PRESS DIGEST - British business - Dec 19

The Times

TIDDLER TO WATCH

Shares in Beowulf Mining gained 12 percent to 3.5 pence after the Aim-listed mineral exploration company, which is backed by London's hedge fund RAB Capital, received a boost from a new Swedish investor. The company has yet to extract any iron ore or gold from its mines in northern Sweden.

BET OF THE DAY

Shares in National Express (NEX.L) rose 44 pence to 11.05 pounds after the company reported strong second-half trading and said it expected full-year results to be at the top end of market expectations. There is a bet on whether this prediction by the company can bring the shares up to the high of 13.10 pounds they reached this year.

RUMOUR OF THE DAY

SMG SCSMG.L is expected to reveal on Wednesday it has completed its 95.1 million pound rights issue without any stocks remaining in the books of the underwriter ABN Amro. All the investors in the Scottish media group, except ITV (ITV.L), which has a 17 percent stake in the company, are thought to have participated in the fund-raising, which will be used to pay down the company's debt.

The Daily Telegraph

SHOE CHAIN TALKED UP BY ASHLEY IS FOUND TO BE WRONG FIT

Mike Ashley, the billionaire behind the Sports Direct (SPD.L) retail empire, has sold the Original Shoe Company to rival JJB Sports (JJB.L) for five million pounds -- just 10 months after promising investors he would double the size of the chain as part of Sports Direct's flotation in February. Sports Direct bought the shoe company in May 2006 for 4.5 million pounds when it had 54 stores.

MATALAN TO ROLL OUT NEW STORE FORMAT

The discount retailer Matalan is to roll out a new store format following a successful trial. The group was taken private by its founder John Hargreaves and his family last year. According to accounts filed at Companies House, the retailer's first two months as a private company showed its pre-tax profit increased 8.5 percent to 28.1 million pounds in the year to February 24 while its 24 new format stores were delivering like-for-like sales growth.

SOUTH AFRICAN MEDIA GROUP PAYS 946 MILLION POUNDS FOR AUCTIONEER

QXL Ricardo, the former dotcom star, has been taken over by the South African media group Naspers (NPNJn.J) in a 946 million pound deal. Naspers said the deal would extend its reach into central and eastern Europe, especially Poland, where the online auction house generates most of its money. QXL is renaming itself Tradus.

The Guardian

U.S. ACTIVIST INVESTOR TURNS HEAT ON CADBURY