique investment bank Lexicon. Vanni Treves, non-executive chairman of Equitable, said the society did not have to sell but decided to put itself up for auction after receiving "half a dozen" informal approaches.

CROWNGATE FIRM FALLS AFTER PROFIT WARNING

Shares in RDF Media RDF.L fell 15.5 pence to 174.5 pence after the television producer said the BBC's hiatus in commissioning its programmes following the "Crowngate" scandal had taken longer than expected and had a "greater than expected impact". The company now expects group earnings before interest, tax and amortisation for the full year not to be "less than seven million pounds". RDF said on Thursday it expected agreement with the BBC to be reached in the relevant new commissioning compliance procedures for RDF Television early in 2008 when it hopes the ban will be lifted.

VITRUVIAN SET FOR LATITUDE BUYOUT

The private equity firm Vitruvian is said to be close to doing its first deal by backing a management buyout of Latitude, an online marketing business run by entrepreneur Dylan Thwaites. Vitruvia was founded by former Apax executives. The sale of Latitude comes after a year of consolidation among search marketing companies, which advise customers on how to get the best commercial exposure on Google and other search engines.

The Guardian

MORTGAGE LENDING SUFFERS FIRST FALL IN TWO YEARS