I have been unable to discover whether the Inland Revenue would make a similar ruling if Rolls shares had gone from 182p to 139p.Although the cash payment remains at the 3.18p a share declared in August, the share dividend has, in effect, been cut. And to pile on the agony Rolls shares, weighed down by those rights issue fears, are now bumping along very near their October level.I thought scrip dividends were aimed at encouraging shareholders to leave cash in the company, for the benefit of the company and, indirectly, the wider economy.The Inland Revenue’s behaviour over the Rolls share dividend is likely to encourage shareholders to take cash to avoid being held hostage to the whims of the taxman.derek derekpain.totalserve.co.uk. Moneynet Shire PharmaceuticalsShire has made a stonking start in its campaign to switch hyperactive children now using its Adderall drug on to a better product from the Shire medicine cabinet. But a copycat version of Adderall has just gone on sale, and the competition could mean Shire’s earnings fall this year. The issue will continue to dog the shares.
Liberty InternationalShopping centres, which represent 80 per cent of Liberty’s property portfolio, are barely marking time as retailers, focused on their own balance sheets, resist high rent increases. But the shares are cheap compared to rivals and the portfolio offers one of the most defensive property investments in troubled times.

Hold.Flying BrandsPreviously known as Flying Flowers, mail-order group Flying Brands is still trying to recovery from over-ambitious expansion. The core flowers-by-post business continues to lose sales and Benham, the stamp collecting division, is still a basket case. New ideas, such as football collectibles and audio books, are at an early stage. Avoid.GalenGalen’s specialism in women’s healthcare is paying off.

The Northern Irish drug company is, piece by piece, selling off its services division, which does manufacturing and clinical trials for other pharmaceuticals groups, to concentrate on product sales of its own. It is pulling in plenty of cash to continue investing in new drugs and marketing. Buy.EmblazeEmblaze, the mobile video technology firm, may be able to show some progress as Wind, in Italy, launches video services on its mobile network using the firm’s technology. The share price doesn’t even reflect the value of the cash Emblaze has in the bank. Gamblers might find it attractive at these levels, but should bank any profits early.NewsplayerNewsplayer has amassed internet distribution rights – some exclusive, some not – to the Reuters and ITN news archives, 40 years of Sir David Frost’s interviews, and 100 years of EMI’s music videos. This week it made a big leap forward in distributing the stuff, signing a deal with Cable & Wireless. With break-even expected in months, the shares, at 33.5p, are worth watching.VernalisGetting Frovatriptan, a new migraine treatment, on to the market is getting to be a huge headache for Vernalis, the Berkshire-based biotech firm.