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            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

                 Thursday, April 10, 2003, Vol. 4, No. 71


                              Headlines

* C Z E C H   R E P U B L I C *

UNION BANKA: Management Moves to Clear Way for Goldman Sachs

* F R A N C E *

ARIANESPACE: Delays Launch of Satellite at Client's Request
FRANCE TELECOM: Offers Shares Created From Unexercised Warrants
VIVENDI UNIVERSAL: Seeks to Consolidate Liberty Media's Case
VIVENDI UNIVERSAL: Ousted Head Refuses to Pay for Rent - Sources

* G E R M A N Y *

GRUNDIG AG: Negotiations with Beko Discontinued for Present Time
GRUNDIG AG: Chief Executive Kohlhammer to Leave Board

* H U N G A R Y *

MALEV HUNGARIAN: Entire Board Resigns at Owner's Suggestion
ZA-KO: Investor Withdraws Support, Revival May Not Push Through

* I T A L Y *

INTER AUTO: Upgraded to 'B+' on Improved Cash Flow Generation

* M A C E D O N I A *

FAS 11: Invitation to International Public Tender
GODEL: Invitation to International Public Tender

* S W E D E N *

LM ERICSSON: Announces Resolutions Adopted in General Meeting

* S W I T Z E R L A N D *

CREDIT SUISSE: Signs Action Plan Regarding Job Reductions
MOVENPICK HOLDING: Faces Lawsuit Worth Millions in Canada
SWISS LIFE: Posts Loss of CHF1.7 Billion for Financial Year 2002
SWISS LIFE: Ratings Lowered to 'A-' on Profitability Concerns
* Upturn in Technical Results Expected for Non-Life Insurers

* U N I T E D   K I N G D O M *

ABBEY NATIONAL: Jobs in Troubled Wholesale Banking Unit at Risk
ADVENT 2: Goes Through Turbulent Period, Skips Final Dividend
AFFINITY INTERNET: Calls in Administrators to Recoup GBP15M
AORTECH INTERNATIONAL: Shareholders Fleeing From Company
ARC INTERNATIONAL: Issues Trading Update, Forecasts Low Revenue
AUXINET PLC: Narrows Operating Loss for Financial Year 2002
AXIA MELTON: Site Up for Sale After Fall Into Receivership
BESPAK PLC: Warns of Modestly Below Breakeven Result
BRANDONS: Hurt by Imports, Appoints Administrative Receivers
CABLE & WIRELESS: Could Face Complaint for Monopolistic Act
ENODIS PLC: CEO to Relocate in U.S., Results to Be as Expected
HARRIS LIFTING: Administrators Offer Business for Sale
MARCONI PLC: Ratings Withdrawn at the Request of Company
ROBOTIC TECHNOLOGY: Registers Pretax Loss of GBP34.6 MM
TORWOOD: Recent Difficulties Ushers Receivers From Tenon
UPMYSTREET.COM LIMITED: Administrators Offer Business for Sale


===========================
C Z E C H   R E P U B L I C
============================


UNION BANKA: Management Moves to Clear Way for Goldman Sachs
------------------------------------------------------------
The management of Union Banka will pave the way for the entry of
Goldman Sachs into the bank by submitting a proposal for a
settlement with creditors.

Goldman Sachs is willing to invest several billion crowns into
the bank to get Invesmart's stake.

"It can hardly be expected that someone would put CZK10 billion
to CZK15 billion into the bank and nothing else can be done but
to think about a scenario which would lead to a decent solution
to its current situation," board chairman Petr Votoupal said.

The proposal for a settlement, which is a precondition for a
transaction with Goldman Sach, will be lodged at the Regional
Court in Ostrava this Friday or on Monday, according to Mr.
Votoupal.

It is expected to give creditors more value for their money,
since with a settlement, creditors are entitled to 30% of the
value of their claims, whereas a bankruptcy would only give them
15 to 20% at the most.

The plan is for Union Banka to continue operating while it is
being restructured and transformed into a trading company without
a banking license.

The settlement is subject to the approval of most of the bank's
creditors, particularly of the Deposit Insurance Fund FPV.

Deposit Insurance Fund chairman Pavel Trnka declined to comment
since he has no information yet on the proposal, Czech Happenings
said.

The bank is taking its time to draft the proposal since it still
has until April 15 to give its stance on the filed bankruptcy
petition.

Another consideration is that auditor HZ Praha's is yet to submit
its extraordinary audit of the bank as of the day when its
branches were closed.  The process is expected complete by
Friday.

The closure of the branches improved the bank's liquidity from
CZK600 million to CZK1.8 billion in cash plus assets with high
liquidity, Mr. Votoupal said.


===========
F R A N C E
===========


ARIANESPACE: Delays Launch of Satellite at Client's Request
-----------------------------------------------------------
Arianespace was forced to postpone the launch of an Ariane-5
rocket on the night of April 8 after two clients requested
additional verifications of the satellite.

The rocket was scheduled to take off the launcher's base in
French Guiana and was due to carry the Indian space agency's
INSAT-3A communication satellite and another called Galaxy III.

Arianespace declined to name the company, while a spokeswoman
refused to provide any further details of the circumstance
explaining the delay, Dow Jones said.

The comapany also aborted an initial plan to put the satellites
into orbit in mid-February after Ariane-5ECA rocket exploded
shortly before takeoff in December 2002. The blast destroyed a
nearly half-a-billion investment.

Arianespace cleared that the delay was in no way influenced by
the disintegration of the space shuttle Columbia.

Chairman Jean-Yves Le Gall last month said Arianespace's profit
for 2002 will be slightly up from earlier forecasts, which means
it would post an operating loss of around EUR45 million, down
from an initial forecast last February of EUR50-60 million.

CONTACT:  ARIANESPACE
          Boulevard de l'Europe
          BP 177 91006 Evry-Courcouronnes CEDEX
          France
          Phone: +(33) 1 60 87 60 00
          Fax: +(33) 1 60 87 63 04
          Home Page: http://www.arianespace.com/
          Contact:
          Jean-Marie Luton, Chairman
          Jean-Yves Le Gall, Chief Executive Officer


FRANCE TELECOM: Offers Shares Created From Unexercised Warrants
---------------------------------------------------------------
France Telecom on Tuesday started offering shares created from
unexercised warrants that allow holders to exchange 20 warrants
for the right to buy 19 France Telecom shares for EUR14.50 each.

The original offer period was April 4, but the recent offering
will make the shares available from Wednesday to Thursday.  The
delivery of the new shares is scheduled for April 15.

The French company, which agreed to buy all unexercised warrants
at the end of the original offer period, did not disclose how
many warrants were not exercised.

France Telecom said it exercised the warrants on behalf of the
underwriting banks, which begun the placement of the new shares
on the market.

Private investors are allotted at least 10% of the final number
of these shares, but limited at EUR100 million worth of the new
stock.

Afterwards, whatever remains will be offered to institutional
investors through an accelerated book building.

France Telecom will subsequently announce the new shares final
sale price--the maximum of which is capped at EUR25.69--on April
11.

France Telecom is launching its EUR15 billion capital increase to
cut some EUR70 billion of debt.

The French government is understood to subscribe to EUR9 billion
worth of the offer, in line with its 55.5% stake in the operator.

The remainder of the shares will be sold on the open market.

CONTACT:  FRANCE TELECOM
          6, Place d'Alleray
          75505 Paris Cedex 15, France
          Phone: +33-1-44-44-22-22
          Fax: +33-1-44-44-95-95
          Homepage: http://www.francetelecom.fr
          Contacts: Thierry Breton, Chairman
                   Michel Combes, Executive Committee, Finance


VIVENDI UNIVERSAL: Seeks to Consolidate Liberty Media's Case
------------------------------------------------------------
Vivendi Universal has filed a "consolidation" motion seeking to
include Liberty Media's stand-alone fraud case in an existing
class-action lawsuit.

Two weeks ago, John Malone's Liberty filed its claim alleging
"fraud, misrepresentation and concealment" against the group and
former chief executive Jean-Marie Messier.

The suit claims compensation for the drop in the value of VU
stock it accepted as payment for its stake in USA Networks in
December 2001.

Both Liberty Media and lawyers in the class-action suit are
believed likely to reject the motion, according to the Financial
Times.

The lawyers are expected to request that Judge Harold Baer allows
their case to go straight to the "discovery" stage since Vivendi
Universal already has enough evidence in the context of enquiries
by the SEC and the COB.

The discrepancies relating to Mr. Messier's share dealings could
help them prove that the French media group misled the public as
to the real status of their finances.

Mr. Messier has until now denied having sold shares in 2002,
dismissing Vivendi's figures for that year as inaccurate.

The annual report showed his stock of shares fell to 361,377
shares at June 30 2002, from 592,810 shares at the end of 2001.
The missing shares translate to a sell-off price of EUR14 million
(US$15 million) since Vivendi's share price was at EUR61.50 at
the start of this period.

Vivendi denied his accusation saying: "The figures published in
2001 and 2002 have been confirmed by the accounting position in
the books of the bank appointed by Vivendi Universal to hold
registered shares."


VIVENDI UNIVERSAL: Ousted Head Refuses to Pay for Rent - Sources
----------------------------------------------------------------
The former chairman of Vivendi Universal has refused to pay for
rent he accrued at the company-owned New York apartment during
the three months after he left the company, people close to the
matter said.

Jean-Marie Messier was ousted nine months ago but continued to
live in the property after the company's board agreed to extend
his stay beyond 2002 until he could move out.  He reportedly
stayed in the residence until the end of March, but would not pay
for the rents beyond 2002.

He had been paying the company about US$20,000 (EUR18,652) a
month, which is far below the market rate for such address in
Manhattan.

In a phone interview, Mr. Messier told the Wall Street Journal he
no longer lived in the apartment, but refused to say when he
moved out.

He also did not elaborate on the rent issue because of a
continuing arbitration under which he has been required to sign a
confidentiality agreement, the report said.

Vivendi plans to put the apartment up for sale and use the
proceeds to trim down debts accumulated during Mr. Messier's
acquisition spree.

CONTACT:  VIVENDI UNIVERSAL
         (Investor Relations)
         (Paris)
         Daniel Scolan
         Phone: +33 (1).71.71.1470
         or
         Laurence Daniel
         Phone: +33 (1).71.71.1233
         or (New York)
         Eileen McLaughlin
         Phone: 212/572-8961


=============
G E R M A N Y
=============


GRUNDIG AG: Negotiations with Beko Discontinued for Present Time
----------------------------------------------------------------
Discussions between Grundig AG and the Turkish entertainment
electronics company Beko Electronic A.S., Istanbul with the aim
of negotiating a majority take-over of Grundig by Beko have been
discontinued.

In spite of intensive talks that have been underway since the
beginning of March, a number of basic issues could not be
resolved.

The risks presented by the current economic climate played a
major part in the investor's decision.

The majority shareholder Prof. Dr. Anton Kathrein has called an
extra-ordinary meeting of the board of directors for Tuesday
April 8, 2003.

The board of directors will decide on what action to take in
close co-operation with the banks and suppliers and responsible
public authorities involved. An agreement on how to proceed to
find a suitable solution can be expected at the end of this week.

                     *****

The company posted its first loss in 1980  as it began to fall
behind technologically.  It has been battling against decline
ever since.

CONTACT:  GRUNDIG AG
          Beuthener Strabe 43
          D-90471 Nurnberg

          Public Relations
          Holm Kilbert
          Phone: ++49 911/7 03-86 29
          Fax: ++49 911/7 03-85 00
          E-mail: holm.kilbert@grundig.com
          Home Page: http://www.grundig.com


GRUNDIG AG: Chief Executive Kohlhammer to Leave Board
-----------------------------------------------------
The supervisory board of Grundig AG met Tuesday to discuss the
situation brought about by the BEKO rejection. It is still
necessary for us to find a financially strong investor.

The supervisory board is working towards this aim. The
supervisory board sees the general conditions for this as
unchanged. There are many promising leads to other interested
parties.

Due to the necessary action to be taken and taking the current
resources situation and legal requirements into consideration and
to accommodate the strategically altered general conditions in
terms of personnel, the supervisory board came to the following
conclusions:

Dr. Eberhard Braun, a lawyer and chartered accountant, has joined
the board of directors as its spokesman. Dr. Braun has many years
experience of similar company situations. This will be called on
in the forthcoming structural reorganization.

At the same time, the previous chairman of the board of
directors, Dr. Hans-Peter Kohlhammer is leaving the board. He
will continue to advise the board in this difficult time,
especially during discussions with investors.

The supervisory board thanked Dr. Kohlhammer for his commitment
and for the major role he played in the necessary restructuring
projects. The supervisory board welcomed his willingness to use
his experience of Grundig in an advisory role.

The other members of the board of directors, Dr. Gnter Moissl
and Dr. Werner Saalfrank, will continue in their positions in the
company. The board of directors will continue to pursue the aim
of retaining the technological core of the company and its
important subsidiaries to create a market and competition
strategy which does not exclude the possibility of administrative
action.


=============
H U N G A R Y
=============


MALEV HUNGARIAN: Entire Board Resigns at Owner's Suggestion
-----------------------------------------------------------
Malev Hungarian Airlines lost its entire board of directors in a
mass resignation following a suggestion from its owner and
manager APV, the state privatization and asset management
company.

Last month, Finance Minister Csaba Laszlo asked APV to replace
the entire board at Malev and demanded an immediate investigation
into the company's finances.

This idea was explained in a statement released by APV, which
said that its board had "proposed" to the board of the airlines
the dismissal of CEO Jozsef Varadi.  The resignation of the board
members was also "proposed", although there was a request for
them to continue doing their jobs until an exceptional general
meeting takes place on May 5, wherein they will be replaced.

Malev's auditor was also directed to submit a report of its
findings on the current fiscal situation of the company to the
EGM, while the airline's deputy chief executive officer and
director of operations, Geza Fehervari, was appointed acting
chief executive officer at the end of last week by the board,
effective March 31.  Law firm Forgacs & Kiss was appointed to
carry out a legal audit of Malev.

APV owns 97% of the Hungarian national carrier, which posted
losses of USD26.5 million in 2001 and expects to have losses of
about USD8.5 million in 2002.

The airline expects to break even in 2003.

After a failed privatization attempt in 2001, the privatization
of the airline is deemed unrealistic within the next 2-3 years.


ZA-KO: Investor Withdraws Support, Revival May Not Push Through
---------------------------------------------------------------
Zalaegerszegi Ruhagyar Rt (Za-Ko), which has been under
liquidation since the end of last year, lost all hopes of a
revival after a would-be investor withdrew its support.

Budapest Business Journal reported that one of the would-be
investors behind the planned resurrection of the clothes
manufacturer withdrew from founding a new and smaller company
under the same name to continue production in the existing
facility.

Zalaegerszeg-based Za-Ko has three plants and over 1,000
employees, out of which 700 were already dismissed last week.

It is one of the most successful men's wear factories in Hungary,
marketing products in Italy, France, Austria, England, Sweden,
Holland, Switzerland and the USA.


=========
I T A L Y
=========


INTER AUTO: Upgraded to 'B+' on Improved Cash Flow Generation
-------------------------------------------------------------
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Italy-based auto parts distributor
Inter Auto Parts Italia SpA (IAP) to 'B+' from 'B' following
confirmation of more stable cash flow generation, which will
allow the company to reduce its net debt. The outlook is stable.

At the same time, Standard & Poor's raised its rating on the
senior unsecured debt of subsidiary Rhiag S.A.--guaranteed by
IAP--to 'B+' from 'B'.

"Free operating cash flow will contribute to a modest, but
steady, deleveraging of the balance sheet, and will thus
facilitate refinancing of the remaining debt in June 2007," said
Standard & Poor's credit analyst Virginie Casin.

"The long-term 'B+' rating is supported by the company's leading
market position, especially in Italy, and its logistical
expertise," added Ms. Casin. With net sales of EUR259 million
($277 million) in 2002, the group is the leading automotive
spare-parts distributor in Italy and a growing participant in
smaller Eastern European markets. The rating on IAP remains
constrained, however, by the group's aggressive financial profile
following the 1998 LBO, modest debt repayment capacity, and
exposure to fragmented automotive spare-parts distribution
markets. The group's borrowings (EUR135 million at Dec. 31, 2002)
are borne mainly by subsidiary Rhiag and guaranteed by IAP.

Assuming a 7% growth in EBITDA (allowing for warehouse cost
duplication of up to EUR0.75 million), stable working capital
absorption, and EUR6 million of capital expenditure, free
operating cash flow is likely to be close to EUR10 million in
2003.

The rating does not factor in any acquisitions or significant
business diversification. The EBITDA interest coverage ratio is
expected to remain at 2.0x or higher.


=================
M A C E D O N I A
=================


FAS 11: Invitation to International Public Tender
-------------------------------------------------
Company: FAS '11 Oktomvri'

Location: Skopje, Republic of Macedonia

Description: FAS's core business is the manufacturing and
remount-production of buses and bus parts.  FAS produces buses
under the SANOS brand name.

Specialization:  Buses and trolleybuses, special purpose
superstructures, bus body parts, servicing and remounting of
buses, welding and hot and cold formation of sheet material,
corrosive and surface protection and lacquer coating.

Procedure:  The assets will be sold in 3 packages through a
public tender.  Bidders can bid for any number of packages.

Requirements for purchasers:  No requirements to make any future
employment or investment commitments.

Minimum price:  There is no minimum price.

Deadline: The deadline for the receipt of bids is 16.00 on May 6,
2003.

Interested parties wishing to receive more detailed information
regarding this tender, must pay a non-refundable processing fee
of EUR200 (or the Macedonian equivalent).  For more information
please visit http://www.mpa.org.mk/action_plan.htmor contact:

      BANKRUPTCY TRUSTEE
      Simon Mihailov
      FAS "11 Oktomvri"
      Street 516 No.10
      1000 Skopje
      Macedonia
      Phone: +389 2 222 427
      Mobile: +389 70 349 647
      Fax: +389 2 129 061

      LIQUIDATION ADVISOR
      Salman Nissan or Simon Beamish
      Lion's Bridge
      C/o Grant Thorton Consulting
      1000 Skopje, Macedonia
      Phone: +389 2 214 700
      Mobile: +389 70 827 744
      Fax: +389 2 214 710
      E-mail: simon.beamish@lionsbridge.com


GODEL: Invitation to International Public Tender
------------------------------------------------
Company: Godel

Location: The company has a number of sites mainly in Skopje,
Republic of Macedonia

Description: Godel's core business is the production and
distribution of leather and leather related products.

Specialization:  Upper and lower leather garments, shoes, ready-
made leather, fur garments and leather glue.

Procedure:  The assets will be sold in a 15 packages through a
public tender.  Bidders can bid for any number of packages.

Requirements for purchasers:  No requirements to make any future
employment or investment commitments.

Minimum price:  There is no minimum price.

Deadline: The deadline for the receipt of bids is 16.00 on May 8,
2003.

Interested parties wishing to receive more detailed information
regarding this tender, must pay a non-refundable processing fee
of EUR200 (or the Macedonian equivalent).  For more information
please visit http://www.mpa.org.mk/action_plan.htmor contact:

      BANKRUPTCY TRUSTEE
      Duskp Todevski
      Godel
      Ul "Srbija" bb
      1000 Skopje
      Macedonia
      Phone: +389 2 549 333
      Mobile: +389 70 242 011
      Fax: +389 2 549 333

      LIQUIDATION ADVISOR
      Salman Nissan or Simon Beamish
      Lion's Bridge
      C/o Grant Thorton Consulting
      1000 Skopje, Macedonia
      Phone: +389 2 214 700
      Mobile: +389 70 827 744
      Fax: +389 2 214 710
      E-mail: simon.beamish@lionsbridge.com


===========
S W E D E N
===========


LM ERICSSON: Announces Resolutions Adopted in General Meeting
-------------------------------------------------------------
At Ericsson's Annual General Meeting, Peter Bonfield, Sverker
Martin-Lof, Eckhard Pfeiffer, Peter Sutherland, Michael Treschow,
Lena Torell and Marcus Wallenberg were today re-elected Members
of the Board of Directors. At the same time, it was resolved that
Arne M†rtensson and Carl-Henric Svanberg were elected Members of
the Board.

Arne Martensson is Chairman of the Board of Directors of
Handelsbanken, and Member of the Board of Holmen, Industriv„rden,
Sandvik, Skanska and Vin & Sprit. He is a member of the Industry
and Commerce Exchange Committee, the Advisory Board of the
Stockholm School of Economics and Chairman of the Stockholm
School of Economics Association.

Carl-Henric Svanberg took up the position as President and CEO of
Ericsson in conjunction with the AGM on April 8, 2003. He is also
a member of the Board of Directors of Assa Abloy.

The AGM resolved that nine Directors and no Deputies should serve
on the Board of Directors.

The Meeting also resolved that the Board of Directors' fee should
amount to maximum SEK 8 million to be distributed by the Board of
Directors among its members. Further, the AGM resolved that the
Chairman of the Board will receive an additional temporary fee of
SEK 5,5 million for each of the year 2002 and 2003 in
appreciation of his exceptional work efforts during 2002, all
beyond the normal duties of a chairman, and which will be
required by the Chairman also during 2003.

The AGM resolved that no dividend should be paid for the year
2002. The Board of Directors and the President were discharged of
liability.

The AGM also resolved to re-elect Carl-Eric Bohlin and Thomas
Thiel Statutory Auditors and to elect Bo Hjalmarsson Statutory
Auditor, replacing Olof Herolf. Three Deputy Auditors were
elected, i.e. Stefan Holmstr”m and Jeanette Skoglund were re-
elected Deputy Auditors and Peter Clemedtson elected Deputy
Auditor, replacing Bo Hjalmarsson. The meeting decided that the
Auditors' fee should be paid on account.

Claes Dahlb„ck, Investor; Anders Ek, Robur; Anders Nyr‚n,
Industriv„rden; Lars Otterbeck, Alecta; and Michael Treschow were
re-elected members of the Nomination Committee until the end of
the Annual General Meeting in 2004.

It was also resolved that no fee should be paid to the Nomination
Committee.

As previously announced, Kurt Hellstr”m resigned as President and
CEO in conjunction with the AGM and Carl-Henric Svanberg
succeeded Kurt Hellstr”m as President and CEO.

Kurt Hellstrom's speech at the AGM can be found at
http://www.ericsson.com/press

Further, the AGM resolved in accordance with the Board of
Directors' proposal:

(1) to authorize the Company to transfer, prior to the Annual
General Meeting in 2004, a maximum of 30,539,465 shares of series
B; a separate press release has been issued regarding this
resolution; and

(2) to establish a Stock Purchase Plan 2003 and, as a consequence
thereof, to amend  6 of the Articles of Association to the
effect that the Company is authorized to issue shares of series C
to a maximum amount of 158,000,000. A separate press release has
been issued regarding this resolution.

Michael Treschow, Chairman of the Board, confirmed as previously
announced that the group of large A and B shareholders,
investigating the possibilities to reduce the difference in
voting rights between the A and B shares, continues its work and,
if and when a proposal likely to be approved by the shareholders
is ready, such proposal will be presented.

Further, the AGM resolved against Einar Hellbom's proposal for
equal voting rights for shares of series A and B.

Further, the AGM resolved against Robert Osterbergh's proposal a)
to establish an ethics code, b) to establish a procedure whereby
an ethical audit would be performed by a special independent
auditor, c) to describe in the annual report each Board members
possible participation in various lobby groups, d) to account for
the Company's possible contributions to lobby groups and the
purpose therefore, and e) to account for possible contributions
to foreign politicians or political parties. Ericsson has already
today a code of conduct and already performs exstensive work in
related matters.

At the Statutory Board Meeting subsequent to the AGM, Michael
Treschow was appointed Chairman of the Board and Arne M†rtensson
and Marcus Wallenberg were appointed Deputy Chairmen. As
previously announced, Carl-Henric Svanberg was appointed
President and CEO, Per-Arne Sandstr”m was appointed First
Executive Vice President and Deputy CEO and Karl-Henrik Sundstr”m
was appointed Executive Vice President and CFO.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

CONTACT:  LM ERICSSON
          Investors and analysts
          Lotta Lundin, Investor Relations
          Ericsson Corporate Communications
          Phone: +46 8 719 6553
          E-mail: lotta.lundin@clo.ericsson.se


=====================
S W I T Z E R L A N D
=====================


CREDIT SUISSE: Signs Action Plan Regarding Job Reductions
---------------------------------------------------------
As a precursor to the public announcement about the job
reductions at Credit Suisse Financial Services, which encompasses
Credit Suisse and Winterthur, employer representatives drew up an
action plan together with the internal labor representative, the
Staff Council of Credit Suisse Group (Switzerland).

After intensive discussions, the external labor representatives,
the Swiss Bank Employees Association and the Swiss Association of
Commercial Employees, have now also endorsed this agreement. As a
result of the discussions, some of the measures included in the
plan have been set out in greater detail. In particular, the
program supporting the personal reorientation of those employees
who are involved, has been made an integral component in the
plan.

The main objective of the action plan is to prevent employees
affected by the job reductions from becoming unemployed.
Employees will be professionally advised and supported in their
internal and external job search and they will be granted time
and resources. The individually applicable action plan contains
all the elements of a social compensation plan and was signed by
the four contractual parties on April 7, 2003.

In the negotiations between Credit Suisse Financial Services, its
Staff Council, and its external labor partners, the Swiss Bank
Employees Association and the Swiss Association of Commercial
Employees, questions concerning the implementation of the
measures were raised and subsequently set out in more detail in
the plan. These included the introduction of alternative working
week models, as well as support services in connection with
career reorientation and professional training and development.
In particular, the program supporting the personal reorientation
of employees who are involved has been made an integral component
of the plan.

Management and labor representatives agree that these tools
constitute a solution that substantially exceeds legal
requirements and fulfils the social responsibility of Credit
Suisse Financial Services. The labor representatives will
actively support the plan's implementation and will continue to
participate in discussions.

CONTACT:  SWISS BANK EMPLOYEES ASSOCIATION
          Mary-France Goy Telephone
          Phone: +41 79 408 92 40

          SWISS ASSOCIATION OF COMMERCIAL EMPLOYEES
          Main office secretary Telephone
          Phone: +41 79 635 18 50

          CREDIT SUISSE GROUP (Switzerland)
          Staff Council
          Bernhard Scherrer
        Phone:  +41 52 261 20 49


MOVENPICK HOLDING: Faces Lawsuit Worth Millions in Canada
---------------------------------------------------------
Movenpick Holding faces damages worth CA$200 million to CA$336
million for breach of contracts with operators in the U.S. and
Canada.

Richtree Inc. and its subsidiaries, owners and operators of
Movenpick Marche and Marchelino restaurants in Canada and the
U.S., lodged a complaint against Movenpick Holding, its Swiss
Master Franchisor and Licensor, in an Ontario Superior Court of
Justice.

The action to file the complaint in Canada follows an earlier
rejection of the claim in the Supreme Court of the State of New
York in November 2001.  The U.S. court dismissed the case after
it determined that Ontario was the appropriate forum for the
matter to be adjudicated, Richtree said in a news release.

The suit alleges breach of contract, breach of fiduciary duty,
breach of the covenant of good faith and fair dealing, negligent
misrepresentation, interference with contractual relations,
interference with economic relations and unjust enrichment.

It also seeks to settle various franchise and license agreements
that govern the relationship between Richtree and Movenpick.

Richtree's contract with Movenpick is made through Movel
Restaurant Holding A.G., a subsidiary of Movenpick Holding.

The case also prosecutes Baron August von Finck whose family is
the principal shareholder of Movenpick Holding, and former
Richtree directors Lubomir Kozak, Q.C., Urs Leinhuser, Beat
Kaufmann and Paul Schwizer.

The Statement of Claim also requests the court to grant an
interim, interlocutory and permanent injunction prohibiting
Movenpick and Movel from impairing the Movenpick name, brand,
marks and system.


SWISS LIFE: Posts Loss of CHF1.7 Billion for Financial Year 2002
----------------------------------------------------------------
The Swiss Life Group posted a loss of CHF 1.7 billion for the
2002 financial year, as announced on 6 March (previous year's
loss: CHF 115 million). The result is primarily attributable to
negative trends on the equity markets and the weak economic
environment, which led to a financial result 18% below that of
the previous year and extraordinary write-downs of goodwill
amounting to CHF 832 million.

Gross written premiums (excluding deposits under policyholder
investment contracts) rose 1% from the previous year to CHF 15.8
billion.

By the end of 2002, CHF 212 million of the CHF 515 million
savings in operating costs aimed for by 2004 have already been
achieved, i.e. over 40% of our overall target.

With shareholders' equity of CHF 4.2 billion and CHF 7.5 billion
in core capital, the Swiss Life Group has sufficient financial
strength to implement its new strategy.

Swiss Life/Rentenanstalt's solvency margin was a strong 182% on
December 31, 2002.

With the inclusion of Volker Bremkamp (Chairman of the Board of
Albingia Versicherungs AG for many years and until recently
Member of the Board of Directors of AXA Colonia Versicherungs-
Holding AG), the list of names to be put forward for election to
the Board of Directors at the General Meeting of Shareholders on
May 27, 2003 is complete.

In view of the loss, the Board of Directors will ask the General
Meeting of Shareholders to forgo a dividend.

The strategic realignment is proceeding according to plan. The
Swiss Life Group expects to return to profitability in 2003,
provided there is no further deterioration in market conditions.

Slight growth in gross written premiums

Gross premium volume was 1% higher than the previous year at CHF
15.8 billion. Gross written premiums, including deposits under
policyholder investment contracts (e.g. fund-linked products)
decreased 3% in 2002 to CHF 19.5 billion. In the traditional
insurance business premiums remained at the level of the previous
year in the life segment at CHF 14.7 billion, while increasing
12% in the non-life segment to CHF 1.1 billion. The improvement
in the non-life segment resulted from the transfer of the short-
term disability benefits portfolio from Swiss Life/Rentenanstalt
to ®La Suisse¯ and the corresponding reclassification of this
premium volume to the non-life segment.

Steep rise in disability benefits

Insurance benefits paid grew by 13% to CHF 12.9 billion. In
addition to benefits paid in connection with expiring policies
and job changes or staff cuts in companies with group insurance,
disability benefits and policy surrenders increased for cyclical
reasons. By contrast, the outlay on bonuses and dividends was
around 50% lower at CHF 340 million. The amount reserved for
payment of future bonuses came to CHF 4.4 billion (down by 14%).

Disappointing financial result

The financial result was down 18% at CHF 4.7 billion. Net
investment income contracted to CHF 5.5 billion, a decline of 2%.
Realized and unrealized net losses stemming from efforts to
safeguard shareholders' equity by cutting the equity exposure of
the investment portfolio amounted to CHF 2.3 billion (compared
with CHF 141 million the previous year). Adjusted for hedging
transactions, the profit from which has been included in net
trading income, realized and unrealized losses amounted to CHF
800 million.  The figure for these net losses includes capital
gains of around CHF 330 million from the sale of participations
in the hedge fund sector.

Expenses significantly reduced

Operating expenses were reduced by CHF 145 million to CHF 3.5
billion as a direct result of the cost-cutting program which has
been introduced. Operating expenses in insurance business
declined 7% to CHF 2.8 billion. CHF 212 million of the CHF 515
million savings in operating costs aimed for by 2004 have already
been achieved in 2002, i.e. more than 40% of the overall target.
Of the 1,500 positions which are to be eliminated by 2004, 724
had been shed by the end of 2002. The number of employees (full-
time equivalents) came to 11 541 at the end of 2002, a decline of
6%. As job cuts were only made in the second half of 2002, the
impact of these measures will only become fully visible in the
results for the current business year.

Valuation adjustments lead to high goodwill write-downs

Goodwill amortization amounted to CHF 1.1 billion. CHF 832
million of this came from extraordinary write-downs, of which CHF
735 million were connected with Banca del Gottardo and CHF 87
million with Schweizerische Treuhandgesellschaft. Accordingly,
the valuation of Banca del Gottardo in the Swiss Life Group
consolidated balance sheet is still CHF 1.4 billion. For the
current financial year the bank expects a profit in excess of CHF
80 million.

Equity of CHF 4.2 billion - solvency ratio a sound 182%

With the measures taken to strengthen the core capital in the
fourth quarter of 2002, the Swiss Life Group raised additional
shareholders' equity totalling CHF 1.1 billion, gross.  As of 31
December 2002 total equity stood at CHF 4.2 billion. The
organisation therefore has sufficient resources available to
implement its strategy according to plan. The Group's core
capital (shareholders' equity plus liabilities with equity
features) fell slightly in the course of the year under review
from CHF 7.7 billion to CHF 7.5 billion. The solvency margin of
the original parent company, Swiss Life/Rentenanstalt, which
encompasses 75% of the insurance business and round 90% of the
mathematical reserve of the Group, was a solid 182% on 31
December 2002. This figure moreover does not include the
additional funds raised by Swiss Life Holding's capital increase.

Decline in assets under management for third parties

Assets under management totaled CHF 183.2 billion on 31 December
2002. This corresponds to a decline of 5.7% compared with the
previous year and is largely the consequence of the lower level
of assets managed on behalf of third parties, resulting from
negative developments on the stock markets.

Results by segment

In the core life segment (Switzerland, France, Germany, the
Netherlands, Belgium/Luxembourg), gross written premiums grew by
1% to CHF 12.9 billion. Including deposits under policyholder
investment contracts, which decreased by 9%, gross premiums came
to CHF 16.4 billion, a decline of 1%. While premium income in
individual insurance was 2% higher at CHF 7.3 billion, it was 4%
lower in group life business. Benefits and claims paid increased
by 4% to CHF 13.8 billion. Thanks to strict cost management,
operating costs could be cut 16% to CHF 2.0 billion. Assets under
management at the end of 2002 totaled CHF 121.8 billion.

At CHF 2.0 billion, premium volume in the non-core life business
(®La Suisse¯ Vie, UK, Spain, Italy) was 16% lower than the
previous year's level. Premium income declined in both individual
and group insurance. Insurance benefits paid dropped by 5%. Costs
rose to CHF 363 million, affected by one-off impacts related to
®La Suisse¯ (strengthening of pension fund reserves and an
additional amortization of deferred acquisition costs). Assets
under management at the end of 2002 came to CHF 11.2 billion.
(®La Suisse¯ with its life business is still included in the non-
core life segment in accordance with its original classification
under the new strategy of September 2002. As announced earlier,
the role of ®La Suisse¯ will be re-examined in the coming months
in the context of a general analysis of the positioning of the
Swiss Life Group in the Swiss market.)

In the non-life segment (comprising property insurance business
in Belgium and France, and the non-life segment of ®La Suisse¯),
gross premiums expanded by 12% to CHF 1.1 billion, especially as
a result of the transfer of the short-term disability benefit
portfolio from Swiss Life/Rentenanstalt to ®La Suisse¯. While the
cost ratio could be trimmed by 3.2 percentage points to 34.2%,
the claims ratio went up to 86.5%, owing to weather damage in
Belgium and higher claims at ®La Suisse¯.

The private banking segment (composed mainly of Banca del
Gottardo and Schweizerische Treuhandgesellschaft) experienced a
loss of CHF 109 million, mainly owing to extraordinary write-
downs, valuation adjustments and the strengthening of provisions.
Assets under management at the end of 2002 totalled CHF 41.5
billion.

The investment management segment generated a profit of CHF 105
million. Income was down 19% from the previous year at CHF 278
million. Operating expenses decreased by 16% to CHF 172 million.

Strategic realignment proceeding as planned

Implementation of the new strategy is proceeding according to
schedule. The new management is resolutely pressing ahead with
its focus on core business.  Programs to improve efficiency are
under way in every area. The functional organizational structure
modeled on the value chain has been put into practice in all the
core markets.  The divestments planned for 2003 (UK, Spain, and
possibly Schweizerische Treuhandgesellschaft and Italy) are
proceeding well, considering the difficult market environment.

Since 6 March 2002, when the Swiss Life Group presented a preview
of its annual results for 2002, the following decisions were
made, among others:

Profitline: Direct sales via Profitline are to be terminated. The
investment fund business will be sold off separately. There will
be no adverse consequences for the 50 000 customers involved.

Real estate investments: Swiss Life Property and Swiss Life Real
Estate Partners (SWISSVILLE) will be merged. This will permit the
streamlining of portfolio management structures in the real
estate sector and eliminate duplication.

LIVIT: The role of LIVIT (a subsidiary in the business of
managing real estate) within the Swiss Life Group and its
strategic orientation were confirmed. Under the guidance of the
newly installed Board of Directors, the programs introduced to
boost efficiency and improve quality are being implemented
swiftly.

Delisting of Swiss Life/Rentenanstalt/share: Preparations have
begun for the delisting of the Swiss Life/Rentenanstalt share
(RAN).  Delisting is expected to take place in autumn 2003.

Board of Directors is complete:

With the inclusion of Volker Bremkamp (Chairman of the Board of
Albingia Versicherungs AG for many years and until recently
Member of the Board of Directors of AXA Colonia Versicherungs-
Holding AG), the list of names to be put forward for election to
the Board of Directors at the General Meeting of Shareholders on
27 May 2003 is complete. The 59-year-old German national is an
outstanding authority in the European insurance market and has a
large network of contacts in this field.

Volatile and difficult conditions persist

The operating environment for the life insurance business has
deteriorated even further in the current year. In particular,
interest rates declined by 0.8 percentage points in the first
quarter of 2003 compared with the average for the previous year.

Rolf Dorig, Chief Executive Officer, on the year in progress:
"While policyholders and shareholders benefited from high returns
in the 1990s, conditions on the market have changed dramatically
in the course of the last two years. We are adapting our business
model in view of these new circumstances. We are concentrating on
our core business and have instituted cost-reduction programs in
all areas. We have streamlined our organization and reduced
investment and balance sheet risks. We are applying economic
criteria with even greater consistency in setting premium rates.
In our core markets Switzerland, France, Germany, the Netherlands
and Belgium/Luxembourg, we are thus well placed to improve
profitability and further enhance our strong market position. I
therefore expect the Swiss Life Group to return to profitability
in 2003, provided that market conditions do not deteriorate
further."

Swiss Life
The Swiss Life Group is one of Europe's leading providers of
long-term savings and protection and life insurance. The Swiss
Life Group offers individuals and companies comprehensive advice
and a broad range of products via agents, brokers and banks in
its domestic market, Switzerland, where it is market leader, and
selected European markets. Multinational companies are serviced
with tailor-made solutions by a network of partners in over fifty
countries.

The Swiss Life Group, registered in Zurich, was founded in 1857
as the Swiss Life Insurance and Pension Company. Shares of Swiss
Life Holding are listed on the SWX Swiss Exchange (SLHN). The
company employs around 12 000 persons.


CONTACT:  SWISS LIFE
          General-Guisan-Quai 40
          P.O. Box, 8022 Zurich
          Home Page: http://www.swisslife.com
          Investor Relations
          Phone: +41 1 284 52 76
          E-mail: investor.relations@swisslife.ch


SWISS LIFE: Ratings Lowered to 'A-' on Profitability Concerns
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
counterparty credit and insurer financial strength ratings on
Switzerland-based life insurer Swiss Life/Schweizerische
Lebensversicherungs- und Rentenanstalt AG (Swiss Life)
to 'A-' from 'A'. At the same time, Standard & Poor's lowered its
long-term counterparty credit rating on Swiss Life Holding and
its long-term senior unsecured debt rating on the mandatory
convertible securities issued by Swiss Life Cayman Finance Ltd.
and guaranteed by Swiss Life Holding to 'BBB-' from 'BBB'. The
ratings remain on CreditWatch with negative implications, where
they were placed on March 6, 2003.

In addition, Standard & Poor's placed its 'BBB' long-term
counterparty credit and insurer financial strength ratings on
Swiss Life (U.K.) PLC, a wholly owned subsidiary of Swiss Life,
on CreditWatch with negative implications.

"The downgrades reflect concerns about the new management's
ability to resolve the group's persistent profitability problems
in line with previously set targets," said Standard & Poor's
credit analyst Rob Jones.

This follows further deterioration in Swiss Life's domestic book
of business in 2002, where falling interest rates have aggravated
the Swiss life insurance industry's guaranteed rates of return.
Additional negative rating factors are Swiss Life's continued--
although reduced--exposure to capital market risks, and
constrained financial flexibility (defined as a company's ability
to source capital relative to its capital needs). These
factors are partly offset by Swiss Life's satisfactory
capitalization.

The CreditWatch placement of Swiss Life (U.K.) reflects the
possible negative impact that a downgrade of Swiss Life, as the
ultimate parent, could have on the ratings on the subsidiary.

Standard & Poor's acknowledges that Swiss Life management is
committed to restoring core profitability and has made initial
progress in implementing its restructuring program, which
specifically aims to address the poor profitability of the
group's domestic book of business. Nevertheless, in light of the
current financial environment and the onerous guarantees of the
Swiss life insurance market, it remains questionable whether
Swiss Life will be able to meet the previously expected
International Accounting Standards ROE target of 10% by the end
of 2005. This may also challenge the group's ability to maintain
and further rebuild its capital base.

Capitalization, although satisfactory for the current rating
level, is below Standard & Poor's previous expectations, as the
group's recent capital increase was more than offset by the 2002
year-end loss of Swiss franc 1.7 billion ($1.2 billion). Risk-
based capital adequacy, however, has benefited from the group's
significantly reduced equity exposure and is estimated to be
consistent with the current rating level. Despite this,
Swiss Life remains exposed to capital market risks (including
interest rate volatility) both in terms of its earnings and
capital profile, although to a lesser extent than in the past.
Furthermore, capital adequacy includes significant soft capital
components such as deferred acquisition costs and hybrid capital.
Prospective financial flexibility is significantly constrained in
light of the group's recent capital increase and given that Swiss
Life has already exhausted Standard & Poor's tolerance limit for
hybrid capital.

"The continuing CreditWatch placement of Swiss Life and its
subsidiaries reflects ongoing concerns that the persisting
difficult operating environment and the sector's onerous
guarantees continue to offset the beneficial impact of the
group's restructuring program, thereby having a further adverse
effect on Swiss Life's financial profile," said Mr. Jones.

Following the comments of the Swiss president earlier this month,
these effects should be mitigated by expected changes to interest
rate guarantees for 2004 should capital market conditions remain
unchanged.

Standard & Poor's will discuss with Swiss Life management the
group's medium-term earnings prospects before resolving the
CreditWatch placement.


* Upturn in Technical Results Expected for Non-Life Insurers
------------------------------------------------------------
Despite signs of improvement in the technical performance of the
Swiss non-life insurance market in 2002, Standard & Poor's
Ratings Services said that it is maintaining its negative outlook
on the market, indicating that ratings are more likely to trend
downward than remain stable.

In 2002, Standard & Poor's lowered its ratings on four Swiss non-
life insurers, representing nearly one-quarter of rated non-life
companies and groups in the region. "The 2002 downgrades were
mainly due to a weakening of companies' capital strength,
constrained financial flexibility--defined as the ability to
source capital relative to requirements--as a result of the
current adverse investment climate, and poor earnings
performance," said Standard & Poor's credit analyst J”rg
Ritthaler.

This trend has continued in 2003, with the ratings on another
four non-life insurers being lowered.

"Ratings in the Swiss insurance market will remain pressured,
despite expectations that the average combined ratio will improve
for 2002, heralding an improvement in the market's technical
performance," said Mr. Ritthaler. "Notwithstanding these expected
improvements, a lot of companies will have to take further
measures to enable the market to achieve a technical break-even
result in 2003."

The need for further technical improvement is supported by the
current investment market conditions, which are forcing companies
to focus on underwriting profitability. It remains questionable,
however, whether these improvements will be sufficient to allow
companies to rebuild their battered capital bases. Moreover,
capital markets are likely to remain volatile, and any further
substantial downturn in investments could put additional pressure
on rating conditions.

"Premium growth across the sector has been slow, at about 4% in
2002, reflecting the maturity of the market," said Mr. Ritthaler.
"With competition expected to remain intense--forcing companies
to review their existing business models--Standard & Poor's
expects premium growth to remain in low single-digit figures in
2003, with health insurance one of the main drivers of growth."


===========================
U N I T E D   K I N G D O M
===========================


ABBEY NATIONAL: Jobs in Troubled Wholesale Banking Unit at Risk
---------------------------------------------------------------
More than half of the jobs in Abbey National's troubled wholesale
banking division are in danger under the company's turnaround
plan.

Abbey National said 720 of its 1200-strong workforce in the
operations in London would be made redundant by the end of 2005
as the company refocuses on its core personal lending operations.

The slashes are in addition to the 710 done last year, according
to the company.

The lay offs are expected to help Abbey achieve its annual GBP200
million savings target within three years.

The measure could entail job losses in Abbey's life and pensions
businesses in Scotland, a company spokeswoman said.  But this
would spare jobs in core operations such as Scottish Provident
and Scottish Mutual, which employ around 3500 in Scotland.

Job cuts are also expected from the closure or sale of non-core
units, including overseas life operations.

Luqman Arnold, Abbey's recently-appointed chief executive,
embarked on his back-on-track plan after the company announced a
GBP984 million loss for last year in February.


ADVENT 2: Goes Through Turbulent Period, Skips Final Dividend
-------------------------------------------------------------
The Board of Advent 2 VCT plc announces the results of the
Company for the year ended February 28, 2003.

Highlights

-- 0.9 million was raised in April 2002 through an offer for
subscription of shares to fund follow-on investment activity.

-- In January 2003, the investment in Dencare Management Group
was sold to Oasis Healthcare, a company listed on AIM, in
exchange for shares and GBP0.5 million in cash.

-- During the period, the Company made follow-on investments
totaling GBP2.6 million in ten existing portfolio companies.

--- Market conditions have resulted in three investments being
written off, full provisions being made against the cost of two
investments and partial provisions being introduced or increased
against the cost of seven investments.


                                  Year            Year

                                 ended             ended

                              Feb 28, 2003   28 Feb 28, 2002

Earnings per ordinary share       (15.1)p       (1.4)p
Net asset value per ordinary share 51.0p        84.3p
Net asset value per ordinary share
(including all gross dividends paid and proposed)
                                   72.8p       106.1p

-- A final dividend is not being recommended.

-- The Company continues to exceed the 70% requirement for
investment in Qualifying Holdings set by the Inland Revenue.

Chairman's Statement

In my interim statement, I advised shareholders that the Company
was enduring a turbulent period and I am sorry to report that
these conditions have persisted throughout the remainder of the
year. The negative attitude of markets toward the technology
sector has resulted in a lack of both funding and liquidity
opportunities, and these, together with a significant downturn in
the market sectors into which many of our companies are selling,
have resulted in further downward pressure on the value of the
portfolio. In consequence, the net asset value per share has
declined from 84.3p at 28 February 2002 to 51.0p as at 28
February 2003.

Capital increase

An offer was made to shareholders in March 2002 to subscribe for
additional new ordinary shares in the Company, which raised
GBP920,000 that provided funding for follow-on investments within
the portfolio.

Investment activity

During the year a total of GBP2.6 million was invested in ten
existing portfolio companies to meet their ongoing funding
requirements. There were no new investments made during the year,
and follow-on activity has been constrained by the lack of
available cash within the Company. In January 2003, Dencare
Management Group Ltd was sold to Oasis Healthcare plc (a company
whose shares are traded on AIM) at a small discount to cost for a
consideration comprising both new Oasis ordinary shares and a
cash element of GBP0.5 million. On the other hand, investments in
three companies, Displaymate Touchscreens Ltd, Intersolar Group
Ltd and Optical Micro Devices Ltd were written off in the year
and full provision has been made against the cost of the
investments in Nexan Group Ltd and Rodaris Pharmaceuticals Ltd.
In addition, provisions against cost have either been introduced
or increased on a further seven companies. At the end of the
year, the portfolio comprised 24 companies compared with 27 at
the end of the previous year.

The Company continues to exceed the 70% minimum requirement set
by the Inland Revenue for qualifying holdings, thereby
maintaining continued Venture Capital Trust status.

Balance sheet

The net asset value per share as at 28 February 2003 was 51.0p
(net of dividends declared in prior periods) compared with 84.3p
as at 28 February 2002. The investments in the portfolio have
been valued in accordance with guidelines issued by the British
Venture Capital Association.

Dividend

The Company has made no gains in the year and limited cash
resources have resulted in low income returns. The Board is
therefore not recommending a dividend. The gross cumulative
dividends paid since the inception of the Company is 21.8p.

Purchase of own shares

In May, the Company repurchased and cancelled 100,000 shares. The
Company has made occasional market purchases of its own shares to
provide an additional measure of liquidity in the market for the
Company's shares, as well as enhancing the net asset value for
the remaining shareholders. However, repurchases can only be made
when the cash position of the Company allows and it is therefore
impractical to make any such purchases until there is far greater
liquidity in the Company.

Borrowing

The Board has become increasingly concerned about the lack of
cash available within the Company and the impact that the
inability to make follow-on investments in portfolio companies'
funding rounds may have on the equity position and valuation of
portfolio holdings. Consequently, the Company has agreed a
borrowing facility of GBP1.5 million with its bankers to provide
funding in those situations where an inability to invest may have
a severely adverse impact on the valuation and prospects for the
Company's holding in a portfolio company. Advent Ltd has agreed
to provide a guarantee for such borrowings.

Outlook

At the end of a poor year for the portfolio, I should like to be
able to offer a rosier view of the immediate prospects, but there
seems little imminent likelihood of a sustained recovery in
markets and the economy at large, and therefore little hope of a
short term recovery in the portfolio's fortunes. In these
circumstances, the Manager's approach is to 'batten down the
hatches' and to take all necessary measures to ensure that
portfolio companies can trade through the current hard times and
prosper when the markets and economy return to health. This
involves ensuring that portfolio companies' management teams
acknowledge and adapt to the new reality and either aim to reach
cash breakeven at the earliest opportunity or stretch their cash
reserves to the maximum extent. The Manager is confident that the
majority of the remaining portfolio companies have the potential
to develop significant value if and when circumstances improve.
Indeed, there are a number of companies, such as Inca,
EnSeal Systems and DNA Research Innovations, which are bucking
the general trend and making solid progress even in the current
environment. On the other hand, the ability of even good
companies to raise finance is proving difficult, and could result
in the reduction of company valuations.

The Board shares the inevitable concern of shareholders at the
rapid decline in the net asset value of the Company but is
satisfied that the Manager is adopting the correct approach to
maximise the possibility of gains over the longer term.
Neither the Manager nor the Secretary are currently drawing fees
from the Company and this, together with the willingness of
Advent Ltd to guarantee the proposed bank borrowing, is
indicative of the Manager's belief in the future prospects for
the portfolio.

Roger Brooke
Chairman

To See Financial Statements:
http://bankrupt.com/misc/Advent_2.htm

The audit report on the full financial statements has yet to be
signed. The preliminary announcement is prepared on the same
basis as set out in the previous year's annual accounts. The
preliminary announcement does not represent the Company's
statutory accounts. The statutory accounts for the year ended 28
February 2002 have been delivered to the Registrar and included
the report of the auditors which was unqualified and did not
contain a statement under either section 237(2) or section 237(3)
of the Companies Act 1985. This preliminary announcement was
approved by the Board on 7 April 2003.

CONTACT:  ADVENT FUND MANAGERS
          Phone: 020 7932 2100
          Sir David Cooksey
          Les Gabb

          GCI FINANCIAL
          Phone: 020 7398 0822
          Annabel O'Connor

          TEATHER & GREENWOOD
          Phone: 020 7426 9000
          Jonathan Becher


AFFINITY INTERNET: Calls in Administrators to Recoup GBP15M
-----------------------------------------------------------
The U.K.'s one-time dotcom star Affinity Internet Holdings PLC
called in administrators as it emerged that Powergen has bought
the company out of Telecentric, its telecoms joint venture.

In a statement, the company simply stated that Vivian Bairstow
and Nick Hood of Begbies Traynor have been appointed
administrators to try and recoup some of the GBP15 million owed
to creditors.

The news comes less than a week after Affinity announced
administration of its internet billing joint venture with
Powergen, and just two weeks after appointing administrators for
its Affinity Wireless subsidiary, leaving it with just its fixed-
line telecom business.

The company had hoped these measures, along with the recent sale
of its loss-making Internet access business, would stem losses
and allow the company to get its finances back into shape.

However it appears that the efforts have failed to save the
company, whose shares were suspended from trading on March 24 at
27p, down from a peak of around GBP70.

A favorite during the dotcom boom, shares for Affinity were
changing hands at GBP81 each in 2000. As of September 30, 2002,
however, it incurred net liabilities of almost GBP7 million and
stated that it owed creditors GBP10 million, although it has not
released any financial information since.

Affinity failed to pay staff last month, and all but four of the
company's 50 remaining employees have left the business.

Begbies Traynor is now hoping that remaining operations in the
Netherlands and Australia can be sold to management.

Creditors, including Vodafone and PR firm Buchanan
Communications, are unlikely to receive more than 3% of their
money from the business, which reportedly has just GBP100,000 in
the bank.

CONTACT:  AFFINITY INTERNET HOLDINGS Plc
          21 Tabernacle Street,
          London, EC2A 4DE
          Phone: 0845 685 5900
          Fax: 0845 685 570


AORTECH INTERNATIONAL: Shareholders Fleeing From Company
--------------------------------------------------------
Two key shareholders have abandoned healthcare company Aortech
International a week after the troubled firm announced plans to
abort its key heart valve development project.

3i and Deutsche Bank were reported over the weekend to have sold
their shares in the firm.

The Scottish company decided to abandon the plan to commercialize
its polymer-based "tri-leaflet" heart valve after failing to find
a partner to share development costs.

The company earlier this year sold its traditional commercial
heart-valve business to German group Koehler Chemie for GBP2.7
million.

With that unloaded, it was hoping that its revolutionary tri-
leaflet device could hitch it off towards becoming world leader
in the technology.

But severe cash crisis left it crippled.  In November, Aortech
reported half-year losses of GBP7.6 million.

CONTACT:  AORTECH INTERNATIONAL PLC
          Phone: 01698 746 699
          Bill Strachan, Chief Executive
          Ian Cameron, Finance Director


ARC INTERNATIONAL: Issues Trading Update, Forecasts Low Revenue
---------------------------------------------------------------
ARC International plc, a world leader in semiconductor and
software technology licensing, announces that a number of deals
due to be closed during the first quarter of this year have been
deferred until the second quarter, as a result of continued
uncertainty in the semiconductor industry.

The company therefore expects group revenues for the first
quarter to be approximately GBP2.9m, slightly below the range of
analyst forecasts.

Complete first quarter results will be published on Wednesday,
April 23, 2003.

CONTACT:  Natalie Godfrey
          Senior Communications Executive
          Phone: (+44) 208-236-2838
          E-mail: natalie.godfrey@arc.com

          Julie Foster/ Tim Lynch
          Consultant
          Tulchan Communications Group
          Phone: (+44) 207-353-4200
          E-mail: jfoster@tulchangroup.com


AUXINET PLC: Narrows Operating Loss for Financial Year 2002
-----------------------------------------------------------
Highlights

-- 2002 Operating Loss reduced to GBP391,000 (2001: GBP4.195m)
before goodwill amortization
-- Profitable since September 2002
-- Cash generative since September 2002
-- Forecasting sustainable profitability and cash generation in
2003
-- Recommending changing name to DataCash Group plc at AGM
-- Seeking permission to buy back up to 10% of shares

David Bailey, Chairman of Auxinet plc, said:

'The Board's stated objective of underlying sustainable,
profitable, cash generative growth has been realised since
September 2002.

In 2003 we expect to capitalise on our strengths, our world class
technology, experienced staff and impressive client
base...........we will do it with the additional confidence of
sustainable profitability and growing cash balances.

The Board will recommend changing the name of the Group to
DataCash Group plc...and will seek authority to buy back up to
10% of the issued ordinary share capital'.

CHAIRMAN'S STATEMENT

2002 was the first full year where the Group was solely focused
on our payments system, DataCash, now the only active trading
company within the Group.

DataCash's turnover grew by 30% from GBP2.07m to GBP2.70m. In
September 2002 the company reached the significant milestone of
becoming both profitable and cash generative. Group losses,
before goodwill amortisation, were significantly reduced to
GBP391,000 (2001: GBP4.87m). The second half produced a loss of
GBP114,000.

Our revenue derives from a combination of annual licensing fees
and monthly transaction fees. The transaction fees rise as the
volume of transactions grows.

In the last year the number of transactions processed grew
strongly to 18 million. Since DataCash's inception in September
1997 there has been growth in both transactions and revenues in
every quarter (adjusting for one-off receipts). The underlying
business model provides the framework for the Board to have
confidence that this trend will continue. The Board's stated
objective of underlying sustainable, profitable, cash generative
growth has been realized since September 2002.

We reduced our overheads significantly from 2001 levels and our
costs for the current year are expected to remain at around the
same levels as in 2002. Both the organization and systems have
the capacity to support further significant growth in
transactions, which is expected to result in increased profits.

The Group has no borrowings. Cash balances fell from GBP951,000
to GBP667,000 in the year. Importantly, cash balances grew from
September 2002 and we expect to be significantly cash generative
in 2003.

In 2002 we invested in systems and in extending our product
range. As previously reported, we have increased the capacity of
the system to a theoretical 100 million transactions per month,
approximately 50 times current volumes. During the year we
introduced a number of new products and are pleased that we met
our customers' needs for the support of new and additional
payment methods.

Our customer base is changing, moving away from new Internet
companies towards more established high volume customers. We are
pleased that a number of international customers have selected
DataCash as their payment solution provider in the UK, reflecting
our leadership in this market.

We are seeing large customers, who hitherto had their own in-
house systems, now moving to outsource this service due to the
growing complexities and cost of providing and supporting, a
payments service. This is providing opportunities to move from
purely e-commerce 'Card Holder Not Present' (CNP) transactions to
physical, 'Card Holder Present' (CHP), point of sale
transactions. This CHP market is estimated to be 30-40 times
larger than the CNP market. It is a different market, but one we
believe will contribute to our growth in the future.

It is encouraging that our staff have all been with us for a
considerable time, providing a stable base from which to grow. I
would like to take this opportunity to thank them for their
loyalty and commitment through 2002.

In 2003 we expect to be able to capitalise further on our
strengths; our world-class technology, experienced staff and
impressive client base. This year we will do it with the
additional confidence of sustainable profitability and growing
cash balances. We look forward to reporting on progress.

At the 2003 Annual General Meeting the Board will recommend
changing the name of the Group to DataCash Group plc. The name
'Auxinet' was an umbrella name under which to trade both the
payments and the recruitment businesses. As we are now purely
involved in payment processing it seems sensible to change the
Group name to reflect that. We also intend to seek authority to
potentially buy back up to 10% of the Company's issued ordinary
share capital.

David Bailey
Chairman

Annual General Meeting

The Company's AGM will be held on Wednesday, 28 May 2003 at 12.00
noon at Descartes House, 8 Gate Street, London WC2A 3HP

To See Financial Statement:
http://bankrupt.com/misc/Auxinet_plc.htm

CONTACT:  AUXINET PLC
          David Bailey, Chairman
          Phone: 0870 7274760
          Keith Butcher, Finance Director
          Phone: 0870 7274760


AXIA MELTON: Site Up for Sale After Fall Into Receivership
----------------------------------------------------------
A buyer for the site of a property business owned by Axia Melton
is being sought after the company fell into receivership as a
result of hold-ups and cash flow problems.

The property business was launched to redevelop former tin
smelting works at Melton, and Axia was part-way through
redeveloping the 34-acre Melton Park site off the A63 as a
warehouse and distribution center.

It was able to clear the land, and attracted Carpet International
and aerospace company BAE Systems to own units on part of the
site, but Axia is still planning to build more units.

Administrator Peter Holder of restructuring group Kroll said he
does not think "they (Axia Melton) have been able to develop the
site as quickly as they thought they'd be able to. They've had
cashflow difficulties and pressure from creditors."

He said he is confident of finding a buyer soon, adding that the
site already attracted five interested bidders.

CONTACT:  KROLL INC.
          Global Headquarters
          900 Third Avenue
          New York, NY 10022
          Phone: 212.593.1000
          Fax: 212.593.2631
          In London, England
          Phone: 44 (0)20 7029 5000


BESPAK PLC: Warns of Modestly Below Breakeven Result
----------------------------------------------------
Overview
Bespak is experiencing continued weakness in valve sales. The
market's transition to HFA valves has temporarily produced lower
CFC sales at a time when approved HFA formulation products have
launched more slowly than expected.

Additionally, delays in scaling-up new assembly equipment and
reducing costs on a major drug delivery device have temporarily
depressed profitability. However, we expect these issues to be
addressed over the summer.

The Board's current expectation is that the Group's results will
be at, or modestly below, breakeven in the second half, before
tax and exceptional items.

Cost savings

Performance in this financial year is unacceptable and, as a
consequence of a recent strategic review we will be taking
significant actions intended to reduce our cost base and to
return the Group to an acceptable level of profit.  In
November 2002, we announced that we would incur a charge of GBP1m
to produce at least GBP2m of overhead savings in the next
financial year which is on track.

Additionally, we are now aiming to achieve approximately GBP7m of
further annualized cost savings over the next financial year
through the following steps and once exceptional charges have
been incurred.

-- Curtailment of Nasal formulation programs that do not provide
short-term returns. This is despite such activities having, to
date, met all technical milestones. However, we shall continue to
exploit device-related opportunities in Nasal drug delivery which
build on the technologies that we have developed over the past
few years.

-- Further restructuring of our manufacturing operations in North
America over the next 12 months with the objective of eliminating
long-running losses.

-- Identification of additional overhead savings from UK
operations.

Overall, our actions will result in a further exceptional charge
of approximately GBP5m, which will be booked either this
financial year or next.

Dividend

We are maintaining our dividend in view of the stronger financial
performance that we expect to result from our actions, together
with our confidence in the medium and long-term prospects of the
Group.

Approaches

We have received a number of approaches from third parties which
may or may not lead to an offer for the entire share capital of
Bespak. Consideration of these approaches is at an early stage
and there can be no certainty that a transaction will result. A
further announcement will be made in due course.

Prospects

Despite these short-term trading issues, Bespak's Management
remains confident in the strength of the core businesses of
Pulmonary and Device & Manufacturing Services, and of their
competitive positions.

Recently, there has been an improvement in HFA valve sales with
growth in demand for marketed products as well as from customers
readying launch plans.

Appropriately, Bespak recently opened a new state-of-the-art
valve manufacturing facility in Kings Lynn.

We have also experienced strong demand for major drug delivery
devices.

We are able to announce that we have successfully completed a
prototype Pulmonary drug delivery system that has been developed
jointly with DEKA Research Corporation in the United States. This
system, which has the potential for highly accurate and
controllable pulmonary delivery of systemic drugs, is currently
being tested before being demonstrated to potential partners in
the pharmaceutical industry.

Full Year Results

Bespak intends to announce its preliminary results for the year
ending May 3, 2003 on July 23, 2003.

                     *****

Bespak plc is in the forefront of developing new delivery systems
for the pharmaceutical industry. The Group has a product range
covering metered dose inhalers, dry powder inhalers, actuator and
spacer systems, as well as specialist components and assemblies
for the medical device industry. The Group has manufacturing
facilities at King's Lynn and Milton Keynes in the UK and at
Cary, North Carolina in the USA. Bespak plc is quoted on the Full
List of the London Stock Exchange.

CONTACT:  BUCHANAN COMMUNICATIONS
          Phone: +44 (0)20 7466 5000

          Tim Thompson
          Nicola How
          Mobile: 07956 597 099


BRANDONS: Hurt by Imports, Appoints Administrative Receivers
------------------------------------------------------------
The future of 1,400 jobs and five million turkeys are currently
under threat following the collapse of one of the U.K.'s biggest
turkey suppliers.

Brandons was placed into the hands of administrative receivers
after a flood of cheap foreign imports caused a price slump on
its products.

The Derbyshire-based company has staff working at processing
plants in Abergavenny, south Wales, Dalton, north Yorkshire, and
at the small turkey farms close to the other facilities.

Accountancy firm PricewaterhouseCoopers has been appointed to act
as receiver for the company which has an annual turnover of
GBP100 million.

Joint administrative receiver Rob Hunt said Brandons has a
"strong reputation and an excellent customer base."

Brandons, which supplies poultry to a number of high street
supermarkets, has achieved much of its growth through
acquisitions, including a deal to buy the Abergavenny plant from
Sun Valley.

It was named as the seventh fastest growing firm in Britain last
year in a Profit Track 100 index sponsored by PwC, with annual
profits growing 81% to GBP3.5 million between 1998 and 2001.

However, the expansion was followed by a period of increased
competition as cheaper imports, including from Brazil and Eastern
Europe, forced down prices.

The receivers are now working to ensure the continued supply of
feed to the turkeys and to continue operating the business while
it seeks a buyer.

Mr. Hunt said: "We shall be holding urgent talks with suppliers
and customers over the course of the next few days to seek their
support to allow trading to continue."

"We are confident that with this support that we can continue to
trade while a purchaser is found. We are aware that 1,400 jobs
are at stake and we also have 5 million turkeys to look after,"
he added.


CABLE & WIRELESS: Could Face Complaint for Monopolistic Act
-----------------------------------------------------------
Digicel moves to prevent Cable & Wireless from disrupting its
operation in St. Lucia, a market previously monopolized by the
British telecommunications company.

The Irish telecom said without specifying a time that it was
filing an injunction to prevent Cable & Wireless from suspending
international calls to its wireless network.

Digicel and other companies had to rent lines and other
infrastructure from Cable & Wireless during the first phase of
the process to open the region to competition.

But despite the interconnection agreement, Cable & Wireless still
blocked calls from Barbados, the Cayman Islands and Grenada,
Digicel's Chief Operations Officer Kevin White said.

"Even though the monopoly has ended, Cable and Wireless is still
trying to maintain its monopolistic hold over the market," Mr.
White said.

In response, Cable & Wireless General Manager Rudy Gurley said:
"It is unfair for Digicel to suggest that Cable and Wireless is
using anticompetitive tactics with regards to this issue."

The British company denied the accusation and assured it remained
committed to the agreement.

Mr. Gurley also revealed that despite the interconnection
agreement, the parties are still negotiating international call
rates.

Cable & Wireless could face another competitor in the region
since AT&T of the U.S. is said to be planning to offer cellular
service in St. Lucia.


ENODIS PLC: CEO to Relocate in U.S., Results to Be as Expected
------------------------------------------------------------
Enodis plc, the global food service and food retail equipment
company, announces that the office of Chief Executive Officer
('CEO') will relocate to the U.S. in June 2003, at which time
Dave McCulloch, currently COO, will assume the position of CEO.
The Group also provides an update on trading.

Office of CEO to transfer to Florida

The Board of Enodis has concluded there are significant benefits
to be gained from the consolidation of its executive team at its
Global Operations Center in New Port Richey (Tampa) Florida.
This facility already houses the heads of finance, human
resources, marketing, purchasing, US sales, operations, legal,
information technology, as well as the Enodis Technology Center,
which is used extensively for innovative equipment solutions as
well as customer and industry events.  Relocating the office of
the CEO to this facility will result in significantly improved
accessibility to the operations and customers in North America,
where 75% of the Group's sales are generated.

It is the Group's intention to maintain its primary listing on
the London Stock Exchange and retain the office of the Chairman
and its head office functions in
London.

Andrew Allner, currently CEO and based in London, has decided not
to relocate to Florida for family reasons, but will stay with the
Group until June to assist an orderly transition.  Andrew Allner
will be succeeded by Dave McCulloch, 56, who joined the Board of
Enodis in November 2001 and was appointed Chief Operating Officer
in May 2002.  Prior to joining the Board of Enodis he held a
number of senior Enodis positions in North America.  Previously,
he spent 17 years in the residential appliance business of Camco,
Inc., a subsidiary of General Electric.

Commenting, Peter Brooks, Chairman, Enodis plc, said:

'Moving the office of CEO to Florida is the next logical step in
the evolution of Enodis and will deliver substantial operational
benefits.  For personal reasons, Andrew Allner has decided not to
relocate to the US.  On behalf of the Board I would like to thank
him for his strong leadership through a period of
significant change.  Enodis has been refinanced, net debt has
been substantially reduced and the non-core disposal program has
been completed.  Andrew leaves Enodis repositioned and with a
clear strategy for growth when market conditions improve.  Dave
McCulloch has done an outstanding job as COO and both Andrew and
I are confident he will be an excellent successor as CEO.'

Trading Update

Operating profits for the 26-week period ended March 29, 2003 are
expected to be as the Board anticipated at the announcement of
the preliminary results on November 20, 2002.  Q2 03 operating
profits are expected to be below those of Q2 02, due to adverse
foreign exchange movements and the effects of disposals.

On a like-for-like basis Q2 03 operating profits will be in line
with Q2 02.  We expect weaker profits at Food Service Equipment -
North America, due to lower sales to certain Quick Serve
Restaurants and continued pricing and margin pressures at our
North American refrigeration business.  However, we expect this
to be offset by an improved Q2 03 performance from our Food
Service Equipment - Europe/Asia businesses and also from Food
Retail Equipment, where we expect a small profit this quarter,
compared to like-for-like losses of GBP0.9m in Q2 02 last year,
as Kysor Warren's performance continues to improve.

New cost reduction and restructuring measures are being
implemented, including salaried headcount reductions, purchasing
and material efficiency initiatives and reductions in
discretionary spending.  These actions are being taken to
mitigate the likely impact of slower markets in the second half.
These measures are anticipated to save up to GBP9m of costs
planned for the second half of the current year, resulting in a
full year saving of GBP13m.  The Group is taking an exceptional
charge for the cost of these programs, together with the costs of
relocating the office of the CEO, expected to be approximately
GBP4.5m in total, with approximately GBP1.7m recognised in the
first half.  In addition, as a result of the slowdown in the
property market, approximately GBP2.5m of exceptional provisions
will be recorded for liabilities for vacant leasehold properties.

In line with the Board's expectations net debt at the end of Q2
03 is expected to be broadly the same as at the end of Q1 03.  It
is anticipated debt will reduce in the second half.

Enodis will announce its interim results on Thursday May 8, 2003.

CONTACT:  ENODIS PLC
          Peter Brooks, Chairman
          Phone:  020 7304 6000

          Andrew Allner, Chief Financial Officer
          Dave McCulloch, Chief Operations Officer

          FINANCIAL DYNAMICS
          Richard Mountain
          Phone: 020 7269 7291


HARRIS LIFTING: Administrators Offer Business for Sale
------------------------------------------------------
The Joint Administrators, Alistair Grove and Mark Hopkins, offer
for sale the business and assets of this West Midlands based
manufacturer of drop forgings (Harris Lifting & Shipping Tackle
Company Limited).

Principal features of the business include: projected annual
turnover of GBP2.8 million, highly skilled workforce of 38
employees, extensive customer base including suppliers to the oil
supply industry, and premise close to junction 2 of the M5.

CONTACT:  PRICEWATERHOUSE COOPERS
          Cornwall Court, 19 Cornwall Street
          Birmingham B3 2DT
          Contact: Karen Wilkins
          Phone: 0121 265 5631
          Fax: 0121 265 5651
          E-mail: Karen.t.wilkins@uk.pwcglobal.com


MARCONI PLC: Ratings Withdrawn at the Request of Company
--------------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'D'
corporate credit rating on U.K.-based telecommunications
equipment provider Marconi PLC.

At the same time, Standard & Poor's also withdrew its 'D' senior
unsecured debt rating on the guaranteed related entity Marconi
Corp. PLC. The rating action affects approximately $3 billion of
bond debt outstanding.

The withdrawal of the ratings was done at Marconi's request and
reflects the forthcoming debt restructuring that is expected to
become effective on May 16, 2003.


ROBOTIC TECHNOLOGY: Registers Pretax Loss of GBP34.6 MM
-------------------------------------------------------
Preliminary results for year ended December 31, 2002

RTS is a high technology business specializing in providing
automation systems and software for a range of sophisticated
scientific and industrial processes.

                                          2002      2001

                                          GBPm      GBPm

Turnover on Continuing Operations         66.9     123.4


Continuing Operations operating
  (loss)/profit before tax, exceptional   (6.2)     10.5
items and acquisition goodwill amortisation

Exceptional items, goodwill
impairment, goodwill amortisation and   (28.4)     (7.4)
termination of business segment
(GBP22.4 million non-cash)

(Loss)/profit before tax                 (34.6)      3.1


(Loss)/earnings per share (p)
     Basic                               (59.20)p        2.56p
     Diluted                             (59.20)p        2.46p


Adjusted
(loss)/earnings per share on Continuing (11.47)p       11.11p
Operations before exceptional items and acquisition
goodwill amortisation


Key Points

*    U.K. businesses remain buoyant with record profits
-- Life Sciences increased sales by 13%.
-- Nuclear Solutions in the U.K. grew sales by 21%.

*     Extremely difficult trading conditions persisted in the US
during the second half.  U.S. operations are now structured in
line with demand.
-- Employee numbers reduced by 330 in US
-- Cost savings of GBP6 million annualised in US.
-- Closure of Phoenix US plant.

*  Order book just under GBP40m

*  Disposal and exit from loss-making operations in Finland.

*  Strong balance sheet with minimal debt maintained.


*  Net tangible assets per share 58 pence

*  Collins Stewart Limited appointed today as financial adviser
and stockbroker.

Chris Brown, Chairman of RTS said:

'The Group has operated in an extremely harsh climate in the US
that has demanded swift and decisive management action which we
have taken.  We have demonstrated that we have the ability both
to grow businesses and to deal with difficult market conditions.
We are confident that the market for automated technology, which
is now fundamental to industry, will resume growth when customer
confidence returns'.

April 8, 2003

To See Financial Statement:
http://bankrupt.com/misc/Robotic_Technology.htm

CONTACT:  ROBOTIC TECHNOLOGY SYSTEMS PLC
          Phil Johnson, Chief Executive Officer
          Phone: 0161 777 2000
          David Timmins, Group Finance Director

          COLLEGE HILL
          Phone: 020 7457 2020
          Matthew Smallwood


TORWOOD: Recent Difficulties Ushers Receivers From Tenon
--------------------------------------------------------
Livingston housing firm Torwood has been placed into
receivership, with Tenon's director of recovery services, Tom
MacLennan, as receiver.

Mr. MacLennan said Torwood posted a turnover of GBP10 million
last year and has an order book worth GBP4 million.  He added
that the company has an "excellent reputation for quality product
with good premises and modern equipment".

He also said he is "hopeful of selling the company as a going
concern".

Torwood, which has a workforce of 90, was hit by recent difficult
conditions.  It operates from premises on the Deans Industrial
estate in the Livingston and manufactures timber-framed house
"kits".


UPMYSTREET.COM LIMITED: Administrators Offer Business for Sale
--------------------------------------------------------------
The Joint Administrators, Geoff Rowley and Michael Oldham offer
for sale the business and assets of the local information and
technology company.

Principal features include: established brand, multiplatform
business (web, WAP, DTV), over 0.5 million unique users each
month, firmly established in the business to business to consumer
and business to government sectors, ability to deliver content
and applications on the web, interactive television, wireless
applications and in print, leasehold premises in central London,
annual turnover of cGBP2 million, established development team,
and 47 full time staff.

CONTACT:  RSM ROBSON RHODES
          186 City Road, London EC1V 2NU
          Contact:  Lisa Mann
          Phone: 020 7865 2330
          Fax: 020 7253 4629
          E-mail: lisa.mann@rsmi.co.uk


                               *************

     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, Ma. Cristina Canson, and Laedevee
Gonzales, Editors.

Copyright 2003.  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
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$575 per half-year,
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