/raid1/www/Hosts/bankrupt/TCREUR_Public/030610.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

             Tuesday, June 10, 2003, Vol. 4, No. 113


                            Headlines


C Z E C H   R E P U B L I C

KOMERCNI BANKA: Moody's Reviews Financial Strength Rating
UNION BANKA: Releases Payout for Foreign Currency Depositors


F I N L A N D

BENEFON OYJ: Schedules Extraordinary General Meeting June 26


F R A N C E

GENESYS CONFERENCING: Board to Tackle Rights Issue June 27
SUEZ SA: Gie Suez Reports 'Overwhelming' Demand for Bond Issue


G E R M A N Y

DEUTSCHE TELEKOM: Accepts Offer for 6% Stakes in Malaysian Telco
PROSIEBENSAT.1 MEDIA: U.S. Businessman Withdraws Offer
PROSIEBENSAT.1 MEDIA: Ratings Unchanged Despite Saban Walkout


I T A L Y

CIRIO FINANZIARIA: Bondholders to Consider Debt Swap Next Month
FIAT AUTO: Appoints De Filippis President of Aftersales
TELECOM ITALIA: Four Buyers Likely to Bid for Directories


N E T H E R L A N D S

GETRONICS N.V.: To Appoint New Supervisory Board Members
KONINKLIJKE AHOLD: Local Court Ceases Shares in Argentine Unit
NUMICO N.V.: Seeks Informal Bids for Troubled U.S. Subsidiary


S W I T Z E R L A N D

MOVENPICK WINE: Enhances Online Site with New Design


U N I T E D   K I N G D O M

ACCIDENT GROUP: Administrators Hope to Sell Firm in Three Parts
ASCOM HOLDINGS: Shareholders Approve Two New Board Appointments
BRITISH ENERGY: EU Commission Likely to Open Probe on Govt Aid
CORDIANT COMMUNICATIONS: Insiders Say WPP's Bid Strongly Favored
CORUS GROUP: LNM in No Hurry to Approach Rival with Offer

EASYJET PLC: Records 96% Passenger Growth in May
EQUITABLE LIFE: Ex-Director Ops Not to Cooperate in Probe
HP BULMER: Scottish Newcastle Extends Share Offer to June 19
LONDON PACIFIC: Completes Sale of Wholly owned Subsidiaries
MILLENNIUM PHARMACEUTICALS: Asks Fired UK Staff to Extend Tenure

MORGAN CRUCIBLE: Chairman Farmer to Retire by Year's End
MYTRAVEL GROUP: Fears Bondholders Will Derail Rescue
NETWORK RAIL: Rail Regulator Scraps Executive Bonuses
PORTER BLACK: UK Brewery Potential Buyer for Failed Pub Business
ROYAL MAIL: Moves Ahead with Plan to Integrate Road, Air Network

SEMPLE PLC: Hopes to Return to Black Within 12-18 Months
SHORTS: British Government Urged to Intervene in Redundancy Plan
SIMON GROUP: Completes Sale of Storage Division
SMG PLC: Chairman Says Full Recovery Remains Uncertain
ZOO DIGITAL: Posts FY2002 Results

* Large Companies with Insolvent Balance Sheets


                            *********


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


KOMERCNI BANKA: Moody's Reviews Financial Strength Rating
---------------------------------------------------------
Moody's Investors Service might upgrade the 'D' financial strength rating of
Komercni Banka depending on the results of the restructuring made by the
bank since it was acquired by Societe Generale in October 2001.

The rating agency said its review will focus on the efforts of the bank in
developing retail banking activities, the overall risk profile and
improvement in risk management and the improvement in earning generation
capacity and profitability, among others.

Prague-based Komercni Banka is the third-largest Czech bank with total
consolidated assets of CZK446 billion (EUR14.2 billion) at the end of 2002.


UNION BANKA: Releases Payout for Foreign Currency Depositors
------------------------------------------------------------
Foreign currency clients of bankrupt Union Banka received their payment
Monday, according to the Prague Business Journal.  The payout also included
clients of bankrupt Plzenska banka at three sales points in Plzen.

GE Capital Bank, assigned to carry out payment of compensations to the
clients of Union Banka, paid the foreign currency clients based on the
exchange rate provided on February 21.  GE Capital has been carrying out
payments of the insured parts of deposits since May 17, 2003.  TCR-Europe
earlier reported that some 109,000 individuals and several thousand
companies still have to be paid, among them 20,000 clients with deposits
higher than the insured EUR25,000.  Union Banka clients are entitled to the
payment of 90% of their deposits, but a maximum of less than Kc800,000.

A Regional Court declared the Ostrava-based bank bankrupt after it turned
down proposal for settlement initiated by the bank's board of directors.  A
settlement is not viable if an entity is in liquidation since it contradicts
the aim of settlement, which is to clear a company of debts and return it to
operation, court Deputy Chairman Rostislav Krhut said.

The bank's obligations amount to CZK19 billion, while its assets is
estimated to be worth only CZK8-11 billion.  Its trouble stems from an
unmanageable expansion in the mid-1990s when it took over several struggling
financial houses.

CONTACT:  UNION BANKA
          ul. 30 dubna c. 35
          70200 Ostrava
          Phone: 596108111
          Fax: 596120134
          Home Page: http://www.union.cz
          E-mail: union@union.cz


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


BENEFON OYJ: Schedules Extraordinary General Meeting June 26
------------------------------------------------------------
The Board of Directors of Benefon Oyj has decided to convene the
Extraordinary General Meeting at 10:00 on Thursday, June 26, 2003.  Meeting
will be held in Salo in Sininen Talo, Rummunlyojankatu 2, 24100 Salo.

Meeting Agenda:

(1) Take up the matters decided by the Annual Shareholders' Meeting on May
21, 2003:

-- Confirmation of the annual account for January 1, 2002 to December 31,
2002.

-- Approval of measures for handling the profit or loss according to
confirmed annual accounts

(2) Consider the Board of Directors' proposal to a directed share issue

The Board of Directors is proposing that the share capital of Benefon Oyj be
raised in deviation from the pre-emptive subscription right of the
shareholders by means of a directed share issue on these terms and
conditions:

The Board of Directors of Benefon Oyj proposes, that the share capital of
the company is raised by a maximum of EUR9,893,407.27 by offering a maximum
of 29,411,764 new investment shares of the company, each with a book parity
of EUR0.34 (not the exact value), for subscription by creditors of the
company and a maximum of five professional domestic or foreign investors so
that the amount of the subscribers of the share issue and the convertible
bond loan on equity terms to be decided in the same Extraordinary General
Meeting of the Shareholders is a maximum of 100.  The purpose of the
directed share issue is to strengthen the financial situation of Benefon Oyj
and it is implemented as a part of the arrangement of debts of the company.
The deviation from the pre-emptive subscription right of the shareholders is
proposed because the issue is aimed to strengthen the company's capital
structure and balance sheet.  Therefore, the company has a weighty financial
reason for deviating from the shareholders' first option.

Benefon Oyj has so far received preliminary approvals from its creditors for
converting debts to new shares to be issued or to a parallel convertible
bond loan on equity terms presented hereafter for a total of approximately
EUR4.5 corresponding a total subscription price with subscription price of
EUR0.34 per share or equal exchange ratio.

The issue is implemented as a share issue via book building, where the
creditors and the investors named by the company are given a chance to
submit subscription commitments during the receipt period of the offers from
June 9 to June 24, 2003. The subscription commitments may also be
conditional.  The receipt of the subscription commitments is executed by
Benefon Oyj.

The share subscription price EUR0.34 per investment share is the same for
all subscribers.

If the number of subscription commitments exceeds the maximum amount of
shares offered for subscription in the issue, the subscription commitments
shall be accepted in the chronological order of the subscription
commitments, so that the subscription commitments given by the creditors
will be fully accepted first and the subscription commitments given by
investors so that the   earlier commitment will be preferred.  The Board of
Directors proposes that the General Meeting of the Shareholders shall
confirm the allocation of the subscription rights according to the accepted
subscription commitments.

The subscription period begins after the shareholders' meeting on June 26,
2003 and ends on June 27, 2003.  For the creditors, the shares shall be
subscribed for with subscription commitment, which also serves as the
subscription list.  The creditors are supposed to pay the subscription price
by using set-off.  If there are, in addition to the creditors, also
investors subscribing for the shares, their shares shall be subscribed for
as provided in Chapter 3a, Section 17 of the Companies Act, by paying the
entire share subscription price on the account appointed by the company by
the end of the subscription period.  The Board of Directors shall accept all
the subscriptions made in this way and according to the terms and conditions
of the subscription.

The new shares have the same value as the company's other investment shares
and entitled to full dividend for the financial period, which started on
January 1, 2002 and for all financial periods thereafter.

Based on all the shares now to be issued, the proportion of shares to be
subscribed for is at most 292,54% of the company's registered share capital
and 150.41% of the votes produced by those shares.  Of those entitled to
subscribe some may be insiders of the company due to the amount of the
company's shares they own.  The insiders, based on their ownership in the
company, own a total of 48% of the shares of the company and 68% of the
votes produced by them.  As a result of the share subscriptions to be made
in the directed issue the proportion of the company's shares held by the
insiders may not rise to more than 87% and the votes to more than 87%.

(3) Consider the Board of Directors' proposal to issue Convertible Bond Loan
on equity terms

The Board of Directors of Benefon Oyj proposes that Benefon Oyj increase its
share capital by issuing a convertible bond loan (Convertible Bond Loan
2003A) on these terms and conditions:

(a) Increase of share capital

The company's share capital is increased by the maximum of
EUR3,957,362.71 by offering convertible bond loan on equity terms with a
maximum principal of EUR4,000,000.00, for subscription by the Company's
creditors and at most five domestic and foreign professional investors
(hereinafter Loans).

Transferable convertible bonds with a principal value of at least one (1)
euros shall be given for the Loan (hereinafter Convertible Bonds).  The
Convertible Bonds may be converted in total into a maximum of 11,764,705 new
investment shares of the Company each with a book counter value of EUR0.34
(not the exact value), so that the aggregate number of subscribers of the
Loan and the share issue decided upon in the same shareholder's meeting
shall be no more than one hundred.

(b) Subscription right and secondary subscription

The Loan is wholly offered for subscription to the Company's creditors and
at most five domestic and foreign professional investors (Investors).

The reason for deviating from the pre-emptive subscription right of the
shareholders is to secure the Company's economic and financial position and
to ensure the Company's going concern. Thus, a weighty financial reason
exists for the Company to deviate from the pre-emptive subscription right.

The Company has received preliminary consents from its creditors to convert
debts into new shares of the Company or to convertible bond loans on equity
terms, for an amount corresponding to an aggregate subscription price of
EUR4.5 with a subscription price or conversion ratio of EUR0.34 per share.

The subscription right may be used wholly or partially.  The subscription
right may not be transferred and no secondary subscription shall take place.

(c) The principal of the convertible bond loan and the conversion rate of
the convertible bonds

The maximum amount of the principal of the Loan shall be in total
EUR4,000,000.00.  The issue price is one hundred (100) percent. The
Convertible Bonds may be converted into the maximum of 11,764,705 new shares
of the Company with an accounting counter value of EUR0.34 (not the exact
value) each.  The conversion rate of the Loan shall correspond to the share
subscription price of EUR0.34 per share for each share with an accounting
counter value of EUR0.34 (not the exact value) so that each full EUR0.34 of
the Loan may be converted into one (1) investment share.  The conversion
rate has been agreed upon in the negotiations between the company and its
creditors.  In the conversion an amount corresponding to the accounting
counter value of the converted shares, shall be booked to the share capital,
the rest being premium.  As a result of the Loan's conversion the share
capital of the Company may increase by a maximum of EUR3,957,362.71.

(d) Loan period and repayment of the loan

The loan period begins on June 26, 2003 and ends on June 30, 2011.  The Loan
and interest accrued fall due for repayment in four equal parts during 2008
to 2011 on the annual due date of June 30 excluding the amount of the Loan
converted into Company's shares, assuming that the repayment is not
prohibited by law owing to the Loan's equity terms.

The Company shall be entitled to repay the Loan before it's maturity either
wholly or partially.  If the Company announces to the bearer of the
Convertible Bond that it will repay the Loan, the bearer of the Convertible
Bond shall have fourteen (14) days after receiving Company's announcement,
to demand his Convertible Bond be converted into shares.

(e) Limitations concerning the Capital Loan

In case the debtor is dissolved or declared bankrupt, or proceedings of
involuntary liquidation commenced against debtor, the principal of the Loan
may be repaid only after all regular loans and previous capital loans, and
shareholder loans have been paid for.

There shall be no collateral for the Loan.

The principal of the Loan or a portion of it may be repaid after the due
date only if the Company's latest audited balance sheet, and if the Company
is a parent company, the groups' latest audited consolidated balance sheet
shows full coverage of restricted share capital and other un-distributable
funds after the repayment of the Loan's principal or a portion of it.

The Company must pay the matured principal or a portion of it on the first
day of the General Meeting of the Shareholders after the due date, if it is
possible according to the terms and conditions of the Loan.

The principal of the Loan, or that portion of the principal that cannot be
repaid due to a restriction order on the day of the general Meeting of the
Shareholders held after the due date, shall be paid on the next calendar
year on a day of the general Meeting of the Shareholders held after the
respective due date of that year abiding to what was said in the previous
chapter, until the whole principal has been repaid.

(f) Subscription of the convertible bond loan

The subscription period of the Convertible Bond Loan 2003A begins on June
26, 2003 and ends on June 27, 2003.  The Board of Directors of the Company
shall decide upon the acceptance of the subscriptions.

(g) Terms of payment of the Loan

The loan amount subscribed for shall be paid to the bank account of Benefon
Oyj by the end of subscription period.  Creditors shall pay for the
subscriptions by setting off the matured balance of the debt.

(h) Issuance of the convertible bond loan

Convertible bonds shall be given for the Loan, once subscriptions have been
registered to the trade register.

The Loan is not issued in the book entry system.

(i) Conversion right

Convertible Bonds may be converted into the shares of the company wholly or
partially.  The conversion takes place between July 4, 2003 and June 30,
2011 according to the terms and conditions of the Convertible Bond Loan
2003A.

(j) Transferability of convertible bonds

Convertible Bonds are transferable according to the terms and conditions of
the Convertible Bond Loan 2003A.

(k) Insider ownership

The proportion of the shares to be subscribed for based on the Loan issued
is 117.02% of the Company's registered shares and 60.17% of the registered
votes.

Some of those entitled for subscription may be Company related parties or
close entities based on ownership (close entities).  Such close entities
hold 48% of Company shares and 68% of the votes.  As a result conversion of
the Convertible Bonds, the proportion of the Company's shares held by close
entities could rise to a maximum of 80% of Company's shares, and 76% of the
respective votes.

(l) Other matters

The Board of Directors proposes that it shall be authorized to decide on all
other matters and practical measures relating to the Loan and the increase
of the share capital as a result of the possible conversion with the
convertible bonds.

Documents on view

Copies of the financial statements and the Board of Directors' proposals and
appendices are available for shareholders to view from June 19, 2003
onwards, at the company headquarters in Salo, Meriniitynkatu 11, 24100 Salo.
The company will send copies of the documents to shareholders upon request.

Right to participate in the meeting

Shareholders who have been registered as a shareholder in the   company's
shareholder register maintained by the Finnish Central Securities Depository
Ltd by June 16, 2003 have the right to participate in the meeting.  In
addition, shareholders whose shares have not been transferred to the
book-entry system, have the right to participate in the Extraordinary
General Meeting provided that the shareholder had been registered in the
company share register before October 7, 1994, in which case the shareholder
must present at the Extraordinary General Meeting his share certificate or
other documentation indicating that title to the shares has not been
transferred to the book-entry system.

If the shareholder has shares in an administrative register and wishes to
exercise his right to vote in the General Meeting of the Shareholders, shall
such a shareholder present a declaration of his ownership and his right to
vote to the Company in writing no later than June 16, 2003.

Notice of intention to participate

Shareholders who wish to participate in the Extraordinary General Meeting
must signify their intention to do so no later than June 23, 2003, either by
telephone +358-2-77400 (Minna Suokas), by telefax +358-2-7332633, in writing
to Benefon Oyj, PL 84, 24101 Salo, Finland, or by e-mail to
minna.suokas@benefon.fi

Shareholders are requested to present any powers of attorney along with
their notice of intention to participate.

To See Appendices:
http://bankrupt.com/misc/Benefon_Appendices.htm


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


GENESYS CONFERENCING: Board to Tackle Rights Issue June 27
----------------------------------------------------------
Genesys Conferencing (Euronext: 3955) (Nasdaq: GNSY) announces the results
of its shareholders meeting held on June 5, 2003.  The shareholders approved
the reduction in the nominal (par) value of Genesys shares and the use of
the outstanding authorization to proceed with a rights offering.  This
approval was a condition to the agreement in principle reached on April 11,
2003 with Genesys' main bank creditors, several large bondholders and
several large shareholders.

The agreement in principle called for:

(1) Amendments to Genesys' $125 million credit facility agreement of April
20, 2001, to extend the repayments of the principal remaining due ($118
million) through 2008.  The amendments were signed on April 30, 2003.  The
amendments remain subject to the completion of a rights offering with gross
proceeds of at least EUR6 million before August 31, 2003, as will be
described later.

(2) Amendments to the terms and conditions of Genesys' outstanding 3%
convertible bonds issued in 1999, to defer 50% of the principal payment
maturity to October 2005.  Genesys' bondholders approved such amendments on
May 26, 2003.  The amendments remain subject to the completion of a rights
offering with gross proceeds of at least EUR6 million before August 31,
2003, as will be described later.

(3) An equity rights offering of common shares to raise at least EUR6
million and up to EUR 8 million of gross proceeds no later than August 31,
2003.  Such proceeds are to be put in escrow and used to repay or repurchase
Genesys's 3% convertible bonds.  On June 5, 2003, Genesys' shareholders
approved the use of an existing authorization for such rights offering.

Following this approval, the financial restructuring now remains only
subject to the completion of the rights offering, with gross proceeds of at
least EUR6 million prior to August 31, 2003.

The board of directors will meet on June 27, 2003 to undertake the
formalities necessary to launch the rights offering and to determine its
terms and conditions, including the subscription price for the newly issued
shares.  Genesys has received preliminary commitments from certain
shareholders to purchase up to EUR6 million worth of shares in the rights
offering to the extent not fully subscribed by other shareholders, if the
price for the newly issued shares does not exceed EUR2.2 per share.

A registration statement relating to the new Genesys shares to be issued in
the rights offering (the Shares) has been filed with the Securities and
Exchange Commission but has not yet become effective.  The Shares may not be
sold and any offer to buy may not be accepted prior to the time the
registration statement becomes effective.

A French prospectus relating to this rights offering will be filed with the
Commission des Operations de Bourse and available upon request at the
Company.

CONTACT:  GENESYS CONFERENCING
          Michael E. Savage
          Executive Vice President and Chief Financial Officer
          Phone: +33 4 99 13 27 66
          E-mail: mike.savage@genesys.com
          Marine Pouvreau - Investor Relations
          Phone: +33 4 99 13 25 17
          E-mail: marine.pouvreau@genesys.com


SUEZ SA: Gie Suez Reports 'Overwhelming' Demand for Bond Issue
--------------------------------------------------------------
Gie Suez Alliance on Thursday launched its bond issue totaling EUR2.75
billion.  Maturity of the bonds varies; some could be subscribed for seven
years, others 12 years and still others 20 years.  The bond issue was
lead-managed by Credit Agricole Indosuez, HSBC CCF, JP Morgan & SG Corporate
and Investment Banking.  They also act as bookrunners.

This operation, with very favorable interest rates, is in line with Suez'
long-term refinancing policy.  In particular, it allows the extension of the
average maturity of the Group's debt while continuing to diversify its
financial sources.

Demand from investors was overwhelming with books totaling EUR4.6 billion.
Investors' strong confidence in the quality of the credit was reflected in:

-- Suez' ability to raise the first ever 20-year deal for a corporate in
euros;

-- Tighter final price than initial price guidance.

Placement was truly pan-European, with France representing only one quarter
and a noticeably strong presence from Benelux, UK, Germany and Spain.  On a
global basis, investor categories are equally split between mutual funds
(stronger on the short tranche), banks and insurance companies (stronger on
the longer tranches).

Terms and conditions:

-- Issuer: GIE Suez Alliance

-- Rating: A2 (Negative Outlook) Moody's

-- (Negative Outlook) S&P

-- Tranches: (spreads in bps over mid-swap)

   (a) 7-Year EUR1.25 billion (vs. book of 2.3 billion). Spread
       of +95 (vs. initial spread guidance of 100/105)

   (b) 12-Year EUR500 million (vs. book of 650 million). Spread
       of +115

   (c) 20-Year EUR1 billion (vs. book of 1.65 billion)

Spread of +130 (vs. initial spread guidance of 135)

-- Execution strategy: launched after Paris and London road shows. Pot
system.

-- Launch date: 5 June 2003

-- Coupon:

   (a) 7-Year, 4.25%, 24 June 2010

   (b) 12-Year, 5.125%, 24 June 2015

   (c) 20-Year, 5.75%, 24 June 2023

-- Issue/Re-offer price:

   (a) 7-Year 99.467%

   (b) 12-Year 99.583%

   (c) 20-Year 99.446%

-- Listing: Luxembourg

-- Joint Bookrunners: Credit Agricole Indosuez, HSBC CCF, JP Morgan, SG CIB

CONTACT:  CREDIT AGRICOLE INDOSUEZ
          Syndicate: Jean-Luc Lamarque
          Phone: + 331 41 89 66 62

          HSBC CCF
          Syndicate: Paul Santucci
          Phone: +331 40 70 78 01

          JPMORGAN
          Syndicate: Jonathan Hoyle
          Phone: + 44 20 7779 24 68

          SG CORPORATE AND INVESTMENT BANKING
          Syndicate: Pierre Lebel
          Phone: + 331 42 13 78 36


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


DEUTSCHE TELEKOM: Accepts Offer for 6% Stakes in Malaysian Telco
----------------------------------------------------------------
Deutsche Telekom has accepted a mandatory general offer made by Telekom
Malaysia (TM) for the six percent of shares it holds in the Malaysian mobile
communications provider, Celcom.  The stock market supervisory authority in
Kuala Lumpur was informed of this.  Offering price for the 158 million
shares held by DeTeAsia Holding GmbH was MYR2.75 per share.  The proceeds
will be used to further reduce Deutsche Telekom's debt.

The arbitration proceedings instituted by Deutsche Telekom in accordance
with the rules of the International Chamber of Commerce in Paris will not be
affected by accepting this offer. Deutsche Telekom is thus continuing to
pursue its goal of obtaining MYR7.00 per Celcom share as contractually
agreed.


PROSIEBENSAT.1 MEDIA: U.S. Businessman Withdraws Offer
------------------------------------------------------
Billionaire Haim Saban withdrew his offer for Germany's biggest television
broadcaster ProSiebenSat.1 Media on Wednesday, according to Europemedia.

The report did not surprise sources close to the deal who observed the
apparent downturn of relationship between Mr. Saban's team and KirchMedia,
the insolvent owner of the German broadcaster.

According to the report, Mr. Saban withdrew his plans of acquiring the asset
due mainly to the current strength of the euro which increased the possible
price the investor had to pay for the acquisition since an initial agreement
between the parties was made in March.

Mr. Saban also reportedly failed to secure adequate financial backing ahead
of ProSiebenSat.1's annual general meeting on June 16.

It is believed that Kirchmedia will now decide on increasing the
broadcaster's capital by between EUR250 million and EUR300 million before
putting it up for auction again in a year or two.
The report suggested Mr. Saban might again place an offer for the business
should it have the necessary financial backing by that time.


PROSIEBENSAT.1 MEDIA: Ratings Unchanged Despite Saban Walkout
-------------------------------------------------------------
The failure of the talks between KirchMedia creditors and Saban Capital
Group regarding the latter's acquisition of ProsiebenSat1.Media did not
affect Moody's ratings on the German broadcaster.

Moody's said it left unchanged ProSiebenSat.1's Ba3 senior unsecured bond
rating that is supported by the expectation that ProSiebenSat.1 would
benefit in the short-term from a significant increase of equity capital.
The additional equity is expected to reduce leverage and secure its bank
financing arrangements.

The action also stems from the belief that "ProSiebenSat.1 would not become
subject to any onerous commitments in relation to Kirch Media's rights
library, and that its access to programming from the library would remain
uninterrupted," according to the rating agency.

Moody's expects KirchMedia and its creditor banks to make a public
confirmation of its plans regarding Kirch Media's 52.5% holding in
ProSiebenSat.1 soon.  It warned that the rating would additionally be
negatively pressured in the short-term should the announcement or the
execution of the plans is delayed.

The rating agency noted that ProSiebenSat.1 continues to operate in
difficult market conditions.  It also mentioned the broadcaster's weak
operating performance in the first quarter of 2003.

On a positive note, Moody's says the rating is "supported by its share of TV
gross advertising, which remains high at over 43% despite recent declines,
as well as its audience share which has shown some signs of recovery in
2003, to over 29%."

The rating has a negative outlook reflecting ongoing pressures from the
challenging operating environment, and uncertainties over future ownership.
The outlook also considers the execution risk on the anticipated capital
increase.


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


CIRIO FINANZIARIA: Bondholders to Consider Debt Swap Next Month
---------------------------------------------------------------
A bankruptcy hearing for Italian agro-food group, Cirio Finanziaria SpA,
will take place on June 11, 2003, online news agency just-food.com said.

Bondholders of the troubled pasta sauce maker requested a Rome court to
declare the firm bankrupt, but Cirio instead proposed a debt-to-equity swap
that would result in most bondholders losing more of their money.  A meeting
of bondholders will be held in mid-July where they can approve the swap
plan, which involves giving bondholders the chance to swap their bonds for
newly issued shares.

Cirio defaulted on EUR1.1 billion of bonds in November.  It drafted a plan
to restructure the amount in April, which sought to assure equal treatment
to the company's bondholders and creditor banks.  However, such treatment
would have to take into account the current economic and financial situation
of the Cirio Group.

Cirio lost EUR145 million in 2002 and had EUR1.4 billion in long- and
short-term debt.  It is trying to dispose some of its assets, including
troubled football club, Societa Sportiva Lazio Spa, in order to re-launch
itself.

CONTACT: CIRIO
         Phone: ++39 06 4145700
         Fax: ++39 06 4145729
         Home Page: http://www.cirio.it


FIAT AUTO: Appoints De Filippis President of Aftersales
-------------------------------------------------------
Benito De Filippis has been appointed President of the Fiat Auto Aftersales
Business Unit.  He replaces Raimondo Beltramo who will take on other
positions within the Sector. Mr. De Filippis directly reports to the CEO
Giancarlo Boschetti.

He was born in San Paolo, Brazil, on November 1, 1954.  He graduated with a
degree in mechanical engineering from Rome University.  He joined the
Mercedes-Benz Group in 1981 and developed his career within the Group,
holding several important positions, such as General Manager for Aftersales
and General Manager for Vans and Trucks in Italy.  In 1999, he was appointed
Head of Sales & Marketing Mercedes-Benz Vans at the Group headquarters in
Stuttgart and, in 2001, General Manager for Dealership of DaimlerChrysler.

                     *****

In March, Fiat said it is launching its rebound in the market
through the introduction of three new auto models, which it hoped would make
up 35% of unit sales next year.


TELECOM ITALIA: Four Buyers Likely to Bid for Directories
---------------------------------------------------------
Telecom Italia is likely to receive four bids, valuing its directories
business up to EUR5 billion (US$5.85 billion), according to the Financial
Times.

Telecom Italia is putting its Seat Pagine operations for sale in order to
lower its net debt, which is expected to balloon to EUR42 billion once it
merges with Olivetti this summer.  Olivetti owns 55 percent of the phone
operator.

Thomas H Lee with Carlyle and Providence Equity Partners; Kohlberg Kravis
Roberts with Blackstone and Texas Pacific Group; Hicks Muse Tate & Furst and
Apax; and BC Partners with Permira, CVC and Investitori Associati, had all
scrutinized the business through a data room provided for the sell-off.

Schroder Salomon Smith Barney, Seat Pagine's financial adviser, is
understood to be offering bidders vendor financing, though all four
consortia are thought to have funding in place, according to the report.

People familiar with the auction said the winning bidder will likely be
announced within weeks.  Telecom Italia paid EUR9.5 billion for its stake in
the directories business three years ago.


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


GETRONICS N.V.: To Appoint New Supervisory Board Members
--------------------------------------------------------
Getronics announces its plan to appoint two new members to its Supervisory
Board: Berend Brix and Marinus Minderhoud.  The new Supervisory Board
Members will be nominated during the Extraordinary General Meeting of
Shareholders on June 23, 2003.

Until October 2002, Mr. Brix held various executive positions at companies
belonging to the Cap Gemini Ernst & Young Group.  In 2000, he became a
member of the Group Management Committee of the merged company, Cap Gemini
Ernst & Young.  Prior to this appointment, he held several positions,
including Chairman of the Board of Management of Cap Gemini N.V. and member
of the Board of Management of Volmac Software Group N.V.

Mr. Minderhoud used to be Chairman of the Supervisory Board of Vodafone
Libertel N.V and a member of the Supervisory Board of Nuon N.V. and Rabobank
Nederland.  Until October 1998, Mr. Minderhoud held various executive
positions at companies belonging to the ING Group.  From 1991 until 1998, he
served as member of the Board of Management of ING Groep N.V.  During that
period he was also member of the Board of Management of ING Bank N.V. and
since January 1998, Chairman.  He has been responsible for ICT within the
ING Group for more than 10 years.

Due to the international experience in finance, management and ICT of
Misters Brix and Minderhoud, the Supervisory Board expects that their
appointment will further enhance its expertise.

The Extraordinary General Meeting of Shareholders, at which the appointment
of the two new Members of the Supervisory Board will be proposed, will take
place on June 23, 2003 and starts at 13:30 in the Getronics building,
Donauweg 10 Amsterdam.

                     *****

The company, which incurred huge debts as a result of the
acquisition of U.S.-based Wang Global in 1999, is currently disposing
non-core assets.


KONINKLIJKE AHOLD: Local Court Ceases Shares in Argentine Unit
--------------------------------------------------------------
An Argentine commercial court has embargoed 197,142,370 shares issued by
Disco Ahold International Holdings N.V., the supermarket owned by Dutch
retailer Royal Ahold.  The shares were worth US$16.2 million, according to
El Cronista.

The move follows the filing of a case by a certain Ruben Sotelo Buenaventura
against Banco de Montevideo, a bank owned by the Peirano family, a former
Disco shareholder.

The recent development is expected to negatively affect the planned sell-off
of the chain whose books are currently under investigation.

CONTACT:  KONINKLIJKE AHOLD
          P.O. Box 3050 1500 HB
          Zaandam Netherlands
          Corporate Communications
          Phone: +31.75.659.5720
          Fax: +31 (0)75 659 83 02
          Home Page: http://www.ahold.com


NUMICO N.V.: Seeks Informal Bids for Troubled U.S. Subsidiary
-------------------------------------------------------------
Dutch food group Numico NV wants to test the market how much it could raise
for its troubled U.S. dietary supplement unit, GNC, in case it decides to
unload the business.

The world's biggest vitamin and food supplement maker confirmed it is
seeking informal bids from potential buyers, according to Reuters.

"Tomorrow [Friday] we are expecting informal bids from seriously interested
parties to see what GNC would be worth," a Numico investor relations
representative said.

The firm clarified it had not yet decided whether to sell the unit and is
keeping all options open.

"We have 12 more months before we will make a decision on what we will do
with it," the source said.

Numico, which accrued debts due to a failed investment into the U.S.
supplements market, expects to raise as much as US$1 billion for the
transaction.  But analysts believe the firm would have a hard time getting
to that amount.  The group did not give a hint on the price of the unit,
Reuters said.

An investor relations representative did not name who were invited to submit
bids, but the Reuters report mentioned NBTY, owner of GNC's main U.S. rival
Nature's Bounty, as well as former owner Thomas Lee Partners as likely
buyers.  The New York Post also suggested Boston investment firm, J.W.
Childs, as another possibility because of the link of its two partners to
GNC.  The partners were former GNC chief executives.

GNC is the largest US food supplement chain with around 5,000 stores.


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


MOVENPICK WINE: Enhances Online Site with New Design
----------------------------------------------------
Movenpick Wine has enhanced its online shop and added the latest web
technologies.  In an initial phase Movenpick modernized the design and the
navigation structure.  The second phase of the project expanded the
functionality of the online shop.

Six years ago Movenpick was one of Switzerland's first wine merchants to
open an Internet shop for its products.  In 2001 the online retail outlet
won the Gottlieb Duttweiler Institute award for third-best European e-shop.
On the basis of the experience gathered to date, and applying the latest
online technologies, Movenpick Wine has now implemented a new shop with
numerous new and customer-oriented features to further boost its position in
the field of online wine marketing.  In addition to a large stock of wine
information and links that lead directly to the producers, users can now,
for example, download price lists that are updated on a daily basis.

The expanded gift section focuses more closely on business and private
customers, and a linked vintage table has been added to make it even easier
for customers to make their selections.  Of course, customers can still base
their choices on the recommendations issued by the online wine cellar.  In
future, customers will be able to assign different delivery addresses to the
wine orders and, if required, have them delivered express within 48 hours
(weekdays).

A direct online registration option for the numerous wine tasting events has
been added to simplify this procedure.  However, Movenpick Wine CEO Ueli
Eggenberger emphasizes the point that, in spite of the many interesting new
features added in the course of the site revision, top priority was placed
on creating a customer-friendly, fast, convenient and secure e-shop.

Movenpick Wine is a leading and highly innovative supplier of quality wines
on the Swiss market.  Its success is based first and foremost on wine
selection competency.  With its Wine Cellars (retail outlets), Caveaux (wine
bars) and the online shop (internet marketing), private customers are
Movenpick Wine's primary target group.

Together with the divisions Movenpick Gastronomy, Movenpick Hotels &
Resorts, Movenpick Fine Foods and Deliciel, Movenpick Wine is part of the
Movenpick Group, which reported sales including management and franchise
operations of CHF1,166 million for 2002.  The Movenpick Group operations
employ approximately 13,800 people in 42 countries.  The bearer and
registered shares of Movenpick Holding AG with domicile in
Adliswil/Switzerland are listed on the Swiss stock exchange SWX.
(Status January 2003)

                     *****

In March, Movenpick said the 2002 financial year was one of low earnings for
the Movenpick Group.  Both sales and profits fell against a tough economic
background.  The balance sheet also suffered the additional adverse effect
of one-time special costs.

CONTACT:  MPW MOVENPICK WEIN AG
          Brigitte Auf der Maur
          Marketing Online
          Baarerstrasse 141
          6300 Zug
          Phone: +41 41 766 81 34


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


ACCIDENT GROUP: Administrators Hope to Sell Firm in Three Parts
---------------------------------------------------------------
PricewaterhouseCoopers, the appointed administrators of beleaguered Accident
Group, has sent out sales packs detailing how the company could be broken up
and sold off to several interested parties in the hope of raising some cash
for its creditors.

PwC confirmed it has sent details of the company's business to "interested
parties," although it refused to comment on how much it might be able to
raise from a sale of the assets, the Independent said.

The paper said administrators of the group, whose parent company The Amulet
Group is also under administration, are hoping to sell the business off in
three parts.  Rivals are being offered the chance to buy the insurance
company's IT system, the right to use its 0800 numbers and also a contract
to manage the run-off of its estimated 100,000 outstanding personal injury
cases.

Rumors that a group of directors of The Accident Group were planning to join
forces to try to buy the business back out of administration has prompted
the move to step up the sell-off, according to the report.  Former marketing
director of the "no win, no pay" personal injury company recently said on
Radio 4's Today program that the business was still "viable."

The Accident Group helps customers receive compensation for injuries
suffered in accidents by putting them in touch with solicitors.  Its system
works such that customers take out an insurance policy to avoid paying the
court costs if they lose the case, but if they win, the money will be
claimed back from the losing parties' insurers.

An investigation into the reasons for its recent disintegration, which cost
2,400 employees their jobs, is currently being pushed by a labor member of
parliament who wrote to the Department of Trade and industry demanding an
inquiry into the group's trading practices and the subsequent collapse of
its parent company into administration.


ASCOM HOLDINGS: Shareholders Approve Two New Board Appointments
---------------------------------------------------------------
At the Annual General Meeting on May 6, 2003, the shareholders of Ascom
Holding Ltd agreed to the supplementation of the Board of Directors and the
change in the representation of the Muller-Mohl Group.  The shareholders
have newly appointed Peter Schopfer, CEO and Country Manager with T-Systems,
to the Ascom Holding Ltd Board of Directors and Beat Naef, CEO of the
Muller-Mohl Group, as successor to Dr. Frank Gulich.

The Ascom Annual General Meeting adopted all proposals put forward by the
Board of Directors.  The Board of Directors was discharged from its
responsibilities.  One hundred forty shareholders participated in the Ascom
Holding Ltd Annual General Meeting in Zurich.  They represented 11,037,153
votes, which equates to 49 percent of the shareholder's capital.

The Board of Directors of Ascom Holding Ltd now comprises:

(1) Juhani Anttila (49), Chairman of the Board of Directors of
    Ascom Holding Ltd, CEO of the Ascom Group, member of the
    board since 2001;

(2) Paul E. Otth (59), Vice Chairman and Non-Executive Lead
    Director, Business consultant, member of the board since
    2002;

(3) Dr. Wolfgang Kalsbach (49), CEO of Micronas Semiconductor AG,
    member of the board since 2002;

(4) Beat Naef (38), CEO of the Muller-Mohl Group;

(5) Peter Schopfer (46), CEO and Country Manager of T-Systems
    Switzerland

Ascom is an international supplier of telecommunications systems, integrated
voice and data communications, wireless and corded security solutions and
networked revenue collection systems for public and private transport
operators.  Ascom's business units plan, build, maintain and operate
tailor-made comprehensive solutions along the whole of the added-value chain
with a service-oriented portfolio and proven technology know-how as well as
its own products.  Ascom is active worldwide in markets with a high growth
potential.  The Ascom registered shares (ASCN) are quoted on the SWX Swiss
Exchange in Zurich.

CONTACT:  ASCOM GROUP FINANCES
          ASCOM MANAGEMENT AG
          Rudolf Hadorn, Chief Financial Officer
          Stettbachstrasse 6
          CH-8600 Dübendorf
          Phone: +41 1 631 14 15
          Fax: +41 1 631 28 00
          E-mail: investor@ascom.com
          Homepage: http://www.ascom.com


BRITISH ENERGY: EU Commission Likely to Open Probe on Govt Aid
--------------------------------------------------------------
European competition commissioner Mario Monti is expected to announce in the
next few weeks an investigation into the UK government's rescue plan for
British Energy.

The move follows complaints to Brussels by US owners of British power
stations claiming that the UK government is supporting unfair competition by
helping the country's biggest electricity producers without offering similar
assistance to other generators.

AES, the US owner of Britain's biggest power station, Drax, previously filed
a case against the decision of the EU to approve the GBP650 million loan
facility that sustains British Energy while it tries to put in place a
rescue plan for the long-term.

The government had agreed under the terms of the plans to shoulder up to
GBP2.2 billion of decommissioning liabilities.
The European rules provide that the aid granted by the state must only be
limited to what is strictly necessary to keep the company afloat.  But
British Energy warned it would have to file for administration if the rescue
plan, which needed approval from the EU and bondholders, does not go ahead.

The company stands to make concessions in order to win approval for the aid
if the regulator finds out that indeed the funding endangers competition.
The nuclear generator recently reported a GBP4.29 billion (US$7.13 billion)
loss for the 12 months to the end of March.


CORDIANT COMMUNICATIONS: Insiders Say WPP's Bid Strongly Favored
----------------------------------------------------------------
Advertising giant WPP could emerge as winner later this week in the battle
to acquire struggling firm Cordiant Communications.

According to The Scotsman, one source close to the situation said: "There
could possibly be an announcement later this week that WPP has won."

WPP's Sir Martin Sorrell's is understood to have carried on negotiations to
acquire Cordiant over the weekend, after French media firm Publicis was
reported to have backed out of the process.

"Publicis's proposal was unacceptable.  It was putting the business into
administration, and that meant people would have walked.  You cannot treat
people like that in a people business."

Cordiant Communications ran into trouble after losing the Allied Domecq
account to a rival.  Recently, another large client, B&Q, the
Kingfisher-owned DIY chain, is also reportedly making contingency plans.

The company stands to exhaust all its current refinancing arrangement by
July 15, at which date it should have completed its promised disposals,
including PR firm Financial Dynamics, agency network Scholz & Friends, and
Australian business George Patterson Bates, in order to meet terms with
bankers.

CONTACT:  CORDIANT COMMUNICATIONS
          Feona McEwan, WPP
          Phone: 44-20 7408 2204


CORUS GROUP: LNM in No Hurry to Approach Rival with Offer
---------------------------------------------------------
Multinational steel company, LNM, is satisfied to stay in the background
while Anglo-Dutch steel-maker Corus finalizes its new business strategy, the
Financial Times says.

LNM head, Indian entrepreneur Lakshmi Mittal, previously held talks with
Corus regarding taking over some or all of the company's steel sites.  But
while the Dutch and UK side of Corus management settles their positions on
the controversial sale of their key aluminum unit, Mr. Mittal finds it
reasonable not to renew talks regarding the transaction, according to the
report.

Philippe Varin, the new chief executive of the Anglo-Dutch Corus, has
reportedly re-opened discussions with Leo Berndsen, the chairman of the
company's Dutch supervisory board.

But Mr. Berndsen, while recognizing that Mr. Varin has been "positive and
encouraging" in his approach to turning round the heavily indebted Corus,
said it is still unconvinced about the sale of a key aluminum subsidiary.
In March, Mr. Berndsen's board vetoed the sale of the unit for GBP543
million to Pechiney of France.

Mr. Varin is also considering the possibility of guaranteeing greater
earnings for the longer term, possibly through joint ventures with other
steel-makers or moves to concentrate on high-value metals products.

LNM could very well fit in the plan, but Mr. Mittal does not want to make
his move "too early," particularly while it is still busy with taking over
PHS, a large state-owned steel-maker in Poland.

Corus, which was formed from a merger of British Steel and Hoogovens of the
Netherlands, has lost more than GBP2 billion since it was established in
1999.


EASYJET PLC: Records 96% Passenger Growth in May
------------------------------------------------
Below are the easyJet passenger statistics for May 2003. This information is
published on the fifth working day of every month.

Passenger statistics for easyJet(1)

                May      May     Year-on-year  Rolling 12 months
                2003     2002      change      ending 31/05/2003

Passengers(2) 1,759,659   898,080   +95.9%        18,146,542

Load Factor(3)   83.5%    82.1%                       83.8%

Ray Webster, easyJet Chief Executive, said:

"I am pleased to confirm that, as indicated on the day of publication of our
Interim results on May 7, 2003, easyJet's revenue per flight during May
tracked at close to the same level as last year.  The market softness that
we witnessed earlier in the year due to the effects of the Gulf conflict is
now dissipating and we have seen a strong recovery.

"Passengers are obviously attracted to easyJet's unique proposition of the
lowest fares from local airports to Europe's most attractive and convenient
destinations with the frequency that people want.

"Also, Geneva Airport confirmed during the month that easyJet became the
number one carrier at Geneva, with a 25.9% passenger market share, ahead of
Swiss, Air France and British Airways."

Explanatory Notes:

(1) In May 2002, Go Fly, as an independent company, carried 564,284
passengers with a load factor of 80.7%.  On a proforma basis, in May 2002,
easyJet and Go Fly carried 1,462,364 passengers with a load factor of 81.6%.
For the rolling 12 months ending 31 May 2003, on a proforma basis, easyJet
and Go Fly carried 19,376,436 passengers with a load factor of 83.9%.

(2) Represents the number of earned seats flown. Earned seats include seats
that are flown whether or not the passenger turns up because easyJet is a
no-refund airline, and once a flight has departed a no-show customer is
generally not entitled to change flights or seek a refund.  Earned seats
also include seats provided for promotional purposes and to staff for
business travel.

(3) Represents the number of passengers as a proportion of the number of
seats available for passengers. No weighting of the load factor is carried
out to recognize the effect of varying flight (or "stage") lengths.

                     *****

easyJet plc generated a loss before tax, goodwill and non-
recurring items for the six months ended March 31, 2003 of GBP24 million,
which compares to a reported profit of GBP8.3 million for the same period in
the prior year.  The loss after tax for the period was GBP46.9 million,
which compares to a reported profit of GBP0.8 million in the same period of
the prior year.


EQUITABLE LIFE: Ex-Director Ops Not to Cooperate in Probe
---------------------------------------------------------
An unnamed ex-director of Equitable Life refused to cooperate with the
Penrose inquiry into collapse of the troubled life assurer by refusing to be
interviewed, according to the Financial Times.

There are already 50 witnesses who have issued statements, but there are
still several witnesses, including the former director, who refrained from
providing testimonies.  The inquiry has no legal power to compel people to
give evidence.

The long-awaited Penrose Report regarding the collapse of the assurer, which
has already cost around GBP2 million, was delayed for the third time this
week.  It was expected to come out in mid July, but delays in the
longer-than expected compilation of the report was reported to have
prevented the results from being made public as scheduled.  It is due to
come out, this time, by autumn.  Hugh Burns, secretary to the Penrose
inquiry, said he did not believe the absence of a small number of witnesses
would undermine the findings of the inquiry.

Equitable nearly collapsed after the holders of guaranteed annuity rate
policies won a test case against the society in the House of Lords in summer
2000.  It admitted that its liabilities were in excess of GBP1.5 billion.

It is believed policyholders could claim compensation once Lord
Penrose finds evidence that the Treasury, Department of Trade and Industry
or Financial Services Authority, who have acted as regulators to the mutual,
were negligent in their handling of the situation.

CONTACT:  EQUITABLE LIFE
          City Place House, 55 Basinghall St.
          London EC2V 5DR, United Kingdom
          Phone: +44-20-7606-6611
          Fax: +44-20-7796-4824
          Home Page: http://www.equitable.co.uk
          Contact:
          Vanni Treves, Chairman
          Charles Thomson, Chief Executive
          Charles Bellringer, Chief Finance and Investment
          Officer

HP BULMER: Scottish Newcastle Extends Share Offer to June 19
------------------------------------------------------------
On April 28, 2003 Scottish & Newcastle announced the terms of recommended
offers for the issued and to be issued ordinary and preference share capital
of Bulmers.  The Offers were made by UBS Warburg on behalf of Scottish &
Newcastle by means of an offer document published on May 15, 2003.

Scottish & Newcastle announces that, as of 3:00 p.m. London time on June 5,
2003, the first closing date of the Offers:

-- Valid acceptances of the Ordinary Offer had been received by
Scottish & Newcastle with respect to 35,920,474 Bulmers ordinary shares
(Bulmers Ordinary Shares), representing approximately 67.6 percent of the
issued ordinary share capital.  Irrevocable undertakings were received from
the Bulmers directors and certain other Bulmers ordinary shareholders (as
set out in the Offer Document) in respect of aggregate holdings amounting to
13,534,832 Bulmers Ordinary Shares, representing in aggregate approximately
25.5 percent of the issued ordinary share capital.

-- Valid acceptances with respect to 13,201,684 Bulmers Ordinary Shares
representing 24.8 percent of the issued share capital have been received
pursuant to the irrevocable undertakings and are included in the acceptances
figure above.

As announced on April 29, 2003, Scottish & Newcastle acquired 2,205,238
Bulmers Ordinary Shares representing approximately 4.2 percent of the issued
ordinary share capital of Bulmers.

Accordingly, Scottish & Newcastle now owns, or has received valid
acceptances of, or holds irrevocable undertakings to accept the Ordinary
Offer in respect of, a total of 38,458,860 Bulmers Ordinary Shares,
representing 72.4 percent of the issued ordinary share capital.

-- Valid acceptances of the offer for Bulmers' 9.5 percent. first preference
shares (First Preference Shares) had been received in respect of a total of
822,765 First Preference Shares, representing approximately 60.2 percent of
the issued First Preference Share capital of Bulmers.  Scottish & Newcastle
has also acquired 350,125 First Preference Shares, representing
approximately 25.6 percent of the issued First Preference Share capital of
Bulmers.  Accordingly, Scottish & Newcastle now owns or has received valid
acceptances in respect of a total of 1,172,890 First Preference Shares,
representing 85.8 percent of the issued First Preference Share capital of
Bulmers.

-- Valid acceptances of the offer for Bulmers' 8.75 percent second
preference shares (Second Preference Shares) had been received in respect of
a total of 16,412,132 Second Preference Shares, representing approximately
79.1 percent of the issued Second Preference Shares.  Scottish & Newcastle
has also acquired 2,051,537 Second Preference Shares, representing
approximately 9.9 percent of the issued Second Preference Share capital of
Bulmers.  Accordingly, Scottish & Newcastle now owns or has received valid
acceptances in respect of a total of 18,463,669 Second Preference Shares,
representing 89.0 percent of the issued Second Preference Share capital of
Bulmers.

Save as disclosed above, neither Scottish & Newcastle nor any person acting,
or deemed to be acting, in concert with Scottish & Newcastle held Bulmers'
shares (or rights over Bulmers' shares) immediately before the commencement
of the offer period or, during the offer period, has acquired or agreed to
acquire Bulmers' shares (or rights over Bulmers' shares) and no acceptances
of the Offers have been received from any persons acting, or deemed to be
acting, in concert with Scottish & Newcastle.

Scottish & Newcastle also announces that it is extending the Offers for 14
days and that the next closing date will be 3:00 p.m. London time on June
19, 2003.

Bulmers Shareholders who wish to accept the Offers, and who have not done
so, should complete their Forms of Acceptance as soon as possible, in
accordance with the instructions printed thereon, whether or not their
Bulmers' shares are in CREST, and return them, as soon as possible, to the
Receiving Agent, Lloyds
TSB Registrars, by post or by hand at Lloyds TSB Registrars, The Causeway,
Worthing, West Sussex BN99 9DA or by hand only to Lloyds TSB Registrars,
Antholin House, 71 Queen Street, London EC4N 1SL, (by hand deliveries to be
made between 9:00 a.m. and 5:00 p.m., Monday to Friday) and in any event by
no later than 3:00 p.m. on June 19, 2003.

CONTACT:  SHAREHOLDER HELPLINE
          Phone: 0870 600 0402
          (or +44 1903 702767 from outside the UK)

          Open Monday to Friday, 8.30 a.m. to 5.30 p.m.

For legal reasons, the Shareholder Helpline will only be able to provide
information contained in the Offer Document and the Form(s) of Acceptance
and will be unable to give advice on the merits of the Offers or to provide
financial advice.

          SCOTTISH & NEWCASTLE
          BULMERS
          Jeremy Blood
          Richard Pennycook
          Bridget Walker (Investors)
          Phone: +44 (0) 7974 447 900

          Linda Bain (Media - City)
          Phone: +44 (0) 131 528 2000

          UBS WARBURG
          (Financial adviser and Broker Lazard (Financial adviser
          to Bulmers) to Scottish & Newcastle)
          Sarah Hedger
          Heino Teschmacher
          Phone: +44 (0) 20 7187 2000

          John Muncey
          Tim Waddell
          Phone: +44 (0) 20 7567 8000

          Cazenove
          (Financial adviser and sole Broker to Bulmers)
          Michael Wentworth-Stanley
          Phone: +44 (0) 20 7588 2828


LONDON PACIFIC: Completes Sale of Wholly owned Subsidiaries
-----------------------------------------------------------
On June 5, 2003, London Pacific Group Limited completed the sale of its
wholly owned subsidiaries, London Pacific Advisory Services, Inc., London
Pacific Securities, Inc. and LPA Insurance Agency, Inc. together with the
associated assets of the advisory business held within London Pacific
Technologies, Inc. and LP Advisors, Inc. (together, LPA or the LPA
business), to a wholly owned subsidiary of SunGard Data Systems Inc.
(SunGard).  The purchase price consisted of $8.2 million in cash paid at
closing (less $1.25 million held back to cover any shortfall to the agreed
minimum tangible net asset value of the LPA assets minus the liabilities
acquired in the transaction, and to cover any indemnity obligations) and up
to a further $8.0 million cash 'earnout payment' that will be equal in
amount to one-half of the cumulative operating profits from the LPA business
in the three year period immediately following closing of the sale to
SunGard. Any 'earnout payment' will be paid within approximately 60 days
following the third anniversary of the closing of the transaction.

                     *****

In March, London Pacific Group Limited reported a consolidated net loss for
the 12 months ended December 31, 2002 of $205.5 million, or $4.05 per
diluted share and $40.49 per diluted ADR, compared with a net loss of $344.8
million, or $6.76 per diluted share and $67.62 per diluted ADR, for the same
period in 2001.

CONTACT:  LONDON PACIFIC GROUP LIMITED
          Ian Whitehead, Chief Financial Officer
          Phone: 01534 607700


MILLENNIUM PHARMACEUTICALS: Asks Fired UK Staff to Extend Tenure
----------------------------------------------------------------
The 220 staff that was made redundant in Millennium Pharmaceutical's UK
headquarters will have to work for another three months and will receive a
further three months' pay, according to the Scotsman.

Julian Adams, senior vice-president of the American drugs giant, informed
the employees of their redundancy last week as the firm cut costs worldwide.
The UK headquarters will be shutdown with a loss of all staff.  Millennium
aims to cut its workforce by a quarter in total.  Under its plan, more than
600 people worldwide are to go.  The biotech firm will also shutdown its San
Francisco office, leaving only its headquarters in Cambridge, Massachusetts.

Millennium lost $590.2 million last year, or $2.13 a share, compared to $192
million, or 88 cents a share, in 2001.  Its flagship product is heart drug
Integrilin.  Its cancer drug Velcade was just approved for sale in the
United States this month.


MORGAN CRUCIBLE: Chairman Farmer to Retire by Year's End
--------------------------------------------------------
At today's [Friday] Annual General Meeting of the Morgan Crucible Company
plc, the Chairman, Dr. Bruce Farmer, made the following statement:

"We stated in our Preliminary Statement in March that we continued to view
the immediate future with caution and were not anticipating any significant
upturn in overall customer demand in the short term.  However, we believe
that trading will be in line with our expectations despite continuing
weaknesses in the automotive, industrial, aerospace and semi-conductor
markets.

"Our restructuring program as announced in February 2002 is also on track
both in terms of anticipated savings and costs.  Possible future
restructuring actions, other than those in the existing plan, are being
carefully evaluated and prioritized and will be initiated at a rate
commensurate with the Group's financing capacity.

"We recently announced the sale of six of our coatings businesses in the USA
and our Superconductor business in Germany and these proceeds of
approximately GBP32 million will be used to reduce our borrowings.

"I should like to advise you that a circular has just been sent to
Convertible Redeemable Third Preference shareholders telling them of our
intention to redeem those preference shares at par at the end of July which
will amount to approximately GBP28.2 million.

"This is also an appropriate time for me to advise you that I am planning to
retire by the end of the year and the process of identifying my successor is
well under way.  When a decision has been reached we shall announce it."

CONTACT:  THE MORGAN CRUCIBLE COMPANY PLC
          Victoria Gould, Group Communications Manager
          Phone: +44 (0)1753 837237

          FINSBURY GROUP
          Rupert Younger
          Phone: + 44 (0) 20 7251 3801
          Charlotte Hepburne-Scott


MYTRAVEL GROUP: Fears Bondholders Will Derail Rescue
----------------------------------------------------
A condition set by one of MyTravel's bondholders is threatening the rescue
package for the holiday group, according to The Scotsman.

MyTravel announced last week that after months of talks, its banks had
finally agreed to give the firm a needed GBP1.3 billion funding that would
sustain the group for three years while it reorganizes its business.  But
the deal is entirely conditional on the approval of its bondholders --
American "vulture funds" that are demanding high returns for lending money
to troubled companies, according to the report.

There is "no way a deal will be done," a source close to the bondholders
said.  MyTravel recently reported a seasonal operating loss before
exceptional items and goodwill of GBP282.7 million.  The company became the
subject of nasty speculations, especially after March figures showed a 16%
drop in travel, largely caused by the war in Iraq and worries over the SARS
epidemic.

CONTACT: Brunswick
         Fiona Antcliffe
         Sophie Fitton
         Phone: 020 7404 5959


NETWORK RAIL: Rail Regulator Scraps Executive Bonuses
-----------------------------------------------------
Rail regulator Tom Winsor ruled out bonuses for top executives at Network
Rail after getting disappointed of the failure of the managers to cut
operating cost.

The move would wipe out the bonuses of Chief Executive John Armitt and his
four top executives, who were in line for payouts totaling GBP700,000 for
the first six months' operation of the not-for-profit firm.

In his business plan for 2003-04, Tom Winsor recently said the tracks in the
U.K. today are no better than when they were managed by Railtrack.  He
questioned the firm's plan to spend GBP27.8 billion over the next three
years, which is almost GBP12 billion more than the original budget.

"Network Rail has not made the case for all the activity it is
projecting, it will have to justify this increase in activity," Mr. Winsor
was quoted by BBC News as saying.

"We are very concerned with the forecasts that Network Rail is making in
relation to activity and costs, and these will have to be thoroughly
justified."


PORTER BLACK: UK Brewery Potential Buyer for Failed Pub Business
----------------------------------------------------------------
A potential buyer has been found for the privately held pub company, Porter
Black Holdings, which went into receivership earlier this week.

Young and Co.'s Brewery showed interest in acquiring the failed pub
operator, The Times said.  The UK brewery is expected to be among several
potential bidders for the 32 pubs owned and operated by Porter.  Seven of
its pubs are in London, with others in locations including Yeovil,
Chippenham, Reading, Leeds, Luton and Nottingham.  The company is based in
Newton Abbot, Devon, employs 450 staff and generates annual sales of about
GBP15 million.

Last week, Porter appointed Balir Nimmo and Tony Friar from KPMG Corporate
Recovery as its Joint Receivers.  The move comes just seven months after
Porter Black agreed to buy 17 unbranded pubs from Regent Inns in a deal
worth GBP4.3 million.  Reports say Regent had not yet been paid any monies
from the agreement and had commenced discussions with the receiver about
whether the sale will complete.

Mr. Nimmo commented: "We are continuing to trade the business as normal and
are hopeful of selling it as a going concern."

Porter Black Holdings operates these establishments:

(1) The New Battleaxes, Wraxall, North Somerset;

(2) The Woodman, Palmers Green, London;

(3) Porter Blacks Battersea, London;

(4) White Lion, Tenterden;

(5) Ye Old Crown, Edenbridge;

(6) Dodger Inn, Newport, Gwent;

(7) Porter Blacks Chippenham;

(8) Porter Blacks Newton Abbot;

(9) The Barn, Nr Llantrisant, Mid Glamorgan;

(10) S Bar, Battersea, London;

(11) Millers Wine Bar, Taunton;

(12) Porter Blacks Bedford;

(13) Bar 1-0-1, Eastleigh;

(14) Porter Blacks Somerset, Yeovil;

(15) Porter Blacks Exeter;

(16) Porter Blacks Kingston, Kingston-upon-Thames;

(17) Jack Stamps, Weston-Super-Mare;

(18) The Folly, Croydon;

(19) Spoofers Gloucester;

(20) Bar Logic, London;

(21) Bar Monaco, London; Bourbon, Leeds;

(22) Chumley's, Reading;

(23) East Side Bar, Ilford;

(24) Guildhall, Newcastle-under-Lyme;

(25) Pavilion, London;

(26) Quid Pro Quo, Leeds;

(27) Sadlers, Luton;

(28) Significant Half, Plymouth;

(29) Spoofers Dagenham; and

(30) Tramshed, London.


CONTACT:  PORTER BLACK HOLDINGS LTD.
          7 Market Street,
          Newton Abbot,
          Devon TQ12 2RJ.
          Phone: 01626 882000
          Fax: 01626 882001
          Email: admin@lionheartinns.co.uk
          Contact: Philip Riches, Managing Director
          E-mail: priches@lionheartinns.co.uk


ROYAL MAIL: Moves Ahead with Plan to Integrate Road, Air Network
----------------------------------------------------------------
Royal Mail has revealed its plans to have a more efficient and flexible
UK-wide distribution network, integrating air and road, in place by the end
of the financial year.

Original plans to include rail in the new network have now been dropped
after Royal Mail failed to reach agreement with its rail freight supplier
because the cost was too high.  As part of a complete review of its road,
rail and air network, Royal Mail announced last year that it intended to
stop using rail for the distribution of First Class mail due to poor
reliability, but would continue using rail for less time critical items.
This would have increased the amount of mail distributed by rail from 14
percent of the daily postbag of 82 million items to around 18 percent.

However, following the failure of protracted negotiations with rail freight
supplier EWS over the transfer of existing services to the new network,
Royal Mail has concluded that it has no alternative but to move forward with
a restructure based on a road and air network only.

Paul Bateson, Royal Mail's Managing Director, Logistics, said: "There is a
marked difference between the price we believe we should be paying for rail
services and that which was on the table.  Quite simply, other forms of
transport can give us the same benefits, in terms of flexibility and
quality, but at a lower cost.

"We are disappointed that, after two years of discussions with EWS, we have
been unable to make any headway.  But we cannot negotiate any longer.  We
need to move ahead and create a new distribution network which is more
robust and has greater flexibility to improve quality of service as well as
one which is more cost effective than we have now."

He added: "To continue talks would simply have caused unacceptable delays to
our plans to restructure our distribution network, costing us money and
impacting on the service we provide to our customers."

Royal Mail will now begin a process of canceling its train services, in line
with the terms of its contract with EWS, and expects its new distribution
structure to be in place by the end of the financial year.

Mr. Bateson said: "We are totally confident that the newly designed road and
air solution, based on a hub and spoke network, will give us the improved
quality of service expected under the original plan.

"Work on a new GBP40 million National Distribution Hub in the Midlands,
which underpins the new road network, is underway and the phased opening
will begin later this year.  Detailed planning of the air element of the
integrated network will be completed by the end of July."

He stressed: "We expect this solution to provide us with the annual cost
savings of GBP90 million originally envisaged and the reduced impact of our
distribution network on the environment through more efficient use of road
vehicles."

Mr. Bateson said a return to rail for some elements of the distribution
network had not been ruled out for the future. Options will be scoped when
the new network is in place and rail companies will be invited to tender for
services if Royal Mail feels they can add benefit in terms of quality of
service and price.

                     *****

-- The restructure of the distribution network is a key element of Royal
Mail's renewal plan to reduce annual costs by GBP1.4 billion to invest in
improving services.

-- 49 train services currently serve Royal Mail's distribution network each
day.

-- 33 of these are freight services, used for the distribution of large
volumes of mail across the country. Sixteen of these are Traveling Post
Offices, on which mail is sorted during the trains' journey.

-- Notice has already been given to EWS to cease five of those at the end of
July.  The phased cessation of the remaining services will take place
between September 2003 and the end of March 2004.

-- Royal Mail is considering tenders from a range of air operators for
services distributing mail across the UK.  This process will be completed,
with successful operators chosen, by the end of July. Implementation of the
new integrated air network will begin in October.

CONTACT:  ROYAL MAIL PLC
          148 Old Street
          LONDON
          EC1V 9HQ
          Homepage: http://www.royalmail.com


SEMPLE PLC: Hopes to Return to Black Within 12-18 Months
--------------------------------------------------------
Semple plc, the mechanical and electrical engineering business, has given
its strongest signal yet that the recent corporate restructuring is paying
dividends with the announcement of GBP3 million worth of new contracts.

The Group's Building Services division announced two new contracts for
mechanical and electrical engineering work on Warrington Wolves' new rugby
league stadium and the construction of student accommodation at Hartpury
College in Gloucester. Semple's Security division has also been awarded a
contract to manage the relocation and development of Southampton's CCTV
control room at St Mary's Stadium.

Semple also unveils its new corporate identity this week across all five
divisions -- Building Services, Security, Power, Rail and Underground, and
Highways -- reflecting the renewed focus and structure of the business.

Gordon McKie, Chief Executive of Semple plc, stated, "Semple is now entirely
focused on five key divisions -- building services, security, rail and
underground, power and highways.  The latest new contract announcements are
a significant success for the company and are testament to the quality of
work offered by our staff.

"The projects involve a wide range of mechanical and electrical engineering
services and we will be working in partnership with commercial organizations
and local government authorities in each case.  We are confident that we can
attract more business on this scale given our UK wide resource and the
recent integration of our business operations into one organization.

"The Group's new corporate identity also provides us with an excellent
method of promoting our modernized business to customers, suppliers and
other business partners."

CONTACT:  SEMPLE PLC
          Phone: 0141 646 5252
          Fax: 0141 646 5250
          11 Fullarton Court,
          Drumhead Place,
          Cambuslang, G32 8EY
          E-mail: enquiries@semple.co.uk
                  itsupport@semple.co.uk


SHORTS: British Government Urged to Intervene in Redundancy Plan
----------------------------------------------------------------
Northern Ireland's former economy minister Sir Reg Empey has asked help from
the British government to foil the plan to cut jobs at the Shorts aerospace
plant in Belfast.

According to online news agency BizWorld, Sir Empey called on the British
government to intervene to avoid the 1,000 job cuts announced by the firm
after its workforce rejected a pay deal proposed by the company and trade
unions.  Following the refusal, the Bombardier-owned company decided to
transfer work to other sites in order to keep costs under control.

The North's finance minister Ian Pearson said that the government had
supported the company over the years.  There is "no doubt" that it will
continue to do so "because we want to support and maintain employment in the
Belfast area," he added.

The European division of Canadian industrial firm Bombardier
Aerospace informed its staff in a bulletin statement it is accelerating its
redundancy program after it received a contract worth more than US$2.2
billion with U.S. Airways for a mixture of its 50 and 75 seat regional jets.

Shorts said 1,050 jobs across the Belfast Bombardier sites would be lost on
top of the 580 already announced.  The cut backs is aimed at reducing costs
and safeguarding the remaining contracts and jobs in the longer term.  The
Canadian parent cut nearly 2,000 employees to counter the crisis faced by
the industry since the September 11 terrorist attacks in the U.S.


SIMON GROUP: Completes Sale of Storage Division
-----------------------------------------------
Under the terms of the Sale and Purchase Agreement for the disposal of the
storage division dated December 18, 2002, (and announced on December 19,
2002) the cash consideration was subject to adjustment to reflect the
Storage Division's net asset position at Completion on January 14, 2003.

The process of agreeing the consideration adjustment has been concluded with
the Buyer, who has paid Simon GBP2.1 million. This will be shown in the
interim accounts for the half year to June 30, 2003.  This payment takes the
total cash consideration for the disposal of the Division to GBP64.95
million.  No further consideration is payable.

                     *****

Simon Group is an integrated European ports and logistics business.

Simon Group's two core divisions are:

Simon Ports - operates an integrated port, storage and distribution business
from two owned ports on the UK East Coast, including the recently developed
Roll-on Roll-off ferry facility at the Humber Sea Terminal. Simon announced
last month (May 2003) the development of Phase II of the Humber Sea Terminal
offering a third deepwater riverside berth.

Simon Logistics - Seawheel, the Division's principal operating unit is a
leading provider of full-load intermodal door-to-door logistics and
distribution services throughout Europe. It operates regular sailings from
the UK, Ireland and Continental Europe and can transport virtually any
containerized or palletised product.

In a statement reporting its financial results for the year ended December
2002, the company said:

In November 2002, the Board received an offer from Patron Capital to acquire
the Storage Division, which was subsequently approved by shareholders.  The
disposal was completed in January 2003 and the net sale proceeds have been
used to clear the Group's bank debt and to provide working capital for the
Group's remaining operations, Ports and Logistics.

Group turnover results on continuing activities increased during the year to
GBP111.7 million from GBP102.9 million in 2001. Exceptional losses of
GBP22.3 million (of which GBP15.6 million related to the writing off of
Logistics' goodwill) resulted in a loss before taxation for the year of
GBP22.5 million (2001: profit before tax GBP54.8 million).

CONTACT:  SIMON GROUP PLC
          Phone: 01737 372660
          Niall Nolan, Finance Director
          Richard Catt, Legal Director

          GAVIN ANDERSON & COMPANY
          Phone: 020 7554 1400
          Liz Morley
          Ken Cronin


SMG PLC: Chairman Says Full Recovery Remains Uncertain
------------------------------------------------------
At the Annual General Meeting of SMG plc, held (Friday, June 6), Chairman,
Don Cruickshank, said:

"As we stated in our preliminary results announcement in March, the recovery
had displayed signs of having started in the second half of last year. This
has stalled in the early part of 2003, and while we have seen some pockets
of revenue growth, the first five months of 2003 lead me to be cautious
about the remainder of the year.

"The war in Iraq has suppressed advertising markets and we saw some tactical
spend pushed into the second quarter of the year. However, SMG's presence in
a number of advertising sectors has resulted in the Group benefiting from
some bright spots in the outdoor and cinema markets.  Against this
background, while television and radio remain softer, we hope to see some
improvement in trading in the second half of the year.

"The outlook remains uncertain on the timing of a full recovery and we
continue to manage our business on the basis that any material recovery in
advertising markets will not occur before 2004. Nonetheless, we believe
there is considerable scope for the Group to continue to develop."

CONTACT:  Callum Spreng
          Corporate Affairs Director
          Phone: 0141 300 3640


ZOO DIGITAL: Posts FY2002 Results
---------------------------------
Zoo Digital Group plc, the Sheffield based digital entertainment company,
announces preliminary results for the year ended December 31, 2002.  The
results are in line with market expectations.

Highlights

-- Turnover increased to GBP1.9 million (2001: GBP0.7 million)

-- Loss before interest, tax, depreciation, amortization and exceptional
items (LBITDA) at GBP1.9 million (2001: GBP1.9 million).

-- Retained loss for the financial year was reduced to GBP2.2 million (2001:
loss of GBP9.0 million)

-- Feasibility studies into interactive DVD discs completed DVD-Extra Studio
and two showcase interactive DVD products successfully completed

-- Acquisition of 'Premier Manager' brand and franchise on PS2 in November
2002 from Atari (formerly Infogrames)

--  Signing of exclusive licensing agreement with Celador International
Limited for 'Who Wants To Be A Millionaire' quiz game on DVD-Video

-- Successful GBP1.5m placing completed at the beginning of June 2003 to
finance future growth.

Commenting on the results CEO, Ian Stewart, said:

"The year to 31st December 2002 was one of significant development with the
Group establishing itself in the video games market and rapidly progressing
its DVD-Extra Technology.. Reaction to our DVD Extra technology has been
extremely encouraging and the recent fundraising of GBP1.5m gives us the
opportunity to accelerate its development and maximize its potential.

"The board believes that the combination of publishing low risk licensed
product and in-house own brands together with the huge potential of
DVD-Extra Studio places the Group in an excellent position for a move to
profitability and significant future growth."

Chairman and Chief Executive's Statement 2002:

"The year to 31st December 2002 was one of significant development with the
Group establishing itself in the video games market and rapidly progressing
its DVD-Extra Technology.

"Over the year we published seven titles on the Nintendo Gameboy Advance and
PC platforms across five European countries. Furthermore in November 2002,
we acquired the 'Premier Manager' brand and franchise, which has enabled the
Group to enter the lucrative Sony Playstation 2 market for the first time.

"Further PS2 titles are currently being considered for publication. The
Group has also acquired a number of Electronic Arts titles, amongst others,
for publishing on the Gameboy Advance platform during 2003.

"Following the completion of the feasibility studies into interactive
DVD-Video discs it was evident that we believed we had a unique proposition
with a huge market potential.  Consequently the Group accelerated its
development of DVD-Extra Studio and successfully produced two showcase
interactive DVD products in October 2002, achieving significant credibility
in the DVD industry."

Results

"The Group increased sales for the period to GBP1.9m (2001: GBP0.7m) with a
LBITDA of GBP1.9m (2001: GBP1.9m). The retained loss for the financial year
was reduced to GBP2.2m (2001: loss of GBP9.0m) with a loss per share of
1.46p (2001: loss of
8.15p).

"The Group's cash position was GBP1.3m as at 31 December 2002 (2001:
GBP3.3m).

"This compares with cash balances of approximately GBP2.2m at the interim
stage."

Publishing and Licensing

"The Group's strategy is to build on its own intellectual property assets
such as Premier Manager and Home Creative Studio using internal development
resources.

"These key titles will be supported by the acquisition of finished titles
for localized or cross platform publishing, which generally entail lower
risk opportunities.

"We aim to identify niche products that have a sizeable sales opportunity in
this market and we intend to publish at least three PS2 titles in 2003 in
line with this strategy.

"Our support for the Gameboy Advance market will continue and we intend to
release twelve new titles in 2003, six of which are Electronic Arts titles
including 'Need For Speed - Porsche Unleashed' and 'Sim City 2000'.

"Nintendo's commitment to this market has continued with the release of the
New Gameboy Advance SP and is being targeted at males aged 18 to 35. Our
portfolio of games aims to compliment this target audience focus. The
Christmas sales seasons will be the key selling period for the Gameboy
Advance SP and we are
well positioned to take advantage of this.

"Home Creative Studio Version 1.6 will be published with new features and
model sets during the summer and discussions are ongoing with US publishers.
Whilst this product has proved difficult to position, the digital imaging
market is now opening up and we anticipate a long life expectancy for this
product.

"Following the acquisition of Premier Manager from Atari (formerly
Infogrames), a development team has been assembled to ensure the
continuation of the brand.

"The Group commenced a three year development program, which will enable us
to re-establish the brand in the eyes of the consumer.

"For 2003 we will publish the title on PS2, PC and for the first time, on
Gameboy Advance, taking advantage of Nintendo's positioning and marketing of
the new Gameboy Advance SP. We will also look to explore the on-line and
interactive TV opportunities for which product design materials are already
advanced.  Premier Manager is seen as a pillar title that can generate
substantial revenues in a niche but popular market in which the management
team has considerable experience."

Who Wants To Be A Millionaire ('WWTBAM')

"Following the self publishing of the WWTBAM quiz game on DVD-Video in
October 2002 this product has now been licensed to Vivendi Universal for
publication in three initial territories; UK, France and Italy.

"In line with our agreement with Celador, the holder of rights to WWTBAM,
the agreement with Universal is for a seven year period and gives them
options over all territories apart from North America.

"We believe this to be a major opportunity for the Group and we look forward
to extending our relationship with Universal whilst also proving the
benefits of DVD-Extra."

DVD-Extra

"During the year the Group accelerated its development of a revolutionary
authoring software for producing interactive DVD-Video discs that will play
on any standard consumer DVD player. We applied for and received a SMART
grant award of GBP188,000 from the Department of Trade and Industry to
assist with the research and development.  DVD-Extra unlocks the hidden
interactive capabilities that exist in every player, and allows developers
to produce titles that exhibit many of the properties of multimedia CD-ROM
on a standard, unmodified, DVD player.

"ZOO's principal offering is a product for authoring interactive DVD-Video
discs called DVD-Extra Studio.  This tool operates in a similar way to
multimedia authoring products that are designed for creating CD-ROM
applications for PC and Macintosh, but produces DVD-Video disc images as its
output.  It performs a
similar function to so-called DVD authoring products that are designed
specifically for creating DVD-Video discs, but due to the patent-pending
authoring method it employs, it offers substantial cost savings for
companies that are involved in the production of DVDs and also enables more
sophisticated functionality to be developed.

"ZOO will license DVD-Extra Studio to multimedia developers and Compression
and Authoring facilities.  Charges will be levied on a pay-per-use basis,
such that customers will pay a fee to ZOO for each project that uses
DVD-Extra Studio.

"The Group has applied for patents to protect the core DVD-Extra technology
and is continuing to further develop and protect its intellectual property
worldwide."

Outlook

"Following the successful fundraising of GBP1.5m gross through the share
placing which was completed on 2nd June 2003 the Group looks forward to
positive progression. The portfolio of products is expanding, with a focus
on the development of our own intellectual properties. The board believes
that the combination of publishing low risk licensed product and in-house
own brands together with the huge potential of DVD-Extra Studio places the
Group in an excellent position for a move to profitability and significant
future growth.

"The Group plans to exploit the DVD-Extra technology internationally and has
established an Early Adopter Program consisting of around twenty companies
including Technicolor, Warner and Comchoice, leading to the first commercial
release of the product within twelve months. We believe that the uniqueness
of DVD-Extra and the filing of international patents will allow ZOO to build
and maintain significant differentiation over other authoring tool
providers."

John Barnes, Chairman

Ian Stewart, Chief Executive Officer

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

CONTACT:  ZOO DIGITAL GROUP PLC
          Ian Stewart, Chief Executive
          Phone: 0114 241 3700

          BINNS & CO.
          Paul Vann
          Phone: 0207 786 9600
          Ken Rees
          Phone: 07802 466 567

          NOBLE & COMPANY LIMITED
          John Llewellyn-Lloyd
          Phone: 0207 367 5600


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (111)         174     (182)

BELGIUM
-------
Mobistar SA               MOSG       (30)       1,039      (61)
Real Software             REAL       (35)         244       (1)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192    (2,186)

DENMARK
-------
Elite Shipping                       (28)         101        19

FRANCE
------
Banque Nationale
   de Paris Guyane                   (41)         352       N.A
BSN Glasspack                       (102)       1,151       179
Bull SA                   BULP       (39)       1,512       (17)
Centrest Societe
   de Developpement
   Regional                         (132)         252       N.A.
Compagnie
   des Machines Bull                  (6)         231        (3)
Compagnie Francaise de
   l'Afrique Occidentale             (66)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP         0          187        28
European Computer System            (110)         682       377
Financiere St. Fiacre                 (1)         111        33
France Telecom            FTE       (180)     111,959   (31,035)
Grande Paroisse SA                  (845)         383       107
Immobiliere Hoteliere     HOIN       (66)         185       (54)
Pneumatiques Kleber SA               (34)         480       139
Sa des Usines Chausson               (23)         249        35
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal SA                            (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
Trouvay Cauvin            TRCN         0          134        10

GERMANY
-------
Brau Und Brunnen AG       BBAG       (14)         508      (210)
Dortmunder
   Actien-Brauerei        DABG       (13)         118       (29)
Edel Music AG             EDLG       (66)         353      (159)
Eurobike AG               EUBG       (32)         158       (31)
F.A. Guenther & Sohn AG   GUSG        (8)         111       N.A.
Kaufring AG               KAUG       (19)         151       (51)
Nordsee AG                            (8)         195       (31)

ITALY
-----
Binda SpA                 BND        (12)         129       (20)
Credito Fondiario
   e Industriale SpA      CRF       (200)       4,218       N.A.
Vemer Siber Group SpA     VEM         (3)         235       (79)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610        46

NORWAY
------
Northern Oil ASA          NOI         (9)         204      (272)
Pan Fish ASA              PAN       (117)         806       259

POLAND
------
Animex SA                             (1)         108       (86)
Exbud Skanska SA          EXBUF       (9)         315      (330)

SPAIN
-----
Altos Hornos de Vizcaya SA          (116)       1,283      (278)
Santana Motor SA                     (46)         223        41
Tableros de Fibras SA     TFI        (43)      (2,107)      116

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (64)         515       252

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (2)         168       (16)
Alldays Plc               ALD       (120)         252      (202)
Amey Plc                  AMY        (49)         932       (47)
Bonded Coach
   Holiday Group Plc                  (6)         188       (44)
Blenheim Group                      (153)         198       (34)
Booker Plc                BKRUY      (60)       1,298        (8)
Bradstock Group           BDK         (2)         269         5
Brent Walker Group                (1,774)         867    (1,157)
British Nuclear Fuels Plc         (2,627)      36,359     1,948
British Sky Broadcasting  BSY       (459)       3,364       (40)
British Telecom Group               (408)      39,442       732
Compass Group             CPG       (668)       2,972      (298)
Costain Group             COST       (34)         329       (12)
Dawson Holdings           DWSN       (32)         135       (25)
Easynet Group Plc         ESY        (12)         332        53
Electrical and Music      EMI
   Industries Group               (1,267)       2,731    (1,158)
Euromoney Institutional   ERM       (119)         173        20
Gallaher Group            GLH       (543)       5,527        68
Gartland Whalley                     (11)         145        (8)
Global Green Tech Group             (156)         408       (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109       (10)
HMV Group PLC             HMV       (606)         664      (133)
Imperial Tobacco Group    ITY       (117)      10,083      (190)
Intertek Testing Services ITRK      (134)         425       (67)
IPC Media Ltd.                      (685)         254        16
Lambert Fenchurch Group               (1)       1,827        (3)
Lattice Group                     (1,290)      12,410    (1,228)
Misys PLC                 MSY        (86)         961        (7)
Orange PLC                ORNGF     (594)       2,902         7
Rentokil Initial Plc      RTO     (1,130)       2,809       (37)
Saatchi & Saatchi         SSI       (119)         705       (41)  Seton
Healthcare                     (11)         157        (0)
Yell Group PLC                       (71)       3,137       325


Each Tuesday edition of the TCR-Europe contains a list of companies with
insolvent balance sheets based on the latest publicly available balance
sheet available to our editors at the time of publication.  At first glance,
this list may look like the definitive compilation of stocks that are ideal
to sell short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which equity
securities trade in public market are determined by more than a balance
sheet solvency test.


                            *********


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.  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 written permission of the
publishers.

Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year, delivered via
e-mail.  Additional e-mail subscriptions for members of the same firm for
the term of the initial subscription or balance thereof are US$25 each. For
subscription information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *