/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/020812.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, August 12, 2002, Vol. 3, No. 158 Headlines * F I N L A N D * SONERA CORPORATION: Merger Timetable Update; SEC Review Delays * F R A N C E * AEROLYN: Airline Operator Will Be Put Into Liquidation VIVENDI UNIVERSAL: Settles Pernod Ricard, Diageo Claim VIVENDI UNIVERSAL: May Retain 44% Stake in Cegetal * G E R M A N Y * INTERSHOP COMMUNICATIONS: TV Retailer Chooses Intershop Solutions * G R E E C E * OLYMPIC AIRWAYS: Invites Tenders for Sale of Nine Aircrafts * I R E L A N D * AER LINGUS: Defers Decision on Axing Workers, Shuttle Service ELAN CORPORATION: Athlone Staff Volunteer for Redundancy * N E T H E R L A N D S * VERSATEL TELECOM: Approval of First Amended Disclosure Statement * P O L A N D * ELEKTRIM SA: Court Discontinues Appellate Proceeding * S W E D E N * LM ERICSSON: SEC Approves Rights Offering Prospectus * U N I T E D K I N G D O M * BIOCOMPATIBLES INTERNATIONAL: Notice of Major Interest in Shares BOOKHAM TECHNOLOGY: Issues Notice on INVESCO's 4.196% Holdings CELLTECH GROUP: Notification of Major Interest in Shares CORUS GROUP: EC Clears Sale of 23% Stake in AvestaPolarit ENODIS PLC: Announces Q3 Results for 13 Weeks Ended June 29, 2002 FILTRONIC PLC: Final Results For Year Ended May 31, 2002 FILTRONIC PLC: Buys an Additional USD5.8 MM of 10% Senior Notes INVENSYS PLC: Notification of Aviva's 3.83% Holdings in Invensys MARCONI PLC: Telecom Equipment Group Will Cut 1,000 More Jobs MOTHERCARE PLC: Statement on Warehousing and Distribution PRECISION & GENERAL: Administrators Sell Engineering Business RICHARDS PLC: Company Profile ROYAL & SUN: Reveals Interim Results Ending June 2002 ROYAL DOULTON: Company Profile WIGGINS GROUP: Appoints Dr. Kuczynski As Non-Executive Chairman WIGGINS GROUP: Company Profile WORLDCOM, INC.: Announces an Additional 3.3BB Discrepancy ============= F I N L A N D ============= SONERA CORPORATION: Merger Timetable Update; SEC Review Delays -------------------------------------------------------------- Sonera Corporation and Telia wish to provide additional information on the status of the timing regarding the merger of the two companies and the commencement of the exchange offer to all shareholders of Sonera by Telia. The offering documents to be used in connection with the exchange offer are still being reviewed by the US Securities and Exchange Commission on a confidential basis. Shortly after such review is complete, Telia will publicly file the applicable offering documents with the Securities and Exchange Commission and commence the exchange offer. The exchange offer is expected to commence in September 2002. =========== F R A N C E =========== AEROLYN: Airline Operator Will Be Put Into Liquidation ------------------------------------------------------ The French airline L.Air formerly Areolyn will be put into liquidation this week if it fails to pay its employees, the company_s chairman Jean-Marie Gras says, a report from La Tribune and the Financial Times reveals. The beleaguered company has been in receivership since November 2001. Despite having lost EUR7.61 million between January and October of that year, L.Air was acquired by the holding company Aeroplus at the end of April. Since then, however, its financial situation worsened, with Aeroplus' 49% shareholder, the Canadian venture-capital firm Universal Capital, refusing to pay the EUR8 million it promised to add to L.Air's equity capital, the papers report. In addition, the company's only DC-10 jet is in very poor condition. VIVENDI UNIVERSAL: Settles Pernod Ricard, Diageo Claim ------------------------------------------------------- Vivendi Universal, Pernod Ricard S.A. and Diageo plc have reached a global settlement of outstanding claims relating to post- closing adjustments arising from the acquisition of Seagram's spirits and wine business and more specifically on the debt and the working capital adjustment during the period of June 30, 2000 until December 19, 2001. This settlement, the company says, also includes a separate resolution with Pernod Ricard of certain alleged trade loading claims. The total net amount payable to Vivendi Universal by Pernod Ricard and Diageo is US$127 million. Investor Relations: Paris, France Laura Martin Telephone: +33 (1).71.71.1084 / 917.378.5705 Laurence Daniel Telephone: +33 (1).71.71.1233 New York, New York Eileen McLaughlin Telephone: +(1) 212.572.8961 VIVENDI UNIVERSAL: May Retain 44% Stake in Cegetal -------------------------------------------------- Beleaguered Vivendi Universal may keep its 44 % ownership in Cegetal, sources close to the MediaGuardian report. In Vivendi_s strategic review due in September, among assets that had been thought to be sold included a stake in Cegetel, the French telecoms operator, which owns the mobile phone group SFR. The paper adds that Vivendi, struggling to honor its debts of EUR19 billion, intends to keep its stake Cegetal stake and sell other assets, including the US-based videogames business. The group_s games business may raise EUR2 billion, the Wall Street Journal predicts. A lock-in agreement between Cegetal's major shareholders Vivendi (44%), SBC and Vodafone (15%) each and BT (26%) is due to come to an end next Month. ============= G E R M A N Y ============= INTERSHOP COMMUNICATIONS: TV Retailer Chooses Intershop Solutions ----------------------------------------------------------------- D2C2, an award-winning e-business strategy and solutions company and Intershop Communications' exclusive distributor for the regions of Taiwan, Hong Kong and China, says that Eastern Home Shopping Network (http://www.etmall.com.tw),the leading television retail, mail order, and online shopping company in Taiwan, will use Intershop's Enfinity E-Commerce Solution as the core of its e-business initiative. Eastern Home Shopping Network choses D2C2 and Intershop because of their reputation for fast deployment time and the technology's flexibility and scalability for managing its relationships and transactions with suppliers and multiple distribution channels. Eastern Home Shopping Network, online since 2001, initially opted to build a solution internally, which proved to be technically cumbersome and required a significant IT staff and training investment. In order to keep up with growing customer demand and expand features and functionality, the company chose to evaluate alternative e-commerce solutions. In Q2 2002, D2C2, focused specifically on Internet-enabled strategies and business models and M-Power, an Intershop Implementation Partner, were selected to by Eastern Home Shopping Network to implement the Intershop Enfinity B2C Solution. The project was completed in six weeks. "With Enfinity we have the option to adopt multiple business models and meet our growing sales demand with Enfinity's scalable infrastructure," said Mr. David Shih-Jieh Hsu, Ph.D., General Manager, Eastern Information Technologies, Inc. "In addition to Enfinity's advanced features and high performance, we were immediately impressed by the strong partnership between D2C2 and Intershop." The Enfinity B2C Solution now enables Eastern Home Shopping Network to profitably establish a feature rich e-commerce site for selling directly to consumers, maximizing revenues while enhancing relationships with their customers online. Fully integrated to an existing back-end logistics solution, Intershop Enfinity enabled Eastern Home Shopping Network to add advanced functionality, including parametric search, pricing notification, advanced promotions and coupon functionality, member management, ad banner management, English auction, affiliate selling, comparison shopping, and customer loyalty programs. "Eastern Home Shopping Network chose to work with D2C2 because of our strong reputation for exceeding client expectations and our ability to demonstrate superior technical expertise on the chosen software, "said Mr. Andrew Chow, President for D2C2. "Our exclusive relationship with Intershop enables us to truly master the advanced functionality Enfinity offers, while developing solutions that merge the fields of business and technology and deliver real business results to our customers." D2C2 is an award-winning consultancy focused on electronic commerce strategy and implementation. D2C2 possesses more than three years of experience developing and deploying Intershop- based solutions in North America and Asia Pacific. Successful implementations include more than sixty customers including DuPont, Nortel Networks, Mitsui & Co., and WestPoint Stevens. D2C2's mission is to use electronic commerce technology to create competitive advantage for our clients by optimizing trading relationships among suppliers, customers, and channels. D2C2 is Intershop's exclusive distributor in China, Hong Kong, and Taiwan providing sales and consulting support to more than 16 Implementation Partners. D2C2 is headquartered in Toronto, Canada with offices in Taipei, Taiwan, Shanghai, China and Hong Kong SAR. More detail about D2C2 can be found at http://www.d2c2.com. Intershop Communications (Nasdaq: ISHP, Neuer Markt: ISH) is a leading provider of e-commerce solutions for enterprises who want to automate marketing, procurement, and sales using Internet technology. The Intershop Enfinity commerce platform, combined with proven, flexible industry and cross-industry solutions, enables companies to manage multiple business units from a single commerce platform, optimize their business relationships, improve business efficiencies and cut costs to increase profit margins. By streamlining business processes, companies can achieve a higher return on investment at a lower total cost of ownership, increasing the lifetime value of customers and partners. Intershop has more than 300 enterprise customers worldwide in retail, high-tech and manufacturing, media and telecommunications. Customers including Hewlett-Packard, Motorola, Bosch, BMW, TRW, Bertelsmann, Otto and Homebase have selected Intershop's Enfinity as the foundation for their global e-commerce strategies. KIRCHMEDIA: Rejects German Consortium Bid for Main Assets --------------------------------------------------------- Insolvent German media company KirchMedia GmbH refused bids for its main assets from a consortium of German publishers led by Axel Springer Verlag AG and HVB Group, a report from the news outfit Bloomberg says. The insolvent company_s creditors are set to reduce the circle of bidders, which also include Television Francaise 1 SA and Sony Corp.'s Columbia Tristar. The German company controls ProSiebenSat1 Media AG, the country's biggest TV broadcaster, the news outfit says. Bloomberg adds that French broadcaster TF1 and U.S. investor Haim Saban are still among the bidders. Earlier, KirchMedia_s manager Hans-Joachim Ziems said that the company had received bids totaling to EUR2.6 billion. He is set to seek for a buyer for the insolvent company by the start of September, Bloomberg reports. =========== G R E E C E =========== OLYMPIC AIRWAYS: Invites Tenders for Sale of Nine Aircrafts ----------------------------------------------------------- Invitation for Tenders (REF : S-1/B737/2002) OLYMPIC AIRWAYS S.A. invites Tenders for the sale of: A. AIRCRAFT : NINE (9) B737-284 ADV, Equipped with P & W JT8D-9A engines MSN MAN. YEAR F/H CYCLES 21225 1976 55019 59900 21301 1976 52965 56791 21302 1976 53353 57879 22300 1980 49780 49119 22301 1980 49347 48138 22338 1980 47741 47944 22339 1980 47610 47631 22343 1980 45132 46224 22400 1981 45665 46916 Note: FH and CYCLES as per 30/6/02. B. SPARE ENGINES : P & W JT8D-9A TWELVE (12). C. SPARE APU : GTCP85-129 Four (4). D. SPARE PARTS & SPECIAL TOOLS for (A), (B), & (C). The above will be sold _as is where is_ either in a package deal, or individually. The condition of the above is outlined in the detailed Tender Document. Offers will be accepted only from individuals or corporations. Brokers are excluded. Interested parties can inspect the above upon request and obtain detailed Tender documents and technical information from: Mr. Kleon Chryssafitis Technical Services Division Telephone: (++3010)-936 2264 Fax : (++3010)-936 2104 Sealed envelopes should be sent to the following address, clearly indicating the reference above, no later than 14:30 GMT hours of 16/9/2002 being the date and time of the opening of the tenders. In case of: - mistakes and/or omissions of the indications on the envelopes or - delayed posting beyond the indicating date & time, tenders will not be accepted. O.A. reserves the right to declare the Tender fruitless or the submitted offers not beneficial, without any further justification. The present invitation will be ruled by Greek Law and in case of any dispute that may arise from the present invitation, the Courts of Athens will be exclusively competent. ============= I R E L A N D ============= AER LINGUS: Defers Decision on Axing Workers, Shuttle Service ------------------------------------------------------------- AER Lingus delayed its decision to drop the service of a shuttle bus, which was transporting workers from a staff car park to the terminal building, a report from the Irish Independent says. Unions claim that the decision to axe the service would affect working conditions and could have serious health and safety implications, the paper says. The bus brings cabin crew, check-in and boarding workers to the terminal building and without the service, staff would face a 15 to 25 minute walk. Last Wednesday, unions opined that the 15-25 minute walk could cause problems for staff in terms of health as they will be required to walk a long distance with their luggage. Workers said it is possible that their work performance would also be affected, the daily reports. Unions welcomed the move to defer any decision by management saying ending the service would have been a step too far. Aer Lingus staff have already endured substantial cut-backs, of at least EUR180m, as part of the company's survival package. AER Lingus management confirmed that no final decision has been reached regarding the matter, the Irish Independent says. ELAN CORPORATION: Athlone Staff Volunteer for Redundancy -------------------------------------------------------- Elan Plc_s staff working at its Athlone pharmaceutical plant volunteered for redundancy after the company announced 250 job cuts at the plant last week, a report from the news outfit Business and Finance says. But the Elan management declined to comment on the details of the redundancy package offered, the report adds. BF also says that it may be impossible for Elan to complete the sale of its three anti-infective drugs - Abelcet, Azactam and Maxipime - before the end of the year. Elan has appointed investment bank Morgan Stanley to advise it on asset disposals through which it hopes to raise USD1.5 billion by the end of 2003, the paper says. The company did not specify which assets would be sold. It is said that it was expecting to get at least USD750 million for the three treatments, the Business and Finance adds. ===================== N E T H E R L A N D S ===================== COMPLETEL EUROPE: Will Publish Re-audited U.S. GAAP Financials -------------------------------------------------------------- CompleTel Europe N.V. announces that it intends to publish and distribute restated annual financial statements, prepared in accordance with United States generally accepted accounting principles (US GAAP) and audited in accordance with United States generally accepted auditing standards (US GAAS), for the three years ended December 31, 2001, 2000 and 1999: _We are restating these financial statements, which were originally included in our 2001 Annual Report on Form 10-K, filed with the US Securities and Exchange Commission (the SEC) on April 1, 2002, as part of the filing and review process associated with the preparation of proxy statements relating to our previously announced annual and extraordinary general shareholders meetings scheduled to be held on August 20, 2002. _We are having these restated financial statements audited because of the resignation of Arthur Andersen (The Netherlands) as our independent accountant on June 21, 2002 as a result of the acquisition of its Dutch audit practice by Deloitte & Touche Accountants. _We currently anticipate that our restated financial statements will be made available on or about August 12, 2002 and that they will contain the revisions outlined below. _They may also contain further revisions of which we are not yet aware as a result of the completion of their ongoing re-audit. Shareholders are advised that in making any voting or investment decisions they should rely on those restated audited financial statements, when they become available, rather than the revised financial statements that we previously distributed on August 5, which were not audited in accordance with US GAAS. _On August 5, 2002, we distributed proxy statements relating to our annual and extraordinary general shareholders meetings that contained US GAAP consolidated annual financial statements that were not audited in accordance with US GAAS. _We have been advised, however, by the SEC's Staff that that we were not entitled to rely on the relief provided by SEC Release No. 34-45589 that permits the filing of unaudited financial statements, in satisfaction of the requirements of the SEC's proxy rules, by certain companies for which Arthur Andersen LLP or one of its foreign affiliates had been engaged as the independent public accountant. _Consequently, the annual financial statements included in our proxy statements did not comply with United States federal securities laws. _We have engaged Deloitte & Touche to replace Arthur Andersen as our independent accountant and we are working diligently to have our restated US GAAP consolidated financial statements audited by that firm in accordance with US GAAS. _That audit will comprise a full re-audit of our financial statements as of and for the year ended December 31, 2001 and an audit of the revisions to our 2000 and 1999 financial statements, previously audited by Arthur Andersen. _The amendments to our financial statements will include, in 2001, the reclassification from restructuring, impairment and other charges to selling, general and administrative expenses of approximately (euro)3.1 million, associated with our repayment of certain bank loans made to senior employees and the costs associated with our forgiveness of a loan made to our former chief executive officer. _The amendments will also include, for all three years, clarifying or expanded disclosure in the notes to our consolidated annual financial statements that describe our significant accounting policies, the status of legal proceedings to which we are a party, our financial segment data, and the basis for our impairment and restructuring charges. _We will also amend our quarterly financial statements that were included in our Quarterly Report on Form 10-Q for the three months ended March 31, 2002 to include disclosure corresponding to the amendments to our annual financial statements, as well as to expand our related party disclosures. The ongoing re-audit process may result in further amendments of which we are not yet aware. _When our restated audited financial statements become available, we will issue a further press release, publish those financial statements on our website at www.completel.com and recirculate revised proxy statements in respect of our general meetings. We anticipate that our restated audited consolidated financial statements will be available on or about August 12, 2002; however, we may be unable to achieve this objective. _The proxy statements that we distributed on August 5, 2002 contained procedures for voting by proxy. Our registered and beneficial shareholders that wish to vote their shares at our general meetings should review our restated audited annual consolidated financial statements, when they become available, before casting their vote in person or by proxy. _Registered Shareholders that have already voted their shares by proxy may change their vote by (1) sending a written notice of revocation to JPMorgan Chase Bank located at 60 Wall Street, New York, New York 10260; 2) submitting a later proxy; or (3) attending one or both of our general meetings and voting in person (in which case an attendance form must be submitted). _In each case, the notice of revocation, subsequently dated proxy or attendance form must be received by JPMorgan Chase Bank no later than the deadline for that purpose, currently 3:00 p.m. (New York City time) on August 16, 2002. _Beneficial owners of our Ordinary shares who have submitted a proxy card or voting instructions form to their bank, broker or other agent, may change their vote by following their agent's procedures for this purpose._ Completel is a facilities-based provider of fiber optic local access telecommunications and Internet services to business end- users, carriers and ISPs in France. Contact Information: Stefan Sater Investor Relations Director Telephone: +33 1 72 92 20 43 Email: s.sater@completel.fr VERSATEL TELECOM: Approval of First Amended Disclosure Statement ---------------------------------------------------------------- United States Bankruptcy Court Southern District of New York In re: Versatel Telecom International NV, Debtor Case No. 02-13003 (rdd) Chapter 11 NOTICE: (I) APPROVAL OF FIRST AMENDED DISCLOSURE STATEMENT (II) CONFIRM DEBTOR_S FIRST AMENDED PLAN OF REORGANIZATION AND (III) ESTABISHMENT OF OBJECTION DEADLINE BY ORDER OF THE UNITED BANKRUPTCY COURT, HONORABLE ROBERT D. DRAIN PLEASE TAKE NOTICE THAT THE United States Bankruptcy Court for the Southern District of New York has approved the adequacy of the First Amended Disclosure Statement, dated July 26, 2002 for the solicitation of votes with respect to the first Amended Plan of Reorganization under title 11, United States Code of Versatel Telecom International NV, debtor and debtor in possession in the above-captioned and numbered chapter 11 case, and has scheduled a hearing to confirm the Plan and has established the deadlines and procedures described herein. HEARING ON THE CONFIRMATION OF THE PLAN 1. The confirmation Hearing will commence on September 5, 2002 at 2:00 prevailing Eastern Time or as soon as thereafter as counsel can be heard, before the Honorable Robert D. Drain, United States Bankruptcy Court for the Southern District of New York, Alexander Hamilton Custom House, One Bowling Green, New York, New York 10004. The Confirmation Hearing may be continued from time to time by announcing such continuance in open court or otherwise, all without further notice to parties in interest. The Court, in its discretion and prior to the confirmation Hearing, may put in place additional procedures governing the Confirmation Hearing. DEADLINE AND PROCEDURES FOR FILING OBJECTIONS TO CONFIRM OF THE PLAN 2. The bankruptcy Court has established August 30, 2002 at 5:00pm, prevailing Easter Time, as the last date and time for filing and serving objections to the confirmation of the Plan. Objections not filed and served by the Objection Deadline in the manner set fort below may not be considered by the Bankruptcy Court. 3. In Order to be considered by the Bankruptcy Court, objections, if any, to the confirmation of the plan must be in writing and must: (a) comply with the Federal Rules of Bankruptcy Procedure and the Local Bankruptcy Rules; (b) state with particularly the legal and factual bases for the objection or proposed modification; (c) be (i) filed with the Bankruptcy Court, together with proof of service, at http://mysb.uscourts.gov,in accordance with Bankruptcy Court_s General Order setting forth Electronic Filing Procedures, as amended, by registered users of the Bankruptcy Court_s case filing system, with a hard copy delivered to the chambers of the Honorable Judge Drain at the United States Bankruptcy Court for the Southern District of New York, Alexander Hamilton Custom House, One Bowling Green, New York, New York 10004, or be (ii) delivered directly to the clerk of the court (including an affidavit as to your inability to file in the electronic manner set forth herein) at the United States Bankruptcy Court_s case filing United States Bankruptcy Court for the Southern District of New York, Alexander Hamilton Custom House, One Bowling Green, New York, New York 10004 with a courtesy copy to the chambers of the to the chambers of the Honorable Judge Drain, by all non registered users of the Bankruptcy Court_s case filing sytem; and (d) served on the following, so that they are actually RECEIVED by 5:00 PM prevailing Eastern time, on or before the Objection Deadline by: (i) Counsel to the Debtor: Shearman & Sterling, 599 Lexington Avenue, New York, New York 10022, Attn: Douglas P. Bartner, Esq. And Andrew V. Tenzer, Esq.; (ii) Counsel to the Ad Hoc Committee: Bingham McCutchen LLP, at 8-10 Mansion House Place, London EC4N8LB United Kingdom Attn: James Roome, Esq. And 399 Park Avenue, New York, New York 10022-4689 Attn:Evan Flaschen, Esq.; (iii) the Office of the United States Trustee, 33 White Hall Street, Suite 2100 New York, New York 10004 Attn: Brian Masumoto, Esq.; and (iv) Counsel to the Indenture Trustee: Baker & McKenzie, 805 Third Avenue, New York, New York 10022 Attn: Joseph Samet, Esq. The Court will consider only written objections filed and served by the Objection Deadline. Objections not timely filed and served in accordance with the provisions of this Notice shall be overruled. 4. Persons wishing to obtain copies of the Disclosure Statement or the Plan may access the Bankruptcy Court_s website at: http://www.nysb.uscourts.govor the Debtor_s website at http://www.versatel.com.Alternately, persons may request copies from counsel to the Debtor. Such requests MUST be written and sent to Shearman & Sterling at the address set forth below: SHEARMAN & STERLING 599 Lexington Avenue New York, New York 10022 Telephone: (212) 848-4000 Facsimile: (212) 848-7179 Attn: Brooke L. Gibson Email: bgibson@shearman.com Dated: New York, New York July 30, 2002 =========== P O L A N D =========== ELEKTRIM SA: Court Discontinues Appellate Proceeding ---------------------------------------------------- The Management Board of Elektrim S.A. announces that on August 8, 2002 it received the decision of the Warsaw Regional Court, XX Commercial Department, dated August 7, 2002, that the appellate proceeding commenced as a result of the appeal filed by Elektrim S.A. as debtor and Fabryka Kotlow RAFAKO S.A., Fabryki Aparatow Elektrycznych APENA S.A. and The Law Debenture Trust Corporation p.l.c. as creditors against the decision of the lower court dated April 23, 2002 had been discontinued. All appeals were withdrawn by July 31, 2002. =========== S W E D E N =========== LM ERICSSON: SEC Approves Rights Offering Prospectus ---------------------------------------------------- The Securities and Exchange Commission (SEC) declared effective the Registration Statement on Form F-3, filed with the SEC in the US in connection with Ericsson's proposed rights offering. Further, the Stockholm exchange approves the international prospectus. Following the approval by the Stockholm exchange, the international prospectus is intended to be registered with authorities in Dusseldorf, Frankfurt, Hamburg, London, Paris and Zurich and certain other jurisdictions. The international prospectus will be made public on August 12 through advertisement in the Swedish newspaper Svenska Dagbladet. The prospectus can be downloaded from: http://www.ericsson.com/investors/rightsoffering2002.shtml as from that date. The rights offering will follow the earlier announced timetable as below: August 9 Ericsson's series A and series B shares will be traded exclusive of the right to participate in the offering. August 13 Record date for participation in the rights offering, i.e. shareholders and ADS holders registered as owners on this day will obtain B share rights or ADS rights, as applicable, to participate in the offering. August 15 First day for subscription and payment for B shares and ADSs. First day for trading in B share rights and ADS rights. August 27 Last day for trading in ADS rights, as well as the last day for subscription and payment for ADSs. August 29 Last day for trading in B share rights. September 3 Last day for subscription and payment for B shares. On or about Sep. 6 Announcement of preliminary rights offering results. Offering documentation will be sent to directly registered shareholders and ADS holders registered as owners as of the record date around the time of the start of the subscription period. Contact Information: Gary Pinkham Vice President Investor Relations Telephone: +46 8 719 0858, +46 730 371 371 Email: investorrelations@ericsson.com =========================== U N I T E D K I N G D O M =========================== BIOCOMPATIBLES INTERNATIONAL: Notice of Major Interest in Shares ---------------------------------------------------------------- J O Hambro Capital Management Limited, ORYX International Growth Fund Limited and North Atlantic Smaller Companies Investment Trust PLC submitted a concert party notification, pursuant to Section 204 of the Companies Act 1985, Biocompantibles announced August 8 that, JOHCM confirmed that it hs 3,245,000 Ordinary 16 1/9p shares in Biocompatibles International Plc, while NASCIT confirmed it has 1,019,999 shares and ORYX confirmed its interest in 350,000 shares. These amounts represent 7.31%, 2.30% and 0.79% of the total issued share capital of the Company respectively. These shares are held as follows: HSBC Global Custody London Limited 350,000 Bank of New York Nominees Limited 1,019,999 Nutraco Nominees Limited 600,000 Goldman Sachs International TNA 1,000,000 Goldman Sachs International THO 500,000 Goldman Sachs International THT 125,000 Goldman Sachs International TEU 1,020,000 TOTAL 4,614,999 shares = 10.4% BOOKHAM TECHNOLOGY: Issues Notice on INVESCO's 4.196% Holdings -------------------------------------------------------------- Bookham Technology plc announces that it received notification from AMVESCAP PLC that within their non-beneficial aggregate holding, there has been a change in the following notifiable holding: INVESCO Perpetual UK Growth Fund has increased its shareholding by 660,000 shares and now has interest over 6,033,747 shares or 4.196% of the issued share capital in the Company. This holding is registered in the name of Vidacos Nominees Limited. CELLTECH GROUP: Notification of Major Interests in Shares --------------------------------------------------------- Celltech Group plc announces Thursday that Franklin Resources Inc and its affiliates including Franklin Mutual Advisers, LLC and Templeton Worldwide Inc and its affiliates have the following interest in shares of ordinary 50p Shares with the breakdown of holdings as follows: Bankers Trust Company 11,894 Bank of New York, London 24,080 Cede, New York 27,760 Chase Nominees Ltd 10,688,421 Clydesdale Bank PLC 235,154 Deutsche Bank AG 70,000 Northern Trust Company 929,895 Royal Trust Corp of Canada 192,484 State Street Nominees Limited 1,994,487 Total holding following this notification: 14,174,175 Total percentage holding after notice: 5.1458% CORUS GROUP: EC Clears Sale of 23% Stake in AvestaPolarit --------------------------------------------------------- Corus announces that Following the notice on July 1, 2002 that Corus Group plc has agreed to sell its 23.2 % stake in AvestaPolarit Oyj Abp to Outokumpu Oyj, the European Commission grants merger clearance on the transaction. Following receipt of this clearance all the conditions to the sale have been satisfied. Accordingly, Corus expects completion of the disposal to take place on August 12, 2002. The total proceeds received by Corus of some EUR555 million will be applied to reduce group debt and further strengthen the group balance sheet. Contact Information: Investor Relations Telephone: +44 (0)20 7717 4503 ENODIS PLC: Announces Q3 Results for 13 Weeks Ended June 29, 2002 ----------------------------------------------------------------- Group Financial Highlights --Food Equipment sales 197.3m pounds sterling, flat on a like- for-like basis. --Group profit before tax(a) 9.1m pounds sterling (Q3 2001: 14.4m pounds sterling). --Adjusted, diluted earnings per share 2.1p (3.6p). Global Food Service Equipment (FSE) -Operating profit(a) in North America 6% ahead on a like-for-like basis at 17.6m pounds sterling (17.9m pounds sterling). -European market, particularly UK, difficult. -Global FSE operating profit(a) 20.3m pounds sterling (22.5m pounds sterling) down 4% on a like-for-like basis. Food Retail Equipment -Operating loss(a) of 1.2m pounds sterling (profit 1.9m pounds sterling) -Good performance at Kysor Panel Systems offset by losses at Kysor Warren - new president appointed and vigorous action continuing. Exceptional items -Net cash inflow 64.7m pounds sterling. -Net proceeds from disposals in quarter of 76.6m pounds sterling, loss on disposal 40.0m pounds sterling (including 54.7m pounds sterling of goodwill). -48.9m pounds sterling impairment of Kysor Warren goodwill. -5.0m pounds sterling of restructuring and asset write down charges taken in Q3. Period end net debt down to 225.7m pounds sterling following rights issue, disposals and improved free cash flow. (a) before goodwill amortisation and exceptional items. Peter Brooks, Chairman, said: "Our Food Service Equipment business in North America continues to perform robustly in difficult markets. The results have been impacted by losses at Kysor Warren where vigorous action continues to be taken. We have made good progress in reducing net debt, which has fallen significantly to 225.7 million pounds sterling from 380.5 million pounds sterling at the half year and 493.8 million pounds sterling in March 2001." Contact Information: Andrew Allner Chief Executive Officer Telephone: 020 7304 6006 Dave Wrench Chief Financial Officer Telephone: 020 7304 6006 Chairman's and Chief Executive Officer's Review Overview Food Service Equipment results are in line with our expectations. As anticipated markets have continued to be weak. Against this background our Food Service Equipment business in North America has performed robustly in a weak market, growing both sales and operating profits by 6% on a like-for-like basis compared to the same period last year. The market for food service equipment in Europe/ROW has weakened with a very competitive UK market taking the brunt of the downturn. Our Food Service Equipment business in Europe/ROW, which is smaller and less integrated than our business in North America, recorded sales down 6% and operating profits down 41% on a like-for-like basis. In Food Retail Equipment, the market continues to be difficult, but our Kysor Panel Systems business has increased like-for-like sales by 2%. We have continued to lose market share at Kysor Warren due to problems with product quality and lack of customer focus. As anticipated at the time of the interim results, Kysor Warren will continue to make operating losses throughout the 2002 financial year. Whilst we are determined we will successfully turn round this business, this will take time and we have prudently written off all the remaining Kysor Warren goodwill of 48.9 million pounds sterling. We have had strong operating cash flow in the quarter of 10.4m pounds sterling and net exceptional cash inflow from disposals, exceptional items and the rights issue of 135.0m pounds sterling. Net debt at 29 June 2002 stood at 225.7m pounds sterling down from 380.5m pounds sterling at the half year. Results Profit before tax, goodwill amortisation and exceptional items in Q3 2002 was in line with our expectations at 9.1m pounds sterling (Q3 2001: 14.4m pounds sterling including 1.5m pounds sterling from the Building and Consumer Products business sold in June 2001). Foreign exchange movements have adversely affected the results by approximately 0.4m pounds sterling with the balance being due to the effect of disposals and stronger Food Service North America performance being offset by Europe/ROW and Retail. For the three quarters ended 29 June 2002, cumulative profit before tax, goodwill amortisation and exceptional items was 20.4m pounds sterling (33.1m pounds sterling including 9.1m pounds sterling in respect of the Building and Consumer Products business sold in June 2001). In Food Equipment, Q3 operating profit before goodwill amortisation and exceptional items ("operating profit") was 19.1m pounds sterling (24.4m pounds sterling), with a weaker dollar contributing 0.4m pounds sterling to the reduction in results and the effect of disposals a further 1.5m pounds sterling. Operating margins in the period were 9.7% (10.7%) reflecting lower margins in Europe/ROW and Food Retail Equipment. For the three quarters ended 29 June 2002, cumulative Food Equipment operating profit before goodwill amortisation and exceptional items was 49.5 million pounds sterling (61.1 million pounds sterling). Q3 Group operating profit was 17.1m pounds sterling (23.0m pounds sterling including 1.5m pounds sterling from the Building and Consumer Products business). For the three quarters ended 29 June 2002, cumulative Group operating profit was 43.3m pounds sterling (62.8m pounds sterling including 9.1m pounds sterling in respect of the Building and Consumer Products business). Exceptional items in Q3 comprise the following: Profit/(loss) Net cash inflow/ (outflow) pound m pound m 1. Restructuring and asset write downs (5.0) (7.2) 2. Refinancing fees - (1.9) 3. Disposals of businesses (43.3) 49.4 4. Nobia receipt 3.3 24.4 5. Impairment of Kysor Warren goodwill (48.9) - ---------------------- Total (93.9) 64.7 Notes: 1. Net operating exceptional items, excluding goodwill impairment, in Q3 of 5.0m pounds sterling comprise further restructuring costs and asset write downs, mostly at Kysor Warren. The exceptional cash flow includes related cash costs along with payments against previous restructuring programmes. 2. Fees paid in respect of the refinancing. 3. The loss on disposals of non-core businesses during the Quarter included goodwill previously written off to reserves of 54.7m pounds sterling. In the 52 weeks ended 29 September 2001, the operating profit for businesses disposed of in the current quarter was 8.9m pounds sterling and in the current year, to the date of disposal, was 3.8m pounds sterling. 4. As a result of the recent public offering of Nobia AB, which purchased our Building and Consumer Products business in June 2001, we received repayment of our vendor loan note of 20.0m pounds sterling, together with an early repayment penalty. Furthermore, we sold the shares arising from the exercise of Nobia AB warrants, raising proceeds of 4.0m pounds sterling and net profits of 3.3m pounds sterling. 5. As a result of our review of the performance of Kysor Warren, and as first discussed at the time of our Q1 announcement in February, we have reassessed the value of the Kysor Warren goodwill. Our conclusion is that in the current difficult market conditions, along with our decline in market share and operating losses, there is an impairment in the carrying value of goodwill. Therefore, we are writing off 48.9m pounds sterling as an exceptional non-cash charge being all the remaining Kysor Warren goodwill. This is an accounting rather than cash item and we are taking every step to recover this value as we focus on turnround. Cash flow and financing Operating cash flow in the quarter was 10.4m pounds sterling (Q3 2001: 10.1m pounds sterling) on lower year on year Q3 operating profit. After interest and tax, free cash flow was 5.4m pounds sterling (0.2m pounds sterling). During the quarter, we received a net exceptional cash inflow of 64.7m pounds sterling and the net proceeds of our 3 for 5 Rights Issue of 70.3m pounds sterling. After taking into account foreign exchange gains of 14.4m pounds sterling, net debt in the period reduced from 380.5m pounds sterling at 30 March 2002 to 225.7m pounds sterling. The final phase of the syndication of the Group's Senior Debt is now complete. Debt reduction will remain a priority for the Group. Operating companies remain firmly focused on cash conversion days and we expect further debt reduction as a result of operating cash flow. Property Work is progressing on Felsted Phase III in accordance with our plans and, subject to completion of infrastructure improvements on time, should generate operating profits of some 7m pounds sterling in the last quarter of the current financial year. Global Food Service Equipment Global Food Service Equipment comprises both our operations in North America, approximately 75% of Food Service Equipment sales, and our operations in Europe/ROW. Our strategy is to achieve market share growth through excellence in product, distribution and service. The Group offers a full range of core heavy kitchen equipment to the industry and competitive advantage is achieved through leveraging the Group's scale, product range and leading brands, technology and relationships with distributors and service partners, end-users and suppliers. We have continued to make good progress against our strategic objectives with particular success in building on relationships with key global accounts and improved performance with major dealers and buying groups. Our Scotsman Ice plant achieved recognition as one of the USA's best plants across all industries and we are at early stages of manufacturing formerly USA sourced products in Europe, China and Thailand. Our ice businesses, where industry data is available, continue to grow share. In Europe/ROW we have had significant success in gaining orders for our Merrychef accelerated cooking products. Elsewhere, increased factory capacity and new product start up costs have depressed margins. The UK remains a key area of focus. Sales of our North American operations, including exports, at 124.8m pounds sterling were in line with our expectations, down 4% on the same period last year. However, on a like-for-like basis, i.e. adjusting for the effects of disposals and foreign currency, sales grew in the period by 6%. Operating profit was broadly flat at 17.6m pounds sterling but was up 6% on a like- for-like basis. Sales in Europe/ROW declined by 22% to 36.6m pounds sterling which is 6% down on a like-for-like basis principally due to lower UK sales in a fiercely competitive market. Operating profits were down 41% (both on an actual and on a like- for-like basis) at 2.7m pounds sterling with the UK again being the main contributor. Volume effects and cost increases were offset in part by cost savings. Overall, operating profit in Global Food Service Equipment was down 10% to 20.3m pounds sterling with margins flat at 12.6%. Like-for-like sales are up 3% and profits are down 4%, with the performance in Europe/ROW more than offsetting improvements in North America. Food Retail Equipment Our Food Retail Equipment business comprises Kysor Warren and Kysor Panel Systems and the results of Austral and Belshaw up to the dates of disposal. Sales, at 35.9m pounds sterling, were down 11% on a like-for-like basis. We made operating losses of 1.2m pounds sterling (Q3 2001 profit: 1.9m pounds sterling). Kysor Panel Systems has continued its good performance, with underlying sales and profits up 2% and 31% respectively. Kysor Warren was loss making with like-for-like sales declining by 22%. We expect Kysor Warren to continue making losses in Q4 with the final result dependent on volumes in the balance of year and timing of corrective actions. Our objective for Kysor Warren is to turn the business round and re-establish it as a successful, profitable, leading player in the display cabinet and systems industry. As discussed at the interims, following the appointment of a task force, we are focusing on improving the management team, addressing operational issues and re-establishing customer focus whilst maintaining emphasis on cash. On July 22, we successfully concluded our search for a new president for Kysor Warren, who brings significant turnround experience. He will work closely with the experienced president of the Kysor Group and also the FSE retail account manager to leverage Enodis's relationship with retail customers. Kysor Warren has a reputation for product reliability and the immediate priority is to address short term issues of fit and finish. In addition, cost reduction actions are well advanced. As a result of our review of the performance of Kysor Warren, and as first discussed at the time of our Q1 announcement in February, we have reassessed the value of the Kysor Warren goodwill. Our conclusion is that in the current difficult market conditions, along with our decline in market share and operating losses, it is prudent to recognise an impairment in the carrying value of goodwill. Therefore, we are writing off 48.9m pounds sterling as an exceptional non-cash charge which includes all goodwill associated with Kysor Warren. We remain determined that we will successfully turn round this business and all actions are being taken to achieve this, though it will take time. Outlook We had always expected markets to remain weak through the current financial year but to pick up early next year. However, despite some positive signs earlier this year, indications are that this period of weakness is now likely to extend further than we had originally expected. Despite this we remain confident that we will grow sales and market share by focusing on key accounts, and by leveraging our technology, product range and relationships with our distribution and service partners. We will also continue to reduce costs and have a strong focus on cash. The market in North America for Food Retail Equipment is showing some signs of slowing further. Our results in this area, however, will largely depend on our ability to turn round Kysor Warren; we expect it to take time for the benefits of our actions to show through. Overall trading in July continued in line with expectations with robust performance in Food Service Equipment, North America, weak performance in Food Service Europe/ROW and losses at Kysor Warren. We expect trading conditions in Q4 to remain broadly in line with those seen in Q3 except for the effect of adverse exchange rate movements, which assuming current rates continue, are estimated to reduce Q4 operating profits by some 1 million pounds sterling. P M Brooks A J Allner Chairman Chief Executive Officer A copy of the company_s financial statement including profit and loss and balance sheet postings may be viewed at: http://bankrupt.com/misc/enodis.pdf FILTRONIC PLC: Final Results For Year Ended May 31, 2002 -------------------------------------------------------- Filtronic plc -- www.filtronic.com -- a leading global designer and manufacturer of customised microwave electronic subsystems, announces its Final Results for the year ended May 31, 2002. Its technology and engineering can be applied to general business sectors in both the commercial and defence areas. Filtronic has worldwide sites in the UK (North of England, Yorkshire, Midlands, Scotland), in the US, in Finland, in China and in Australia. Both major businesses, Wireless Infrastructure and Cellular Handset Products, increased their contribution to operating profit and again improved their market share. Wireless Infrastructure is the world's number one independent supplier of transmit/receive modules for mobile base stations and Cellular Handset Products is the world's leading manufacturer of antennas for handsets. Lucent, Motorola and Nokia are among Filtronic's customers. In his Statement, Professor David Rhodes, Executive Chairman said: "Filtronic is much stronger than it was one year ago, both financially and operationally. Filtronic holds the number one independent supplier position in its two major businesses. Both cash flow and operating margins in those businesses are strong. Actions have been taken to improve trading performance in our smaller businesses. The company has and continues to be cash generative. Since 31 May 2001, total debt has been reduced by GBP37.7m and cash balances increased." Financial Highlights -Results in line with May trading update and ahead of market expectations -Group sales of GBP280.5m (2001: GBP297.4m) -Operating profit before non-cash items up 46% from GBP12.2m to GBP17.8m -Wireless Infrastructure operating profit up 17% from GBP27.2m to GBP31.8m -Handset Products operating profit up 68% from GBP6.9m to GBP11.6m -Strong margins in Wireless Infrastructure and Cellular Handset products -Maintained final dividend 1.8p (2001: 1.8p), payable 1 November 2002; totaldividend 2.7p per share -Net cash generated from operations up from GBP7.5m to GBP64.2m -Net debt reduced 33% by GBP41.2m from GBP125.9m to GBP84.7m -Gearing reduced from 97% to 81% Operational Highlights -Global presence in Europe, USA, Asia -Market shares of 35% and 25%, respectively, in two major businesses -Leader in transmit/receive module technology and low cost manufacturing -Strong position in 3G programmes with major customers -Targeting further increases in market share in both businesses -86 million antennas supplied by Cellular handsets, an increase of 21% -Principal supplier of handset antennas to Nokia -Strong position in new programmes with Nokia and several new customers -Closure of Filtronic Solid State, California facility -Compound semiconductor agreements with M/A-COM and BAE underway -GaAs Power Amplifier Modules successfully demonstrated to 3 leading OEMs -Potential new channel to merchant market via Powerwave Powerwave Alliance -Product Development and Marketing Alliance with NASDAQ listed Powerwave Technologies, Inc. -Agreement to develop integrated transmit receive module and power amplifierfor the 3G market -Integrated products to comprise Filtronic's transmit/receive filter modules and Powerwave's power amplifiers -Future potential agreement to incorporate Filtronic's GaAs power amplifier modules into joint integrated products and selected future Powerwave products Outlook In his Statement, Professor David Rhodes said: "While global market conditions remain challenging and the short term outlook is unclear, Filtronic will continue to improve the efficiency of its businesses and reduce its debt when practical. The development of compound semiconductor based products and investment in the related technologies will remain the principal technical focus. The Board believes that this strategy will deliver financial stability, business growth and shareholder value in the medium to longer term." Contact Information: Professor J. David Rhodes Executive Chairman Filtronic plc Telephone: 020 7786 9600 (all week) FILTRONIC PLC: Buys In a Further USD5.8 MM of 10% Senior Notes -------------------------------------------------------------- Filtronic plc -- www.filtronic.com -- a leading global designer and manufacturer of customised microwave electronic subsystems, announced Wednesday that it has bought in a further USD5.807 million of its 10% Senior Notes due December 1, 2005 at a discount to par value. These Notes will be cancelled leaving $134.943m of the Notes outstanding. Filtronic has now bought in and cancelled a total of USD35.057 million of the Notes. Contact Information: John Samuel Director and Company Secretary Telephone: 020 7786 9600 INVENSYS PLC: Notification of Aviva's 3.83% Holdings in Invensys ---------------------------------------------------------------- Invensys plc announces that on August 8, Aviva plc (formerly CGNU plc) notifies that on behalf of its subsidiary, Morley Fund Management Limited, the following registered holder(s) has corresponding interest in ordinary 25p shares in Invensys: BNY Norwich Union Nominees Ltd 38,149,646 BT Globenet Nominees Ltd 38,780 Chase GA Group Nominees Ltd 59,819,645 CUIM Nominee Ltd 33,890,711 RBSTB Nominees Ltd 2,048,349 Total holding following this notice: 133,947,131 Total percentage of holding after this notice: 3.83% MARCONI PLC: Telecom Equipment Group Will Cut 1,000 More Jobs ------------------------------------------------------------- Troubled UK telecoms group Marconi Plc announced last Thursday that it will be cutting more than 1, 000 jobs from its work force, a report from the Associated Press says. The news outfit reports that Marconi revealed a three-month consultation process to find out how many jobs would be cut. It has cut its British work force to 8,000 from a total of 15,000 over the past two years. Marconi has employed 39,000 people around the world in March 2001. To date, it employs less than 20,000, according to the director of communications David Beck. Mr. Beck added that he is hoping most of the jobs would be voluntarily cut but he also expects some lay-offs, the Associated Press adds. Marconi, based in London, supplies computer network communications equipment and services. Hit hard by a collapse in demand in the electronics and high-tech industries, the company has struggled to sell off businesses and raise cash to reduce its debt. The company's shares have plunged from a peak of 12.50 pounds in 1999 to 3.93 pence (6 cents) at Thursday's close in London. MOTHERCARE PLC: Statement Re Warehousing and Distribution --------------------------------------------------------- In response to press comment on Thursday with regards to its warehouse and distribution operation, Mothercare plc made the following statement: 'Over the last few months, the outflow of goods from the warehouses has matched the inflow and our warehouse operations have met our business requirements. 'Current total stock levels are in line with this time last year. The management team is aware of the need to manage total stock throughout the supply chain, including clearance of summer lines, as indicated in the trading statement of July 15, 2002. As a consequence, the team took appropriate action last week to prioritise the flow of merchandise to stores of the Autumn & Winter clothing ranges and replenishment of best selling lines in other merchandise groups. 'The launch date for Autumn & Winter ranges remains unchanged for August 15, 2002' Contact Information: Philippa Power Telephone: 020 7404 5959 PRECISION & GENERAL: Administrators Sell Engineering Business ------------------------------------------------------------- Precision & General Engineering Company TENON RECOVERY The joint administrative receivers offer for sale the business and assets of a company engaged in precision and general engineering based in North Cornwall. Principal features include: - Precision Engineering - Heavy Fabrications - Component Machining - Multi Skilled Workforce - Coded Welders - Large Machining Capabilities _ Horizontal and Vertical Borers The company benefits from stringent quality control and Lloyds and ASME codes of practice approved. Based at its current location in a 12,000 sq ft freehold property since 1986, the company has been established for approximately 50 years. Contact Information: Carl Jackson/Ralph Matthews Tenon Recovery Highfield Court, Tollgate, Chandlers Ford Eastleigh, Hampshire 5053 3TZ Telephone: 023 8064 6464 Facsimile: 23 8064 6646 Email: Hannah.barry@tenongroup.com RICHARDS PLC: Company Profile ----------------------------- Name: Richards Plc Broadford Works Aberdeen AB25 1ET United Kingdom Tel: (01224) 630243 Fax: (01224) 630260 SIC: Textile and Apparel Manufacturing Employees: 649 Pre-tax Loss: GBP4.43 million /USD6.8 million (March 2001) Total Assets: GBP 21.4 million /USD32.8 million (March 2001) Total Liabilities: GBP21.5 million/ USD32.9 million (Mar. 2001) Type of Business: Richards_ main operations involve manufacturing of floor coverings (carpets). The Group supplies the housebuilding and retail markets. The company_s specialty division distributes handknitting yarns and handkerchiefs in the UK, Canada and Ireland. Trigger Event: The Directors of Richards plc announced in January that due to failed funding talks, the Group request HBOS to appoint a receiver. The Directors believe that three major factors contributed to the appointment of a receiver. First, the Broadford Works planning process, inhibited by the Historic Scotland Grade A listing, has lasted four years without a definitive result and has prevented the Group from realizing value and relocating to a more suitable site in Aberdeen. Secondly, the Richards Pension Scheme has had to be wound up as a result of Minimum Funding Requirement rules which has added to the uncertainty. Thirdly, as mentioned in the Interim Statement for the six months to September 2001, trading has been adversely affected by the downturn in UK manufacturing following the September 11 atrocities which placed additional strain on the business. Chairman: I M Lakin Major Shareholders: State Street Noms 16.41% Chase Nominees Ltd 14.05% P & W Trustees (Aberdeen) Ltd 9.12% Clydesdale Bank (Head Off) 8.65% RBSTB Nominees Ltd 4.27% Total Shares in Issue: 23.42million 10p ordinary shares Bankers: Royal Bank of Scotland PLC Stockbrokers: Brewin Dolphin Securities Ltd Auditors: Ernst & Young LLP ROYAL & SUN: Reveals Interim Results Ending June 2002 ----------------------------------------------------- Royal & Sun Alliance Ins Group PLC RESULTS: strong overall general insurance results offset investment and UK life decline - Group operating result(1) GBP301m; GBP367m before GBP66m additional World Trade Center provision (2001 restated : GBP366m) - Underwriting result(2) improves by nearly 25%, helping offset lower investment returns - First half combined ratio improves to 103.0%(2) (2001 : 104.3%, 2000: 107.6%); second quarter achieves 102.1%(2) - Underlying growth of 15% in general insurance premiums, driven by worldwide rate increases - Shareholders' funds GBP4,129m (2001 restated : GBP4,691m), net asset value per share(3) 295p (2001 restated : 340p), reflecting investment declines - Interim dividend 4.0p per share UK LIFE : review of operations complete - Shift in focus of UK business towards general insurance and away from life insurance nears completion - Closing remaining funds to new business; reshaped Life business to focus on existing customers CAPITAL RELEASE: near GBP800m; on track to meet target - UK Life actions to free GBP350m of capital; added to 2002 disposals (GBP452m of proceeds and GBP375m of capital) brings Group near target at GBP725m - Further actions intended to secure capital to fund strong general insurance growth 1. Based on longer term investment return 2. Excluding World Trade Center charge 3. Adding back equalisation provisions Bob Mendelsohn, Group Chief Executive, Royal & SunAlliance said, 'This is a positive performance in the face of highly volatile investment markets and underlines the continued improvement in our core businesses. The planned release of capital from our UK Life business and from earlier disposals brings us close to achieving our GBP800m capital target.' The company_s key financial results including its profit and loss statemen and balance sheet may be viewed at: http://bankrupt.com/misc/royal.pdf ROYAL DOULTON: Company Profile ------------------------------ Name: Royal Doulton Plc London Road, Minton House Stoke-on-Trent Staffordshire ST4 7QD United Kingdom Tel: (01782) 404040 Fax: (01782) 404000 Email : ENQUIRIES@royal-doulton.com Website: http://www.royal-doulton.com/ SIC: Household good and Textile Manufacturing Employees: 5,541 Pre-tax Loss: GBP21.2 million/ USD32.3 million (Dec. 2001) Total Assets: GBP107.9 million/ USD164.4 million (Dec. 2001) Total Liabilities: GBP66.5 million/ USD101.3 million (Dec. 2001) Type of Business: Royal Doulton plc_s main operations include the manufacture, distribution and marketing of premium brands of china and ceramics, covering giftware, collectables and tabletop products. Trigger Event: The company has been posting losses in three years. The group_s financial reports reveal pre-tax deficit of GBP29.6 million in 1999 and 9.5 million in 2000. In July 2001, Royal Dalton divested its Caithness Glass unit and solld off its Royal Crown Derby holdings in 2000 to focus on its core premium brands and the continuing its restructuring program. Chairman: H M Grossart Chief Executive: W J Nutbeen Finance Director: G P Martin Major Shareholders: Waterford Wedgwood PLC 21.16% Harris Associates, LP 16.46% Prudential PLC 13.17% Royal & Sun Alliance Ins Grp 5.46% UBS Asset Management Ltd 3.68% Jupiter Asset Mgmt 3.44% Bankers: HSBC Bank PLC Credit Lyonnais Bamk Nederland NV Stockbrokers: Cazenove Auditors: PricewaterhouseCoopers Law Firms: Addleshaw Booth & Co Financial PR Advisers: Hudson Sandler Major Interest in Shares: 332.36 million GBP1 Ordinary shares WIGGINS GROUP: Appoints Dr. Kuczynski As Non-Executive Chairman --------------------------------------------------------------- The Board of Wiggins Group plc announced on August 7 the appointment of Dr Irving Kuczynski (aged 54) as non-executive Chairman, with immediate effect, in succession to William Syson. The Board wishes to express its gratitude to William Syson for the immense contribution he has made to the development of the Group during his nine years of tenure. Dr Kuczynski has had a distinguished career with the International Finance Corporation, the private sector arm of the World Bank. From 1978 to 1999 he held various senior positions, with both lending and investing responsibilities. He was made a director of International Finance Corporation in 1986. In his last assignment he had particular responsibility for Corporate Governance Issues. Both while at IFC and since his retirement three years ago, he has served as a non-executive on a number of Boards in environments as varied and difficult as Latin America, Asia, Europe and the Caribbean. Oliver Iny, Chief Executive, said: 'We are delighted to have Irving join us. He has a wealth of experience, which will be of use to us across many disciplines. On a personal note, I would like to thank William for his counsel over the years and we wish him well in his retirement.' Contact Information: Gareth David Telephone: 020 7457 2020 WIGGINS GROUP: Company Profile ------------------------------ Name: Wiggins Group PLC 35 Berkeley Square London W1J 5AB United Kingdom Telephone: (020) 7495 8686 Fax: (020) 7493 0189 Email : mail@wigginsplc.co.uk Website: http://www.wigginsgroupplc.com/ SIC: Construction and Real Property Development Employees: 246 Pre-tax Loss: GBP27.5 million/USD million (March 2002) Total Assets: GBP63.2 million/USD million (March 2002) Total Liabilities: GBP54.2 million/USD million (March 2002) Type of Business: Wiggins Group plc_s main activities involve the development of commercial and residential property, including leisure facilities and airport services. The Group has operation in the UK, Germany, Italy, Denmark and the Czech Republic. Trigger Event: In four years, the company recorded consistent losses: GBP 5.13 million in 1999, GBP9.9 million in 2000, GBP 16.2 million 2001 and GBP 16.2 million in interim results this year. No significant property sales in the year contributed to the group_s 2002 GBP 16.2 million deficit. The group_s last financial results recorded write-downs on three of the Group's assets totalling GBP4.3 million in properties. Chief Executive: O I Iny Group Finance Director: N J Godfrey Total shares in Issue: 983.47 million 1p ordinary shares Major Shareholders: Harlequin Hldgs Ltd 18.41%(dup) Prudential PLC 10.10% Mercury Asset Management 4.05% AXA Equity & Law Inv Mgrs 3.09% WORLDCOM, INC.: Announces Further 3.3BB Discrepancy --------------------------------------------------- WorldCom, Inc. announced Thursday that its ongoing internal review of its financial statements has discovered an additional $3.3 billion in improperly reported earnings before interest, taxes, depreciation and amortization (EBITDA) for 1999, 2000, 2001 and first quarter 2002. This amount is in addition to the previously reported $3.8 billion in overstated EBITDA in the year 2001 and first quarter 2002. As a result, WorldCom intends to restate its financial statements for 2000. Previously the company announced that it intends to restate its financial statements for 2001 and first quarter 2002. The resulting changes are summarized in a financial chart below. WorldCom is continuing its internal financial investigation. Investors and creditors should be aware that additional amounts of improperly reported EBITDA and pretax income may be discovered and announced. Until KPMG LLP, the company's newly appointed external auditors, is able to complete an audit of 2000, 2001 and 2002, the total impact on previously reported financial statements cannot be known. The company intends to continue to expeditiously announce unaudited changes to previously reported financial statements if it discovers additional issues. The amounts disclosed today have previously been disclosed to the SEC and other investigative authorities. WorldCom also announced it expects to record further write-offs of assets previously reported, including the likelihood that it may determine all existing goodwill and other intangible assets, currently recorded as $50.6 billion, should be written off when restated 2000, 2001 and 2002 financials are released. The company will also reevaluate the carrying value of existing property, plant and equipment as to possible impairment of historic values previously reported. However, until the company's audit of previously reported asset values is complete it cannot determine with certainty the amount of its ultimate write-offs. WorldCom has notified Andersen LLP, which audited the company's financial statements until May 2002, of the results of this review. WorldCom will issue unaudited financial statements for 2000, 2001 and the first quarter of 2002 as soon as practicable. In Millions of Dollars 1999 2000 2001 1Q 2002 Total June 25, 2002 reported EBITDA reductions - $ - $ $ 3,055 $ 797 $ 3,852 August 8, 2002 EBITDA reductions $ 217 $ 2,864 $ 161 $ 88 $ 3,330 Total reduction in EBITDA $ 217 $ 2,864 $ 3,216 $ 885 $ 7,182 August 8, 2002 non-EBITDA pre tax adjustments $ (8) $ 393 $ 166 $ (50) $ 501 Total pre tax income reductions $ 209 $ 3,257 $ 3,382 $ 835 $ 7,683 WorldCom, Inc. is a pre-eminent global communications provider for the digital generation, operating in more than 65 countries. With one of the most expansive, wholly-owned IP networks in the world, WorldCom provides innovative data and Internet services for businesses to communicate in today's market. In April 2002, WorldCom launched The Neighborhood built by MCI - the industry's first truly any-distance, all-inclusive local and long-distance offering to consumers for one fixed monthly price. For more information, go to http://www.worldcom.com. ************* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam, Larri-Nil Veloso, Maria Lourdes Reyes and Jean Claire Dy, Editors. Copyright 2002. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. 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