/raid1/www/Hosts/bankrupt/TCREUR_Public/030424.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

                 Thursday, April 24, 2003, Vol. 4, No. 80


                              Headlines

B E L G I U M

LERNOUT & HAUSPIE: Stonington Asks for Fraud-Related Documents
SOBELAIR: In Search for Additional Capital Due to Current Crisis


C Z E C H   R E P U B L I C

PLZENSKA BANKA: Clients To Receive Compensation on June 20


F I N L A N D

BENEFON OYJ: Still in the Dark Regarding Payment from Frangie


F R A N C E

ALSTOM SA: Five Bidders Emerge in the Run to Acquire Unit


G E R M A N Y

BERTELSMANN AG: Raises $500 MM in Private Placement in U.S.
DEUTSCHE BAHN: Requests New Injunctions Regarding Strikes
HVB GROUP: Hamburger Sparkasse Considers Acquisition of HVB Unit
KIRCHEMEDIA GMBH: Banks Threaten to Abort Deal with Saban


N E T H E R L A N D S

LAURUS N.V.: Consumer Sales Down Due to Disposal of Outlets
ROYAL KPN: Redeems EUR 1.6 Billion BellSouth Loan Early


P O L A N D

PHS STEEL: Two Buyers Confirm Submission of Binding Offers


S W E D E N

AB ELECTROLUX: Lowers Earnings Outlook at General Meeting


S W I T Z E R L A N D

CREDIT SUISSE: 1a Immo PK Rights Issue Successfully Completed
SWISS INTERNATIONAL: To Approach Banks for Fresh Credit Lines


U N I T E D   K I N G D O M

AG BARR: Pension Scheme Deficit Increased to GBP20 Million
ARC INTERNATIONAL: Reports Pre-exceptional Net loss of GBP4.4MM
BRITISH BIOTECH: To Announce Consolidation with RiboTargets
BRITISH ENERGY: US Rival Lodged Complaint Against EU at Court
CORUS GROUP: Informs Appointment of Chief Executive and Chairman

CORUS GROUP: Acquires and Sells Joint Venture with Arcelor
ENERGY CAPITAL: Board Moves to Expedite Asset Liquidation
FINSBURY SMALLER: Placed Under Members' Voluntary Liquidation
GALA GROUP: Ratings Lowered to 'B+' on Recapitalization
INFINEON TECHNOLOGIES: Reports Quarterly Net Loss of EUR328 MM

MASISTAR OS: Future of Reviving Production Remains Unclear
MARCONI PLC Provides Update on Creditor Voting Intentions
MORGAN CRUCIBLE: Director Macfarlene Steps Down from Board
PIZZAEXPRESS PLC: Venice Bidder Still Mulling Over Option
P&O PRINCESS: Changes Name to Carnival, Ticker Symbol to be CCL

REGUS PLC: US Arm Likely to Exit Chapter 11 Within Target
STANDARD LIFE: Generous Executive Pay to Be Discussed at AGM

     -  -  -  -  -  -  -  -

=============
B E L G I U M
=============


LERNOUT & HAUSPIE: Stonington Asks for Fraud-Related Documents
--------------------------------------------------------------
Stonington Partners, Inc., Stonington Capital Appreciation 1994
Fund LP, and Stonington Holdings LLC, represented in this Motion
by Brendan Linehan Shannon, Esq., at the Wilmington firm of
Young Conaway Stargatt & Taylor LLP, ask Judge Wizmur to modify
the stay to permit Lernout & Hauspie Speech Products N.V., to
produce seven classes of documents:

        (1) documents relating to the Debtor's relationship with
            the Language Development Companies and Cross-
            Language Development Companies from which it
            improperly recorded and reported revenue;

        (2) documents related to the Korean customers from which
            the Debtor improperly reported and recorded revenue
            from sham transactions;

        (3) documents relating to Korean banks with which the
            Debtor entered into factoring agreements and side
            Agreements in furtherance of the fraud;

        (4) documents related to the Debtor's relationship with
            the individuals and entities named as defendants in
            the Securities Litigation;

        (5) documents relating to the internal and external
            investigations of L&H NV;

        (6) documents relating to the Dictaphone Transaction;
            and

        (7) all documents relating to the Debtor's relationship
            with its auditors Klynveld Peat Marwick Goerdeler
            Bedrijfsrevisoren and KMPG LLP.

Mr. Shannon says that these documents are "essential to
Stonington's prosecution of its claims which arise out of the
massive fraud perpetrated by L&H NV" against entities and
individuals other than the Debtor.

The Stonington Entities are currently prosecuting common law
claims as well as claims arising under the Securities & Exchange
Act of 1934 in the District Court for the District of
Massachusetts, and that case is now in active discovery.  The
documents sought by the Stonington Entities are in the
possession and control of the Debtor and are crucial to the
Stonington Entities' ability to prove their allegations
regarding the fraud and the participation in that fraud by the
defendants named in the Massachusetts Suit.  The Stonington
Entities have sued to recover their losses -- $489 million --
suffered as a result of the Debtor's fraud.

In light of L&H NV's anticipated liquidation, there is a
substantial risk that if these documents are not produced now,
they will be destroyed or lost.  This would result in great
prejudice to the Stonington Entities.  The pending liquidation
of L&H NV also weighs in favor of a modification of the stay, as
there can no longer be a concern that participation in discovery
will impede the Debtor's progress toward reorganization.  In
addition, given the massive accounting fraud that L&H NV
perpetrated and has admitted to, requiring the Debtor to produce
these documents is clearly in the interests of justice.

Mr. Shannon argues that the Debtor's participation in discovery
won't impose any additional burden upon the estate.  The
materials have already been gathered and produced in the course
of governmental and internal investigations by:

        (a) the Securities & Exchange Commission;

        (b) the Belgian government or local or municipal
            governments in Belgium;

        (c) KMPG, including KMPG LLP and Klynveld Peat Marwick
            Goerdeler Bedrijfsrevisoren in connection with these
            entities' mid-year audit of L&H NV conducted at the
            request of the Audit Committee of L&H NV's Board of
            Directors and announced by the Debtor on August 15,
            2000;

        (d) Bryan Cave, Loeff Claeys Verbeke and Arthur Andersen
            in connection with their preparation of the
            "Findings and Recommendations to the Audit
            Committee"; or

        (e) PricewaterhouseCoopers in connection with its
            preparation of the "L&H Korea Preliminary Report" or
            the "L&H Korea Investigation."

The interests of judicial economy, Mr. Shannon suggests, are
advanced by allowing the Stonington Entities' fraud action
against the defendants, other than L&H NV, to proceed
expeditiously.  Mr. Shannon is confident that L&H NV has
retained copies of these documents and that they can easily be
reproduced.

If the stay if lifted, the Stonington Entities will serve a
subpoena on L&H NV's bankruptcy counsel, Milbank Tweed Hadley &
McCloy LLP, for the production of these documents.
(L&H/Dictaphone Bankruptcy News, Issue No. 40; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


SOBELAIR: In Search for Additional Capital Due to Current Crisis
----------------------------------------------------------------
Belgian charter carrier Sobelair is in need of a capital
injection after a drop in air travel as a result of the conflict
in Iraq made it impossible to continue normal operation.

Sobelair CEO Luc Mellaerts said the carrier needs a total of EUR4
million to EUR5 million to operate normally.

The company plans to pose the request during the meeting of
Sobelair shareholders on May 7.  Belgian World Airlines,
proprietors of the ex-Sabena affiliate, will underwrite the
appeal, according to Expatica.com.

Sobelair is expected to site the impossibility of shouldering the
lease of two Boeing 767s amidst the global drop in overseas
tourism as its reason.

The carrier, meanwhile, is continuing discussions with German
brokers DSF to adjust leasing costs to current market conditions,
the report says.



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


PLZENSKA BANKA: Clients To Receive Compensation on June 20
----------------------------------------------------------
Clients of the bankrupt Plzenska Banka (PB) will start receiving
payments from the Deposit Insurance Fund (FPV) on June 20 at the
latest.

FPC executive director Pavel Trnka confirmed the time frame,
indicating that the payment of some CZK150 million is "not a
problem for the fund".

It is noted that the 1,900 clients of the bank that was declared
bankrupt on April 4 are entitled to compensation of 90% of their
deposits, but only a maximum of about CZK790,000.

The bank's bankruptcy assets administrator, meanwhile, revealed
"all creditors, including Akro, are in the same category as
ordinary depositors".

Last month, a petition for bankruptcy was filed by the bank's
management following the closure of its one and only outlet in
Plzen.  This was after the bank lost a suit alleging
misappropriation of funds against investment company AKRO.

TCR-Europe previously reported that the Regional Court in Hradec
Kralove, East Bohemia, ordered Plzenska banka to pay CZK1.1
billion plus additional interest worth hundreds of millions to
three CS funds managed by AKRO.

The funds alleged that Plzenska, as depository, misappropriated
CS fund assets worth CZK1.3 billion in 1997.



=============
F I N L A N D
=============


BENEFON OYJ: Still in the Dark Regarding Payment from Frangie
-------------------------------------------------------------
In relation to the bulletin of April 17, 2003, Benefon Oyj
announces that it has still not received by Dr. Philippe
Frangie's payment for his share subscription. The company
continues to maintain contact with Dr. Frangie to clarify the
matter.

Also related to the bulletin of April 17, 2003, Benefon is in the
process of preparing a response to the received new draft terms
of an investment offer by NRJI about which the company needs to
negotiate also with the banks and the auditors.

The company will continue negotiations with NRJI to find a
solution acceptable to both parties.

In addition, the company will clarify other possible solutions in
co-operation with banks and creditors.

For the time being, the company will continue frequent reporting
about the funding program development and the situation.



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


ALSTOM SA: Five Bidders Emerge in the Run to Acquire Unit
---------------------------------------------------------
There are five bidders interested in acquiring the Transmission &
Distribution unit of Alstom, the engineering company currently
disposing assets to offset expected losses.

The possible buyers for the division include four investment
funds specialized in leveraged buyouts and General Electric Co,
according to a report in Le Figaro daily.

The investment funds are CVC Capital, Doughty-Hanson, Clayton
Dubillier and Rice, and Permira, the report says citing unnamed
sources.

But Alstom's long-term contractual obligations, which expose
buyers to future financial liabilities if the terms are not met
fully, could complicate the buyout process, according to the
report.

Alstom, which is selling the unit to raise EUR3 billion within a
year, has liabilities totaling EUR700 million covered by banks
and insurance companies.  It is disposing of assets in order to
restructure its operations and cut debt.

The Transmission & Distribution unit delivered sales worth
EUR3.16 billion last year, generating operating profit of EUR203
million.

Earlier this month Alstom pre-announced a EUR1.3 billion net loss
for 2002, along with an admission that Alstom would not achieve
financial targets set out in its March 2002 "Restore Value"
restructuring plans.

2002 losses are blamed on the provisions taken to cover technical
faults with some gas turbines sold by ABB Ltd. that were later
acquired by Alstom.

The company's troubles started when Renaissance Cruises Inc., its
biggest customer, filed for Chapter 11 protection.  The latter
suffered a sharp fall in demand for cruises after the September
11 terrorist attack in the U.S



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


BERTELSMANN AG: Raises $500 MM in Private Placement in U.S.
-----------------------------------------------------------
Bertelsmann has issued notes amounting to $500M in the United
States, as a Private Placement of debt arranged by ABN AMRO and
the Royal Bank of Scotland. Most of the 17 investors are U.S.
insurance companies and pension funds. The issue was more than
three times oversubscribed and was increased from originally
$300M to $500Mm. It represents the biggest U.S. Private Placement
to date by a German group. Bertelsmann will use the funds to pay
down existing bank loans.

The $500m notes are divided into three tranches: one $100M
tranche with a maturity of seven years and two tranches of $200M
each with a maturity of 10 and 12 years respectively. The coupons
of these non-public notes have been set at 4.69 percent for the
seven-year, 5.23 percent for the 10-year and 5.33 percent for the
12-year tranche. The placement was arranged by Bertelsmann's
subsidiary Bertelsmann U.S. Finance, Inc. following a five-day
road show in the U.S.

Bertelsmann's Chief Financial Officer Siegfried Luther comments
on the transaction: "The issuance underscores Bertelsmann's focus
on the capital market and our appeal for investors with a long-
term view. This step opens up a select group of investors in the
U.S. capital market for us and gives our financing a broader
base."

                     *****

Bertelsmann, which incurred liabilities after spending USD2.74
billion to buy Zomba Music Group, has net debt of EUR2.7 billion.
It is targeting a debt of not more than 1.5 times cashflow, or
less than EUR2 billion.

CONTACT:  BERTELSMANN AG
          Carl-Bertelsmann-Strasse 270
          D-33311 GA,AAtersloh, Germany
          Phone: +49-5241-80-0
          Fax: +49-5241-80-9662
          Homepage: http://www.bertelsmann.de

          Analysts and Investors:
          Verena Volpert
          Corporate Finance/Treasury
          Phone: +49-5241-80 23 42
          E-mail: verena.volpert@bertelsmann.de


DEUTSCHE BAHN: Requests New Injunctions Regarding Strikes
----------------------------------------------------------
Deutsche Bahn lawyers filed a series of requests for new
injunctions after a court in Frankfurt issued an order banning
any threat of union rail strike after the Easter holiday.

The move comes as German train drivers' union GDL warned on
Tuesday they could defy the court injunction and called its
11,000 active members to demonstrate this week.

A GDL spokesman said the union would appeal the decision to a
higher court and would move on with plans for "strategic warning
strikes" at selected cities starting Wednesday, according to
Expatica.com.

The union demands wage and job security benefits at variance with
labor accords reached between Deutsche Bahn and unions for other
rail workers.

An arbitration agreement was abandoned earlier this month due to
the unexpected refusal of GDL to approve the deal.  The parties
were unable to restart negotiations since then.


HVB GROUP: Hamburger Sparkasse Considers Acquisition of HVB Unit
----------------------------------------------------------------
German state-owned savings and loan Hamburger Sparkasse could
acquire Vereins-und Westbank AG, HVB Group's private bank unit,
according to Dow Jones.

A spokesman from Sparkasse, Germany's largest savings bank, said
they were approached by the investment banker handling the sale
and that an acquisition is being considered.

No decision has been made whether to pursue the purchase,
however.

Previously, Hamburger Sparkasse Chief Executive Karl-Jpachim
Dreyer revealed that they were still at the beginning of the
talks and that a critical examination will ensue whether Vereins-
und Westbank fits in to the strategy of the firm as a retail bank
in the Hamburg metropolitan region.

Mr. Dreyer added that the unit's reach extends through northern
Germany and in other countries.  This could pose as a problem
since the bank said Sparkasse is not willing to compete with
other Sparkasse outside of the Hamburg region.

JP Morgan has been appointed by HVB to find a buyer for its
75.1%-owned Vereins-und Westbank AG unit, which has around EUR21
billion in assets and offers banking services for private
customers and small businesses.

Meanwhile, a spokeswoman for HVB Group said that the bank
welcomes the interest of Hamburger Sparkasse, although the
process is at its very earliest stages and the Group is still
"reviewing whether a sale makes sense".

Bayerische Vereins bank first acquired vereins- und Westbank in
1990, before the Bavarian bank merged with Bayische Hypo bank to
form HVB Group.

CONTACT:  HVB GROUP
          Presseabteilung
          Am Tucherpark 16
          80538 Munchen
          Phone: (089) 378-2 58 01/-2 55 12
          Fax: (089) 378-2 56 99

          Dr. Knut Hansen
          Phone: 089/378-24644
          E-mail: knut.hansen@hvbgroup.com


KIRCHEMEDIA GMBH: Banks Threaten to Abort Deal with Saban
---------------------------------------------------------
Creditor banks threatened to call off the deal to sell the
defunct company's assets to media magnate Haim Saban last week
after an unpleasant exchange of statements between the parties.

The Israeli-American investor is buying one of Germany's four
main television groups, ProSiebenSAT.1 and the former Kirch film
rights dealership from the banks.  He is currently in
negotiations to transfer the assets.

The conflict started when Kirchmedia announced that a letter of
intent has been signed for the sale of another Kirch TV property,
the sports channel DSF, to a German department-store and mail-
order group, KarstadtQuelle.

The statement surprised analysts, who had expected the last piece
of the asset that made up KirchMedia to go to Mr. Saban.

Saban aids said the magnate might still upset that sale with a
higher bid, according to Expatica.com.

In response, banking sources declared Mr. Saban out of favor for
trying to alter the terms of the ProSiegenSAT.1 sale.

"He promised things that he has not done," they said.

The creditor banks then, represented by DZ Bank, sent a letter
warning the investor of their possible move.  The creditors are
reportedly upset that his latest business plans worsened the
safety of their loans.

But insiders said Saban might offer a last-minute bid, which
KirchMedia would find impossible to refuse.

"This is more than negotiating big talk," warned bank sources.

It is believed, however, that the banks would still pursue the
sale.



=====================
N E T H E R L A N D S
=====================


LAURUS N.V.: Consumer Sales Down Due to Disposal of Outlets
-----------------------------------------------------------
Laurus generated consumer sales of EUR 1.425 billion (including
the sales of affiliated independent retailers) from its Dutch
core activities (Konmar, Super De Boer and Edah) for the first
quarter of 2003 (16 weeks). This was 6.4% less than the
comparable figure for 2002 (Eur 1.522 billion). This is the
result of disposal of outlets, mainly to Sperwer.

On a like-for-like basis, sales increased by 0.5% at Super De
Boer and by 6.0% at Edah. At Konmar like-for-like sales were down
by 6.3%. Sales are under pressure at the larger Konmar
Superstores in particular. Like-for-like sales for the three
banners together increased by 0.2%.

Compared with 2002, the overall Dutch food retail market is
difficult. Consumer confidence is at an historic low and consumer
purchasing power is under pressure. These market conditions mean
that there is limited growth in the market and sales are shifting
from full-service formats to (soft-) discounters. At Laurus, Edah
has benefited from this but these developments are putting
pressure on sales at Super De Boer and, especially, Konmar.

Total net sales realized by Laurus for the three Dutch banners
were E 1.216 billion (2002: E 1.283 billion).

Number of stores in the Netherlands
20-04-2003 21-04-2002
Konmar 126 140
of which affiliated independent retailers 4 3
Super De Boer 364 414
of which affiliated independent retailers 226 271
Edah 262 275
of which affiliated independent retailers 62 74
Totaal 752 829
of which affiliated independent retailers 292 348

Laurus N.V. will be publishing quarterly sales figures from now
on.


ROYAL KPN: Redeems EUR 1.6 Billion BellSouth Loan Early
-------------------------------------------------------
As a next step in reducing gross debt, making prudent use of
existing cash and improving its maturity schedule, KPN on Tuesday
early redeemed EUR 1,638 million borrowed under a subordinated
loan facility with BellSouth. The money was borrowed early 2002
following the exchange of BellSouth's 22.51% interest in E-Plus
for 234.7 million of KPNs ordinary shares. The original repayment
schedule consisted of EUR 500 million payable in October 2003 and
EUR 1,138 million in March 2004. Following the early redemption
the BellSouth facility has been cancelled.

                     *****

Standard & Poor's said last month:

KPN's free operating cash flow of EUR2.8 billion (operating cash
flow less capital expenditure) for 2002 was materially higher
than expected and, as a result, KPN's net debt and leverage has
fallen ahead of Standard & Poor's expectations. The group's
operational performance also improved significantly in 2002 due
to the successful implementation of a restructuring program,
which has boosted operating and capital efficiency.

KPN's strong free operating cash flow, allied with the proceeds
from asset sales, enabled the group to reduce net debt to EUR12.4
billion (about EUR14.0 billion lease-adjusted) at Dec. 31, 2002.
KPN's debt has reduced further since year-end 2002, following the
EUR500 million cash sale of the group's directories business and
given KPN's continuing generation of positive free operating cash
flow.



===========
P O L A N D
===========


PHS STEEL: Two Buyers Confirm Submission of Binding Offers
----------------------------------------------------------
Two companies confirmed they submitted bids for Polish state-
owned steel group Polskie Huty Stali (PHS), the country's largest
steel company, according to Dow Jones.

Anglo-Dutch steel maker LNM Holdings and U.S. Steel Corp. said on
Tuesday they presented a bid for the holding company.  PHS
includes four steel mills that account for 70% of Poland's steel
market.

"We have completed the due diligence process and have submitted a
binding offer for PHS today [Tuesday]," LNM Holdings Chief
Financial Officer Sudhir Maheshwari told journalists.

Both LNM Holdings and U.S. Steel were given four weeks to conduct
a due diligence at the steel maker.  Luxembourg-based Arcelor was
also given the right, but has yet to confirm whether it has
placed a binding offer.

According to the report, the Polish government wants the buyer of
PHS to convert some PLN1.6 billion ($1PLZ3.8850) of company debt
into shares, and then raise the company's capital by about US$100
million.  The government intends to keep a 25% stake in PHS.

Poland's treaty with the European Union allows the government to
inject EUR670 million worth of public aid into PHS.  The
agreement in turn provides that the steel mills trim their
combined capacity by 686,000 metric tons to 4.5 million tons.



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


AB ELECTROLUX: Lowers Earnings Outlook at General Meeting
---------------------------------------------------------
The Annual General Meeting of AB Electrolux was held on Tuesday,
April 22, in Stockholm.

Rune Andersson, Peggy Bruzelius, Thomas Halvorsen, Louis R.
Hughes, Hans Straberg, Michael Treschow, Karel Vuursteen and
Jacob Wallenberg where re-elected to the board. Barbara
Thoralfsson was new-elected to the board.

The proposed dividend of SEK 6.00 per share was adopted. The
record date was set for April 25, 2003, and the estimated
dividend payments are expected from VPC (Securities Register
Center) on April 30, 2003.

The parent company's and Group's Income Statements and Balance
Sheets were adopted. The Board of Directors and President were
discharged from liability for the fiscal year 2002.

At the statutory board meeting, Rune Andersson was re-elected
chairman. Jacob Wallenberg was re-elected deputy chairman.

In accordance with a proposal from the Board of Directors, the
AGM decided to reduce the company's share capital by SEK
73,062,900 by way of withdrawal, without repayment, of 14,612,580
shares of series B, which the company previously has acquired. In
order to reduce the time required for reducing the share capital,
the AGM decided to issue 14,612,580 series C shares with a par
value of SEK 5 each to Svenska Handelsbanken, to redeem the
shares to the same amount adjusted with an interest rate factor,
and to transfer SEK 73,062,900 from the company's unrestricted
reserves to the company's statutory reserves.

In accordance with a proposal from the Board of Directors, the
AGM also authorized the Board, for the period until the next AGM,
to acquire and transfer the company's own shares. The total
amount of shares of series A and/or series B to be acquired may
amount to, at the most, so many shares that, thereafter, the
company holds at a maximum 10 per cent of all shares issued by
the company. Such transfer may be made by deviation from the
shareholders' preferential rights in connection with company
acquisitions.

In accordance with a proposal from the Board of Directors, the
AGM approved a new employee stock-option program for 2003. The
program is based on the same parameters as the 2001 and 2002
programs.

To cost effectively meet the company's obligations under the 2003
personnel stock-option program, the AGM decided that a maximum of
3,000,000 B shares owned by the company may be transferred within
the framework of the program.

With reference to the 2003 and previous employee stock-option
programs, the AGM decided that the company may, until the next
AGM, transfer a maximum of 1,447,572 B shares owned by the
company to cover costs, mainly social security charges, which may
occur due to the 1998-2003 option programs. Transfer shall be
made at the Stockholm Stock Exchange at a price at each time
within the registered price interval for the share.

The AGM decided that the nomination procedure prior to coming
elections of board members shall be arranged as follows. The
Chairman shall, during each fourth calendar quarter, contact
representatives of at least three of the major shareholders who
jointly and under supervision of the Chairman shall prepare a
proposal for Board of Directors to be submitted to the AGM for
resolution. The names of the shareholder representatives shall be
made public as soon as they have been appointed.

Further information

The Electrolux Press Hotline is available at +46 8 657 65 07.

The Electrolux Group is the world's largest producer of powered
appliances for kitchen, cleaning and outdoor use, such as
refrigerators, washing machines, cookers, vacuum cleaners,
chainsaws, lawn mowers, and garden tractors. Every year,
customers in more than 150 countries buy more than 55 million
Electrolux Group products for both consumer and professional use
sold under famous brands such as AEG, Electrolux, Zanussi,
Frigidaire, Eureka and Husqvarna. In 2002, Electrolux had sales
of SEK 133.2 billion and 82,000 employees.

For cancellation of or changes to this fax distribution service,
please return this document, with your name, company, and fax
number, stating what you want to change, to fax no +46 8 738 74
61.



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


CREDIT SUISSE: 1a Immo PK Rights Issue Successfully Completed
---------------------------------------------------------------
The Credit Suisse 1a Immo PK real estate fund rights issue has
been successfully completed, despite the volatile market
environment. Proceeds from the issue totaled CHF 305 million.

A package of 275,000 new shares was issued at a price of CHF
1,110; existing shareholders' subscription rights were
exercisable. The payment date for the new shares has been set for
April 25, 2003. All subscription rights were exercised at a
subscription ratio of one new share to six shares already held.
There are now 1,925 million units in issue and the fund's assets
stand at around CHF 2.5 billion.

The proceeds from the issue will be used to expand the portfolio
in response to increasing demand by institutional investors for
high-yield, professionally managed real estate vehicles.

Credit Suisse 1a Immo PK was launched in 1999 and is the first
tax-privileged fund invested in real estate for Swiss pension
funds. The fund units are exempt from tax on capital and income.

                     *****


Credit Suisse Asset Management is the institutional and mutual
fund asset management arm of Credit Suisse First Boston, part of
the Credit Suisse Group, one of the world's largest financial
organizations with approximately USD 858.7 billion in assets
under management. Credit Suisse First Boston (CSFB) is a leading
global investment bank serving institutional, corporate,
government and individual clients. CSFB's businesses include
securities underwriting, sales and trading, investment banking,
private equity, financial advisory services, investment research,
venture capital, correspondent brokerage services and asset
management. CSFB operates in 69 locations in 34 countries across
five continents. The Firm is a business unit of the Zurich-based
Credit Suisse Group, a leading global financial services company.
For more information on Credit Suisse First Boston, please visit
our Web site at http://ww.csfb.com

As of December 31, 2002, Credit Suisse Asset Management employed
2,142 people worldwide and had global assets under management of
approximately USD 297.4 billion. Please note that this is not an
offer for advisory services by Credit Suisse Asset Management.
For more information on Credit Suisse Asset Management, please
visit our Web site at http://www.csam.ch

The fund manager of the investment fund under Swiss law is Credit
Suisse Asset Management Funds, Zurich. The custodian bank is
Credit Suisse, Zurich. This document does not constitute an offer
or solicitation to purchase units in the fund.

Subscriptions are only valid on the basis of the current
prospectus and latest annual report (or half-yearly report, if
this is more recent). Prospectuses, terms and conditions and
copies of the most recent annual and half-yearly reports may be
obtained free of charge from Credit Suisse Asset Management
Funds, Zurich or any Credit Suisse Group bank in Switzerland.

CONTACT:  CREDIT SUISSE ASSET MANAGEMENT
          Sandrine Mehr
          Corporate Communications
          Phone: +41 (0)1 333 4248


SWISS INTERNATIONAL: To Approach Banks for Fresh Credit Lines
-------------------------------------------------------------
The struggling new national airline of Switzerland is expected to
approach its banks for fresh credit lines after failing to renew
a CHF400 million (USD292 million) facility.

Recently, a spokesman for the carrier revealed that UBS and
Credit Suisse had scrapped the CHF400-million credit facility
left from a CHF500 million credit line made available in 2001.

He added that although the funds were not needed at the moment,
Swiss would continue talks with the banks about medium term
financial credit.

It is noted that only CHF100 was ever drawn from the CHF500
million credit line, which was part of the CHF4 billion public-
private rescue plan for the country's national airline following
the bankruptcy of Swissair.  Banking sources have indicated that
the facility had already expired last year.

Swiss, which is struggling with the weak demand for air travel,
had CHF1.3 billion of liquid funds and CHFr1.7 billion of equity
at the end of 2002.

The airline stressed that it is not facing any short-term
liquidity problems, although the confusion over the state of its
credit facilities will add to concerns about Swiss's long-term
viability.

The sharp downturn in the aviation industry has combined with
Swiss's own internal problems with its pilots and failure to join
a global alliance.  Swiss also confirmed that it was in contact
with Lufthansa after denying earlier this month that it had held
talks with the German airline.  However, it said it was also
talking to other potential partners.



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


AG BARR: Pension Scheme Deficit Increased to GBP20 Million
----------------------------------------------------------
Beverage maker AG Barr has a black hole in its pension of almost
GBP20 million as a result of the collapse in stock market prices,
according to The Herald.

The figure is up nearly 160%, from GBP7.7 million the year before
to GBP19.9 million, the company's annual report revealed.
Including GBP6 million tax break, the pension liability falls to
GBP13.9 million, but still bigger than last year's GBP5.4 million
net figure.

Robin Barr, executive chairman, admitted that the company's
scheme was having "funding problems" caused by "the recent
sustained fall in world-wide stock exchange values," according to
the report.

AG Barr closed its final salary pension fund to new entrants in
March 2002, and replaced it with a money purchase scheme.

Mr. Barr, the grandson of the firm's founder, suggested that the
FRS17 method of calculating a snapshot valuation of the funds was
"potentially misleading".

The company is still waiting the result of a regular valuation of
the scheme in November, but the new valuation was still likely to
show a "substantial underfunding," according to him.

AG Barr's board has sanctioned an additional payment of
GBP250,000 into the fund to cover the period from November to
January, but they could be forced to inject more, he said.

Another interesting feature of the report is the lucrative pay
rises for the company's directors for their services at a time
when the company's market value dropped by 11%.

Although all four directors took a cut in their basic pay, their
total salary packages were boosted by a series of benefits
including a cash bonus and some shares.

Robin Barr's total pay rose 22% to GBP252,000 in the year to
January 25, while finance director Iain Greenock received a 16%
rise, so that his salary became GBP148,000.

Operations director Alan Bibby received a 14% increase, making
his salary GBP157,000, while the total pay of sales and marketing
director James Dawson was up 8% at GBP154,000.

Meanwhile, Roger White, managing director, received GBP139,000
for his five months' work since joining Barr in September 2002.

The company, which was founded in 1875, employs 500 people in
Scotland and 950 across the UK.


ARC INTERNATIONAL: Reports Pre-exceptional Net loss of GBP4.4MM
---------------------------------------------------------------
ARC International plc, a world leader in semiconductor and
software technology licensing, announces its unaudited financial
results for the first quarter ended 31 March 2003.

Financial and Operational Highlights:

First Quarter ended 31 March 2003:

-- Turnover up 6% in the quarter on prior year quarter and down
10% sequentially to GBP2.9 million (Q1 2002: GBP2.7m, Q4 2002:
GBP3.2m)

-- Pre-exceptional net loss of GBP4.4m (including an GBP0.8
million tax refund), a 19% year on year improvement (Q1 2002:
GBP5.4m)

-- 7 new design licenses won for the ARCtangentT processor

-- Strong performance on USB NowT product sales, booked 7
licenses

-- Software and development tools products shipped to more than
50 customers

-- Asia accounted for 8% of revenues

Commenting on the results, Mike Gulett, Chief Executive Officer,
said:

"Despite the continued uncertainty in our markets and the
deferral of several licensing deals into the second quarter, we
booked 14 licenses for our ARCtangent and USB products combined.
These deals were signed with companies such as Altek, Conexant,
and ST Microelectronics. We also announced that LSI Logic has
licensed ARC's USB High-Speed On-the-Go (OTG) technology.

An increasing number of ARC's products are being put into
production across a diverse range of markets. In the Digital
Still Camera space, ARC's technology is used in Fujifilm, Axiz,
HP, Logitech, Polaroid, Radio Shack, RCA and Toshiba products.
Emerging markets for our technology include biometrics, storage
devices and industrial control. We expect our customers in those
areas to begin shipping products this year.

Looking ahead, we do not anticipate any significant changes in
market conditions over the next quarter. We are confident that
our strategy of providing a total system solution will help to
drive the business towards profitability and create a sustainable
long-term business. "

Chief Executive Officer's Review

Overview

In the first quarter of 2003, ARC reported a 6% increase in
turnover to GBP2.9 million, up from GBP2.7 over the same quarter
last year but down 10% quarter on quarter (Q4 2002: GBP3.2
million). At constant exchange rates, this represents an 18%
increase year over year and a sequential decline of 9%. Despite
ongoing, challenging market conditions, tight management of costs
resulted in a pre-exceptional net loss of GBP4.4 million, which
is down 19%, (Q1 2002: GBP5.4 million). Operating expenses before
exceptionals, amortization and depreciation year on year were
also reduced by 4% to GBP7.1 million.

Many of our current and prospective customers continue to delay
new product development, which deferred the signing of new
licenses for our products into the second quarter. During the
first quarter, we booked 14 new design licenses including 7
customers for the ARCtangent processor and 7 licenses for USB. We
are pleased with the development of our Asian business, a market
that presents us with significant opportunities for the future.
Sales in Asia during the first quarter accounted for 8% of total
revenue.

Share Buyback

We continue to remain on track for the share buyback programme.
Earlier this month, we received the necessary court approval and
the tender offer is on schedule to be launched in early May.

Product Strategy and Customer Focus

The clearest indication of the success of ARC's "total system
solution" is reflected in our revenue diversity; 35% of revenues
came from processor cores, 31% from toolsets and software and 34%
from peripherals.

Our SoC customers are divided across the consumer, networking and
computing sectors and we are strong in semiconductors for wired
and wireless communications as well as consumer electronics. On
the software side, increasingly ARC's technology is being
licensed by companies in industrial control, broadband networking
and digital imaging.

This quarter we secured licenses with Altek Labs, Inc, Conexant
and ST Microelectronics, among others. Altek is one of the
world's leading manufacturers of digital still cameras. Conexant
is a worldwide leader in semiconductor solutions that facilitate
communications worldwide through wireline voice and data
networks. ST Microelectronics is a leader in developing and
delivering semiconductor solutions across the spectrum of
microelectronics applications. We are also on track to unveil the
details of several new products later in the year, which will
continue to strengthen our market position.

USB NOW TM

Our USB 2.0 products continue to be among our most popular
products. Of the thirteen licenses previously announced in 2002,
seven are in development, with two of those expecting to reach
the manufacturing stage during the first half of the year. An
eighth company has completed development of the product and is
ready to prototype in May. We announced our relationship with LSI
Logic, a leading designer and manufacturer of communications,
consumer and storage semiconductors. LSI Logic will integrate
ARC's USB technology into its CoreWarer library of intellectual
property, making it available to a much larger audience.

Our earlier USB products are equally popular, especially among
vendors of digital still cameras and multi-function printers. Our
technology is currently found in digital still cameras made or
marketed by Agfa, Axia, Casio, Concord, Kodak, Minolta, Ricoh,
Samsung , and Toshiba, among others.

We are currently introducing a full line of class driver software
for our USB family.

ARCtangentTM Processor

The ARCtangent processors are being used in a number of
innovative new products including: a DVD Player being shipped by
AMLogic, Video on Demand by Xiran, and a Fingerprint Scanner by
ST Microelectronics. These products have been designed with the
ARCtangent as their core processor.

This week we unveiled our multimedia strategy at the Embedded
Systems Conference in San Francisco. The product family will
include ARCtangent-specific software codecs for the most popular
consumer electronics applications, which will enable ARC to
provide a more complete solution, opening up new vertical market
opportunities.

Software and Development Tools

Our software team continues to experience successes across all
product lines. In January, we introduced the ARC OS-Changer,
which allows software engineers to transfer their application
software from third party operating systems to the ARC/MQX Real
Time Operating System. This opens up additional market
opportunities for us.

Our relationship with Metrowerks/Motorola continues to
strengthen. This week we announced the availability of our
MetaWare/CodeWarrior bundle for Motorolar's ColdFireT MCF5282
Processor. It is currently being demonstrated at the Embedded
Systems Conference (ESC) in San Francisco. This processor is
targeted at medical instrumentation, food service equipment, home
automation, industrial control networking, security and lighting
control applications. It has been generating a high level of
interest from our customers and is only just starting to ship in
production quantities.

Operational changes

The company continues to assess its cost base with respect to the
business environment. Based on a review of current business
levels, the company expects to take a nominal restructuring
charge to cover severance payments for a 7% reduction of the
workforce that was implemented in the current quarter.

Outlook

Looking ahead, we do not anticipate any significant changes in
market conditions over the next quarter and the SARS epidemic may
affect the speed of our Asian expansion.

We are confident that our strategy of providing a total system
solution will help to drive the business towards profitability
and create a sustainable long-term business. The management team
we put in place last year is having a positive impact on the
company's efficiency and we are in now in a much stronger
position to benefit from any upturn in the economy.

Financial Review

First Quarter ended 31 March 2003

Turnover

Total turnover for the first quarter was GBP2.9 million, up 6%
year over year and down 10% sequentially (Q4 2002: GBP3.2
million, Q1 2002: GBP2.7 million). Prior to currency translation
with virtually all sales denominated in US dollars, turnover was
up 18% year over year and down 9% sequentially. License income
was down by 11% over the previous quarter at GBP2.2 million (Q4
2002: GBP2.5 million) while maintenance and service income stayed
the same at GBP0.5 million (Q4 2002: GBP0.5 million). Royalty
income was unchanged at GBP0.2 million (Q4 2002: GBP0.2 million).

Within the turnover base, 22% of sales were in Europe, 70% in
North America and the remaining 8% in Asia. From a product
perspective, 35% were processor shipments, Software sales
represented 31% and the remaining 34% was peripheral sales.

Costs

Cost of sales of GBP0.4 million increased 13% sequentially (Q4
2002: GBP0.3 million, Q1 2002: GBP0.4 million), which resulted in
a gross margin of 87% (Q4 2002: 89%, Q1 2002: 85%). Total
operating expenses (excluding exceptional costs, amortisation of
goodwill and depreciation) of GBP7.1 million were down 1% over
the previous quarter and 4% year over year (Q4 2002: GBP7.2
million, Q1 2002: GBP7.5 million).

Research and development costs of GBP3.4 million increased 3%
sequentially and increased 13% year over year (Q4 2002: GBP3.3
million, Q1 2002: GBP3.0 million). The increase was related to
the development of recent product launches. Sales and marketing
costs of GBP2.4 million decreased 5% sequentially and decreased
11% year over year (Q4 2002: GBP2.6 million, Q1 2002: GBP2.7
million). General and administration costs of GBP0.9 million
decreased 5% sequentially and decreased 29% year over year (Q4
2002: GBP1.0 million, Q1 2002: GBP1.3 million).

The Company had 209 employees at 31 March 2003 compared with 225
at 31 March 2002 and 198 at 31 December 2002.

Interest

Interest income remained the same as the prior quarter at GBP1.0
million and decreased by GBP0.1 million year over year based on
the lower cash balance (Q4 2002: GBP1.0 million, Q1 2002: GBP1.1
million).

Net loss

The net loss prior to exceptional items was GBP4.4 million
representing a sequential improvement of 11% and a 19%
improvement year over year (Q4 2002: GBP4.9 million, Q1 2002:
GBP5.4 million). The net loss number includes an R&D related tax
refund of GBP0.8 million. Loss per share prior to exceptional
items decreased to (1.45) p (Q4 2002: (1.63) p, Q1 2002: (1.90)
p). Net loss including exceptional items was GBP3.8 million (Q4
2002: GBP4.3 million, Q1 2002: GBP5.4 million). The GBP0.5
million exceptional item relates to the release of a provision
for the Ottawa restructuring following the executed lease
termination in Q12003.

Cash flow and balance sheet

The net cash outflow from operations was GBP5.4 million (Q4 2002:
GBP4.3 million, Q1 2002: GBP6.0 million). Capital expenditure was
GBP0.9 million. The movement in net funds during the quarter was
an outflow of GBP4.4 million. Net assets at 31 March 2003 were
GBP111 million, including net cash of GBP96.5 million.

About ARC International

ARC International pioneered the integrated development
environment for SoC design in an effort to minimize design risk
for customers developing next generation wireless, networking and
consumer electronics products. ARC introduced the industry's
first user-customizable 32-bit RISC/DSP processor core. In early
2000, ARC became the first company to integrate the development
tools, peripherals, RTOS and software that enable the designer to
better design optimization and performance. ARC's approach to
providing a single source for the major SoC building blocks
reduces the number of IP suppliers, reduces cost, reduces the
risk of system-on-chip design and reduces time-to-market.

ARC's products include:
-- The ARCtangentTM user-customizable 32-bit RISC/DSP processor;
-- An industry-leading family of high-speed and full-speed USB
OTG and other peripherals;
-- MetaWarer C/C++ Compiler, the most popular integrated software
development tool suite for SoC design;
-- SeeCodeTM , the leading tool for simultaneous, multi-processor
debugging;
-- Precise/RTCSTM, embedded Internet stack and related software
protocols;
-- Precise/MQXTM, a scalable real-time operating system (RTOS).
-- ARC's software tools, RTOS and embedded software are also
available for ARM, PowerPC and MIP's processors.

ARC International employs approximately 200 people in research
and development, sales and marketing offices across North
America, Europe and Asia. Full details of the company's locations
and other information are available on the company's website,
www.ARC.com. ARC International is listed on the London Stock
Exchange as ARC International plc (LSE:ARK).

To see financials: http://bankrupt.com/misc/ARC_International.htm

CONTACT:  ARC INTERNATIONAL PLC
          Mike Gulett, Chief Executive Officer
          Phone: +(408)437-3400
          Monica Johnson, Chief Financial Officer
          Phone: +(408)437-3400
          Home Page: http://www.ARC.com

          TULCHAN COMMUNICATIONS
          Julie Foster Consultant
          Phone: +44 (0) 20 7353 4200
          Home Page: www.tulchangroup.com


BRITISH BIOTECH: To Announce Consolidation with RiboTargets
-----------------------------------------------------------
British Biotech is expected to announce its merger with
RiboTargets, a privately held biotechnology company, in a move
that is considered the first big step in the firm's
rehabilitation.

The transaction will likewise make the company's executive
chairman, Peter Fellner, the premier consolidator of the
biotechnology sector, according to Times Online.

The merger is seen to create a group with net cash of about GBP51
million, and to put a valuation of almost GBP26 million on
RiboTargets.  It is also expected to save the merged entity GBP3
million in its first year and GBP6.4 million a year thereafter.

The merger aims to use RiboTargets' strengths in drug discovery
to boost British Biotech's research capability while further
acquisitions will be designed to provide products with revenues
to finance further research.

British Biotech, formerly an FTSE 100 contender, suffered a
string of failed deals before Fellner joined as chairman in
December.  It failed to regain credibility since the failure of
its cancer and pancreatitis drug.


BRITISH ENERGY: US Rival Lodged Complaint Against EU at Court
-------------------------------------------------------------
US rival AES Corp. said it has asked a European court to rule on
the legality of the European Commission's approval of a GBP650
million rescue package to British Energy.

Britain's largest power station, which owns the Drax power plant
in Yorkshire, lodged its case with EU's second highest court, the
European Court of First Instance in Luxembourg, this month.

The utilities group insists that under EU law the rescue package,
which kept the Kilbride-based nuclear generator afloat since
September, should include measures to compensate other producers
that have been likewise hurt by the slump in power prices,
according to The Scotsman.

According to Garry Levesley, manager of the Drax power station:
"We believe the Competition Commission did not correctly consider
in depth all the issues before giving approval."

Rivals are insisting on closure of some of the nuclear
generator's capacity as a condition for the rescue package
proposed to the European Commission last month.

The demand calls to mind British Energy's Dungeness power station
in Kent, as possible candidate, since it is one of the firm's
least efficient plants, according to the report.

British Energy was pushed near bankruptcy following a reform of
the UK's wholesale energy market.  Wholesale prices in the region
have fallen about 40% since 1998 as the government struggles to
make power trading more competitive.


CORUS GROUP: Informs Appointment of Chief Executive and Chairman
----------------------------------------------------------------
Corus Group plc is pleased to announce the appointment of Mr
Philippe Varin as Chief Executive with effect from May 1, 2003.
Philippe Varin is 50 years of age and has held a number of
executive positions in Pechiney Group including latterly Senior
Executive Vice President and Group Executive Committee Member.

In welcoming this appointment the Chairman of Corus, Sir Brian
Moffat, said: 'Philippe Varin is a very experienced international
manager having spent over 25 years in the metals industry. I am
confident he will provide the leadership and energy necessary to
develop the plans to reverse the UK losses and agree the future
financial program.'

On his appointment, Philippe Varin said:

'Whilst I do not under-estimate the challenge ahead, I believe
that with the right leadership and commitment, Corus can become
united, internationally competitive and profitable. Corus has
great strengths and I am determined to realize its true
potential'.

Corus is also pleased to announce the appointment of Jim Leng as
Chairman with effect from June 1. Mr Leng joined the Board in
June 2001 and is currently Deputy Chairman of Corus. He will
succeed Sir Brian Moffat on his retirement from the Board on May
31.

Mr Varin will have a service contract for the first year of his
employment which is terminable by the Company giving not less
than two years' notice. The notice period will then gradually
reduce over the second year of his employment to an ongoing one-
year notice period.

His annual salary will be GBP690,000 (equivalent to EUR1 million)
and he will also receive a pension allowance (equal to 30 per
cent of his salary). He will participate in the Executive
Directors Bonus Scheme, subject to a guaranteed bonus of 20 per
cent in the first year.

He has agreed to buy 1.1 million Corus shares and has been
granted a matching contingent award over 1.1 million shares by
the Company which will vest after three years generally subject
to his continuing employment. In addition, he will be granted
options over 3.3 million Corus shares which will be exercisable
in equal tranches on the third, fourth and fifth anniversaries of
the date of grant subject to him retaining at least the 1.1
million shares purchased in the ongoing Corus . In lieu of his
agreement to forfeit all his options in Pechiney, he will receive
a payment of EUR800,000 which avoids any possibility of any
potential future conflicts.


CORUS GROUP: Acquires and Sells Joint Venture with Arcelor
----------------------------------------------------------
Corus Group plc has agreed with Arcelor S.A. and Sollac
Mediterranee, a subsidiary of Arcelor, to purchase Sollac's 50 %
share in Lusosider Projectos Siderugicos S.A., a Portuguese 50/50
joint venture between Corus and Arcelor, for EUR10.84 million
(approximately GBP7.4 million) in cash. Corus has also agreed
with Banco Espirito Santo de Investimento, S.A. of Portugal to
sell on to them this 50 % share in Lusosider for the same
consideration. Corus understands that Espirito Santo Investment
intends to sell this 50 % share to Companhia Siderurgica Nacional
(CSN) of Brazil. Corus will retain its current 50% holding.

Completion of the purchase from Sollac is subject to confirmation
by the European Commission that this meets Arcelor's undertaking
to divest its stake in Lusosider.

Completion of Corus' sale to Espirito Santo Investment is
conditional on completion of the purchase from Sollac. Corus'
purchase and sale are expected to be simultaneous. The sale of
Espirito Santo Investment's stake to CSN is conditional upon
Portuguese regulatory approval.

Lusosider had net assets of EUR58.2 million as at December 31,
2001 and it made a loss of EUR0.3 million in the year to December
31, 2001.

                     *****

Lusosider produces hot dipped galvanized steel sheet and
electrolytic tinplate. Lusosider's head office and production
facilities are located at Aldera de Paio Pires in Seixal near
Lisbon, Portugal. It employed 303 people as at December 31, 2002.
In 2002, it produced 213,000 tons of hot dipped galvanized sheet
and 66,000 tons of tinplate. Its galvanized sheet market is
principally steel service centers; its tinplate market is mainly
food and beverage can making and packaging. Around 86 % of total
sales are within the Iberian Peninsula.

Following the merger of Usinor, Arbed and Aceralia in February
2002, to form Arcelor, the European Commission required Arcelor
to divest a number of assets, including its stake in Lusosider.

The exchange rate used is EUR1.46 per GBP1.

CONTACT:  CORUS GROUP
          Corporate Relations
          Mike Hitchcock
          Phone: +44 (0)20 7717 4502


ENERGY CAPITAL: Board Moves to Expedite Asset Liquidation
---------------------------------------------------------
Management Agreement Changes

The board of ECIC announces that in order to expedite the
liquidation of its remaining investments it has, with the full
cooperation of its investment manager, EnCap Investments LLC,
revised the management agreement to remove certain investments
from the management of EnCap.

The investments to be removed will include all the listed
investments where ECIC is deemed to be an affiliate of the
underlying issuer as a result of EnCap's management of the
investments. After the effective date of the supplemental
management agreement these investments will be managed by the
Board of ECIC and at March 31, 2003 were valued at $20.1 million.

CONTACT:  ENERGY CAPITAL INVESTMENT CO PLC
          One Bow Churchyard
          London
          EC4M 9HH
          Phone: (020) 7463 6000
          Fax: (020) 7463 6001


FINSBURY SMALLER: Placed Under Members' Voluntary Liquidation
-------------------------------------------------------------
The Company announces that the resolutions proposed at the
Extraordinary General Meeting held on Tuesday were duly passed.

Accordingly, the Company has been placed into members' voluntary
liquidation and Simon Peter Bower and Michael John Hore, both of
RSM Robson Rhodes, 186 City Road, London EC1V 2NU, have been
appointed liquidators of the Company.

The Company's total assets (including accrued income) as at the
close of business on April 16, 2003 were GBP21.062 million, 98.9%
of which was represented by cash and short dated gilts.

After the retention by the Liquidators of the amounts described
in the circular to Shareholders dated March 24, 2003, the amount
available for the first cash distribution to Shareholders on the
register at the Record Date (the 'Entitled Shareholders') is
expected to be GBP20.382 million, equivalent to 132.0 pence per
Share.

It is expected that in respect of the first cash distribution
cheques will be dispatched and CREST accounts credited with cash
on 25 April 2003 (or as soon as practicable thereafter).

Dealings in the Shares will be suspended no later than 8.00 a.m.
on April 23, 2003.  The Shares will remain listed in the Official
List for up to a further twelve months.

On the termination of the liquidation any balance remaining in
the hands of the Liquidators will also be paid to the Entitled
Shareholders.

CONTACT: FINSBURY SMALLER QUOTED COMPANIES TRUST PLC
         12 Appold Street
         London
         EC2A 2AW
         United Kingdom
         Phone: (020) 7426 4000
         Fax: (020) 7247 4722
         E-mail: info@closefinsbury.com

         CLOSE FINSBURY ASSET MANAGEMENT LIMITED
         Alastair Smith
         Phone: 020 7426 6240

         QUILL COMMUNICATIONS
         Jo Stonier
         Phone: 020 7763 6970


GALA GROUP: Ratings Lowered to 'B+' on Recapitalization
-------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on U.K.-based gaming group Gala Group
Holdings PLC to 'B+' from 'BB-', following the completion of the
group's acquisition by Cinven Ltd. and Candover Ltd. for 1.24
billion ($1.35 billion) and Gala's subsequent recapitalization.
The ratings were removed from CreditWatch, where they were placed
on Feb. 10, 2003. The outlook is stable.

"Following the acquisition, Gala has a new, more aggressive
financial profile with increased financial leverage," said
Standard & Poor's credit analyst Olli Rouhiainen.

The ratings on Gala reflect the group's joint leading position in
the stable and cash-generative U.K. bingo industry, the good
strategic fit and stable performance of its casino business, and
healthy growth prospects.

These positive factors are offset by the company's leveraged
capital structure and the declining admissions trend in the bingo
industry.

The stable outlook reflects Gala's established position in the
predictable and cash generative U.K. bingo and provincial casino
businesses. The group's financial profile is expected to improve
slightly over time as Gala grows revenues and repays some of its
debt.


INFINEON TECHNOLOGIES: Reports Quarterly Net Loss of EUR328 MM
--------------------------------------------------------------
-- Second quarter revenues were Euro 1.48 billion - up 3 percent
sequentially and 13 percent year-on-year - mainly driven by
increased sales for memory products, record performance in
automotive & industrial segment, and strong year-on-year
improvement in secure mobile solutions

-- Continued gain of market share in key segments despite ongoing
difficult market environment

-- Quarterly net loss of Euro 328 million; quarterly EBIT loss of
Euro 223 million - primarily due to a strong price decline and
write-down of inventories for memory products - the net loss
includes exceptional effects of Euro 157 million

-- Continued solid cash position and significantly improved free
cash flow

Infineon Technologies AG, one of the world's leading
semiconductor manufacturers, on Tuesday announced results for its
second quarter and first half of fiscal year 2003, ended March
31, 2003. The company had revenues from continuing operations of
Euro 1.48 billion, an increase of 3 percent sequentially and 13
percent year-on-year.

Dr. Ulrich Schumacher, President and CEO of Infineon Technologies
AG commented: "We achieved a very good revenue growth and gained
further market share in a continued difficult market environment
mainly driven by increased sales for memory products and repeated
record performance of the automotive & industrial segment. We
increased our productivity significantly, however could not
compensate for the dramatic price decline for memory products."

Net loss amounted to Euro 328 million compared to a net loss of
Euro 40 million in the previous quarter and Euro 108 million in
the second quarter of last fiscal year. The quarterly net loss
reflects the strong price decline for DDR memory chips as well as
continued pricing pressure in most segments. The second quarter
tax expense includes a valuation allowance for tax losses
incurred of Euro 103 million in accordance with US GAAP and as
announced in the previous two quarters. In addition, net loss
included exceptional effects of Euro 54 million related to
inventory write downs, non-recurring license income,
restructuring charges and acquisition-related expenditures.
Without these effects net loss would have been Euro 171 million.

Basic and diluted loss per share for the second quarter of fiscal
year 2003 was Euro 0.45, compared to a loss per share of Euro
0.06 in the previous quarter and Euro 0.16 year-on-year.

Quarterly EBIT (earnings before interest, minority interest and
taxes) amounted to a loss of Euro 223 million, compared to a loss
of Euro 31 million in the previous quarter, and to a loss of Euro
176 million in the second quarter of the last fiscal year. The
quarterly EBIT loss includes exceptional effects of Euro 82
million.

Expenditures for Research and Development in the second quarter
totaled Euro 254 million, or 17 percent of sales, slightly down
from Euro 265 million sequentially. SG&A expenses totaled Euro
164 million or 11 percent of total revenues, down from Euro 172
million or 12 percent of total revenues in the previous quarter.
The decrease in these expenditures was mainly due to Infineon's
ongoing cost reduction measures.

Infineon's gross cash position, representing cash and cash
equivalents, marketable securities and restricted cash amounted
to Euro 1.5 billion, down sequentially from Euro 1.6 billion. The
decrease in gross cash was mainly due to investing activities
exceeding cash flow from operations during the quarter. Free cash
flow, representing cash from operating and investing activities
excluding purchases or sales of marketable securities,
significantly improved to negative Euro 90 million, up
sequentially from negative Euro 362 million. This improvement
mainly stems from higher operating cash flow and lower capital
expenditures compared to the previous quarter.

Revenues outside Europe constituted 56 percent of total revenues,
up from 55 percent in the previous quarter, reflecting Infineon's
increased sales in Asia, including Japan.

As of March 31, 2003, Infineon had approximately 31,200 employees
worldwide, including about 5,500 engaged in research and
development.

Pursuant to an agreement reached with Osram GmbH, the Company
transferred all its opto-electronic activities to Osram as of
March 31, 2003. Accordingly, the results of the opto-electronics
business (previously in other operating segments) are reflected
as a discontinued operation, and the operating results (e.g.
sales, cost of sales and operating expenses) through March 31,
2003 have been reclassified to ensure comparability with the
results of Infineon's continuing operations.

Results for First Half of Fiscal Year 2003

Total revenues for the first half of fiscal year 2003 were Euro
2.93 billion, up 28 percent from Euro 2.28 billion in the same
period last year. Net loss amounted to Euro 368 million, compared
to a net loss of Euro 439 million year-on-year. The first half of
fiscal year 2003 tax expense includes a valuation allowance for
tax losses of Euro 125 million incurred in accordance with US
GAAP. EBIT for the first half of this fiscal year was a loss of
Euro 254 million, a significant improvement from an EBIT loss of
Euro 735 million in the first half of the last fiscal year.

Business Group Performance

The Automotive & Industrial group's second quarter revenues
reached another all-time high of Euro 354 million, an increase of
6 percent sequentially and of 18 percent year-on-year. The
increase resulted mainly from higher sales volumes in automotive
power as well as power management & supply products. EBIT
improved sequentially to Euro 49 million compared to Euro 44
million in the previous quarter and to Euro 24 million in the
first quarter of fiscal year 2002. The sequential EBIT
improvement was mainly due to improved productivity, including
further conversion of production to 200mm wafers.

Infineon has further increased its market share for power
management & supply applications (CoolMOS and OptiMOS technology
mainly for computing), with particular strength in Asia. The
company also improved its market position in automotive power
applications, especially for powertrain and convenience.

Wireline Communications revenues improved to Euro 112 million in
the second quarter, up 6 percent from the previous quarter, and
up 17 percent year-on-year. The sequential revenue increase was
principally due to higher sales in the Asian markets of Ethernet
over VDSL access technology and next generation ADSL technology
for central office applications. This reflects the successful
alignment of Infineon's portfolio of leading edge broadband
access products to current market needs. EBIT improved to a loss
of Euro 39 million from a loss of Euro 42 million in the previous
quarter, and improved significantly from a loss of Euro 66
million during the second quarter of fiscal year 2002. The EBIT
improvement resulted primarily from cost reductions.

Infineon improved its leading position in the Asian markets for
next generation high-speed VDSL broadband access technology. The
company also introduced a new family of intelligent fiber optics
transceivers and shipped first samples of 10G XPAK transceivers
to leading customers in the fiber optics market.

Secure Mobile Solutions' second quarter revenues were Euro 376
million, down 9 percent from the previous quarter but up 27
percent compared to the second quarter of last year. The
sequential quarterly revenue decline reflects an anticipated
seasonal weakening of demand for mobile phones following the
Christmas season. The quarterly EBIT loss of Euro 23 million
improved from an EBIT loss of Euro 28 million during the previous
quarter and from a loss of Euro 37 million for the second quarter
of fiscal 2002. The loss was mainly due to lower sales volumes in
cellular handsets and wireless infrastructure. Also price
pressure was very strong in the market for silicon discretes as
well as for security controllers. At the same time Infineon
maintained a high level of forward investments into research and
development for software and complete reference designs. However,
the sequential improvement was due to increased productivity.

Infineon introduced a complete UMTS/EDGE solution at the 3GSM
World Congress. In addition, the comprehensive alliance with
Agere Systems for the development of fast wireless network
solutions has announced the introduction of the most highly
integrated dual-band multimode solution for WLAN systems and is
expected to ship samples to customers in the third quarter.
Infineon has now shipped more than 20 million Bluetooth chips
since 2000.

The Memory Products group's second quarter revenues were Euro 609
million, a significant increase of 12 percent sequentially and 4
percent year-on-year, based on strongly increased volumes
offsetting sharply lower prices, and previously deferred license
income of Euro 60 million. EBIT amounted to a loss of Euro 138
million compared to a positive EBIT of Euro 29 million in the
first quarter and a loss of Euro 33 million during the second
quarter of fiscal year 2002. The quarterly loss also included the
effect of Euro 128 million of write-down of memory products
inventories.

"Infineon significantly improved productivity, particularly for
memory products, and is well ahead of schedule in ramping-up its
300mm facility in Dresden which has reached more than 6,000 wafer
starts per week," said Dr. Schumacher, "However, these
achievements could not compensate for the strong price decline
for memory products." From the beginning of January the spot
market price for the major volume product 256M DDR dropped by
about 50 percent from US $ 6 to a minimum below US $ 3 by the end
of February and improved slightly above US $ 3 at the end of the
second quarter, according to DRAM Exchange.

Infineon has further expanded its manufacturing partnership-
network by extending the foundry agreement with Semiconductor
Manufacturing International Corporation (SMIC) in China. Under
the terms of this agreement, Infineon will license its 0.11
micron DRAM trench technology and its 300mm production know how
to SMIC. When production at SMIC is fully ramped up (expected in
2005), it is expected to increase Infineon's overall capacity by
around 58,000 wafer starts per month. Another highlight is
Infineon's complete DDR-I 400 module platform (128MB, 256MB and
512MB), which has been validated by Intel.

Revenues in the Other operating segment were Euro 26 million,
down 30 percent sequentially and up 13 percent year-on-year. EBIT
was a loss of Euro 15 million compared to earnings of Euro 6
million in the previous quarter and a loss of Euro 7 million in
the second quarter of fiscal year 2002.

In Corporate and Reconciliation, EBIT in the second quarter was a
loss of Euro 57 million, down from a loss of Euro 40 million in
the prior quarter and unchanged from a year ago, principally
reflecting unallocated idle capacity costs and corporate
restructuring charges.

Outlook for the second half of fiscal year 2003

"The current tough global economic environment and the
international uncertainties do not allow for much market
visibility. Over the last three months we have seen a further
positive development of demand in most of our segments. Looking
forward we expect a further positive development of demand in all
target applications. To compensate for the ongoing pricing
pressure we will continue to focus on improving productivity,
further reducing costs and implementing Infineon's restructuring
programs, as well as our Agenda 5-to-1," commented Dr.
Schumacher.

For its Secure Mobile Solutions segment, Infineon expects a
further moderate increase of demand for GSM/GPRS mobile handsets
which is likely to have a positive effect on the demand for
Bluetooth products as well. The company expects an ongoing
difficult market environment with continued strong pricing
pressure for silicon discretes.

Industry analysts are predicting a 5 percent reduction of capital
expenditures in the global wireline telecom infrastructure market
in 2003, but with regional differences, including moderate growth
in Europe. Infineon expects continuing pricing pressure in its
fiber optics business, but improved demand for broadband access
technology (ADSL, VDSL), particularly in Asia and Japan.

In the automotive electronics and automotive semiconductor
markets, Infineon expects the pricing pressure to continue.
However, the company anticipates that further productivity
increases combined with its strong portfolio for automotive power
and power management and supply products will lead to additional
market share gains.

At the beginning of the current third quarter Infineon has seen
strong demand from OEMs for memory products. However, visibility
for the DRAM market remains poor. A positive development of
demand and a sustained improvement in prices still depend on the
beginning of the corporate replacement cycle, increased
infrastructure investments, and higher MB per box sales.

Telephone Conference Information

The Management Board of Infineon Technologies will conduct a
telephone conference with analysts and institutional investors on
April 22, 2003 at 3:30 a.m. Eastern Standard Time (U.S. EST),
9:30 a.m. Central Europe Time (CET), to discuss operating
performance of the second quarter fiscal year 2003. A broadcast
of the telephone conference will be available live and for
download on Infineon`s web site at: http://www.infineon.com

CONTACT:  INFINEON TECHNOLOGIES
          Matthias Poth, Corporate Investor Relations
          Phone: +49-89 234-26655
          Fax: +49-89 234-26155
          E-mail: investor.relations@infineon.com


MASISTAR OS: Future of Reviving Production Remains Unclear
----------------------------------------------------------
The future of kitchen worktop manufacturer Masistar, which
operates under the name of Vertex Panel Products, remains hazy as
its buyer remain tight-lipped whether to revive production or
move the lines to another site.

Masistar os Shilton called in receivers in December, keeping just
a handful of the 120 workforce to run the site as the search for
a buyer continued.

Roger Oldfield, corporate recovery partner for receivers KPMG
said cash flow problem had forced Vertex into receivership.

Egger UK, of Hexham, Northunberland, on behalf of parent company
Fritz Egger GmbH, revealed Tuesday it bought two main production
lines of Vertex.

It said the major part of the acquisition relates to the two
chipboard lines and chipping, drying and sanding machinery that
is currently on the leasehold site.

However, no answers were being given on whether Egger would
revive production at Shildon, or move the lines to Hexham.

No one connected with company made further comments, according to
Evening Gazette.

KPMG, appointed receivers for Vertex, said that although they can
confirm that two main production lines from Vertex have been
sold, they are not allowed to reveal the name of the buyer due to
confidentiality clauses in the contract.

Vertex bought the former George Reynolds UK Ltd chipboard factory
for an undisclosed sum in February last year.  Its demise was
another devastating blow for an area trying to recover from a
wave of jobs cuts.

The receiver cleared that Masistar has no connection with another
company operating under the name Vertex Panel Products Ltd.


MARCONI PLC Provides Update on Creditor Voting Intentions
---------------------------------------------------------
-- Marconi plc on Tuesday announces positive voting intentions
expressed ahead of the scheme creditor meetings to be held on
April 25, 2003.

-- John Devaney, Chairman of Marconi plc, said 'The current
voting intentions are overwhelmingly in favor of the schemes
proceeding and we are pleased to see creditors participating in
such large numbers. The completion of our financial restructuring
is now well within sight.'

On 18 March 2003 Marconi plc announced that it had filed with the
High Court of Justice of England and Wales proposals in relation
to the proposed financial restructuring of and its wholly-owned
subsidiary Marconi Corporation plc (Corp).

On March 31, 2003 plc announced that the Court had ordered the
convening of separate meetings of scheme creditors of plc and
Corp in order to consider and, if thought appropriate, approve
the schemes of arrangement in relation to each of plc and Corp.

To become effective, the Schemes must be approved by a majority
in number representing 75 per cent in value of the scheme
creditors present and voting (either in person or by proxy) (the
'Requisite Majorities') at the respective Scheme meetings. The
Corp Scheme is not conditional on the plc Scheme becoming
effective. However, the plc Scheme will not become effective
unless the Corp Scheme becomes effective.

As part of the arrangements to effect the Restructuring, Corp
agreed to provide interim security to its principal lenders,
being the syndicate banks (in their capacities as syndicate
banks, bilateral lenders to Corp and beneficiaries of guarantees
from Corp (in such capacities, 'Bank Creditors')) and the holders
of the Bonds from time to time (apart from plc's wholly owned
subsidiary Ancrane) and the Bond trustees (together, 'Secured
Bondholders') and Barclays Bank PLC (as the only ESOP derivative
bank which committed to support the Restructuring prior to
October 15, 2002). The interim security was taken over cash held
by Highrose Limited, a special purpose subsidiary of Corp, in
accounts held with third party banks (the 'Lockbox Accounts').
The interim security arrangements took effect on 13 September
2002 and were amended on December 13, 2002 and March 28, 2003.

The interim security will be released on April 24, 2003 unless a
majority in principal amount of the Bank Creditors and Secured
Bondholders have determined that the Corp Scheme is not likely to
be supported by the Requisite Majorities.

In order to assist the Bank Creditors and Secured Bondholders in
determining whether or not the Corp Scheme is likely to be
supported by the Requisite Majorities, plc has agreed to provide
details of the current voting profile for the Corp Scheme. plc
has also agreed to provide details of the current voting
profile for the plc Scheme.

The figures set out below represent the current voting intentions
as at 9.00am (London time) on April 22, 2003. The voting
intentions may change prior to the actual Scheme meetings as new
votes may be received and previously expressed intentions may be
changed. The lodging of a form of proxy does not prevent a Scheme
Creditor from revoking such proxy and delivering a new form of
proxy or from attending the relevant scheme meeting and voting in
person.

CORP SCHEME

plc has been informed that as at 9.00am (London time) on April
22, 2003, the current voting in intention in connection with the
Corp Scheme is in excess of 99% by value and in excess of 95% by
number, (representing over 1,000 votes) of those who have
expressed their voting intention, in favor, representing in
excess of 90% by value of total Corp Scheme claims eligible to
vote at the meeting.

PLC SCHEME

plc has been informed that as at 9.00am (London time) on April
22, 2003, the current voting intention in connection with the plc
Scheme is in excess of 99% by value and in excess of 95% by
number, (representing over 1,000 votes) of those who have
expressed their voting intention, in favor, representing in
excess of 90% by value of total plc Scheme claims eligible to
vote at the meeting.

In light of the above voting intentions, it is currently expected
that the interim security will be released ahead of the Scheme
meetings which are to be held on April 25, 2003.

About Marconi plc

Marconi plc is a global telecommunications equipment and
solutions company headquartered in London. The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services. The company's customer base includes
many of the world's largest telecommunications operators.

The company is listed on the London Stock Exchange under the
symbol MONI.

CONTACTS:  MARCONI PLC
           David Beck/Joe Kelly
           Public Relations
           Phone: +44 (0) 207 306 1771
                  +44 (0) 207 306 1490
           E-mail: joe.kelly@marconi.com


           Heather Green
           Investor Relations
           Phone: +44 (0) 207 306 1735

           E-mail: heather.green@marconi.com


MORGAN CRUCIBLE: Director Macfarlene Steps Down from Board
----------------------------------------------------------
Morgan Crucible plc announces that one of its Directors, Bill
Macfarlane has resigned from the Board and will be leaving the
Company immediately to pursue other business interests.  In
addition, Nigel Howard, the deputy CEO, has informed the Board of
his intention to retire and leave the Company at the end of
September 2003.

Bill Macfarlane joined Morgan in 1982 and had held various
positions in the Company including the Chairman of the Carbon
Division. He joined the Board in October 2002. Bill's
responsibilities as Director of Market Development will be
absorbed within Morgan's global businesses. Nigel Howard, has
been with the Company since 1967 and been a Board member since
1992. It is not the Board's intention to find a replacement
deputy CEO on his departure.

The Directors confirm that the outlook for the rest of the year
remains in line with the Preliminary Statement made on 11 March
2003.

Dr. Bruce Farmer, Chairman, said: "Nigel and Bill have given
excellent service to Morgan over many years, both contributing
significantly to the globalisation of Morgan's product offering.
We thank them for everything they have achieved and wish them a
happy and healthy future."

CONTACT:  MORGAN CRUCIBLE
          Dr. Bruce Farmer, Chairman
          Phone: 01753 837214

          BRUNSWICK
          Jon Coles
          Harry Chathli
          Phone: 020 7404 5959


PIZZAEXPRESS PLC: Venice Bidder Still Mulling Over Option
---------------------------------------------------------
The Board of Venice Bidder notes the publication by
GondolaExpress PLC of its offer document on Thursday April 17,
2003.

Following the announcement by GondolaExpress of its offer for the
entire issued and to be issued ordinary share capital of
PizzaExpress, the Board of Venice Bidder announced that it was
considering its options in light of the GondolaExpress Offer.
This continues to be the case.

The Board of Venice Bidder therefore strongly urges PizzaExpress
Shareholders to take no action in respect of the GondolaExpress
Offer until it has clarified its own position.

                     *****

PizzaExpress, which admitted having tough trading following a
slump in tourism and downturn in the economy, posted a year of
dwindling sales and falling share value.

It put the business up for sale after receiving an approach from
Mr. Osmond in November.

CONTACT:  PIZZAEXPRESS PLC
          1 Union Business Park
          Florence Way
          Uxbridge
          UB8 2LS
          Contacts:
          Nigel Colne, Chairman
          David Page, Chief Executive
          Paul Campbell, Group Finance Director
          Phone: 01895 618618
          Sue Pemberton, Citigate Dewe Rogerson
          Phone: 020 7638 9571

          FINANCIAL DYNAMICS
          Phone: 020 7831 3113
          Nic Bennett


P&O PRINCESS: Changes Name to Carnival, Ticker Symbol to be CCL
---------------------------------------------------------------
On April 17, 2003, P&O Princess Cruises plc changed its name to
Carnival plc. Effective from April 22, 2003, Carnival plc
ordinary shares will trade on the London Stock Exchange under the
new ticker symbol "CCL" (formerly trading under "POC"). Effective
Tuesday, Carnival plc ADSs will trade on the New York Stock
Exchange under the new ticker symbol "CUK" (formerly trading
under "POC").

Following completion of the DLC transaction on April 17, 2003,
the share capital of Carnival plc has been reorganized and
consolidated so that the exchange ratio with Carnival Corporation
is now 1:1. This was achieved by consolidating each 3.32889
existing Carnival plc shares of $0.50 into one reorganised
Carnival plc share of $1.66 each. Carnival plc's outstanding
ordinary share capital now consists of 208,400,223 shares.
Simultaneous with the reorganization of Carnival plc shares, the
ratio of Carnival plc shares to Carnival plc ADSs was also
adjusted to 1:1 in order to have a ratio of 1:1 with Carnival
Corporation shares.

The closing price of a Carnival plc share on the London Stock
Exchange on 17 April 2003, the last trading day prior to this
announcement and prior to the reorganization, was 460 pence.
Applying the reorganization ratio to this price, the closing
price of a Carnival plc share on that day would have been
approximately 1531 pence.

The closing price of a Carnival plc ADS on the NYSE on 17 April
2003, the last trading day prior to this announcement and prior
to the reorganization, was $29.70. Applying the reorganization
ratio to this price, the closing price of a Carnival plc ADS on
that day would have been approximately $24.72.

Micky Arison, Chairman and Chief Executive of Carnival
Corporation and Carnival plc, said:

"We are delighted to have completed our combination with P&O
Princess, which now provides the combined shareholder base with
the opportunity to participate in the largest cruise vacation
group in the most exciting and dynamic segment of the leisure
travel industry. I would like to welcome the P&O Princess
employees to the group, and am especially looking forward to
working with Peter Ratcliffe, who will be an executive director
of both companies."

Carnival Corporation and Carnival plc is the largest cruise
vacation group in the world, with a portfolio of 13 distinct
brands comprised of the leading cruise operators in both North
America and Europe. The brands of Carnival Cruise Lines, Holland
America Line, Windstar Cruises, Seabourn Cruise Line, Cunard
Line, Costa Cruises, Princess Cruises, P&O Cruises, Ocean
Village, Swan Hellenic, AIDA, A'ROSA, and P&O Cruises Australia
are all included in the Combined Group.

Together, these brands operate 66 ships totaling more than
100,000 lower berths with 17 new ships scheduled for delivery
between now and mid-2006. They also operate three riverboats on
Europe's Danube River and the leading tour companies in Alaska
and the Canadian Yukon, Holland America Tours and Princess Tours.
Traded on both the New York and London Stock Exchanges, Carnival
Corporation and Carnival plc will be the only group in the world
to be included in both the S&P 500 and the FTSE 100 indices.

CONTACTA:  CARNIVAL CORPORATION
           Phone: +1 305 599 2600
           Tim Gallagher

           CARNIVAL PLC
           Phone: +44 20 7404 5959
           Sophie Fitton (Brunswick)


REGUS PLC: US Arm Likely to Exit Chapter 11 Within Target
---------------------------------------------------------
Regus plc is expected to announce the emergence of its US arm
from Chapter 11 bankruptcy protection this year together with the
presentation of its annual results on Thursday.

The exit from creditor protection is likely within its six-month
target, according to the Financial Times.

But shareholders may demand more proof of the company's
turnaround, the report says.  Regus was recalled to have warned
about profits only two weeks after it reassured the market it was
set to meet analysts' expectations in July 2001.

The company reported a turnover of GBP109.3 million and an
operating loss after exceptionals of GBP14 million in the third
quarter of last year.

The group sold a majority stake in its profitable UK business to
Alchemy, the private equity firm, to bring in cash to help return
the group to profitability.

It is expected to try to renegotiate its leases in the US while
under creditor protection.

Talk is circulating that Regus could merge with a US rival after
its exit from Chapter 11, or Mr. Dixon may try to take the
company private, although there are no clear signs of it yet, the
report suggests.


STANDARD LIFE: Generous Executive Pay to Be Discussed at AGM
------------------------------------------------------------
Standard Life policyholders are expected to grill the mutual life
insurer's executive directors over the latter's remunerations
during the company's annual general meeting Tuesday.

Europe's largest mutual life insurer will likely face criticism
over directors' generous payments at a time when the
policyholders' bonuses and final payout tumbled.

The fund lost GBP4 billion last year at a time when executive
directors reaped almost GBP2 million in performance-related
bonuses along with added pension entitlements worth another GBP5
million.

Standard Life's long-term incentive plan is modeled on those of
quoted companies.  It set aside another GBP484,000 for directors
last year, in addition to the GBP1.5 million paid out last year
to the then top five executives, in respect to the rolling three-
year plans for 1998, 1999, 2000 and 2001.

The current top four executives have already racked up a further
GBP793,000 in the plans yet to mature.

Standard has this year taken on board the guidelines from the
Association of British Insurers, which say executives within six
months of retirement should not join the next rolling three-year
LITP.  But former chief executive Scott Bell, who retired last
year, received his LITP awards of GBP110,000 for 2002 and his
GBP373,000-a-year pension was increased by GBP47,000 to
GBP420,000 ahead of the ban.

His successor Iain Lumsden's pension entitlement leaped from
GBP208,000 to GBP301,000.

Sandy Crombie, deputy chief executive, earned a top-up of
GBP72,000 a year to his retirement income, including a GBP15,000
pension bonus.

The meeting is also seen as an opportunity for policyholder David
Stonebanks to gain support to call for an extraordinary meeting
to vote on the insurer's demutualization, according to the
Herald.

But Mr. Stonebanks has to wait until July before he can call a
meeting in order to follow the society's rule that there must be
at least three years between demutualisation bids.

Standard Life was also under threat of demutualization in July
three years ago from fund manager Fred Woollard who tried to
force the insurer to become a listed company.  Mr. Woolard's
proposal was backed by only 46% of members, well short of the 75%
he needed.





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-
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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
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