/raid1/www/Hosts/bankrupt/TCREUR_Public/030618.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

            Wednesday, June 18, 2003, Vol. 4, No. 119


                            Headlines


C Z E C H   R E P U B L I C

SKODA PRAHA: CEZ Cancels CZK700 Mln Debt in Return for 69% Stake


F I N L A N D

SYSOPEN OYJ: To Implement Temporary Layoff Scheme Beginning July


F R A N C E

ALCATEL: Buys Back Bonds Maturing 2004, 2005
ARIANESPACE: Reports Performance High Not Seen Since 1997, 2000
WAVECOM SA: SARS, Weakening Dollar to Hit Second Quarter Results


G E R M A N Y

DEUTSCHE BA: Take 20% Pay Cut or Take A Hike, Staffs Told
GERLING-KONZERN: Full-year Loss Widens Further to EUR739 Million
KIRCHMEDIA GMBH: Wind-up to Take at Least 10 Years, Say Lawyers
NORDEX AG: Finance Chief Says Creditors' Confidence Remains Firm
PROSIEBENSAT.1 MEDIA: Investors OK EUR300 Million Capital Hike
PROSIEBENTAT.1 MEDIA: Reaches Exchange Deal with KirchMedia
PROSIEBENSAT.1 MEDIA: Appoints Owner's Administrator Chairman


I T A L Y

FIAT SPA: Mass Layoff Not Expected in New Turnaround Plan


N O R W A Y

PETROLEUM GEO-SERVICES: Banks Extend Maturity on $250 Mln Debt


P O L A N D

NETIA HOLDINGS: Grants New Management Board Member Share Options


S W E D E N

INTENTIA INTERNATIONAL: Releases Prospectus on New Share Issue
NCC CONSTRUCTION: Dismisses 195 Employees in Stockholm
SAAB BARRACUDA: Sheds Production Crew in Gamleby Facility
TELIASONERA: Danish Unit Cuts Jobs to End in Black this Year
VOLVO AERO: Extends Spare Parts Distribution Deal with Boeing


S W I T Z E R L A N D

CLARIANT AG: Halts CHF120 Million Chemical Plant Project in U.S.
VON ROLL: Bondholders Approve Restructuring Plan
ZURICH FINANCIAL: Ships Threadneedle to American Express


U N I T E D   K I N G D O M

AMP LIMITED: To Release Subscription Data of Share Issue June 18
AWG PLC: Posts Details of Share Redemption Offer
BRITANNIC GROUP: No Truth in Takeover Rumor, Says Spokesman
BRITISH AIRWAYS: Faces Anti-trust Complaint Filed with E.U.
CABLE & WIRELESS: To Issue Senior Unsecured Convertible Bonds

CABLE & WIRELESS: Completes GBP258 Mln Convertible Bond Issue
CARCLO PLC: Credits Restructuring Measures for Comeback
CORDIANT COMMUNICATIONS: Shares Temporarily Barred from Trading
HP BULMER: Scottish & Newcastle Urges Investors to Accept Offer
LONDON PACIFIC: Changes Name to Berkeley Technology Limited

OASIS HEALTHCARE: Schedules Annual Meeting July 15
PIZZAEXPRESS PLC: GondolaExpress Bid Declared Unconditional
PPL THERAPEUTICS: Hedge Fund Demands Board Seat
RECYCLED WASTE: Delists Shares; Calls in Administrators
THISTLE HOTELS: Applies for Trade Cancellation, Delisting
THISTLE HOTEL: Board Director Lau Wing Tat Resigns
YORKSHIRE GROUP: Sells Stake in Loss-making Indonesian Unit


                            *********


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


SKODA PRAHA: CEZ Cancels CZK700 Mln Debt in Return for 69% Stake
----------------------------------------------------------------
Control of the struggling power plant contractor, Skoda Praha, will soon be
given to power utility CEZ through a debt-for-equity contract signed by the
two companies.

Czech Happenings reported that the transaction, to be approved by
shareholders in summer, raises CEZ's stake in Skoda to 69%.  It also cancels
the CZK700 million owed by the company to CEZ as fine for the delay in the
launch of Temelin.

Skoda Praha CEO Jiri Hurych said: "All claims and liabilities between CEZ
and Skoda Praha have been taken into account."

CEZ CEO Jaroslav Mil, for his part, called the contract a reasonable
compromise, as Skoda Praha would be "unable to effectively exist" without
it.  He said although it was not the "strategic aim" of CEZ to become a
majority shareholder, they are responsible to "look for paths securing its
future" as they are a majority owner of the contractor.

CEZ owns some 30% in Skoda Praha, at present.  Skoda's principal shareholder
is the state with 55% of shares but its direct stake will now shrink to
around 20%.

Earlier, TCR-Europe said a stabilization plan for Skoda Praha aims to save
CZK200 million (US$6.7 million) this year at a cost of CZK36 million, mostly
in the form of redundancy payments.  The company wants to cut operating
costs by 35% this year.


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


SYSOPEN OYJ: To Implement Temporary Layoff Scheme Beginning July
----------------------------------------------------------------
The joint discussions held with SysOpen's employees, due to the temporary
reduction in manpower requirements within the Group, came to an end on June
9, 2003.  Owing to the rapid decline in demand for IT services at the end of
the spring of 2003, SysOpen will make 9 employees redundant and lay off 89,
or 30 percent of all staff, for a maximum of 90 days, with a view to
adjusting its operations to the prevailing market conditions.

The redundancies will mainly apply to those involved in administrative
duties, while the layoffs will mainly concern staff who, in times of normal
demand, would be engaged in billable customer projects.  Depending on the
unit and near-term market prospects, the layoffs will vary from one week to
90 days.

As a result of the discussions, SysOpen has also decided to merge its unit
in Varkaus with that based in Kuopio, in order to enhance the Group's
business opportunities and cost-efficiency within the region.  While the
discussions were underway, the company also identified other tools for
securing its profitability and competitiveness.  Accordingly, SysOpen will
immediately begin taking measures to achieve other, minor cost-savings.

Through these measures, SysOpen estimates that it will achieve cost-savings
totaling EUR0.6-1.0 million during 2003.  It also aims for other
cost-savings in the years to come through restructuring.  The total
cost-savings for 2003 will depend on the actual duration of the layoffs.  If
demand for SysOpen's IT services returns to its normal level, the company
will avoid implementing the layoffs in terms of their planned scope and
duration.

These measures, on which the company has now decided, will have no effect on
the level of customer service.  In the main, the layoffs will be put into
effect from July to October, their effects on cost-savings, including those
stemming from redundancies, being reflected in the third and fourth quarter
results.

SysOpen estimates that, on the one hand, due to subdued demand for IT
services within the industry and, on the other, the company's previous
divestment of unprofitable businesses, consolidated turnover for 2003 is
likely to be 5-10 percent less than last year.  It also regards the previous
year's profit levels as remaining within its grasp.

By Arto Sahla
Managing Director
Helsinki, June 16, 2003

CONTACT:  SYSOPEN OYJ
          Arto Sahla, Managing Director
          Phone: +358 424 2020 339,
          Mobile: +358 40 521 442.986
          E-mail: arto.sahla@sysopen.fi


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


ALCATEL: Buys Back Bonds Maturing 2004, 2005
--------------------------------------------
                                         ISIN Code
5.75% FRF 2,000,000,000 February 2004    XS0048513666
5% EUR 500,000,000 October 2004          FR0000495855
5.875% EUR 1,000,000,000 September 2005  FR0000482713

The distribution of any offer or information document relating to the Offer,
carrying out the Offer and participation to the Offer may be regulated or
subject to legal and regulatory restrictions in certain jurisdictions.  The
Offer is not made to any person subject to such restrictions, neither
directly nor indirectly, and may not be accepted in any way from a
jurisdiction where the Offer would be subject to such restrictions.

United States

The Offer is not made within the United States of America or to any person
located in the United States of America.  No offer or information document
relating to the Offer has been submitted to the U.S. Securities and Exchange
Commission and any offer or information document relating to the Offer may
be sent or given to a person in the United States of America only in
accordance with the conditions set out in the laws and regulations of the
United States of America.  Each holder that will participate to this Offer
will be deemed to represent that he is not located in the United States of
America (within the meaning of Regulation S of the Securities Act) and that
he is not giving an order to participate to the Offer from the United States
of America.

Japan

The Offer is not made within Japan or to any person resident of Japan.  No
offer or information document relating to the Offer may be sent or given to
any person in Japan.  To this effect, any bondholder which will participate
to the Offer will be deemed to represent that he is not a resident of Japan,
he has not received the Offer in Japan, he is not giving any order from
Japan and he is not acting on instruction of persons resident of Japan.

United Kingdom

The Offer is not made in the United Kingdom to persons in the United Kingdom
except to persons mentioned in Articles 19 to 49 of the Financial Services
and Markets Act 2000 (financial promotion) order 2001 or otherwise in
circumstances which do not result and will not result in an offer to the
public in the United Kingdom within the meaning of the Public Offers of
Securities Regulations 1995 (as amended).  All applicable provisions of the
FSMA with respect to anything done by it in relation to the Offer in, from
or otherwise involving the United Kingdom.

Following the issue for one billion euros of bonds convertible into new or
existing shares and in accordance with its release June 3, 2003, Alcatel
(CGEP.PA) announces, with the aim to lengthen its debt maturity, a tender
offer opened to holders of the Bonds.  The Offer is intended to partially
repurchase the Bonds of three issues maturing in 2004 and 2005. The Offer
will be made by way of bookbuilding from June 17, 2003 to June 25, 2003 by
Institutional Holders (qualified investors within the meaning of Article
L.411-2 of the French Monetary and financial code and any holder other than
an individual) in order to determine a price per issue.  The tender offer
will be opened to individuals during a second period, from June 26, 2003 to
July 2, 2003 at prices equal to the prices of Institutional Holders.

Minimum repurchase prices excluding coupon (expressed as a percentage of the
nominal amount)
5.75% FRF Feb 2004 102.00%
5% EUR Oct 2004 102.25%
5.875% EUR Sept 2005 102.50%

Offer period:

(a) Institutional Holders: from June 17, 2003 to June 25, 2003

(b) Individual Holders: from June 26, 2003 to July 2, 2003

Combined maximum nominal amount of the Offer

The combined maximum nominal amount repurchased from Institutional Holders
for the three issues is EUR525 million (the Global Maximum Amount).  The
purchase of this amount by Alcatel will however be achieved only if demands
for repurchase at the minimum prices are equal or higher than EUR525
million, subject to the Maximum Amounts per Bond Issues not being exceeded.
Indeed, in order to maintain liquidity for the above issues, the intent of
Alcatel is to limit the maximum nominal amount of the Bonds which may be
repurchased at approximately 50% of the Bonds of each Bond Issue, that is
EUR133 million for the issue "5.75% FRF Bonds due February 2004", EUR244
million for the issue "5% EUR Bonds due October 2004" and EUR493 million for
the issue "5.875% EUR Bonds due September 2005."

To the Global Maximum Amount and Maximum Amounts may be added the amounts
repurchased from Individual Holders, the Bonds of which will not be subject
to any reduction.

Final repurchase prices

They will be determined after the closing of the offer for Institutional
Holders.  If no Bond is presented at the minimum price for a given Bond
Issue and that the other offered prices were not acceptable to Alcatel,
Alcatel will be allowed to give up the Offer for the relevant Bond(s)
Issue(s).

Centralization of the Offer in France and outside France

The centralization of the Offer in France will be made by Societe Generale,
and outside France by Societe Generale Bank & Trust S.A. as tender agent in
Luxembourg and by Citibank as global tender agent.

Information memorandum

An information memorandum received visa No. 03-578 dated June 13, 2003 from
the Commission des operations de bourse.

Copies of the information memorandum will be available, free of charge, from
the presenting banks, on the Internet sites of the Commission des operations
de bourse (http://www.cob.fr)and of Alcatel and at the head office of
Alcatel, 54, rue La Boetie, 75008 Paris.

Banks presenting the Offer
CREDIT SUISSE FIRST BOSTON
SG CORPORATE & INVESTMENT BANKING


ARIANESPACE: Reports Performance High Not Seen Since 1997, 2000
---------------------------------------------------------------
Arianespace CEO Jean-Yves Le Gall provided an update on the company's
activities during a press conference at the Paris Air Show.

Arianespace successfully maintained its leadership position in the
commercial geostationary launch market during 2002 despite intensified
competition, which was made even more difficult by the increasing scarcity
of new business.

In 2002, Arianespace signed 11 launch contracts out of the total 15 competed
on the world market.  The company's backlog as of June 16, 2003 was 40
satellites to be launched (including nine missions with the Automated
Transfer Vehicle for the International Space Station).  Since the creation
of Arianespace in March 1980, the company has inked orders for the launch of
a total 252 payloads.

With 12 launches that placed 16 satellites in orbit during 2002,
Arianespace's operational and production levels matched the company's highs
of 1997 and 2000.  The launch campaign activity included preparations for
the maiden mission of the Ariane 5 "10-tonne" version (Flight 157), a task
requiring constant reactivity of the Arianespace industrial and operational
teams, along with those of its industrial partners.

Arianespace had its third successful launch in 2003 on June 11, orbiting two
telecommunications satellites.  This latest success comes two months after
the previous Ariane 5 flight - which also orbited a dual-satellite payload,
and less than 10 days after Starsem's successful commercial Soyuz mission
with the European Space Agency's Mars Express spacecraft.  Prior to these
missions, the 116th and final Ariane 4 flight was performed on February 15.

On May 27, a ministerial-level ESA Council meeting approved the Ariane
system's consolidation and the construction of a Soyuz launch pad at the
Guiana Space Center, Europe's Spaceport.  These decisions give Arianespace
the means to operate a full range of launch vehicles that respond to all
client requirements.  The measures also will enable Arianespace to
consolidate its world leadership position on the commercial launch market.


WAVECOM SA: SARS, Weakening Dollar to Hit Second Quarter Results
----------------------------------------------------------------
Wavecom SA (Nasdaq: WVCM; Euronext Nouveau Marche: 7306) announced that it
expects second quarter revenues to be 18% to 23% lower than the first
quarter 2003.  On April 29, 2003, Wavecom announced revenues of EUR88
million for the first quarter of 2003, leading management to forecast second
quarter revenues to come in flat to moderately down.  Management cautioned
at that time that certain elements beyond its control could have a material
impact on short-term results.

The Company is currently experiencing the impact of two major factors
identified in the first quarter release.  The SARS epidemic has
significantly depressed consumer spending, including purchases of mobile
telephones, in China, which is Wavecom's largest market.  In addition, the
U.S. dollar has continued to weaken against the euro during the quarter.
Most of Wavecom's sales are denominated in U.S. dollars, while its reporting
currency is the euro.

Based on information currently available, Wavecom management believes that
the high levels of inventory being reported in China, exacerbated by SARS,
are likely to delay the rebound that the Company had expected in the second
half of 2003 by at least one quarter.  As a result, management now expects
full-year 2003 revenues to be lower than 2002 levels.

This announcement reports Wavecom's current best estimate of revenues for
the quarter.  The quarter has not yet ended and the company's actual results
may differ.  Wavecom will release second quarter 2003 results on July 24.
Management will host a conference call to comment on the Company's second
quarter 2003 results and full year 2003 outlook on July 24, 2003 at 3:00
p.m., Paris time, followed by a presentation for financial professionals at
5:30 p.m. in Paris.

About Wavecom

Wavecom is one of the leading suppliers of integrated technology solutions
for wireless voice and data applications.  The Wavecom Wireless Open
Workshop package includes all software and hardware required for developing
genuinely innovative wireless applications, plus comprehensive services and
development tools for fast, straightforward market release.

Founded in 1993 and headquartered near Paris in Issy-les-Moulineaux, Wavecom
has subsidiaries in Hong Kong, Seoul and San Diego, U.S.A.  Company revenues
totaled EUR551.1 million in 2002 and EUR88 million for the period ended
March 31, 2003.  Wavecom is publicly traded on Euronext Paris (Nouveau
Marche 7306) in France and on the NASDAQ (WVCM) exchange in the U.S.
http://www.wavecom.com

CONTACT:  WAVECOM
          Lisa Ann Sanders, Investor Relations Director

          Phone: +33 1 46 29 41 81
          E-mail: lisaann.sanders@wavecom.com

          USA (financial)
          John D. Lovallo, Ogilvy Public Relations Worldwide
          Phone: +1 (212) 880-5216
          E-mail: john.lovallo@ogilvypr.com

          UK
          Kate Gordon/Tristan Jervis - Ruder Finn UK
          Phone: +44 (0)20 7462 8900
          E-mail: kgordon@ruderfinn.co.uk
          E-mail: tjervis@ruderfinn.co.uk


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


DEUTSCHE BA: Take 20% Pay Cut or Take A Hike, Staffs Told
---------------------------------------------------------
Staffs of ailing German airline Deutsche BA have been asked by new owner
Hans Rudolf Woerhl to take a 20% pay cut for 12 months or face redundancy,
according to AFX News, citing company sources.

Around 250-300 of the 800-strong workforce will be made redundant if the
staffs do not agree to the pay cut.  They have until June 26 to decide their
future, the sources say.  The 12-month pay cut will help Deutsche BA lay the
groundwork for future growth and help ensure staffs keep their jobs.

The Tagesspiegel newspaper reported in a pre-released article, citing an
internal Deutsche BA document, that the German airline is losing EUR200,000
a day.  According to sources, the paper said, Deutsche BA made an operating
loss of more than EUR60 million in the year to the end of March.  This
amounts to a daily loss of at least EUR165,000 during the period.

British Airways PLC recently sold Deutsche BA to Intro
Verwaltungsgesellschaft mbH, a Nuremburg-based aviation consultancy and
investment company, for EUR1.

As part of the transaction, British Airways will invest up to GBP25 million
(EUR35 million) in Deutsche BA and will also underwrite the German carrier's
fleet of 16 aircraft for one year, at a cost of GBP2 million (EUR3 million)
a month.  In exchange, British Airways will receive 25% of any Deutsche BA
profits, or 25% of any profit on disposal of Deutsche BA, up to June 2006.

CONTACT:  BRITISH AIRWAYS
          Phone: 0208 738 5100

          INTRO VERWALTUNGSGESELLSCHAFT MBH
          Eric Kohn
          Phone: 0207 823 2662 or 07785 301500


GERLING-KONZERN: Full-year Loss Widens Further to EUR739 Million
----------------------------------------------------------------
In its core segments of primary property and life insurance business and
from business transacted by the Gerling holding through its service
companies the Gerling Group of Insurance Companies posted stable premium
volumes in 2002 and a profit according to IAS of EUR42 million before
non-recurring effects.

Overall, the Gerling Group had to digest an annual loss according to IAS of
EUR739 million (2001: EUR563 million) mainly due to the sizeable deficits
posted by Gerling-Konzern Globale Ruckversicherungs-AG (GKG) in connection
with measures required to stabilize the run-off of that company.  Premium
income, on the other hand, remained nearly stable at EUR10.2 billion gross
(2001: EUR0.3 billion gross).  In addition to the losses in the reinsurance
sector, the strongly retrograde investment result, the declining world
economy with a high incidence of insolvency as well as temporary special
balance-sheet effects resulting from the sale of the credit insurance
operations left an imprint on the Gerling Group's consolidated annual
result.

A non-recurring burden of the consolidated Group result was caused by the
IAS value adjustment of the shareholding in the credit insurance group
Gerling NCM Credit and Finance AG (GN). On closing of the sale that effect
will largely reverse itself in 2003, supporting the 2003 result.  There were
also other burdening impacts, such as depreciation of possible claims
against the reinsurer GKG, costs for hedging the security portfolio and
depreciation due to the developments on capital markets.

"Fields with the greatest problems have finally been ploughed; we now have a
good basis for a fresh start," said Bjorn Jansli, chairman of the Executive
Board of Gerling-Konzern Versicherungs-Beteiligungs-AG.  He sees the current
annual financial statements adopted by the Supervisory Board as still being
a reflection of the Group before its transformation.  He believes, however,
that underwriting results in the core business segments improved
significantly and stabilized in 2002.  Its concentration on
risk-management-based industrial business and target-group-oriented business
with commercial and private clients with a focus on employee benefits
ensures a continued attractiveness of the Group on the markets and for
strategic partners and investors.

"It is not least of all the greater freedom of movement which our new
shareholding structure is giving us to re-organize and re-capitalize Gerling
that makes the difference," Mr. Jansli said.


KIRCHMEDIA GMBH: Wind-up to Take at Least 10 Years, Say Lawyers
---------------------------------------------------------------
Insolvency lawyers of KirchMedia GmbH, the media firm which was put in
liquidation by creditors late last week, expect the wind up procedure to
take at least 10 years, according to Bloomberg.

The administrators agreed last week to sell KirchMedia's rights to 2,000
movies to ProSiebenSat.1 in the run down towards winding up what was once
Germany's second-largest media company.  They are further planning to sell
the remaining 16,000 broadcast licenses over the next few years.

Hans- Joachim Ziems, an insolvency lawyer with KirchMedia, considered the
move "the most-favored solution."  According to him the decision "wouldn't
have been possible a year ago because the banks wouldn't have agreed."

KirchMedia previously sold its KirchSport GmbH, and DSF sport channel.  Of
its original assets, the company now only has controlling stake in
ProSiebenSat1 Media AG, Germany's No. 1 television broadcaster.
KirchMedia's creditor banks and insolvency lawyers plan continue to manage
the 53% stake in ProSiebenSAT.1.

KirchMedia filed for creditor protection fifteen months ago after losing on
investments in Hollywood movie rights and the unprofitable pay-TV channel,
Premiere.  These ventures left it staggering with US$5.5 billion in debts
that eventually forced it to file the largest bankruptcy since World War II.
The Munich-based company received more than EUR9 billion ($11 billion) in
claims from creditors, including U.S. studios.


NORDEX AG: Finance Chief Says Creditors' Confidence Remains Firm
----------------------------------------------------------------
The restructuring plan of Nordex AG enjoys the support of both the
supervisory board and creditor banks, and proof of this is the range of
credit facilities still available to the company, Nordex CFO Thomas
Richterich said recently.

"The available credit lines enable us to finance our operations beyond the
current fiscal year," he said.

In the current financial year Nordex plans a revenue volume of EUR300-350
million with an operating loss.  The Company expects the successful
implementation of restructuring measures to lead to a marked improvement in
earnings in the coming fiscal year.

Together with the publication of half-year figures, Nordex had presented the
basic outline of a comprehensive restructuring program, which the company
has drawn up jointly with the management consultant, Roland Berger.  The
consistent implementation of this program is intended to enable Nordex to
return to profit territory from its own resources in fiscal 2004/05.  The
principal points here are focusing on key markets, reorganizing business
processes and making comprehensive cost cuts.

Most of these measures have already been implemented.  In addition to
cutting back some 130 jobs and reducing other operating expenditure, for
example, the company has streamlined its Group structure down to two main
subsidiaries. As of May 22, 2003, Sudwind Energy GmbH has been merged to
Nordex Energy GmbH. As the legal successor, Nordex Energy is continuing all
the business relations of Sudwind Energy, without restriction.

"The merger will help us optimize internal business processes. In addition,
this step will enable us to reduce administrative expenses and save costs,"
Mr. Richterich said.

Nordex AG has been listed on the Frankfurt Stock Exchange (currently in the
TecDax) since April 2, 2001.  As one of the leading technological suppliers
of megawatt machines, Nordex profits from the trend towards large turbines.
The range of products offered extends right up to the largest wind turbine
currently available in the world (N80/2,500 kW).  With some 44 percent of
output exported, Nordex AG also holds a strong position in the international
growth regions.  The company is represented with offices and subsidiaries in
18 countries worldwide.

CONTACT:  NORDEX AG
          Ralf Peters
          Phone: +49 (0)40/500 98 -100
          Fax: +49 (0)40/500 98 -333


PROSIEBENSAT.1 MEDIA: Investors OK EUR300 Million Capital Hike
--------------------------------------------------------------
ProSiebenSAT.1 on Monday obtained approval from shareholders to increase
capital by as much as EUR300 million (US$355 million), according to the
Financial Times.

CEO Urs Rohner said the capital increase would take place this year or in
the first quarter of 2004.  The German broadcaster, which has EUR980 million
of net debt, is steadily losing its share of audience, and has thus been
struggling to increase its advertising revenue.

Controlling shareholder KirchMedia offered the operation for sale, but talks
with potential buyer, U.S. businessman Haim Saban, collapsed earlier this
month.  KirchMedia plans to fund half the new equity and creditor banks will
subscribe to the remaining shares should shareholders refuse to exercise
their options.  The two have also agreed recently to convert their
preference shares into ordinary shares.

There was "no binding decision yet," but the possibility is expected to ease
out the issuance of the shares during the capital increase, according to the
report.

Earlier, analysts said ProSiebenSat.1 has to explain to investors what it
intends to do with the new money.

"The situation is still in flux and there are fundamental things that need
to be cleared up," said Wassili Papas, who manages EUR400 million, including
shares in ProSiebenSat.1, at Union Investment GmbH, according to Bloomberg.

"This alternative plan must not be a emergency solution and they have to
make clear once and for all what will happen next," said Daniela Bergdolt
from the DSW shareholder lobby group, according to the report.


PROSIEBENTAT.1 MEDIA: Reaches Exchange Deal with KirchMedia
-----------------------------------------------------------
Michael Jaffe, KirchMedia's administrator, and Urs Rohner, ProSiebenSAT.1's
chief executive, said they have agreed at a plan that could boost profits at
the German broadcaster, according to the Financial Times citing an interview
by Spiegel magazine.

According to the report, the deal is a 10-year contract that would allow
ProSiebenSAT.1, Germany's largest television broadcaster, access to 2,000
titles from KirchMedia's film library.  In exchange for this access,
KirchMedia will receive a cut on the advertising revenue generated by
ProSiebenSAT.1.

The deal is expected to boost ProSiebenSat1's margins in the short term
while offering KirchMedia's main creditor banks a steady cash flow to pay
some of their EUR1.3 billion (US$1.5 billion) loans to Leo Kirch,
KirchGruppe's erstwhile founder and owner.  But analysts warn the plan could
backfire and hit ProSiebenSAT.1's shareholders in the long term.

"Such a deal is good for profits when the advertising environment is poor,
as it is today, but it can become very bad when the market rebounds.  It is
something that bondholders and creditors like and equity holders don't,"
said one London-based analyst, according to the report.


PROSIEBENSAT.1 MEDIA: Appoints Owner's Administrator Chairman
-------------------------------------------------------------
Convening its first meeting Monday, the new Supervisory Board of
ProSiebenSat.1 Media AG elected Dr. Michel Jaffe, an attorney and the
insolvency administrator of KirchMedia GmbH & Co. KGaA, as chairman.
Wolfgang Hartmann, a member of the Executive Board of Commerzbank AG, was
elected vice-chair.

In addition to Dr. Jaffe and Mr. Hartmann, the Annual Meeting of the
shareholders of ProSiebenSat.1 Media AG elected six other members to the
Supervisory Board:

(a) Wolfgang van Betteray, a tax consultant;

(b) Dr. Gerhard Gribkowsky, a member of the Executive Board of
    Bayerische Landesbank;

(c) Prof. Dr. Hans-Joachim Mertens, of Johann Wolfgang Goethe
    University in Frankfurt,

(d) Thomas Welte, a certified public accountant and tax
    consultant;

(e) Dr. Oliver Wilken, an attorney; and

(f) Hans-Joachim Ziems, a corporate consultant.

Dr. Mathias Dopfner, chairman of the Executive Board of Axel Springer AG,
continues to be a member of the Supervisory Board of ProSiebenSat.1 Media
AG.

The supplementary elections to the Supervisory Board became necessary after
eight former members resigned their posts as of the end of the Annual
Meeting, held in Munich on June 16. Norbert Deigner, Fred Kogel, Alfred
Lehner, Hans Reischl and Gisela Schmitt have left the Board permanently.
Mr. van Betteray, Mr. Hartmann und Prof. Dr. Mertens were reelected after
their resignations.


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


FIAT SPA: Mass Layoff Not Expected in New Turnaround Plan
---------------------------------------------------------
The Italian government does not expect Fiat to announce significant plant
closures or mass layoff when it unveils its turnaround plan next Thursday,
according to Reuters.

But CEO Giuseppe Morchio -- Fiat's fourth head in a year -- would inevitably
mention job cuts in administrative departments, the report said.  Fiat could
have closed two factories in Italy as part of its wide-ranging restructuring
plan last year, had the government not intervened to minimize job losses.

According to reports, the plan will likely include cost savings of EUR800
million and a rights issue worth between EUR2 billion and EUR3 billion.
Analysts at Citigroup also do not expect the capital increase to become
significant for shareholders.

Citigroup, which raised its target price for Fiat shares to EUR8.00 from a
previous EUR7.00, said in a note last week: "With markets currently in an
upbeat mood, and with a renewed interest in industrials, it is probably the
time to stop fretting about the possibility of a rights issue at Fiat."

Fiat plans to launch new car models this year.  Analysts expect the
realization of the plan to be a significant development in the company's bid
to revive its business.  The industrial group is also going ahead with plans
to sell non-core assets, including aviation firm, Fiat Avio, to raise cash
to pare down debt.


===========
N O R W A Y
===========


PETROLEUM GEO-SERVICES: Banks Extend Maturity on $250 Mln Debt
--------------------------------------------------------------
Petroleum Geo-Services ASA (OSE: PGS; PINK SHEETS: PGOGY) announces that it
has agreed with banks to extend the maturity of its $250 million Credit
Facility from June 16, 2003 to September 4, 2003.

Petroleum Geo-Services (PGS) is a technologically focused oilfield service
company principally involved in geophysical and floating production
services.  PGS provides a broad range of seismic- and reservoir services,
including acquisition, processing, interpretation, and field evaluation.
PGS owns and operates four floating production, storage and offloading units
(FPSO's).  PGS operates on a worldwide basis with headquarters in Oslo,
Norway.  For more information on Petroleum Geo-Services visit
http://www.pgs.com

CONTACT:  Sverre Strandenes, SVP Corporate Communications
          Dag W. Reynolds, Director European
          Phone: +47 6752 6400
          Suzanne M. McLeod, U.S.
          Phone: +1 281-589-7935


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


NETIA HOLDINGS: Grants New Management Board Member Share Options
----------------------------------------------------------------
Netia Holdings S.A. (NET), Poland's largest alternative provider of fixed
line telecommunications services announced that on June 12, 2003 its
Supervisory Board granted Options to Paul Kearney, the new member of Netia's
Management Board appointed on the same date.  Paul Kearney obtained Options
representing 0.3% of Netia's share capital on a fully diluted basis.  The
Supervisory Board established the strike price for the share option in the
amount of PLN3.12.  These Options will expire on December 20, 2007.

CONTACT:  NETIA HOLDINGS
          Anna Kuchnio (IR)
          Phone: +48-22-330-2061


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


INTENTIA INTERNATIONAL: Releases Prospectus on New Share Issue
--------------------------------------------------------------
In a press release dated May 13, 2003, Intentia International AB announced a
proposal to finance the repurchase of its outstanding convertible notes
through a preferential rights issue.

The Board of Directors of Intentia International AB commissioned the
preparation of a new share issue prospectus.  The prospectus is now
available on Intentia's Web site, http://www.intentia.com
The subscription period is from June 19 through July 10, 2003.

About Intentia

Intentia is one of the world's leading suppliers of collaboration solutions.
It offers a one-stop shop for all collaboration needs within numerous
industry segments by developing, implementing and maintaining its own
solutions to produce the highest possible level of customer satisfaction.
These solutions consist of applications covering customer relationship
management, enterprise management, supply chain management, business
performance measurement, e-business and value chain collaboration.

Intentia has more than 3,200 employees and serves over 3,400 customers in
the manufacturing, maintenance and distribution industries via a global
network spanning some 40 countries.  Intentia is a public company traded on
the Stockholm Stock Exchange (XSSE) under the symbol INT B.

CONTACT:  INTENTIA INTERNATIONAL
          Thomas Ahlerup
          Head of Corporate and Investor Relations
          Intentia International AB
          Phone: +46 8 5552 5766
          Fax: +46 8 5552 5999
          Mobile: +46 733 27 5766
          E-mail: thomas.ahlerup@intentia.se
          Homepage: http://www.intentia.com


NCC CONSTRUCTION: Dismisses 195 Employees in Stockholm
------------------------------------------------------
Due to the downturn in the Stockholm office and housing market, NCC
Construction Sweden is serving employment-termination notices to 150
craftsmen and 45 salaried employees.

The market for newly produced offices and housing is declining, at the same
time as several of NCC's own major projects, such as the Kista Science Tower
and Frosunda office projects and Hammarby Sjostad residential project, will
be completed at the beginning of 2004.

The number of employees to be laid off will be decided at the end of August,
following negotiations with the unions concerned.  NCC's building and
housing construction operations in the Stockholm region currently have
approximately 1,100 employees.

"The office market in Stockholm, in particular, is extremely weak, but now
the initiation of proprietary housing projects is also being deferred due to
reduced demand.  The requests we are receiving regarding assignments are
declining in number and are for smaller projects.  We have assessed that the
recession in the constructions sector in the Stockholm area will not bottom
out until 2004 at the earliest," says Olle Warvik, Head of the Building
Stockholm/Malardalen region.

NCC is one of the leading construction and property development companies in
the Nordic region.  NCC had in 2002 sales of CHF45 billion, with 25,000
employees.

CONTACT:  NCC CONSTRUCTION
          Lars Liljegren, Information Manager
          Phone: +46 8 585 51951 or +46 70 640 4649


SAAB BARRACUDA: Sheds Production Crew in Gamleby Facility
---------------------------------------------------------
Due to weak order bookings, Saab Barracuda AB dismissed earlier this week 23
production personnel in Gamleby.

"The dismissals we implemented in the spring were unfortunately
insufficient," says Mats Warstedt, President of Saab Barracuda AB.  "A lot
of important customers have decided to postpone their planned procurement of
camouflage and other signature management products, which means we still
have overcapacity.  This latest move should be viewed as an adaptation in
line with demand in the industry."

Saab Barracuda AB is located in Gamleby, Sweden and develops, manufactures
and markets products for multi-spectral protection against detection and
identification through signature management.  The company is a world leader
in its field with subsidiaries in five countries, and representatives and
customers in 50 countries.

Saab is one of the world's leading high-technology companies, with its main
operations focusing on defense, aviation and space.  The Group covers a
broad spectrum of competence and capability in systems integration.

CONTACT:  SAAB BARRACUDA AB
          Mats Warstedt, President
          Phone: +46 (0)493 148 00
          Home Page: http://www.saab.se
          Home Page: http://www.barracuda.se


TELIASONERA: Danish Unit Cuts Jobs to End in Black this Year
------------------------------------------------------------
The Finnish-Swedish telecommunications group TeliaSonera's Danish fixed
networks subsidiary, Telia Networks, said Monday, June 16 that it had
reduced its number of employees by 27.  The job cuts are part of Telia
Networks' measures to reach a positive monthly result by the end of the
year.

                     *****

Telia Networks is responsible for Telia's fixed networks, fixed telephony
services, and data communications, as well as further development of the IP
infrastructure.  The business area offers network capacity and fixed
telephony in the wholesale and retail markets, primarily to customers in the
Swedish market, but also in the other Nordic country markets and in the
Baltic region, where Telia has operations.


VOLVO AERO: Extends Spare Parts Distribution Deal with Boeing
-------------------------------------------------------------
The Boeing Company (NYSE:BA) and Volvo Aero Services have extended their
Marketing and Distribution Agreement through December 2009.  Under this
Agreement, Volvo Aero Services will continue to market and sell Boeing
Surplus Inventory for commercial aircraft in addition to developing new
joint customer offerings.

Mark Owen, Vice President of Spares for Commercial Aviation Services at The
Boeing Company, said: "Boeing and Volvo Aero have had an excellent working
relationship since the first contract was signed in 1999, and we look
forward to continuing this partnership through 2009.  The renewal of this
agreement allows us to continue to reduce our inventory, generate additional
revenue by leveraging Volvo Aero Services sales team to market these parts,
and allow us to make them more readily available to our customers.  At the
same time, we'll be able to focus Boeing resources on our main spare parts
operation."

Boeing and Volvo Aero Services will continue to manage the existing programs
that they have jointly developed from the initial relationship.  It is
further agreed that they will jointly develop and establish new spares
related initiatives. This will provide a greater array of support offerings
designed to further enhance the needs of their airline customers as well as
services provided by MROs and repair stations around the globe.

Claes Malmros, President of Volvo Aero Services, said: "Through the
extension of this relationship, Volvo Aero and Boeing have demonstrated the
ability to rapidly adapt to the changing aviation environment by continuing
to provide innovative and value added services to our customers and
partners."

Volvo Aero Services will use its existing salesforce to market the expanded
service offerings as well as to continue distribution of Boeing surplus
parts to aircraft operators and maintenance and repair stations worldwide.

Last month, Volvo Aero said it has decided to make 250 employees redundant
in Trollhattan due to the decline in the international aviation industry.
It disclosed losses totaling SEK119 million during the past three quarters
and there are currently no signs of any turnaround in the aviation industry.

"Instead, many factors indicate that no improvement on the components side
can be expected until 2006," it said.

CONTACT:  VOLVO AERO
          Ann-Sophie Berner, Director of Communications
          Phone: +1 561-809-9600

          BOEING COMMERCIAL AIRPLANES
          Ed McGinn, Senior Manager, Communications
          Phone: +1 206-766-2161


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


CLARIANT AG: Halts CHF120 Million Chemical Plant Project in U.S.
----------------------------------------------------------------
Clariant announced Monday that a project in the Functional Chemicals
Division would be terminated with immediate effect. Expenditure on the U.S.
plant to date will be written off, however immediate measures to compensate
for this write-down have already been initiated.

As previously reported the start-up of a large-scale plant for detergent raw
materials in the U.S. has been delayed due to technical difficulties.
Recent intensive testing of the plant showed that the required
specifications could not be achieved in time.  Furthermore there is no
indication that the requirements can be met within adequate time and budget.
Therefore Clariant has decided to terminate the project with immediate
effect.

The plant manufactures a customer specific product and will therefore be
entirely written off in the second quarter.  The write-off charge amounts to
CHF120 million.  This charge will be balanced by short-term cost reduction
measures that have already been initiated.  These include a number of
savings in the area of administrative and personnel cost, which are set to
benefit Clariant's second quarter results significantly.  These measures are
in addition to the rationalization programs already planned in the Life
Science and overhead costs areas.  The project termination does not impact
overall liquidity and equity levels remain as at year-end 2002.


VON ROLL: Bondholders Approve Restructuring Plan
------------------------------------------------
The two-thirds majority required for converting the bonds in Von Roll
Holding Ltd. was reached and attested by a notary public this week.  The
bondholders have thus followed the shareholders in giving their approval to
the restructuring of the Von Roll Group.  The next step will be to submit
the resolutions of the bondholders' meeting to the court that has
jurisdiction in these matters.

The Board of Directors and the Management wish to express thanks to the
bondholders and the shareholders for their readiness to contribute towards
restructuring the Von Roll Group and to the banks for their financial and
specialist support.  Von Roll Group's management and employees will do
everything within their power to justify the confidence shown in the future
of the Von Roll Group.


ZURICH FINANCIAL: Ships Threadneedle to American Express
--------------------------------------------------------
Zurich Financial Services Group and American Express Company have signed a
definitive agreement for the sale of 100% of the ordinary share capital of
Threadneedle Asset Management Holdings Ltd to American Express Financial
Corporation.  The transaction value of approximately GBP340 million (US$570
million) will be paid in cash on completion.  The deal is expected to close
in the last quarter of the year, subject to approval by regulatory and
competition authorities.

Under the terms of the agreements, Threadneedle will continue to manage
certain assets for Zurich Financial Services U.K. for an initial term of up
to eight years, subject to standard performance criteria.  Furthermore,
Threadneedle will maintain its distinctive investment process and brand
name.

Zurich and American Express have also agreed that Threadneedle will maintain
its close working relationship with Zurich's U.K. distribution network,
distributing its investment products through both the Zurich Advice Network,
one of the largest networks of tied financial advisors in the UK, and the
Zurich Independent Financial Advisors Group.

James J. Schiro, Chief Executive Officer of Zurich Financial Services, said:
"The sale of Threadneedle marks yet another step in the implementation of
our strategy to re-focus on our core businesses.  Moreover our collaboration
with American Express ensures that Zurich's customers in the UK will
continue to benefit from Threadneedle's strong investment performance on
attractive terms and our UK distribution network will continue to enjoy the
same access to Threadneedle's investment products and services as it does
today."

Headquartered in London, Threadneedle was created in 1994 through the merger
of the investment management functions of Allied Dunbar and Eagle Star.  It
became a part of the Zurich Group in 1998, following Zurich's merger with
the B.A.T Industries' financial services business (BAFS).  In 1997
Threadneedle launched its first investment fund.  Since then, it has grown
rapidly to become a major force in retail investment in the UK and in
Continental Europe, while also building up a reputation in the institutional
market and in alternative investments.  As of March 31, 2003, Threadneedle
had over GBP44 billion (US$75 billion) in assets under management.

Zurich Financial Services is an insurance-based financial services provider
with an international network that focuses activities on key markets, North
America, the United Kingdom and Continental Europe.  Founded in 1872, Zurich
is headquartered in Zurich, Switzerland.  It has offices in approximately 60
countries and employs about 68,000 people.

CONTACT:  ZURICH FINANCIAL SERVICES
          Investor Relations
          Phone: +41 (0)1 625 22 99
          Fax: +41 (0)1 625 36 18
          Homepage: http://www.zurich.com


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


AMP LIMITED: To Release Subscription Data of Share Issue June 18
----------------------------------------------------------------
AMP announced Monday the timetable for the release of information about the
Share Purchase Plan (SPP) that closed Friday, June 13, 2003.  Following
processing of application forms, details of subscription levels will be
released to the market on June 18, 2003.

The pricing period for the SPP will commence on Monday, June 23, 2003 and
close on July 11, 2003.  The final price that shareholders will pay for
shares will be announced on July 14, 2003.  Ordinary shares under the SPP
will be offered at the lower price of:

(a) AU$5.50 (the price at which institutional investors
    subscribed for shares under a recent institutional
    placement); or

(b) A 5% discount to the average market price of AMP shares
    calculated during the pricing period.

Shares will be allotted on July 18, 2003 and commence trading on the same
day.  Statements detailing the allocation of shares will be sent to
participating shareholders by August 7, 2003.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
          Mark O'Brien, Investor Relations


AWG PLC: Posts Details of Share Redemption Offer
------------------------------------------------
Pursuant to the proposed issue and redemption of redeemable shares described
in the circular to shareholders dated May 27, 2003, AWG has today made a
Special issue of 177,450,750,000 redeemable shares of 0.1 penny each and
announces its offer to redeem all of its issued Redeemable Shares.

The Redeemable Shares have been issued to the holders of AWG ordinary shares
on the register at close of business on June 13, 2003 on the following
basis:

For every one AWG ordinary share                 1,000 Redeemable Shares

Each Redeemable Share has a nominal value of 0.1 penny.

Accordingly, for every one AWG ordinary share held on the Record Date, AWG
ordinary shareholders have been issued Redeemable Shares with a total
redemption value of GBP1.00.  The Redeemable Shares have been issued
carrying the rights and subject to the restrictions set out in the Articles
of Association of AWG.

Offer for redemption

AWG hereby offers to redeem at par (subject to rounding) all of the
Redeemable Shares in issue at 5:00 p.m. on Monday June 16.  The redemption
offer applies to both the Redeemable Shares issued Monday, June 16, 2003 and
to any Redeemable Shares previously issued but not yet redeemed.

The Redemption Offer will last for a redemption period of 29 days beginning
at 9:00 a.m. on June 20, 2003 and close at 5:00 p.m. on July 18, 2003.  The
redemption will take place on July 22, 2003.

Holders of Redeemable Shares may elect to have all or part of their holding
of Redeemable Shares redeemed.  An explanatory letter containing further
details of the issue and Redemption Offer will be sent to shareholders on
June 18, 2003.

Certificates for the Redeemable Shares issued Monday, June 16, 2003 (bearing
a form of redemption on the reverse) will be dispatched on June 18, 2003,
together with the explanatory letter, to shareholders who hold their AWG
ordinary shares in certificated form.  Those shareholders who wish to redeem
their Redeemable Shares should complete and return the form of redemption so
as to be received by AWG's registrars, Lloyds TSB Registrars, at The
Causeway, Worthing, West Sussex BN99 6DA by no later than 5:00 p.m. on July
18, 2003.

Shareholders who hold their AWG ordinary shares in uncertificated form will
have their CREST accounts credited with their Redeemable Shares Monday, June
16, 2003 and an election to redeem may be made through the CREST system
during the Redemption Period but ending at 3:00 p.m. on July 18, 2003.

AWG will on July 22, 2003 redeem Redeemable Shares in respect of which an
election to redeem is made during the Redemption Period.  Cheques for the
proceeds of redemption will be dispatched to accepting shareholders and
CREST accounts will be credited no later than July 25, 2003.  All Redeemable
Shares once redeemed will be cancelled and will not be reissued.

Redeemable shareholders who do not wish to redeem their Redeemable Shares
need take no action.  Such shareholders should note that it is expected
there will only be one further opportunity to redeem Redeemable Shares
during 2003.

The dividend in respect of Redeemable Shares issued June 16, 2003 will not
begin to accrue until September 29, 2003 and therefore will only accrue in
respect of Redeemable Shares that are not redeemed under this Redemption
Offer.

CONTACT:  David Turner, Deputy Company Secretary
          Phone: 01480 323580


BRITANNIC GROUP: No Truth in Takeover Rumor, Says Spokesman
-----------------------------------------------------------
Mid-cap life assurer Britannic Group has reportedly spurned a 325-pence per
share offer by an unnamed buyer, AFX says.

A spokesman contacted by the newswire denied the offer, calling the report a
"market rumor" cooked up by people "badly burned" by the stock's slump over
the past months.  He also did not say whether or not South African financial
conglomerate, Old Mutual Plc, has approached the company with an offer.  The
latter has been rumored to be keenly interested in bidding for the company.

The slump in the equity market has worried company investors.  Shares in the
company, which started the year at 327.50 pence, went down to as low as 101
in less than a month.  Investors' confidence was also shaken when CEO Danny
O'Neil resigned in January and, subsequent to that, when Britannic decided
to suspend dividend and bonus payments to policyholders.  The group said the
downturn in the stock market had hit its with-profits life insurance fund.


BRITISH AIRWAYS: Faces Anti-trust Complaint Filed with E.U.
-----------------------------------------------------------
An antitrust complaint has been filed against struggling European airlines
British Airways on grounds that the carrier has breached E.U. competition
rules.

The Times said two British Airways passengers launched the complaint at the
European Commission, accusing the carrier of blocking them from flying on a
cheap route.  They claim that the airline has kept air ticket prices high in
the United Kingdom by refusing to honor tickets purchased abroad.  Clive
Stanbrook, of the law firms Stanbrook & Hooper representing the passengers,
said British Airway's refusal is a "flagrant breach of E.U. competition
rules."

"Airlines agree among themselves to keep markets separate in order to
overcharge passengers at their own hubs, like Heathrow," he said.

The International Air Transport Association is also accused of supporting
cartel-like behavior by big airlines, the Times reported.

British Airways recorded a GBP200 million loss last fiscal year.  It is
struggling to improve its profitability in a weakening air travel market and
is seeking to cut its GBP3 billion external expenditure by 10% or GBP300
million during the next two years.

CONTACT:  BRITISH AIRWAYS PLC
          Waterside, Harmondsworth
          London UB7 0GB, United Kingdom
          Phone: +44-20-8562-4444
          Fax: +44-20-8759-4314
          Toll Free: 800-545-7644
          Home Page: http://www.british-airways.com


CABLE & WIRELESS: To Issue Senior Unsecured Convertible Bonds
-------------------------------------------------------------
Cable and Wireless plc announces an offering of Senior Unsecured Convertible
Bonds due 2010.  The final size of the transaction, which will be determined
at the time of pricing, will be convertible into approximately 7.5% of the
Company's outstanding share capital, or approximately 177 million fully paid
ordinary shares of Cable and Wireless.

Terms & Conditions:

The Bonds will be issued and redeemed at 10% of the principal amount and
will bear a cash coupon of between 3.62% and 4.12% per annum.  The initial
conversion price is expected to be set at a premium of between 4% and 5% to
the price of Cable and Wireless' ordinary shares at the time of pricing.

The Bonds may not be called until 2007.  Thereafter, Cable and Wireless may
call the Bonds for redemption at their principal amount plus accrued
interest, provided that the middle market price of the Shares is at least
130% of the conversion price for a period of 20 out of 30 consecutive
trading days.

Subscription:

The offering is being made to institutional investors outside of the US,
Australia, Canada and Japan.

Settlement:

Settlement of the issue is expected to take place on or before July 16,
2003.  There is no over allotment option.

Use of Proceeds:

The company does not require these funds for its restructuring announced at
the time of its preliminary results, June 4, 2003. The company will use the
net proceeds of the issue to further strengthen the company's balance sheet
and increase its financial flexibility.  In the current financial year,
Cable and Wireless has or is due to retire over GBP600 million of funding.
The Convertible Bond issue, in conjunction with the recent disposal of PCCW
shares, provides the company with an improved capital base to pursue its
strategic goals.

Intention to List:

Application will be made for the Bonds to be admitted to the Official List
of the UK Listing Authority and to the London Stock Exchange plc for the
Bonds to be admitted to trading on the London Stock Exchange's market for
listed securities.  The Bonds will be offered outside the United States in
compliance with Regulation S.

JPMorgan is sole Bookrunner and Lead Manager and Cazenove is Joint Lead
Manager of the Convertible Bond issue.

JPMorgan acts as Financial Adviser to Cable and Wireless. Cazenove & Co Ltd.
acted as Financial Adviser to Cable and Wireless in connection with the
Convertible issue.

CONTACT:  CABLE AND WIRELESS
          Investor Relations: Louise Breen
          Phone: 020 7315 4460

          J.P. MORGAN SECURITIES LTD.
          Ian Hannam
          Phone: 020 7325 1000
          Bernard Taylor
          Phone: 020 7325 1000

          CAZENOVE & CO LTD.
          Duncan Hunter
          Phone: 020 7588 2828


CABLE & WIRELESS: Completes GBP258 Mln Convertible Bond Issue
-------------------------------------------------------------
Cable and Wireless plc, announces that the terms for its GBP258 million
Senior Unsecured Convertible Bonds due 2010 have been fixed as follows:

(a) Initial conversion price has been set at 145 pence per
    share, which represents a 48% premium over the reference
    price of 98 pence;

(b) A cash coupon of 4.00% per annum; and

(c) The bond will be redeemed at par.

Application will be made for the Bonds to be admitted to the Official List
of the UK Listing Authority and to the London Stock Exchange plc for the
Bonds to be admitted to trading on the London Stock Exchange's market for
listed securities.

JPMorgan acts as Financial Adviser to Cable & Wireless. Cazenove & Co Ltd.
acted as Financial Adviser to Cable & Wireless in connection with the
Convertible issue.

CONTACT:  CABLE & WIRELESS
          Investor Relations: Louise Breen
          Phone: 020 7315 4460

          J.P. MORGAN SECURITIES LTD.
          Ian Hannam
          Phone: 020 7325 1000
          Bernard Taylor
          Phone: 020 7325 1000

          CAZENOVE & CO LTD.
          Duncan Hunter
          Phone: 020 7588 2828


CARCLO PLC: Credits Restructuring Measures for Comeback
-------------------------------------------------------
Carclo Plc released this week the results of its restructuring plan.  The
highlights are:

(a) Sales from continuing operations up 3.2% to GBP125.7 million
    (2002: GBP121.8 million).

(b) The group returned to profitability, generating a profit
    before tax of GBP1.2 million (2002: loss of GBP18.5
    million).

(c) The board has recommended a dividend of 1.2 pence per share
    (2002: nil).

Commenting on the results, George Kennedy, Chairman said: "We commenced the
year just ended with three financial objectives -- to return to
profitability, to significantly reduce debt and to be in a position to
recommence the payment of dividends.  It is pleasing to report that all
three objectives have been achieved.

"Demand has been weaker than expected in both the U.K. and the U.S. since
January of this year and we continue to see a migration of manufacturers to
lower cost regions.  In these conditions profit progression will depend on
our success in managing internal costs and our growth in low cost regions.

"We are winning new work in our U.K. and U.S. specialist businesses such as
medical and optical plastics and automotive lighting. Our specialist wire
business is gaining market share, particularly in China.

"The second half will benefit from strong growth in the Czech Republic and
China where we will be commissioning new facilities later this year.

"Although economic uncertainties persist in the short term, we remain
confident that our global strategy and the flow of new business will deliver
positive momentum."

To view full report: http://bankrupt.com/misc/CARCLO_PLC.htm

CONTACT:  CARCLO PLC
          Phone: 020 7067 0700 (on June 16)
          Thereafter: 01924 330500
          Ian Williamson, Chief Executive
          Chris Mawe, Finance Director
          Weber Shandwick Square Mile
          Phone: 020 7067 0700
          Richard Hews
          Susanne Walker


CORDIANT COMMUNICATIONS: Shares Temporarily Barred from Trading
---------------------------------------------------------------
Shares in advertising group Cordiant Communications were suspended from
trading in the London Stock Exchange pending clarification of the company's
financial position.

The troubled group admitted last week it did not have enough working capital
for the next 12 months, despite the success of its two recent disposals.
The management is trying to sell or recapitalize the company, against the
wishes of 14.1% stakeholder Active Value, which wanted an equity injection
instead to keep the firm independent.

Industry giant WPP has already topped France's Publicis offer for the group,
according to sources of the Wall Street Journal.
The WPP deal had also received approval from Cordiant's syndicate of banks,
which are owed GBP250 million, according to reports.  WPP is proposing a
scheme of arrangement, which could potentially help the company avoid
insolvency proceedings.


HP BULMER: Scottish & Newcastle Urges Investors to Accept Offer
---------------------------------------------------------------
Scottish & Newcastle posted this illustration of the value of the share
exchange alternative available under its offer for the ordinary share
capital of Bulmers:

"As stated in the offer document published on May 15, 2003, the value of the
Share Exchange Alternative is dependent upon the average closing price of a
Scottish & Newcastle share for each of the 10 business days immediately
preceding the Ordinary Offer being declared unconditional in all respects.

"For illustrative purposes only, had the Ordinary Offer been declared
unconditional in all respects Monday, June 16, the Average Price would have
been 391.5 pence.  This would have resulted in a share exchange ratio under
the Share Exchange Alternative of 0.890 Scottish & Newcastle shares for
every Bulmers ordinary share.  Based on this share exchange ratio and the
closing price of a Scottish & Newcastle share on June 13, 2003 of 396 pence,
the value of the Share Exchange Alternative would have been approximately
352 pence per Bulmers ordinary share.

"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.

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 this 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.

CONTACT:  BULMERS
          Richard Pennycook
          Phone: +44 (0) 7974 447 900

          SCOTTISH & NEWCASTLE
          Jeremy Blood
          Bridget Walker (Investors)
          Linda Bain (Media - City)
          Phone: +44 (0) 131 528 2000

          UBS WARBURG
          (Financial adviser and broker to Scottish & Newcastle)
          Heino Teschmacher
          John Muncey
          Tim Waddell
          Phone: +44 (0) 20 7567 8000

          LAZARD
          (Financial adviser to Bulmers)
           Sarah Hedger

          Phone: +44 (0) 20 7187 2000

          CAZENOVE
          (Financial adviser and sole broker to Bulmers)

          Michael Wentworth-Stanley
          Phone: +44 (0) 20 7588 2828


LONDON PACIFIC: Changes Name to Berkeley Technology Limited
-----------------------------------------------------------
With effect from June 16, 2003, the name of the Company has changed to
Berkeley Technology Limited. The London Stock Exchange mnemonic will be
changing to BEK.  Existing share certificates are still valid and
shareholders need not take any action with respect to the name change.

                     *****

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


OASIS HEALTHCARE: Schedules Annual Meeting July 15
--------------------------------------------------
Oasis Healthcare Plc announces that its annual report has been posted to all
shareholders.  Attached to the annual report is a notice convening the
Company's AGM at 10:30 am on July 15, 2003 at the offices of Buchanan
Communications Limited, 107 Cheapside, London EC2V 6DN

A number of resolutions will be proposed at the AGM including one to reduce
the deficit on the Company's profit and loss account.  As long as a deficit
remains on this account, the Company will be unable to pay any dividends.
Although the
Board does not propose to declare a dividend in the current year, the
Directors are proposing to reduce the Company's share premium account by an
amount sufficient to eliminate the deficit on the profit and loss account
without creating a surplus.  This will enable the Company to declare
dividends from any profits generated after the reduction of share premium
account has taken effect and will thereby allow the possibility of earlier
dividend payments than would otherwise be the case.

CONTACT:  OASIS HEALTHCARE
          Phone: 01603 625335
          Ron Trenter, Chairman
          Malcolm Hughes, Chief executive


PIZZAEXPRESS PLC: GondolaExpress Bid Declared Unconditional
-----------------------------------------------------------
The Board of GondolaExpress announces that, as of 4:00 p.m. on June 12,
2003, GondolaExpress had received valid acceptances of the Offer in respect
of a total of 54,045,475 PizzaExpress Shares, representing approximately
75.28% of the Existing Issued Share Capital of PizzaExpress.

The Board of GondolaExpress hereby waives down the acceptance condition and
declares the Offer unconditional as to acceptances.  The Offer will remain
open for acceptance until further notice and remains subject to the
conditions set out in the Offer Document.

PizzaExpress Shareholders who have not yet accepted the Offer and who wish
to accept the Offer, should complete the Form of Acceptance (whether or not
their PizzaExpress Shares are held in CREST) enclosed with the Offer
Document and return it by post or by hand, together with supporting
documents, as soon as possible to the receiving agents to the Offer,
Computershare Investor Services PLC, PO Box 859, The Pavilions, Bridgwater
Road, Bristol BS99 1XZ or by hand only (during normal business hours only)
to Computershare Investor Services PLC, 7th Floor, Jupiter House, Triton
Court, 14 Finsbury Square, London EC2A 1BR. Shareholders who have any
questions as to how to complete the Form of Acceptance or who need to obtain
a further Form of Acceptance should contact Computershare Investor Services
PLC by telephone on 0870 702 0100.

On April 3, 2003, GondolaExpress announced that it had received irrevocable
undertakings to accept the Offer from PizzaExpress Executive Directors and
from a PizzaExpress institutional Shareholder amounting, in aggregate, to
6,632,475 PizzaExpress Shares, representing approximately 9.24% of the
Existing Issued Share Capital of PizzaExpress.  Valid acceptances have been
received in respect of all of these PizzaExpress Shares and these Shares are
included in the total in the first paragraph above.

Immediately prior to the commencement of the Offer Period, GondolaExpress
and persons deemed to be acting in concert with GondolaExpress owned or
controlled, in aggregate, 36,700 PizzaExpress Shares, representing
approximately 0.05% of the Existing Issued Share Capital of PizzaExpress.
Valid acceptances of the Offer have been received by GondolaExpress in
respect of these Shares and they are included in the total in the first
paragraph above.  Save as disclosed herein, neither GondolaExpress nor any
of the directors of GondolaExpress nor (so far as GondolaExpress is aware)
any party deemed to be acting in concert with GondolaExpress, owned or
controlled any PizzaExpress Shares or had rights over PizzaExpress Shares on
December 13, 2002, (the last business day before the commencement of the
Offer Period) nor have they acquired or agreed to acquire any PizzaExpress
Shares or rights over PizzaExpress Shares during the Offer Period.

Certain terms used in this announcement are defined in the Offer Document
dated April 17, 2003.

ING Bank N.V., London branch, which is regulated in the United Kingdom by
The Financial Services Authority, is acting exclusively for GondolaExpress
and no one else in connection with the Offer and will not be responsible to
anyone other than GondolaExpress for providing the protections afforded to
clients of ING Barings or for giving advice in relation to the Offer or in
relation to the contents of this announcement or any transaction or
arrangement referred to herein.

CONTACT:  TDR CAPITAL
          Phone: 020 7399 4200
          Manjit Dale
          Stephen Robertson

          CAPRICORN
          Phone: 020 7326 8440
          Robbie Enthoven
          Charles Luyckx

          ING BARINGS
          Phone: 020 7767 1000
          (Financial adviser and broker to GondolaExpress)
          Tom Quigley
          Simon Newton
          Adam Fraser-Harris

          GAVIN ANDERSON & CO
          Phone: 020 7554 1400
          (PR adviser to GondolaExpress)
          Neil Bennett
          Ken Cronin


PPL THERAPEUTICS: Hedge Fund Demands Board Seat
-----------------------------------------------
PPL Therapeutic's third largest owner is demanding a representation in the
company's board through the appointment of a non-executive director,
according to The Scotsman.

Hedge fund Metage Capital, which owns 10.4% of PPL's shares, has asked
shareholders to support the appointment of new non-executive director, Bill
McCall, during the company's annual general meeting on June 20 in Edinburg.

Mr. McCall previously served as director at Tilney & Co, Singer and
Friedlander, and the Scottish Enterprise-backed Center for Entrepreneurial
Finance.

Metage, aware of the potential effect of the move on the position of chief
executive Geoff Cook, said: "Certain shareholders are concerned that the
chief executive might resign if they were to support [our] resolution.
Nevertheless, we still urge all shareholders to vote in favor of [the
resolution] to appoint Mr. McCall."

"Given that the company is in the midst of several key negotiations to
secure its future, we are convinced that this is the right time to...
appoint an independent director with prior experience of difficult
transitional periods," Metage added.

It also said it is prepared to look for people "who are not afraid to
operate in a transparent fashion in the best interest of shareholders," once
any director, the chief executive included, resigns.

Shareholders are currently demanding that PPL do something for shareholders;
for instance sell out, merge, or liquidate to return some of the GBP96
million of investor capital it has absorbed.  Metage also promised to take
the decision regarding the company's future if PPL fails to.

Metage director Daron Sheehan said: "PPL's management is now under
considerable pressure to deliver results by the end of June. If results are
not forthcoming, we will be calling for a shareholder vote on the company's
future."

The hedge fund also plans to shake-up the executive compensation packages at
PPL by "appropriately incentivising management."   Mr. Cook declined to
comment, according to the report.

Metage is backed by activist private investor Paul Scott.  The management is
reportedly opposed to the appointment of the new non-executive director.


RECYCLED WASTE: Delists Shares; Calls in Administrators
-------------------------------------------------------
Further to the announcement of May 30, 2003, Recycled Waste announce that,
due to delays and uncertainty in gaining sufficient support and commitment,
the process of procuring new funds to enable it to restructure and
regenerate the business is not achievable within the constraints required.

As a consequence the directors have requested that the Company be de-listed
from AIM and will be inviting an insolvency practitioner to advise the board
accordingly.  De-listing will occur at 7:00 on Tuesday, June 17.  The
directors will be writing to shareholders with an explanation of the events
and circumstances leading to these decisions.


THISTLE HOTELS: Applies for Trade Cancellation, Delisting
---------------------------------------------------------
Thistle on Monday, June 16, 2003 applied for the cancellation of the listing
of Thistle shares on the Official List of the UK Listing Authority and for
the cancellation of trading in Thistle shares on the London Stock Exchange's
market for listed securities.

Accordingly, it is anticipated that such de-listing and cancellation will
take effect July 17, 2003 (being not less than 20 business days from the
date of this announcement).


THISTLE HOTEL: Board Director Lau Wing Tat Resigns
--------------------------------------------------
Following the announcement by BIL (UK) Limited on May 1, 2003 that its offer
for the Company had been declared unconditional in all respects, the Company
announces a further change to the composition of its Board of Directors: Lau
Wing Tat has resigned as a director with immediate effect.

On May 1, The board of BIL announces that as at 7:30 a.m. (BST) Thursday,
valid acceptances under the Increased Offer [of 130 pence in cash for
Thistle Hotels] had been received in respect of a total of 32,984,320
Thistle Shares, representing approximately 6.8% of the existing issued share
capital of Thistle.

CONTACT:  BIL INTERNATIONAL
          Arun Amarsi
          Phone: +65 6228 1427

          HSBC
          Neil Goldie-Scot
          Phone: +44 (0)20 7991 8888
          Jan Sanders
          Marcus Ayre

          BRUNSWICK
          Jonathan Glass
          Phone: +44 (0)20 7404 5959
          Simon Sporborg

          THISTLE HOTELS PLC
          Phone: 020 7895 2304
          Ian Burke, Chief Executive Officer


YORKSHIRE GROUP: Sells Stake in Loss-making Indonesian Unit
-----------------------------------------------------------
Yorkshire Group announces that it has agreed terms for the sale of its 83.2
percent shareholding in PT Yorkshire Indonesia (PTYI).  The Disposal forms
part of the Company's previously announced debt reduction strategy.

Yorkshire Group has exchanged contracts with PT Warna Makin Mulia, a 16.8
per cent shareholder in PTYI, for a cash consideration of US$600,000 (circa
GBP360,000), payable on completion.  The transaction is subject to certain
closing conditions, including the granting of regulatory approval by the
Indonesian investment board, gaining formal approval from Yorkshire's banks
and the signing of a toll manufacturing agreement with PTWMM.

PTYI generated a loss before tax of IDR4,463 million (circa GBP320,000) in
the year ended December 31, 2002 and held net assets with a book valuation
of IDR21,463 million (circa GBP1.49 million) as of December 31, 2002.
PTYI's principal activities are the operation of a chemical auxiliaries
plant and certain distribution operations.  The plant currently supplies a
small proportion of the Group's stock requirements within the Asia Pacific
region.  Following the disposal, Yorkshire Group will maintain its
Indonesian supply of chemical auxiliaries by means of a toll manufacturing
agreement with PTWMM.

On completion, the proceeds of the disposal will be used to reduce Group
indebtedness.

CONTACT:  YORKSHIRE GROUP
          Phone: 0113 244 3111
          Andrew Dick (Chief Executive)


                            *********


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
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Washington, DC USA.  Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee
Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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