/raid1/www/Hosts/bankrupt/TCREUR_Public/030909.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, September 9, 2003, Vol. 4, No. 178


                            Headlines


C Z E C H   R E P U B L I C

VODNI STAVBY: Court Declares Firm Bankrupt


F R A N C E

ALSTOM SA: Faces Securities Class Action in New York
ALSTOM SA: Bernard M. Gross Commences Class Suit in New York
RHODIA SA: Keeps Pension Fund Open Until 2012 to Appease Union
SUEZ SA: S&P Affirms 'A-' Ratings; Outlook Remains Negative


G E R M A N Y

HEIDELBERGCEMENT AG: Hikes Price, Implements New Costing Method
VAAHTO GROUP: German Subsidiary Applies for Insolvency


G R E E C E

OLYMPIC AIRWAYS: Govt to Rescue Firm Despite Strike Threats


H U N G A R Y

RINGA RT: Leases Kapuvar Plant to Debreceni Hus


I R E L A N D

AN POST: To Lay off 500 More Workers in Two Years
ELAN CORPORATION: Files Long-overdue 2002 Annual Report
ELAN CORPORATION: Corporate Credit Ratings Raised 'CCC+'


N E T H E R L A N D S

HEINEKEN HOLDING: 450 Jobs to go as Local Demand Remains Flat


P O L A N D

ELEKTRIM SA: Blocks Partner's Bid to Consolidate PTC Ownership
LOT POLISH: Signs Commercial Agreement with United Airlines


S W I T Z E R L A N D

ASCOM: Reports Improving Operating Results in Core Areas
SWISS INTERNATIONAL: Online Bookings Increase Under New Scheme
VON ROLL: Remains Cautious Despite Successful Bond Restructuring
VON ROLL: Sells Von Roll Inova to Austrian Energy & Environment


U N I T E D   K I N G D O M

ABERDEEN ASSET: Sees No Immediate Market Recovery in Near Future
AMP LIMITED: Admits Rights Issue Alternative in Refinancing RPS
BALTIMORE TECHNOLOGIES: Sells OmniRoot Business to beTRUSTed
BRAKE BROS: S&P Withdraws 'B+' Rating; Outlook Stable
BRITISH AIRWAYS: Resumes Flights to Saudi Arabia

EDINBURGH FUND: Board Accepts Recommended 2.05 Share Offer
EDINBURGH FUND: Aberdeen to Spare New Star of Liabilities
EDINBURGH FUND: Directors Promise to Approve Transaction in EGM
EDINBURGH FUND: Aberdeen Outlines Benefits of Acquisition
EDINBURGH FUND: Aberdeen Asset Retains Executive Directors

EDINBURGH FUND: To Delist Once Offer Becomes Unconditional
LONDON FORFAITING: FIMBank Wins Control; Restructuring to Follow
LONDON FORFAITING: Files for Delisting, Trading Cancellation
MORGAN CRUCIBLE: Sells Compressor Technology Group to Hoerbiger
NAVIGATOR GAS: Employs Harding Lewis as Isle of Man Accountant

ROYAL & SUNALLIANCE: Ratings Placed on Watch Negative
ROYAL & SUNALLIANCE: S&P Downgrades U.S. Group to 'BBB-'
TRINITY MIRROR: Clyde & Forth Press Bids for Irish Titles

* Large Companies with Insolvent Balance Sheets


                            *********


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


VODNI STAVBY: Court Declares Firm Bankrupt
------------------------------------------
Vodni Stavby, formerly known as Vodni Stavby Praha, was declared bankrupt
following a petition by several of its creditors, including Dresdner Bank CZ
and HSBC Bank.

The declaration made Thursday and revealed on the Justice Ministry's Web
site justice.cz, follows a similar statement in 2000.  At the time, a
general meeting decided to liquidate the company, but the process ended only
in April this year.

Vodni Stavby was founded in 1992 and is involved in building and
constructing activities.  It reported a loss of CZK29.4 million last year
from a previous CZK135.876 million.  Sales fell by some 60% to CZK277.7
million.  Income for last year came mainly from the lease of warehouses and
asset sales.

Neither Vodni managers nor the appointed receiver were available for
comment, according to Czech Happenings.

CONTACT:  VODNI STAVBY PRAHA A.S.
          Delnicka 12
          Praha 7 170 04
          Czech Republic
          Phone: +420 2 66793111/+420 2 802737
                 +420 2 66710973/+420 2 66710973
          Homepage: http://www.vspraha.cz/


===========
F R A N C E
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ALSTOM SA: Faces Securities Class Action in New York
----------------------------------------------------
A class action lawsuit was filed in the United States District Court for the
Southern District of New York on behalf of all purchasers of the common
stock of Alstom, SA (ALS) from May 26, 1999 through June 29, 2003,
inclusive.

The complaint alleges that throughout the Class Period, defendants issued
numerous positive statements concerning the growth and financial performance
of its transportation subsidiary.  These statements were materially false
and misleading for the following reasons: (1) the company underreported
operating expenses by failing to recognize costs incurred in a rolling-stock
supply railcar contract at its transportation unit in anticipation of
shifting the costs to other contracts; (2) Alstom could not determine its
true financial condition because the company lacked adequate internal
controls; and (3) as a result of the foregoing, the financial performance of
the company and its transport division was materially overstated, the value
of the company's losses was materially understated at all relevant times and
the value of the company's margins was materially overstated at all relevant
times.

On June 30, 2003, before the NYSE opened for trading, Alstom announced that
it was "conducting an internal review assisted by external accountants and
lawyers following receipt of letters earlier this month alleging accounting
improprieties on a railcar contract being executed at the Hornell, New York
facility of Alstom Transportation Inc., a U.S. subsidiary of the Company."
During the review, the company "identified that losses have been
significantly understated in Alstom Transportation Inc.'s accounts, in
substantial part due to accounting improprieties by the understatement of
actual costs incurred, including by the non-recognition of costs incurred in
anticipation of shifting them to other contracts, and by the understatement
of forecast costs to completion."  As a result, the Company announced that
it would record an additional net after tax charge of EUR51 million (US$55
million) for the fiscal year ended March 31, 2003.  The company also
announced that the SEC and the United States Federal Bureau of Investigation
had advised the Company of informal inquiries related to Alstom
Transportation Inc.  Lastly, the company announced that both the Senior Vice
President and the Vice President of Finance of Alstom Transportation Inc.
had been suspended pending the completion of the review.

Plaintiff is represented by The Law Offices of Marc S. Henzel.  If you are a
member of the class, you may, no later than October 28, 2003, request that
the Court appoint you as lead plaintiff.  A lead plaintiff is a
representative party that acts on behalf of other class members in directing
the litigation.  In order to be appointed lead plaintiff, the Court must
determine that the class member's claim is typical of the claims of other
class members, and that the class member will adequately represent the
class.  Under certain circumstances, one or more class members may together
serve as "lead plaintiff."  Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff.

If you have any questions concerning this case or your rights or interests
with respect to these matters, please contact: Marc S. Henzel, Esq. of The
Law Offices of Marc S. Henzel, 273 Montgomery Ave, Suite 202 Bala Cynwyd, PA
19004-2808, by telephone (888) 643-6735 or (610) 660-8000, by facsimile
(610) 660-8080, by e-mail at Mhenzel182@aol.com or visit the firm's website
at http://members.aol.com/mhenzel182

CONTACT:  Law Offices of Marc S. Henzel, Bala Cynwyd
          Marc S. Henzel, Esq.
          Phone: 888-643-6735 or 610-660-8000
          Fax: 610-660-8080
          E-mail: Mhenzel182@aol.com


ALSTOM SA: Bernard M. Gross Commences Class Suit in New York
------------------------------------------------------------
Law Offices Bernard M. Gross, P.C. (http://www.bernardmgross.com)announces
that a class action lawsuit was commenced in the United States District
Court for the Southern District of New York on behalf of purchasers of
Alstom SA (NYSE:ALS) American Depositary Receipts during the period between
May 26, 1999 and June 29, 2003, and who have been damaged thereby.

The action, numbered 03cv6701, is against defendants Alstom, Pierre
Bilger -- the Chairman and Chief Executive Officer until March 12, 2003,
Patrick Kron -- the Chairman and Chief Executive Officer since March 12,
2003, Philippe Jaffre -- advisor to the Chairman and a member of the Board
of Directors in February 2002 and since July 3, 2002, Chief Financial
Officer.  A copy of the Complaint is available from the Court or can be
viewed on the Law Offices Bernard M. Gross, P.C. website at
http://www.bernardmgross.com

The Complaint charges, among other things, that throughout the Class Period,
May 26, 1999 and June 29, 2003, Alstom and certain of its officers and
directors violated Sections 10(b) and 20(a) of the Securities Exchange Act
of 1934, and Rule 10b-5 promulgated thereunder by issuing numerous false and
misleading statements concerning the growth and financial performance of its
transportation subsidiary.  These statements were materially false and
misleading because they failed to disclose and/or misrepresented the
following adverse facts, among others: (a) that the company had failed to
recognize costs incurred in a rolling-stock supply railcar contract at its
transportation unit in anticipation of shifting the costs to other
contracts; (b) that the company lacked adequate internal controls and was
therefore unable to ascertain the true financial condition of the company;
and (c) as a result of the foregoing, the value of the company's losses was
materially understated at all relevant times and the value of the company's
margins was materially overstated at all relevant times.

On June 30, 2003, before the U.S. market opened for trading, Alstom
announced that it was "conducting an internal review assisted by external
accountants and lawyers following receipt of letters earlier this month
alleging accounting improprieties on a railcar contract being executed at
the Hornell, New York facility of ALSTOM Transportation Inc.   (ATI), a US
subsidiary of the company."  As part of the review, the company "identified
that losses have been significantly understated in ATI's accounts, in
substantial part due to accounting improprieties by the understatement of
actual costs incurred, including by the non-recognition of costs incurred in
anticipation of shifting them to other contracts, and by the understatement
of forecast costs to completion."  As a result, the company announced that
it would record an additional net after tax charge of EUR51 million (US$58
million) for the year ended March 31, 2003.

Plaintiff seeks to recover damages on behalf of Class members and is
represented by Law Offices Bernard M. Gross, P.C., which has significant
experience and expertise in prosecuting class actions.

If you purchased ADRs of Alstom, S.A. during the period between May 26, 1999
and June 29, 2003, you may no later than October 28, 2003 move the Court to
serve as lead plaintiff of the Class, if you so choose.   In order to serve
as lead plaintiff, however, you must meet certain legal requirements.   If
you wish to discuss this action or have any questions concerning this Notice
or rights or interests with respect to these matters,

CONTACT:  Law Offices Bernard M. Gross, P.C.
          Susan R. Gross, Esq.
          E-mail: susang@bernardmgross.com or
          Deborah R. Gross, Esq.
          E-mail: debbie@bernardmgross.com
          1515 Locust Street, Suite 200
          Philadelphia, PA 19102
          Phone:  866-561-3600 (toll free)
                  or 215-561-3600
          Homepage: http://www.bernardmgross.com


RHODIA SA: Keeps Pension Fund Open Until 2012 to Appease Union
--------------------------------------------------------------
AMICUS and GMB members are no longer planning to stage any strike action
after reaching an agreement with Rhodia, the French owned chemical company.
Rhodia management has agreed to keep the pension fund open to existing
members until 2012 and making this a contractual guarantee, alleviating
members' concerns that the fund would be wound up.

Amicus National Secretary, Gordon Hopwood said: "This is a victory for our
members who are 100% committed to defending their pensions and protecting
their families' future financial well-being.  The agreement reached with
Rhodia has reassured our members who were concerned their final salary
scheme would close and has given guarantees on future consultations with
management on pensions."

Rhodia has also agreed to set up a pensions committee that will have the
right to full consultation.


SUEZ SA: S&P Affirms 'A-' Ratings; Outlook Remains Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A-' long-term and 'A-2'
short-term corporate credit ratings on France-based multi-utility company
Suez SA and related subsidiaries.  The outlook is negative.

"The rating affirmation reflects the company's rapid reduction of its net
debt to EUR20.3 billion at the end of June 2003, down from EUR26 billion at
year-end 2002," said Standard & Poor's credit analyst Karl Nietvelt.  "In
addition, Suez's planned divestments from its subsidiaries Nalco and Cespa
for a combined EUR3.9 billion in cash should result in a further decrease in
net debt, to around EUR17 billion, expected by year-end."

Suez's operating performance during first-half 2003 has been satisfactory,
with cost-cutting measures and organic growth of 5% for its core utility
businesses stabilizing EBITDA levels on a constant group basis and on
constant exchange rates.

The ratio of FFO to average net debt for Suez -- consolidating the company's
46% stake in Electrabel on a proportional basis and assuming that Suez's
stakes in Distrigaz and Fluxys, as well as its subsidiary Elyo, will be sold
to Electrabel before year-end, and adjusted for the Nalco disposal on a
full-year basis -- is forecast to increase to around 17% for 2003, up from
14% in 2002. Despite Suez's good operating performance, Standard & Poor's
believes that the company's free cash flow generation after dividends may
remain negative until at least 2005.  This will remain a credit concern, in
particular owing to Suez's very high dividend payouts, which approach
approximately 40% of forecast-adjusted FFO for 2003 and 2004.

The negative outlook still reflects the fact that Suez's projected 2003
credit profile requires further strengthening through improvement in free
cash flow generation capacity at Suez (excluding Electrabel) and in cash
flow to debt ratios.

"For the outlook to be revised to stable Standard & Poor's will need to be
further satisfied that Suez will achieve FFO-to-average net debt levels of
above 20% (with Electrabel, Distrigaz, and Fluxys consolidated on a
proportional basis)," added Mr. Nietvelt.


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


HEIDELBERGCEMENT AG: Hikes Price, Implements New Costing Method
---------------------------------------------------------------
HeidelbergCement, the largest German manufacturer of cement and the number
two in Europe, is contributing to the necessary consolidation of the cement
industry through its increased involvement in Germany.

Price increases and a new pricing method are notified for the coming year.
In view of dramatic price deterioration since 2002, HeidelbergCement has
increased cement prices by EUR7.50 per ton as of September 2003.  Cement
prices had fallen regionally by up to thirty per cent in the course of the
last twelve months.  "Our prices were not and are still not covering costs.
Therefore, margin build-up and better prices must have precedence over the
expansion of volumes and market shares", explains Hans Bauer, Chairman of
the Managing Board of HeidelbergCement.  Therefore, a further price increase
by EUR12.50 per ton is announced for January 2004.  It is important for the
planning stability of cement customers to take price changes into account in
their calculations especially for major projects that extend over a
prolonged period and to also give early notice to their customers.

For the stabilization of subsequent price development, HeidelbergCement --
with the assistance of internationally experienced pricing experts from
consultants Simon-Kucher & Partners -- is developing a new pricing system,
which will be introduced in the first months of 2004.


VAAHTO GROUP: German Subsidiary Applies for Insolvency
------------------------------------------------------
The Board of Directors of Vaahto Group Plc Oyj has decided not to continue
the funding of the Canzler GmbH, a German subsidiary, which is specialized
on heat transfer technology.  Canzler GmbH has applied for insolvency.  The
company has been part of the Vaahto Group since 2001 and its turnover is
about EUR10 million and the number of the personnel is about 70.

Influences on the Group's financial result for the fiscal period ended on
August 31, 2003, caused by the losses of Canzler GmbH are under review.
According to the preliminary investigations the invested equity, EUR527.000
will be lost as well as a part of the Group companies' receivables from the
company.  In addition to this, the financial result of Canzler GmbH will
weaken the whole Group's result, which is expected to turn into a clear
loss, and therefore it will be weaker than expected in the Interim Report on
April 11, 2003.

VAAHTO GROUP PLC OYJ
Antti Vaahto


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G R E E C E
===========


OLYMPIC AIRWAYS: Govt to Rescue Firm Despite Strike Threats
-----------------------------------------------------------
Labor unions has threatened to keep up strike action against government's
efforts to rescue ailing Olympic Airways, according to BBC News.  The Greek
parliament has approved plans to launch a new carrier named Olympic
Airlines, employing only 1,800 people, out of Olympic Airways before next
year's Olympic Games in Athens.  As for the rest of the carrier's 6,100
workforce, it has made designs to let them work in ground services under the
Olympic Airways name.

The government sees this as the only way to save the airline from
bankruptcy, but labor unions threatened to intensify their protests over the
job cuts.  Olympic Airways had to charter planes and crews from other
carriers after some 40 flight attendants called in sick on Thursday to
protest the government's proposal.  This was after a strike by workers was
declared illegal.  On Friday, two flights from Athens to Copenhagen and
Brussels were discontinued, and many Olympic services were delayed as crews
continue to show their dissent.

"The board laid off 25 people [Thursday] (from those participating in the
action), and when there are layoffs, there's no way we sit tight," said
union official Vassilis Mourikis.

Olympic has debts of about EUR0.5 billion.


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


RINGA RT: Leases Kapuvar Plant to Debreceni Hus
-----------------------------------------------
Ringa Rt, the debt-ridden meat company in Hungary, has signed a preliminary
contract to lease its meat processing plant in Kapuvar to meat producer
Debreceni Hus Rt.  According to Budapest Business Journal, Debreceni Hus
will rename the plant Kapuvari Husipari Rt and launch it with HUF200 million
in starting capital.  A total of 400 workers will be employed and former
contracts with suppliers will be continued.

Debreceni Hus is also expected to use HUF800 million of its own funds for
working capital badly needed at the plant.  The Kapuvar plant is Ringa's
largest and most modern unit providing the vast majority of export products,
which presently account for half of company turnover.  The factory
specializes in the slaughtering of pigs, processing up to 300-350,000
animals per year, and producing Ringa's leading products: ham and bacon.

Previously, TCR-Europe reported Ringa's plans to close the Kapuvar plant
after it reported losses of HUF1 billion in the first seven months of this
year.

CONTACT:  RINGA MEAT CORP. LTD.
          KAPUVAR PLANT
          Kapuvar, Csereszyne Sor 21.9330
          Phone: +36 96/597-100
          Fax: +36 96/57-103


=============
I R E L A N D
=============


AN POST: To Lay off 500 More Workers in Two Years
-------------------------------------------------
An Post plans to shed as much as 500 jobs over the next two years as part of
its recovery plan, according to BizWorld.  This latest job-cuts are in
addition to the 1,000 it made last year under a major restructuring.  The
state required An Post to table the recovery plan within the next four weeks
after the state-owned postal company warned it would not make a profit this
year.

Minister for Communications Dermot Ahern has also ordered a report on how
the company's financial affairs were allowed to collapse and why the An Post
board allowed the situation to deteriorate.

"That the finances of the company could have disimproved (sic) in such a
short period of time is a matter of grave concern," Minister Ahern said.

Mr. Ahern also demanded assurances from An Post Chairperson Margaret
McGinley that the cash position of the company is sound for the remainder of
this year, according to the report.  Labour's spokesperson on
communications, Tommy Broughan, described the job-cuts as "the direct result
of Dermot Ahern's failed tenure as Minister for Communications".

An Post is expecting a loss of as much as EUR50 million instead of a profit
of EUR1 million this year.  It made an operating loss of EUR17.4 million
last year.


ELAN CORPORATION: Files Long-overdue 2002 Annual Report
-------------------------------------------------------
Elan Corporation, plc (NYSE: ELN) announced that it has concluded its 2002
audit and expects to file Elan's Annual Report on Form 20-F for the fiscal
year ended December 31, 2002, with the U.S. Securities and Exchange
Commission by September 5, 2003.  This will cure the previously announced
defaults under certain of Elan's outstanding debt.

Kelly Martin, President and Chief Executive Officer of Elan, said, "The
conclusion of the 2002 audit and the filing of our 2002 Annual Report on
Form 20-F is an important and necessary step in our recovery effort.  Our
approach throughout this complex process has been exceedingly deliberate;
this approach was designed in order to ensure that any open items were
thoroughly reviewed by all the necessary constituencies before moving
forward.  Over the course of the last nine weeks we appreciate the patience
and support of all of our stakeholders in seeing this process through to its
conclusion."  Mr. Martin added, "We remain focused on executing our plans
for improving and simplifying Elan's financial position, reducing any
historical legal/regulatory issues, investing in our core and strategic
pipeline of products and building a world class business model aligned to
our therapeutic focus areas of neurology, acute pain and autoimmune
diseases."

As previously announced, Elan will restate its 2001 U.S. GAAP financial
results and adjust its previously announced unaudited U.S. GAAP financial
information for the year ended December 31, 2002 and the quarter ended March
31, 2003.  The restatement and adjustments will give effect to the
consolidation of one of Elan's qualifying special purpose entities, Elan
Pharmaceutical Investments III, Ltd. (EPIL III), and to the consolidation of
Shelly Bay Holdings Ltd., an entity established by Elan (Shelly Bay), from
June 29, 2002 through September 30, 2002.  Shelly Bay acquired certain
financial assets from EPIL III on June 29, 2002.

The impact of the restatement will be to reduce diluted earnings per share
for 2001 from $0.95 to $0.75.   For 2002, the adjustment will reduce Elan's
diluted loss per share from $6.85 to US$6.65.  Shareholders' equity at
December 31, 2002 is reduced by less than US$2 million.  The adjustment
reduces shareholders equity at March 31, 2003 by US$16.2 million and
increases Elan's loss per share for the quarter ended March 31, 2003 by less
than US$0.01.

In addition, Elan announced unaudited U.S. GAAP financial information for
the year ended December 31, 2002 on February 5, 2003.  Elan has conducted a
standard post balance sheet review and updated its original estimates,
principally in relation to asset write-downs and asset divestment proceeds,
based on more recent information received in the extended period from
February 5, 2003, to the approval of the 2002 audited accounts on September
3, 2003.  The impact is to reduce shareholders' equity at December 31, 2002
by a further US$46.1 million and increase Elan's diluted loss per share,
after consolidating EPIL III and Shelly Bay, from US$6.65 to US$6.75.
Shareholders' equity at March 31, 2003 is reduced by US$46.1 million and
Elan's loss per share for the quarter ended March 31, 2003 is reduced by
less than US$0.01.

The restatement and the adjustments do not affect Elan's previously filed
Irish GAAP financial statements or its liquidity or cash position.

The investigation by the SEC's Division of Enforcement is ongoing and no
assurance can be given as to the timing of the completion of that
investigation and any issues that may arise as a result of that
investigation.

The 2002 Annual Report on Form 20-F will be posted on the Investor Relations
section of the Elan web site, http://www.elan.com,by September 5, 2003.

Elan will report its second quarter 2003 financial results on September 17,
2003, before the U.S. and European financial markets open.  The results
announcement will be followed by a conference call, details of which will be
provided shortly via a press release.

Elan will hold its Annual General Meeting at 10.30 a.m. on October 21, 2003,
at The Davenport Hotel, Merrion Square, Dublin 2, Ireland.

Elan is focused on the discovery, development, manufacturing, sale and
marketing of novel therapeutic products in neurology, acute pain and
autoimmune diseases.


ELAN CORPORATION: Corporate Credit Ratings Raised 'CCC+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its corporate credit
rating on specialty pharmaceutical company Elan Corporation PLC to 'CCC+'
from 'CCC'.

Standard & Poor's also raised all of its other ratings on Elan and its
affiliates, and removed the ratings from CreditWatch.
The rating action follows Elan's successful filing of its 20-F 2002 annual
report with the SEC.  The outlook is now developing.

The ratings were downgraded and placed on CreditWatch on June 26, 2003,
following Elan's announcement that it was not going to be able to file its
20-F report on time.  This placed the company in technical default of its
debt covenants and could have potentially resulted in an acceleration of all
of Elan's roughly US$2 billion in debt.  Elan indicated that it would not
have been able to meet all of its debt obligations if that scenario had
occurred.

"The ratings and outlook reflect Elan's significant near-to-intermediate
debt maturities and expected losses and negative cash flows in the
intermediate term," said Standard & Poor's credit analyst Arthur Wong.

"These factors are partially offset by the company's roughly $1 billion of
cash and investments on hand."

While the filing of the 20-F removes the immediate threat of default, Elan
continues to face significant debt maturities in the near-to-intermediate
term. Specifically, nearly US$500 million in LYONs securities can be put to
the company at the end of 2003, and Elan Pharmaceutical Investments (EPIL)
II and III have US$840 million in securities due in 2004 and 2005.

At the same time, the company currently has roughly US$1 billion in cash and
investments on hand and also has the option of satisfying the put on the
LYONs with any combination of cash and equity.  However, Elan's operations
continue to generate losses and consume cash at a high rate, especially as
the company spends to support its R&D program.  Indeed, Elan may not be
profitable until 2005.  Moreover, its most promising product prospect,
Antegren, which is being developed to treat Crohn's disease and multiple
sclerosis, is not expected to reach the market before 2006.


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


HEINEKEN HOLDING: 450 Jobs to go as Local Demand Remains Flat
-------------------------------------------------------------
Heineken said it plans to cut 450 jobs or nearly a tenth of its work force
in the Netherlands as its home beer market continues to deteriorate.

Recalling that Heineken warned in June regarding flat profits in the
first-half due to problems such as general economic slowdown and the effects
of the SARS outbreak on tourism and leisure activities, analysts now say
that troubles at its home unit, where its makes less than 6% of its beer,
might have also been among the reasons for the warning, according to
Reuters.

"The emphasis in all cases will be on improving efficiency and cutting
costs, which will mean centralizing a number of support departments," the
world's fourth-largest brewer said.  Heineken is now focusing on expanding
its operations in emerging markets such as Eastern Europe and South America.

Demands in Netherlands, where Heineken founder Gerard Adriaan Heineken
bought a brewery in 1864, were flat.  At Heineken's smaller Dutch rival
Grolsch, for instance, beer volumes on the domestic market fell one percent
in the first-half.

"It is a lot of jobs, about nine percent of the Dutch work force.  But if
you want to keep earnings at the certain level, you'll have to cut costs.
It is a measure for a stagnated market," the report cited Gerard Rijk,
analyst at ING Financial Markets, saying.

Heineken will take a US$75.7 million charge for a wider reorganization in
the unit in its 2003 results.  It expects to recover the costs within three
years.


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


ELEKTRIM SA: Blocks Partner's Bid to Consolidate PTC Ownership
--------------------------------------------------------------
Elektrim has effectively blocked a possible sale of the shares of Elektrim
Telekomunikacja in mobile phone operator PTC with the resignation of an
unnamed Elektrim delegate from the supervisory board of Elektrim
Telekomunikacja, the holding which it shares 49%-51% with France's Vivendi.

Germany's Deutsche Telekom has offered EUR1 billion cash for the 51% of PTC
that it does not currently control.  But Elektrim perceived earlier it might
not sufficiently benefit from the offer for its key telecom asset as the
bulk of the proceeds would go to Vivendi.  It promised to take legal steps
to block the sale if Vivendi pursues its plan without further consulting its
Polish partner, according to Interfax-Europe.

Elektrim officials told Interfax reporters it could seek an injunction
preventing the sale in addition to two arbitration cases filed to assert
their right to veto any sale.  The right was granted in the so-called third
investment agreement between Elektrim and Vivendi, which transferred control
of Elektrim Telekomunikacja to Vivendi.  But the deal still needs the
anti-monopoly approval, and the parties had not actually applied for one.

Elektrim is demanding at least EUR450 million for any agreement on the sale.
It is noted that the company faces obligations on restructured bonds that
total EUR450 million early next year, the time when Deutsche Telekom would
have paid for the acquisition.


LOT POLISH: Signs Commercial Agreement with United Airlines
-----------------------------------------------------------
LOT Polish Airlines began the 2003/2004 winter season with a new partner in
the American market, United Airlines, which is a member of the Star
Alliance.  The two carriers signed an agreement for cooperation and free
access to flight connections between Poland and the U.S. on Friday.
Passengers will have the option of flying from Poland to nearly 30 cities in
the U.S. as early as October 26, via LOT flights to Chicago and New York,
and connecting flights from there to the chosen destination with United.

At the same time as signing a code-sharing agreement, the two airlines have
also signed a marketing agreement concerning collaboration in marketing and
business activities as well as other areas.  Both agreements were signed in
the head office of LOT Polish Airlines by Graham Atkinson, Deputy Director
of the Sales and Alliances Department for United, and Piotr Dubno, a member
of LOT Polish Airlines' Management Board for commercial matters.

Following Lufthansa, Austrian Airlines, BMI and All Nippon Airways, the
American carrier is the fifth member of the Star Alliance to sign an
agreement with LOT for joint utilization of flight connections.  For LOT,
this represents another step towards membership of the world's largest
airline alliance, beginning on October 26 this year.

Graham Atkinson commented: "The agreement which we signed [Friday] confirms
our cooperation with LOT, the strongest airline in the region.  Thanks to
this agreement, we will be in a position to offer our clients new options
for traveling between Poland and the USA.  I am pleased that United has
taken this opportunity to enter the promising Central and Eastern European
market.  I believe that our work together will become even more profitable
after LOT Polish Airlines joins the Star Alliance."

"We are very happy with the agreement which we signed [Friday].  Close
cooperation with United, one of the strongest airlines in the world, is of
strategic significance for LOT.  I am convinced that by working together we
will be able to offer our passengers an attractive range of services, which
is more in line with their expectations.  One improvement will be a
significant increase in the options for flying from Warsaw and Krakow to
nearly 30 U.S. cities.  This is, however, only the first phase of our
collaboration, which will become closer with time.  In future, after we have
obtained the necessary permits, LOT flights from the USA to Poland and from
there to many other European cities will also be available for passengers of
United Airlines," added Piotr Dubno.

The history of flight connections between Poland and the USA goes back 30
years.  At the beginning of the 1970's there were charter flights from
Poland to New York and Chicago.  The first scheduled flight to New York was
on April 26, 1973.  The next step forward was a scheduled connection to
Chicago.  Currently, an annual total of over 190,000 passengers fly in
long-distance Boeing 767 planes from Warsaw and Krakow to two American
cities, New York (Kennedy and Newark Airports) and Chicago.

United is the second largest airline in the world, with over 1700 flights a
day.  Last year it transported over 75 million passengers.  It has a global
network of flights connecting over 177 cities in 26 countries.  United has
daily flights from London, Frankfurt, Munich, Paris, Brussels and Amsterdam
to major airports in North America, including New York, Washington, Chicago,
Los Angeles and San Francisco.  The airline has some 84 thousand employees
throughout the world.

                     *****

LOT is a member of the bankrupt Sairgroup and it has not seen any profit on
its operations since 1997.  It posted a net profit in 2002, but this is
because some of its aircraft were resold to
their easing companies.


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


ASCOM: Reports Improving Operating Results in Core Areas
--------------------------------------------------------
In the first-half-year 2003, Ascom achieved important objectives in the
context of the restructuring.  In spite of difficult market conditions, in
the core areas Ascom succeeded in clearly improving the operating result
with almost stable revenue, and in increasing incoming orders.  During
recent months the company further reduced the net debts -- primarily through
divestments.  Ascom succeeded in almost halving the Group loss compared with
the first-half-year 2002.  The accumulated losses largely result from areas
that have been sold or extensively restructured, or which are in the
restructuring phase.  As of the balance sheet date (June 30, 2003), Ascom
Holding Ltd. has shareholders' equity of CHF176 million and the Ascom Group
possesses liquid assets of CHF250 million.

After successful focusing of the Ascom Group, it now consists of the four
core areas Transport Revenue, Security Solutions, Network Integration and
Wireless Solutions.  A positive indication for the future development of the
company is that these areas were able to increase their incoming orders by
5.5% compared with the first half-year 2002 in spite of continuing difficult
market conditions.  The four core areas achieved revenues in the first
half-year 2003 of CHF493 million, which in spite of difficult market
conditions adjusted for currency is only CHF5 million (or 1%) below the
comparison figure of the previous year.  Overall the Group achieved revenues
in the first half-year 2003 of CHF833 million (previous year CHF1,093
million).  The reduction in revenue of CHF260 million reduces to CHF86
million or 9.1% when adjusted for the effects of currency translations and
divestments.  The main part of this decrease in revenue stems from the
non-core areas Energy Systems, Manufacturing and Payphones.

Improved operating result

The core areas of Ascom closed the first half-year 2003 with an operating
result improved by CHF24 million to CHF25 million.  The Group's operating
loss stands at a total of CHF(25) million.  Thus compared with the first
half-year 2002, the operating loss in the period under review decreased by
CHF9 million, compared with the second half-year 2002 even by CHF48 million.
Almost half of the loss of -CHF39 million in non-core areas result from
Energy Systems (-CHF17 million), which has in the meantime been sold.  A
further -CHF15 million are related to restructuring costs in the Payphones,
Manufacturing and Powerline Communications areas, and CHF(7) million stem
from operating losses in these areas.

All core areas with positive operating result

All strategic core areas of the Group closed the period under review with a
positive operating result.  Ascom Transport Revenue achieved a marked
improvement in the operating result. In the first half-year 2003 the core
area achieved an operating result of CHF2 million (previous year's
loss: -CHF15 million) with a decrease in revenue of some 7%.  Ascom Security
Solutions improved the operating result to CHF7 million (previous year: CHF6
million) with a decrease in revenue of some 23% and hence fulfilled result
expectations.  In spite of an investment reluctance in the market, with
revenue of CHF162 million Ascom Network Integration succeeded in maintaining
the previous year's level and closed the period under review positively with
an operating result of CHF1 million (previous year: -CHF1 million).  Ascom
Wireless Solutions increased the operating result by 36% to CHF15 million
(previous year: CHF11 million) with an increase in revenue of some 13%.

Non-core areas with negative operating result

The areas that do not belong to the core business (PBX and others,
Co-operation) closed the first half-year with a loss of CHF(39) million.
PBX (Ascotel) improved the operating result in a half-year comparison by
CHF7 million to -CHF2 million.  The contract for the sale of PBX to the
Canadian purchaser Aastra Technologies Limited and was closed on August 31,
2003 after closure of the period under review.

In a difficult market, Energy Systems closed with a negative operating
result of -CHF17 million (previous year: -CHF5 million.  Following the
closing of the sale to Delta Electronics Public Company Limited on June 30,
2003, the area will no longer be consolidated in the second half-year 2003.

Group loss almost halved in spite of high non-recurring costs
Ascom closed the first half-year 2003 with a Group loss of
-CHF57 million (previous year -CHF100 million).  The losses were
significantly reduced compared with the first half-year 2002 (-CHF100
million, including a non-recurring divestment profit from Mailing Systems)
by CHF43 million and compared with the second half-year 2002 (-CHF181
million) by CHF124 million.

Approximately half of the Group loss in the first half-year 2003 resulted
from Energy Systems.  A further -CHF15 million or approximately 27% result
from restructuring costs, primarily provisions for personnel reductions.

Net debts again reduced

The Group made further progress with the reduction of debts.  As a result of
the revenues from divestments, in the first half-year 2003 Ascom was able to
reduce net debts by CHF58 million from CHF264 million (December 31, 2002) to
CHF206 million (June 30, 2003).

At the end of the period under review, Ascom has cash reserves of CHF250
million.

Balance sheet and shareholders' equity

Total assets of the Group have reduced since December 31, 2002 by -CHF254
million or 16.9%.  The sale of Energy Systems contributed CHF110 million to
this reduction.

The shareholders' equity of the Group reduced by CHF50 million to CHF146
million and the Group's equity ratio at the end of the period under review
is 11.7%.

Ascom Holding Ltd.

The interim financial statements of Ascom Holding Ltd. as per 30.6.03 show
shareholders' equity of CHF176 million. T his corresponds to 75% of the
share capital and the legal reserves.

As a result of the divestment of the Energy Systems, it was possible to
deposit CHF38 million on a guarantee account in favor of the bondholders of
Ascom Holding Ltd.

Employees

At June 30, 2003 a staff of 5,592 was employed by Ascom, which equates to a
decrease of 1,712 jobs or 23% compared with December 31, 2002. This figure
already includes the reduction of 500 jobs that was announced in January
2003.  Through the sale of Energy Systems, 1,231 jobs passed to Delta
Electronics Public Company Limited.

Measures for the second half-year 2003

With the sale of Energy Systems and PBX, the conversion of Powerline
Communications into a slim technology company as well as measures for
process optimization and cost reductions, the Board of Directors and the
Executive Board were able in the first half-year 2003 to implement in rapid
succession important measures that were part of the strategy decided upon in
June 2002.

Ascom's Board of Directors and Executive Board assume that during the second
half-year 2003 and beyond, the market situation will remain difficult.
Positive signals have been set with the fact that during recent months Ascom
has been able to conclude noteworthy contracts with customers.

During the second half-year 2003, the Executive Board and the Board of
Directors will address the following tasks with high priority:

(a) Consolidation of the turnaround of Transport Revenue,

(b) Further improvement of the Network Integration operating
    result,

(c) The restructuring of the Payphones and Manufacturing
    business units in France, for which further restructuring
    costs will be incurred (initial measures were already
    introduced during the first half-year 2003),

(d) The continuous adaptation of the cost structures of the
    Group to the market conditions in a continuing difficult
    market environment,

(e) The sale of major parts of the real estate portfolio in
    Switzerland,

(f) The expansion of the service business on the existing
    customer base,

(g) The continuous reduction of the tied capital,

(h) For the further development of the four core segments
    primarily: The identification of international growth areas
    as well as the introduction of initial measures for their
    processing and development.

Future orientation of the Group

The four core areas of Ascom possess a strong market position in individual
countries as well as a broad installed base with important customers and are
active in selected niche markets with growth potential.  In future, based on
its profound technology know-how in all four core areas, Ascom will grow
primarily organically as well as through sales and technology alliances
without financial participation.  Through the expansion of the service
business, Ascom intends to be a long-term partner for the customers in order
to protect the investments they have made through continuous technical
modernization.

Ascom Transport Revenue is today worldwide the Number 2 in the field of
revenue collection systems and Number 1 in the USA for parking systems at
airports.  Thanks to the available know-how with proven applications and
cumulated experience in demanding customer segments, Ascom sees growth
potential in these expanding markets, above all with new projects worldwide.

Ascom Security Solutions with its comprehensive know-how in public security
and traffic safety, as well as for military and industrial applications,
sees good growth opportunities thanks to the rapidly growing security
requirements of the modern society for highly secure and permanently
available communications and information solutions.

Thanks to its substantial customer base and global strategic global
partnerships, Ascom Network Integration is well positioned in the growing
data/voice convergence market.  In order to strengthen the market position
in the different markets, Ascom develops segment-specific strategies.

Ascom Wireless Solutions sees growth potential in customer-segment-specific
solutions offerings that include consulting, hardware, software and
services, in technology and sales alliances as well as in the OEM business.
Based on the leading market position in its customer segments, Ascom plans
to push ahead with the development of the market and to expand its position
in the USA.

The Ascom Board of Directors and the Executive Board want to manage Ascom as
a slim and very flexible company and consider the adaptation of the cost
structures and the offering to the market conditions as a permanent task.

About Ascom

Ascom is an international solution supplier with comprehensive technology
know-how.  In the areas Transport Revenue (revenue collection and parking
systems), Security Solutions (applications for security, communications,
automation and control systems for infrastructure operators, public security
institutions and the army), Network Integration (network solutions in the
data/voice convergence market) and Wireless Solutions (high quality on-site
communications solutions) with many years of experience in the execution of
complex projects for demanding customers the company has established itself
in important key markets.  Ascom's offering covers analysis and consulting,
system design and system integration, project management, engineering and
implementation, and goes right through to maintenance and support.  The
company has subsidiaries in 23 countries and has a staff of more than 5,000
employees worldwide.  The Ascom registered shares (ASCN) are quoted on the
SWX Swiss Exchange in Zurich.

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


SWISS INTERNATIONAL: Online Bookings Increase Under New Scheme
--------------------------------------------------------------
SWISS has seen more than 10,000 of its flights booked online since it
unveiled its new "SWISS in Europe" product on August 28.  The new permanent
range of attractively low Business and Economy Class fares on the carrier's
European services is proving extremely popular.  Bookings via all sales
channels have risen between 20% and 25% since "SWISS in Europe" was
launched.

Customers are clearly impressed with SWISS' latest innovations to its
European service product.  After some initial difficulties, when the booking
system suffered from unexpectedly high demand, the internet distribution
channel -- which offers the lowest fares available -- is attracting more and
more customers each day.  The record so far was set on Wednesday, September
3, when no fewer than 2 400 bookings were made.

The strong demand for the new low SWISS fares, which are now permanently
available, extends to all sales channels: daily booking levels are currently
20 to 25% higher than their prior-week equivalents.

SWISS has been offering flights under the new concept throughout its
European network since August 28.  Customers are presented with a range of
fares depending on booking class and the date and time of travel.  Up to 30
seats are available for each flight in the lowest fare category.  Passengers
can also select their desired comfort level, choosing any combination of
Business or Economy Class for their outward and return journey.  Economy
Class inflight services have been further improved, but will have to be paid
for individually from October 1.

As well as profiting from attractively low fares, SWISS passengers continue
to enjoy all the advantages offered by a network carrier: coordinated
schedules, centrally-located airports, multiple daily frequencies and the
numerous membership benefits of the Swiss TravelClub.

CONTACT:  SWISS
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 3554
          E-mail: communications@swiss.com
          Homepage: http://www.swiss.com


VON ROLL: Remains Cautious Despite Successful Bond Restructuring
----------------------------------------------------------------
Thanks to active support from all stakeholders, the Von Roll Group managed
in the first-half of 2003 to extricate itself from a situation threatening
its very existence.  The complex financial restructuring operation was
successfully concluded on the 6th of August 2003.  Negotiations on the sale
of Von Roll Inova, a company operating in the thermal waste disposal sector,
are promising.

Due to the extraordinary impact produced by the sale of companies and
refinancing, the results of the first-half of 2003 cannot be compared to
those of the previous year.  The operating result, which shows a deficit of
CHF10 million, is still unsatisfactory; the positive operating result of
CHF35 million for the first six months is due solely to extraordinary items.

The future-oriented alignment of Von Roll Isola under the management of CEO
Walter T. Vogel, the core business of the new re-aligned Von Roll, and the
ongoing difficult market conditions will weigh heavily on the second half of
the year.  However, it will be possible to balance out the considerable
restructuring expenditure with the book profits from refinancing taking
place in the second half of the year.

Financial restructuring

Financial restructuring was successfully accomplished thanks to the
constructive attitude of the various capital providers, namely the
shareholder, bondholder and banks, and their preparedness to accept
financial losses.  The essential prerequisite for sound development of the
re-dimensioned Von Roll Group has thus been established.

In August, outstanding bonds were converted into Von Roll Group shares under
the restructuring scheme.  The successful capital increase, entitling former
shareholders to purchase shares, resulted in an inflow of funds totaling
million CHF7.  Significant blocks of shares are held by the Von Finck family
(15%, i.e. approximately 17 million shares) and Deutsche Bank (13%, i.e.
approximately 14.5 million shares).  Credit Suisse holds approximately 28
million options.

Results

The half yearly results for 2002 and 2003 cannot be compared due to the sale
of various businesses.  Consolidated group sales totaled CHF396 million in
the first-half of the year.

Orders received at Group level during the first six months of 2003 totaled
million CHF454.

The operating result before extraordinary items showed a loss of CHF10
million, compared with a loss of CHF7 million for the first six months of
2002.  Extraordinary income from waived receivables under the financial
restructuring operation and also from the sale of foundry business totaling
55 million CHF produced a positive result after taxes of CHF35 million
(-CHF15 million in the previous year).  The result for the first six months
of 2003 contains only a portion of book profits from refinancing.

Comments on the various divisions

Von Roll Isola

The market for electrical insulation systems and materials was again
characterized by exceptionally difficult market conditions.  The period of
persistently low economic activity in the energy sector resulted in a
further 20% drop in sales and orders received.  Business with Germany,
France and North America was particularly weak while positive trends
developed in the growth markets in China and India.  The difficult situation
in connection with the now completed financial restructuring unsettled our
customers and suppliers and caused additional difficulties for our
personnel.  Von Roll Isola closed its books on June 30, 2003 with a negative
operating result of CHF4 million.  The restructuring measures introduced
during the last few months produced their first positive effects,
particularly in Brazil and at the Swiss factory in Breitenbach.

Von Roll Inova

Von Roll Inova received extensions to two large orders.  Intensive
negotiations with several industrial companies on selling Von Roll Inova are
promising.  The Group is confident that a contract of sale with one of these
interested parties will be signed before the end of the year.  Further
information on this subject will be issued at the appropriate time.

Von Roll Infratec

The sale of the residual activities of the Von Roll Infratec Division was
completed at the end of April 2003.

Cautious outlook

Von Roll Group's second six months will also be marked by a serious
challenge in the target markets.  Given the persistently difficult market
conditions, the company is expecting to post mixed results for the full
financial year 2003.  The much-needed operational restructuring measures
will be continued in high gear during the second half of the year to ensure
that the company can achieve the target of returning to profitability by
2004 as announced.  The cost involved will weigh heavily upon the 2003
operating result.  Of course, this will be offset in the company's books by
the positive impact of extraordinary items related to refinancing.

Von Roll Group Results, 1st half of 2003

Financial key figures 1st six months       1st six months of
                           of 2002           2003*

Orders received              633            454
- Von Roll Isola      238               200
- Von Roll Infratec (discontinued)
                             257                   61
- Von Roll Inova      138            193

Gross sales              611            396
- Von Roll Isola      250            202
- Von Roll Infratec (discontinued)
                             246             66
- Von Roll Inova      115            128

Operating result before extraordinary items
                              -7            -10
- Von Roll Isola        1             -4
- Von Roll Infratec (discontinued)
                              -3             -2
- Von Roll Inova       -4             -1
- Neutral sector              -1             -3

- Extraordinary income        4              55
- Interest and taxes      -12            -10
Profit after tax (PAT)      -15             35

Operating net assets      427            191

Equity (incl. minority interest)
                             159             45
Self-financing ratio      17%         7.7%**

Personnel            4'787          2'663

*   The results in the two columns cannot be compared because of the sale of
companies in the meantime.

**  Before balance sheet restructuring


VON ROLL: Sells Von Roll Inova to Austrian Energy & Environment
---------------------------------------------------------------
On Friday, Von Roll Holding Ltd. and Austrian Energy & Environment signed a
contract of sale concerning the takeover of Von Roll Inova Holding Ltd.
Execution of this contract is subject to the approval of various bodies,
especially the Monopolies and Mergers Commission.  This will complete the
process of focusing the Von Roll business announced on November 5, 2002,
which will in future be concentrated on the activities of Von Roll Isola
operating in the insulating materials sector.  It was agreed that the
details of the contract of sale should not be published.

A twin trade mark strategy will be operated

To Austrian Energy & Environment, the 100% takeover of Von Roll Inova
represents an important addition to the company, boosting its market
strength significantly.  By introducing a twin trade mark strategy,
Christian Schmidt, CEO of Austrian Energy & Environment, aims at
strengthening further the popularity and the reputation of both companies.

Austrian Energy & Environment Ltd. is a leading European and international
supplier in the energy and environmental systems sector, specializing in
steam generators and flue gas purification as well as biomass plants.  It
employs 580 people in Vienna, Graz and Croatia and has been owned by ATB
Beteiligungs GmbH, Dr. Mirko Kovats and Christian Schmidt since the end of
September 2002.  This group of Austrian industrial companies with a
workforce of 3000 includes in addition to AE&E the ATB Group of Companies
(Germany, Austria), Emco Maier Ltd. (Austria), Magdeburg Werkzeugmaschinen
Ltd. (Machine Tools, Germany) and INTOS spol., s.r.o. (Czech Republic).

Von Roll Inova with its workforce of 450 achieved sales of CHF277 million
(2002) and is one of the world leading companies in thermal waste treatment.
It offers its customers customized part and total concepts: from planning
through engineering, construction and operation up to maintenance of
complete plants.

CONTACT:  VON ROLL
          Corporate Communications
          Lena Tobler
          Phone: +41 1 204 30 41
          Fax: +41 1 204 30 43

          Investor Relations
          Dr. Thomas Bogli
          Phone: +41 1 204 30 63
          Fax: +41 1 204 30 64


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


ABERDEEN ASSET: Sees No Immediate Market Recovery in Near Future
----------------------------------------------------------------
Although equity markets have shown tentative signs of improvement in the
first-half of 2003, overall conditions remain very depressed after the
longest downturn in equity markets since the 1930s.  The Aberdeen Group, in
common with others in the asset management sector, has had to adjust to this
environment.

The first-half of the new financial year was challenging and this has
continued with little evidence of material improvement in retail confidence.
The directors of Aberdeen envisage that market conditions will remain
difficult for some time to come.  Against this background, the board of
Aberdeen has focused and continues to focus on three key initiatives:

(a) Refinement of core products: an initiative to strengthen the
    Group's investment process has been accelerated and now
    encompasses all equity and fixed interest desks

(b) Market re-positioning: the Group has changed the shape of
    its open-ended funds business dramatically in the last 12
    months from high volume retail investors to high value
    professional and institutional investors

(c) Cost control: the cost reduction program initiated during
    2002 remains on track

Although it is early days, the board of Aberdeen believes results are
encouraging: the strengthening of investment process is yielding
improvements in investment performance in a number of areas and the
distinctive characteristics of Aberdeen's investment process are attracting
attention from a wide variety of professional advisers and institutional
investors.  Net sales of open-ended funds moved back into positive territory
in March 2003 and (excluding anticipated and planned withdrawals) have
continued to increase ever since.

The sale of retail fund management rights to New Star in January 2003 has
facilitated Aberdeen's re-positioning as a provider of clearly
differentiated product offerings in established asset classes and an
extensive range of products in more specialist areas.  The range of
closed-end funds managed by the
Group continues to perform steadily, particularly those traded on North
American exchanges.

The Group's ongoing cost reduction program encompasses a reduction in the
number of open-ended funds from 68 to 47 (eliminating those funds that lack
critical mass and/or that are no longer consistent with the strengthened
investment approach).  The cost reduction program is on track to deliver the
savings previously predicted but the opportunity for further cost reductions
will continue to be monitored.

For the nine months ended June 30, 2003, the unaudited consolidated turnover
for the Aberdeen Group had fallen by 31.4% when compared with the nine
months ended June 30, 2002 due, principally, to the sale of the retail fund
management rights referred to above and a reduction in management fee income
as assets under management had fallen between these two dates.

To view full announcement: http://bankrupt.com/misc/Edinburgh_Fund_Offer.htm


AMP LIMITED: Admits Rights Issue Alternative in Refinancing RPS
---------------------------------------------------------------
Media reports of a capital-raising by AMP reconfirm statements made by the
company at the release of its interim results on August 20, 2003.

AMP said at its interim results if its proposed demerger proceeds,
refinancing the Reset Preferred Securities (RPS) is both necessary and
desirable to achieve regulatory, ratings and tax efficiency.  Alternatives
being investigated, in conjunction with investment banks, involve
refinancing the RPS into equity and/or other Tier 1 instruments in the "new"
AMP.  AMP can confirm that one of the alternatives being considered is a
rights issue.

AMP also said at its interim results it is likely the refinancing will be
for the full amount of the RPS, although proceeds from asset sales, if
realized, will be taken into account in the final capital structure.

As noted at the interim results, the final capital structure of both new
entities is subject to on-going discussions with regulators.  These
discussions are yet to be concluded.

"When AMP has determined the best way in which to refinance the RPS, full
disclosure will be made.  However, the refinancing is also dependent on a
number of other factors including agreement with regulators on the capital
structures of the demerged entities and Board approvals," AMP Chief
Executive Officer Andrew Mohl said.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
          Contact: Mark O'Brien, Investor Relations
          Phone: +61 2 9257 7053


BALTIMORE TECHNOLOGIES: Sells OmniRoot Business to beTRUSTed
------------------------------------------------------------
Baltimore Technologies plc (London: BLM), announced it has entered into a
conditional agreement with beTRUSTed to sell its OmniRoot business for a
total consideration of GBP2.0 million (approximately US$3.1 million) in
cash.*

Bijan Khezri, Chief Executive Officer of Baltimore Technologies plc,
commented: "Further to the recent sale of our managed services operation to
beTRUSTed, this transaction represents a further step in maximizing value
for our shareholders and customers.  Through its global managed services
operations, we believe beTRUSTed is uniquely positioned to effectively
capitalize on the potential of OmniRoot in the marketplace."

John Garvey, Chief Executive Officer of beTRUSTed, said: "This acquisition
is a significant step in strengthening beTRUSTed's offerings, broadening our
ability to offer new services to both existing and new clients.  Purchasing
Baltimore's OmniRoot business is an important strategic step in our mission
to become the leading global trust services provider.  We offer existing and
future customers a stable, high quality platform to implement their security
and trust strategies."

Rationale for the divestment

On July 21, 2003 Baltimore announced the sale of its managed services
operations to be beTRUSTed.  As Baltimore OmniRoot is also a security
service which can power both managed service related SSL offerings and
in-house SSL certificate issuance, Baltimore believes that our customers are
best served and the technology can be best exploited, through a relationship
with beTRUSTed.

Financial Information

Based on unaudited management information for the twelve-month period ended
December 31, 2002, the OmniRoot business generated revenues of approximately
GBP0.6 million (US$0.9 million) and a profit before interest and tax of
approximately GBP0.5 million (US$0.8 million).  As at December 31, 2002, the
net assets of the OmniRoot business were approximately GBP0.04 million
(US$0.06 million).

Financial effect of the disposal

The company intends to use the cash proceeds of the disposal of GBP2.0
million (approximately US$3.1 million), payable at completion, for general
corporate purposes.  Baltimore expects that the disposal will complete by
the end of September 2003.

Information on OmniRoot

Baltimore OmniRoot is a trusted root, embedded within the majority of the
world's browsers, mobile devices, email clients and servers, which ensures
that digital certificates issued for SSL and S/MIME are automatically
accepted for secure e-commerce transactions.  The technology supports full
128 bit encryption, the most secure standard available on the market today.
OmniRoot is a root key that has been audited to internationally recognized
WebTrust standards.

*Based on an exchange rate as at 4 September 2003 of GBP0.6370 = US$1.

About Baltimore Technologies

Baltimore Technologies' products, professional services and solutions solve
the fundamental security needs of e-business.  Baltimore's e-security
technology gives companies the necessary tools to verify the identity of who
they are doing business with and securely manage which resources and
information users can access on open networks.  Many of the world's leading
organizations use Baltimore's e-security technology to conduct business more
efficiently and cost effectively over the Internet and wireless networks.

Baltimore's products and services are sold directly and through its
worldwide partner network, Baltimore TrustedWorld.  Baltimore Technologies
is a public company, principally trading on the London Stock Exchange (BLM).
For more information on Baltimore Technologies please visit
http://www.baltimore.com

About beTRUSTed

beTRUSTed is the premier global provider of security and trust services to
the world's leading organizations and government agencies.  Through its
managed security services, beTRUSTed offers clients a comprehensive package
of leading security products coupled with unrivalled expertise to help
reduce costs, increase revenue and comply with government and industry
regulations.

CONTACT:   SMITHFIELD FINANCIAL
           Andrew Hey
           Phone: +44 20 7903 0676
           Will Swan
           Phone: +44 20 7903 0647

           BETRUSTED
           JT Lazo
           Phone: +1 410 340 4690


BRAKE BROS: S&P Withdraws 'B+' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services said it withdrew its 'B+' long-term
corporate credit rating on U.K.-based food service distribution group Brake
Bros Ltd. and assigned its 'B+' long-term corporate credit rating to the
group's holding company
Brake Bros Finance PLC (Brake Bros).  The outlook is stable.

In addition, Standard & Poor's affirmed its 'B-' subordinated debt rating on
the notes issued by Brake Bros.

"The ratings on Brake Bros continue to reflect the group's very aggressive
financial profile following its LBO in 2002, tempered by its number-one
position in the growing U.K. food service distribution industry," said
Standard & Poor's credit analyst Hugues de la Presle.

At the end of the first-half of 2003, the group had net debt of GBP344
million (US$545 million) before operating lease adjustments.  Brake Bros is
expected to effectively improve its earnings and cash flow to meet the
higher mandatory debt repayments beginning in 2006.


BRITISH AIRWAYS: Resumes Flights to Saudi Arabia
------------------------------------------------
British Airways resumed its flights from London Heathrow to Saudi Arabia
during the weekend.

The decision to restart flights follows a thorough review of security in and
around Riyadh and Jeddah airports, in co-operation with the U.K. government'
s Department for Transport and the Saudi authorities.

Geoff Want, the airline's director of safety and security, said: "Our own
team of security experts, together with British government officials, has
worked closely with the Saudi authorities to implement a number of
additional, robust and sustainable security measures.  We are now satisfied
that levels of security are appropriate for us to resume services.

"We continue to liaise with the U.K. government's Department for Transport
and will keep the situation under close review.

"We will not fly to any destination unless we are satisfied it is safe to do
so."

Flights to Riyadh resumed Saturday, September 6, 2003 and flights to Jeddah
restarted Sunday, September 7, 2003.

Flights to Saudi Arabia were suspended on Wednesday, August 13, 2003 due to
heightened security concerns in the country.

                     *****

British Airways previously reported a pre-tax loss of GBP45 million and
operating profit of GBP40 million.  Revenues were down 10.7% versus GBP1.8
billion last year.


EDINBURGH FUND: Board Accepts Recommended 2.05 Share Offer
----------------------------------------------------------
The boards of Aberdeen and Edinburgh announce that they have agreed terms
for a recommended all share offer of 2.05 New Aberdeen Shares for each
Edinburgh Share to be made by Ernst & Young, on behalf of Aberdeen, for the
whole of the issued and to be issued share capital of Edinburgh.

The directors of Edinburgh have given irrevocable undertakings to accept the
Offer in respect of their own beneficial shareholdings amounting to 29,519
Edinburgh Shares in aggregate, representing approximately 0.1 % of the total
issued share capital of Edinburgh.   Aberdeen has received further
irrevocable undertakings from certain other Edinburgh Shareholders to accept
the Offer in respect of 12,685,508 Edinburgh Shares, representing
approximately 44.5% of the total issued share capital of Edinburgh and a
statement of intent to accept the Offer in respect of a total of 1,437,470
Edinburgh Shares, representing approximately 5.0% of the total issued share
capital of Edinburgh.  Accordingly, Aberdeen holds irrevocable undertakings
and a statement of intent in respect of a total of 14,152,497 Edinburgh
Shares, representing approximately 49.6% of the total issued share capital
of Edinburgh.

Clients managed by the Aberdeen Group currently hold, in aggregate, a
further 788,126 Edinburgh Shares, representing approximately 2.8 % in
aggregate of Edinburgh's issued share capital.

The principal commercial rationale for the Offer is the combination of the
institutional funds managed by Aberdeen and Edinburgh.  Consequently,
Aberdeen has agreed to procure the sale of the rights to manage the retail
funds currently managed by the Edinburgh Group (comprising unit trusts and
open-ended investment companies with approximately GBP900 million of assets
under management) to New Star for GBP33 million of which GBP27 million is to
be paid in cash and GBP6 million in new New Star Shares upon completion of
such sale.  The Disposal is consistent with the strategy set out at the time
of the previous sale by Aberdeen to New Star in January 2003 of rights to
manage certain retail funds of Aberdeen.

Due to its size, under the Listing Rules, the Offer will be conditional on,
inter alia, the approval of Aberdeen Shareholders at an extraordinary
general meeting.  Aberdeen Shareholders representing, in aggregate, 30.0% of
Aberdeen's issued ordinary shares have confirmed that they will vote in
favor of the resolutions to be proposed at the extraordinary general meeting
of Aberdeen to implement the Offer, as will the directors of Aberdeen in
respect of a further 2.5% of Aberdeen's issued ordinary shares.  A circular
will be dispatched to Aberdeen Shareholders as soon as practicable to
convene an extraordinary general meeting of Aberdeen for the purposes of
approving the Offer and the associated issue of New Aberdeen Shares.

The Offer is also conditional upon all of the conditions set out in the Sale
Agreement (other than the condition that the Offer becomes or is declared
unconditional in all respects) being satisfied or waived and, under Rule 16
of the City Code, upon the approval of Edinburgh Shareholders (excluding BT
Pension Scheme and other discretionary management clients of Hermes with a
shareholding in Edinburgh) at an extraordinary general meeting of Edinburgh
to approve the arrangements between New Star and the BT Pension Scheme,
details of which are set out in paragraph 3 below.  Edinburgh Shareholders
(including the directors of
Edinburgh) holding Edinburgh Shares, representing, in aggregate, 29.4 % of
the votes capable of being cast at the extraordinary general meeting have
confirmed that they will vote in favor of the resolutions to be proposed at
the extraordinary general meeting of Edinburgh.  A circular will be
dispatched to
Edinburgh Shareholders as soon as practicable to convene an extraordinary
general meeting of Edinburgh for the purposes of approving the arrangements
between New Star and the BT Pension Scheme.

The Disposal is conditional, inter alia, upon receipt of regulatory consents
(including from the Financial Services Authority), the approval of New Star
Shareholders at an extraordinary general meeting of New Star to the creation
and allotment of new New Star Shares and upon the Offer becoming or being
declared unconditional in all respects.

As set out in paragraph (f) of Appendix I, the Offer is subject, inter alia,
to the Sale Agreement becoming unconditional in all respects save as to the
requirement for the Offer to become or be declared unconditional in all
respects.  As part of the Disposal, Aberdeen has undertaken in the Sale
Agreement that it will not, without the prior written agreement of New Star,
declare the Offer unconditional unless valid acceptances, as set out in
paragraph (a) of Appendix I, have been received from not less than 90 % in
nominal value in Edinburgh shares to which the Offer relates, by the first
closing date, being 21 days after the dispatch of the Offer Document.

New Star Shareholders (including certain directors of New Star) holding New
Star Shares representing, in aggregate, approximately 55.1% of the votes
capable of being cast at an extraordinary general meeting have confirmed
that they will vote in favor of the resolutions to be proposed at the
extraordinary general meeting of New Star to implement the Disposal.  A
circular will be dispatched to New Star Shareholders as soon as practicable
to convene an extraordinary general meeting of New Star for the purposes of
considering the resolutions.

The Offer

The Offer, which will be subject to the conditions and further terms set out
in Appendix I and in the formal Offer Document and Form of Acceptance to be
sent to Edinburgh Shareholders, will be made on these basis:

2.05 New Aberdeen Shares for each Edinburgh Share

On the bases and assumptions set out in Appendix II (and particularly based
on [Thursday's] closing middle market price of 61.5p per Aberdeen Share),
the Offer, which is being unanimously recommended by the directors of
Edinburgh:

(a) values an Edinburgh Share at 126p.  Edinburgh Shareholders should,
however, be aware that the New Aberdeen Shares will not qualify for any
final Aberdeen dividend to be paid in respect of the year ending September
30, 2003

(b) values the entire issued share capital of Edinburgh at approximately
GBP36 million

(c) represents a premium of 71.5% to the closing middle market price of
73.5p per Edinburgh Share on 1 July 2003, the day before the announcement
that Edinburgh was in discussions which might or might not lead to an offer
being made for the Company

(d) represents a premium of 51.0% to [Thursday's] closing middle market
price of 83.5p per Edinburgh Share Fractions of New Aberdeen Shares will not
be allotted to Edinburgh Shareholders and their entitlement will be rounded
down to the nearest whole number of New Aberdeen Shares.

The Edinburgh Shares which are the subject of the Offer will be acquired
fully paid, free from all liens, equities, charges, encumbrances, rights of
pre-emption and other third party interests and together with all rights now
or hereafter attaching thereto, including the right to receive and retain
all dividends and other distributions (if any) declared, made or paid on or
after the date of this announcement.

The New Aberdeen Shares to be allotted and issued in connection with the
Offer will be allotted and issued credited as fully paid and will rank pari
passu in all respects with the existing issued Aberdeen Shares, together
with the right to retain and receive in full all dividends and other
distributions declared, made or paid after the date of this announcement
save for any final dividend to be declared in respect of the year ending
September 30, 2003.

If the Offer becomes or is declared unconditional in all respects, full
acceptance of the Offer would result in the issue of up to 58,879,491 New
Aberdeen Shares, representing approximately 25.0% of the issued share
capital of Aberdeen as enlarged by the Acquisition.  For these purposes it
has been assumed that the only options outstanding under the Edinburgh Share
Option Schemes that will be exercised are those for which the exercise price
is lower than the value of an Edinburgh Share under the Offer as at
September 4, 2003 (being the last business day prior to this announcement).

Application will be made to the U.K. Listing Authority for the New Aberdeen
Shares to be admitted to listing on the Official List and to the London
Stock Exchange for the New Aberdeen Shares to be admitted to trading on the
London Stock Exchange's market for listed securities.  It is expected that
listing will become effective and that dealings will commence in the New
Aberdeen Shares on the first dealing day following the day on which the
Offer becomes or is declared unconditional in all respects (save only for
the admission to trading of such New Aberdeen Shares becoming effective).

Subject to the Offer becoming or being declared unconditional in all
respects, except in the case of certain Overseas Shareholders, settlement of
the consideration to which any Edinburgh Shareholder is entitled under the
Offer, will be effected (i) in the case of acceptances of the Offer
received, complete in all respects, by the date on which the Offer becomes
or is declared unconditional in all respects, within 14 days of such date,
or (ii) in the case of acceptances of the Offer received, complete in all
respects, after the date on which the Offer becomes or is declared
unconditional in all respects but while the Offer remains open for
acceptance, within 14 days of such receipt, in the following manner.

Where an acceptance relates to Edinburgh Shares held in CREST (that is in
uncertificated form) the New Aberdeen Shares to which the accepting
Edinburgh Shareholder is entitled will be issued to such person in
uncertificated form within the CREST system.  Where an acceptance relates to
Edinburgh Shares in certificated form, the New Aberdeen Shares to which the
accepting Edinburgh
Shareholder is entitled will be issued in certificated form.  Definitive
certificates for the New Aberdeen Shares will be dispatched by post (or by
such other method as may be approved by the Panel).  In relation to New
Aberdeen Shares issued in certificated form, temporary documents of title
will not be issued.  Pending the dispatch by post of definitive certificates
for such New Aberdeen Shares in accordance with the terms of the Offer,
transfers will be certified against the register.

The formal documentation relating to the Offer and the issue of New Aberdeen
Shares will be dispatched to Edinburgh Shareholders and Aberdeen
Shareholders (other than certain Overseas Shareholders) as soon as
practicable and, in any event, save with the consent of the Panel, within 28
days of the date of this announcement.

To view full announcement: http://bankrupt.com/misc/Edinburgh_Fund_Offer.htm


EDINBURGH FUND: Aberdeen to Spare New Star of Liabilities
---------------------------------------------------------
The sale to New Star of the rights to manage the Retail Funds is consistent
with the strategy set out at the time of the previous sale by Aberdeen to
New Star in January 2003 of rights to manage certain retail funds of
Aberdeen.  The directors of Aberdeen believe that the U.K. retail
marketplace continues to be extremely competitive with some 130 managers
selling over 1,900 fund products into the unit trust and open-ended
investment companies sector alone.

The Disposal will be structured as a sale of rights to manage the Retail
Funds with no transfer to New Star of assets or liabilities save for those
relating to the rights themselves. During a six-month transitional period,
Aberdeen will procure the provision of certain services to New Star to
facilitate the orderly movement of the Retail Funds to New Star's operating
platform.  These services will be provided by Aberdeen on a cost only basis.
New Star intends to re-brand the relevant funds under the New Star brand
following completion of the Disposal.  Aberdeen, Edinburgh and New Star will
cooperate to communicate the benefits of the transaction to unitholders and
distributors to ensure an orderly transition of the Retail Funds to the New
Star brand and platform.

The Sale Agreement provides for limited warranties and indemnities to be
given at completion of the Disposal to New Star by Aberdeen, Edinburgh and
certain of Edinburgh's subsidiaries.  New Star will have the opportunity to
engage certain of the staff associated with the management of the Retail
Funds.  Aberdeen will guarantee the obligations of Edinburgh and its
subsidiaries in respect of the Disposal and will provide covenants not to
compete with New Star in respect of the Retail Funds.  Further details of
the Sale Agreement will be included in the Listing Particulars to Aberdeen
Shareholders.

New Star is financing the cash element of the acquisition of the management
rights through a combination of existing cash, bank facilities and new
equity.  This financing is already committed and is conditional only on the
Sale Agreement becoming unconditional.  As part of the equity financing, the
BT Pension Scheme has agreed to subscribe for GBP10 million of new New Star
Shares.

Other investors have committed to underwrite the placing of additional new
New Star Shares at the same price and on the same terms as the BT Pension
Scheme.

The BT Pension Scheme, which currently owns 23.4% of Edinburgh's share
capital has given an irrevocable undertaking to Aberdeen to accept the
Offer.

Under Rule 16 of the City Code, which relates to arrangements between an
offeror or parties in concert with it and shareholders in an offeree company
where such arrangements are not extended to all shareholders, the
arrangements between New Star and the BT Pension Scheme is subject to the
approval of Edinburgh Shareholders at the extraordinary general meeting of
Edinburgh. The BT Pension Scheme will be excluded from this vote.  A
significant proportion of the BT Pension Scheme's assets are managed by
Hermes, which is wholly-owned by the BT Pension Scheme.  Other discretionary
investment management clients of Hermes, which together hold a further 5.8%
of Edinburgh's share capital, will also be excluded from voting on the
arrangements between New Star and the BT Pension Scheme at the extraordinary
general meeting of Edinburgh.

Aberdeen intends to use the net cash proceeds of the Disposal (after
expenses and any exceptional costs) to reduce debt and to fund additional
pension contributions of GBP9 million in aggregate into Edinburgh's defined
benefit pension scheme, comprising a GBP4 million up-front payment and a
total of GBP5 million of additional contributions in the period of three
years following the month after the Offer becomes or is declared
unconditional in all respects.  The GBP5 million additional contributions
will be guaranteed by Bank of Scotland or otherwise secured.  In the event
of a revaluation the GBP5 million of additional contributions may be
adjusted accordingly.

To view full announcement: http://bankrupt.com/misc/Edinburgh_Fund_Offer.htm


EDINBURGH FUND: Directors Promise to Approve Transaction in EGM
---------------------------------------------------------------
The directors of Edinburgh, who have been so advised by Hawkpoint, consider
the terms of the Offer to be fair and reasonable.  In providing advice to
the directors of Edinburgh, Hawkpoint has taken into account the Edinburgh
directors' commercial assessments.  Accordingly, the directors of Edinburgh
intend unanimously to recommend Edinburgh Shareholders to accept the Offer,
as certain of them have irrevocably undertaken to do in respect of their
entire holdings which in aggregate amount to 29,519 Edinburgh Shares,
representing approximately 0.1% of the entire issued share capital of
Edinburgh.

The directors of Edinburgh, who have been so advised by Hawkpoint, consider
the terms of the arrangements between New Star and the BT Pension Scheme to
be fair and reasonable as far as other Edinburgh Shareholders are concerned.
The Directors of Edinburgh have confirmed that they will vote in favor of
the resolution to be proposed at the extraordinary general meeting to
approve these arrangements between New Star and the BT Pension Scheme in
respect of their entire holdings which in aggregate amount to 159,882
Edinburgh Shares, representing approximately 0.6% of the entire issued share
capital of Edinburgh.

Information on the Aberdeen Group

The Aberdeen Group is an independent asset management group managing a
diverse range of investment vehicles catering to some 400,000 investors
worldwide, including: 21 open-ended (unit trust or open-ended investment
companies) funds marketed in the U.K., 29 closed-end funds listed in the
U.K. of which 17 are conventional investment trusts), a range of funds
listed in Luxembourg, Dublin and Singapore, life and institutional funds, a
private client business, a substantial private equity business and an
institutional property asset management business.  As at July 31, 2003,
total assets under management amounted to approximately GBP20.5 billion.

For the year ended September 30, 2002, Aberdeen had turnover of GBP192.1
million (2001: GBP182.1 million), profit before taxation of GBP18.3 million
(2001: GBP24.6 million) and basic earnings per share of 3.29p (2001: 8.51p).
As at September 30, 2002, Aberdeen had net assets of GBP207.2 million (2001:
GBP219.8 million).

The unaudited interim results for the six months ended March 31, 2003
reported turnover of GBP74.9 million (2002: GBP94.3 million), profit before
tax of GBP41.9 million (2002: GBP10.8 million) and basic earnings per share
of 17.29p (2002: 2.71p).   As at March 31, 2003, Aberdeen had net assets of
GBP228.7 million (GBP209.6 million).

Information on the Edinburgh Group

The Edinburgh Group is an independent investment management group involved
in the management of investment trusts, unit trusts and open-ended
investment companies, pension funds, venture capital funds and other
discretionary portfolios.  As at July 31, 2003, funds under management
amounted to approximately GBP3.3 billion.

For the year ended 31 January 2003, Edinburgh had turnover of GBP30.7
million (2002: GBP34.9 million), loss before tax of GBP2.0 million (2002:
profit GBP2.8 million) and loss per share of 6.1p (2002: profit 5.7p).  As
at January 31, 2003, Edinburgh had net assets of GBP11.1 million (2002:
GBP13.5 million).

Edinburgh has separately announced its unaudited interim results for the six
months ended July 31, 2003 which record turnover of GBP12.4 million (2002:
GBP17.2 million), profit before tax of GBP3.3 million (2002: GBP1.7 million)
and basic earnings per share of 11.4p (2002: 4.0p).  As at 31 July 2003,
Edinburgh had net assets of GBP15.1 million (2002: GBP14.2 million).  The
directors of Edinburgh have not proposed an interim dividend for the six
months ended July 31, 2003.

To view full announcement: http://bankrupt.com/misc/Edinburgh_Fund_Offer.htm


EDINBURGH FUND: Aberdeen Outlines Benefits of Acquisition
---------------------------------------------------------
Background to and reasons for the Offer

The directors of Aberdeen believe that there is an excellent strategic fit
between Aberdeen and Edinburgh and that the Acquisition will:

(a) create a stronger independent Scottish fund management business

(b) strengthen the institutional equity and fixed income asset management
business and investment management team of the Aberdeen Group

(c) enhance the Aberdeen Group's position as a major manager of U.K.
closed-end funds

(d) provide additional resources to the Enlarged Group to enable it to
improve its core disciplines of active management of international equities
and fixed income securities

(e) provide the Enlarged Group with access to Edinburgh's back office
facility in Dundee

(f) crystallize the value of the retail funds managed by the Edinburgh Group
through the sale to New Star

(g) allow Aberdeen to reduce gearing with part of the proceeds of the sale
to New Star, strengthening the balance sheet of the Enlarged Group and
increasing financial flexibility

(h) provide Aberdeen with a stronger platform for future expansion in a
consolidating market

The directors of Aberdeen believe that the terms of the Offer will increase
shareholder value for Aberdeen Shareholders whilst enabling Edinburgh
Shareholders to retain an interest in the asset management sector and to
participate in any future recovery of that sector and the future value
created by the Enlarged Group.

The market capitalization of the Enlarged Group would be approximately
GBP145.0 million (based on the terms of the Offer and the closing
middle-market price for Aberdeen Shares as at 4 September 2003, the last
dealing day prior to this announcement).  For these purposes it has been
assumed that the only options outstanding under the Edinburgh Share Option
Schemes that will be exercised are those for which the exercise price is
lower than the value of a Edinburgh Share under the Offer as at 4 September
2003 (being the last business day prior to this announcement).

To view full announcement: http://bankrupt.com/misc/Edinburgh_Fund_Offer.htm


EDINBURGH FUND: Aberdeen Asset Retains Executive Directors
----------------------------------------------------------
Management and employees

It is intended that Anne Richards and Rod MacRae, the executive directors of
Edinburgh, will be offered senior management roles in the Enlarged Group.
The non-executive directors of Edinburgh have indicated their intention to
resign upon the Offer becoming or being declared unconditional in all
respects.

Aberdeen has given assurances to the directors of Edinburgh that, on the
Offer becoming or being declared unconditional in all respects, the existing
employment rights, including pension rights, of all the management and
employees of the Edinburgh Group will be fully safeguarded.

To view full announcement: http://bankrupt.com/misc/Edinburgh_Fund_Offer.htm


EDINBURGH FUND: To Delist Once Offer Becomes Unconditional
----------------------------------------------------------
Edinburgh Share Option Schemes

The Offer will extend to any Edinburgh Shares issued or unconditionally
allotted prior to the date on which the Offer closes (or such earlier date
not being earlier than the date on which the Offer becomes or is declared
unconditional as to acceptances or, if later, the First Closing Date, as
Aberdeen may, subject to the City Code, determine) as a result of the
exercise of options granted under the Edinburgh Share Option Schemes.

To the extent that such options have value but are not exercised or do not
vest in full, it is intended that appropriate proposals will be made to
option holders in the Edinburgh Share Option Schemes if the Offer becomes or
is declared unconditional in all respects.

De-listing and compulsory acquisition

In the event of the Offer becoming or being declared unconditional in all
respects and sufficient Edinburgh Shares being controlled by the Aberdeen
Group, Aberdeen intends, as soon as it is appropriate thereafter to do so,
to procure that Edinburgh will apply for cancellation of the listing of the
Edinburgh Shares on the Official List of the UKLA and that Edinburgh will
propose a resolution to re-register as a private limited company under and
subject to the relevant provisions of the Act.

The Offer will extend to any Edinburgh Shares, which are unconditionally
allotted or issued and fully paid (or credited as fully paid) whilst the
Offer remains open for acceptance (or by such earlier date, not being
earlier than the date on which the Offer becomes unconditional as to
acceptances or, if later, the First Closing Date as Aberdeen may, subject to
the Code, determine).  In the event of sufficient acceptances being obtained
under the Offer, Aberdeen intends to exercise its rights under the
provisions of section 428 to 430F of the Act to acquire compulsorily any
remaining Edinburgh Shares to which the Offer relates.

Under those provisions, Aberdeen will, upon having acquired or contracted to
acquire by virtue of acceptance of the Offer, 90% or more in value of the
Edinburgh Shares to which the Offer relates, notify holders of any
outstanding Edinburgh Shares that it wishes to acquire such shares.  Upon
such notices being issued, the procedure stipulated in the above mentioned
provisions of the Act would apply and, barring any intervention by a
competent court, Aberdeen will be entitled to acquire compulsorily all
outstanding Edinburgh Shares.

General

The Offer will be made on the terms and subject to the conditions which are
set out in Appendix I and those terms to be set out in the formal Offer
Document and Form of Acceptance to be sent to Edinburgh Shareholders and
such further terms as may be required to comply with the provisions of the
City Code.  The availability of the Offer to persons not resident in the
United Kingdom may be affected by the laws of the relevant jurisdictions.
Persons who are not resident in the United Kingdom should inform themselves
about and observe any applicable requirements.

To view full announcement: http://bankrupt.com/misc/Edinburgh_Fund_Offer.htm


LONDON FORFAITING: FIMBank Wins Control; Restructuring to Follow
----------------------------------------------------------------
FIMBank, in a press conference on Friday, confirmed it had won control of
London Forfaiting, according to The Malta Business Weekly.

The board of London Forfaiting declared FIMBank's 29.5p per share cash offer
unconditional on August 29 after recommending it in July.  This was despite
a counter offer from Resurge Plc's Jonathan Rowland, who promised an
all-share offer worth GBP39 million, against Resurge's cash offer of GBP31
million.

Under the Maltese bank's offer, London Forfaiting will become a subsidiary
part of the FIMBank Group and is to undergo a major restructuring including
delisting from the London Stock Exchange.  All London Forfaiting
administrative operations will be transferred to Malta.  FIMBank also plans
to dispose the firm's network of offices that do not have strategic
importance.

London Forfaiting has offices in Paris, New York, Sao Paolo, and Singapore.
It put itself up for sale last year after a string of profit warnings and
bad debts following problems in Russia and South East Asia.

FIMBank president Claude L. Roy hopes that London Forfaiting will start
contributing positively to its bottom line as early as next year, according
to the report.


LONDON FORFAITING: Files for Delisting, Trading Cancellation
------------------------------------------------------------
Following the announcement on August 28, 2003 by FIMBank (U.K.) that their
Offer had been declared unconditional in all respects on that date and as
indicated in that announcement that they intended to do, the Directors of
London Forfaiting have applied on Friday for the cancellation of the listing
of the London Forfaiting Shares on the Official List and for the
cancellation of trading in London Forfaiting Shares on the London Stock
Exchange's market for listed securities.

It is anticipated that such de-listing and cancellation will take effect on
October 3, 2003 (being not less than 20 business days from the date of this
announcement).  Accordingly, from October 3, 2003 London Forfaiting will
cease to be a listed company and there will be no publicly traded market for
London Forfaiting Shares.

Terms used in this announcement shall have the meaning given to them in the
Offer Document, save where the context requires otherwise.

CONTACT:  FIMBANK
          Margrith Lutschg-Emmenegger
          Phone: 07739 592016

          WESTLB
          Ian Soanes
          Phone: 020 7020 4000


MORGAN CRUCIBLE: Sells Compressor Technology Group to Hoerbiger
---------------------------------------------------------------
The Morgan Crucible Company plc has disposed of the business and assets of
its Compressor Technology Group in the United States of America and United
Kingdom to Hoerbiger America Rings & Packing Inc and Hoerbiger Rings and
Packings Limited, members of the Hoerbiger Compression Technology Business
Unit.  The sale is made on a debt and cash free basis, for a total cash
consideration of US$10.5 million (GBP6.6million).

The business, which formed part of Morgan Advanced Materials and Technology,
produces filled polymer rings and packings used in compressors.  The
business generated an operating profit of US$2.3 million (GBP1.5 million) on
revenues in the year to January 4, 2003 of US$14.2 million (GBP9.1 million).
Net assets as at January 4, 2003 were US$11.0 million (GBP7.0 million).

The proceeds from the disposal will be used by Morgan to reduce Group net
debt.

                     *****

The group's debt was GBP251.6 million at January 4, 2003.

CONTACT:  MORGAN CRUCIBLE
          Nigel Young
          Phone: 01753 837 000

          FINSBURY
          Charlotte Hepburne-Scott
          Phone: 020 7251 3801


NAVIGATOR GAS: Employs Harding Lewis as Isle of Man Accountant
--------------------------------------------------------------
Navigator Gas Transport PLC and its debtor-affiliates are asking for
approval from the U.S. Bankruptcy Court for the Southern District of New
York to retain Harding Lewis of Castletown, Isle of Man as their Isle of Man
accountant and auditor to perform the independent auditing and accounting
services that are required under Isle of Man law.

Harding Lewis is a chartered auditing holding office at 1 Castle Street,
Castletown, Isle of Man. Prior to the commencement of these cases, the
Debtors retained Harding Lewis as an auditor for a period of 3 years.

The Debtors now seek to retain Harding Lewis as their Isle of Man accountant
and auditor because of the firm's familiarity with the Debtors' financial
and business histories as a result of its prior engagement on behalf of the
Debtors, and its familiarity with the relevant law of the Isle of Man, the
place of the Debtors' incorporation.

The professional services that Harding Lewis will render to the Debtors
include:

     a) auditing and reporting on the 2001 and 2002 consolidated
        financial statements of the Debtors pursuant to Isle of
        Man law;

     b) performing all other auditing and accounting services
        for the Debtors which are appropriate, necessary and
        proper in this Chapter 11 proceeding in connection with
        the Isle of Man and Isle of Man law.

Andrew H. Sharpe, a member of the firm of Harding Lewis, and also a member
of the Institute for Chartered Accountants in
England and Wales, reports that his firm has no connection with the Debtors,
their creditors, equity security holders, or any other parties-in-interest,
or their respective attorneys, in any matters relating to the Debtors or
their estate.

The principal auditors designated to provide services to the Debtors and
their current standard hourly rates range from GBP40 to GBP100.

Navigator Gas Transport PLC's business consists of the transport by sea of
liquefied petroleum gases and petrochemical gases between ports throughout
the world. The Company filed for chapter 11 protection on January 27, 2003
(Bankr. S.D.N.Y. Case No. 03-10471).  Adam L. Shiff, Esq., at Kasowitz,
Benson, Torres & Friedman LLP represents the Debtors in their restructuring
efforts.  When the Company filed for protection from its creditors, it
listed $197,243,082 in assets and $384,314,744 in liabilities.


ROYAL & SUNALLIANCE: Ratings Placed on Watch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said it placed its long-term counterparty
credit and insurer financial strength ratings on various operating entities
of Royal & Sun Alliance Insurance Group PLC (R&SA) on CreditWatch with
negative implications.

At the same time, Standard & Poor's placed its 'BBB' long-term junior
subordinated debt rating on the notes issued by R&SA and guaranteed by Royal
& Sun Alliance Insurance PLC (R&SAIP) and its 'A-2' short-term debt rating
on R&SAIP's $1 billion CP program on CreditWatch with negative implications.

The CreditWatch placement follows Thursday's announcement that R&SA intends
to place a GBP960 million (US$1.52 billion) rights issue, rationalize its
U.S. operations, and make an additional contribution to loss reserves of up
to GBP725 million, net of tax.

"The rating action reflects Standard & Poor's concerns regarding the ability
of R&SA to restore capital adequacy to a level consistent with the current
ratings and to achieve our earnings expectations," said Standard & Poor's
credit analyst Ashley Gill.

Standard & Poor's will meet with R&SA's group management in the near term to
discuss the group's capital adequacy and earnings prospects before resolving
the CreditWatch placement.


ROYAL & SUNALLIANCE: S&P Downgrades U.S. Group to 'BBB-'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its financial
strength and counterparty credit ratings on the members of the Royal &
SunAlliance USA Group (RSA USA) to 'BBB-' from 'BBB+': Royal Insurance Co.
of America, Royal Indemnity Co., Connecticut Indemnity Co., Security
Insurance Co. of
Hartford, American & Foreign Insurance Co., Guaranty National Insurance Co.
(CO), Fire & Casualty Insurance Co. of Connecticut (The), Viking Insurance
Co. of WI, Safeguard Insurance Co., Globe Indemnity Co., Viking County
Mutual Insurance Co., Peak Property & Casualty Insurance Corp., and Guaranty
National Insurance Co. Connecticut.  The ratings remain on CreditWatch with
negative implications.

The rating action reflects Standard & Poor's concerns with RSA USA's
weakened operating performance and Standard & Poor's belief that the U.S.
insurance operations are no longer considered strategically important to
Royal & Sun Alliance Insurance PLC (R&SAIP; local currency, A-/WatchNeg/-;
foreign currency, A-/WatchNeg/A-2), the main operating company of Royal &
Sun Alliance Insurance Group PLC (R&SA), citing R&SA's recent announcement
that it is actively considering a range of options in respect to the
remaining U.S. businesses.

The CreditWatch is the result of R&SA's announcement that it intends to
strengthen its U.S. reserve position by approximately US$600 million
(pretax) or more in third-quarter 2003, and that it has entered into a
definitive agreement to sell the renewal rights of RSA USA's standard
personal lines and a majority of its commercial lines business to Travelers
Property Casualty Corporation (A-/Neg/-; see related press release).

"The uncertainty with RSA USA's loss reserve adequacy has historically been
factored into the U.S. group's financial strength rating; however, the
magnitude of such a reserve strengthening was not," said Standard & Poor's
credit analyst Frederick Loeloff.  Expectations are that once the balance is
confirmed, it will either be established as a central claims provision for
R&SA, or it could be established at RSA USA.  The renewal rights encompass
approximately $1.5 billion in gross premium volume and are a substantial
portion of RSA USA's more profitable books of business.

While Standard & Poor's recognizes that some of the above initiatives were
taken in accordance with R&SA's strategic plan announced Nov. 7, 2002, to
restructure its operations and free operating capital, the rating
implications reflect Standard & Poor's ongoing concern for RSA USA's
continued weak operating performance, deficient capital position, and
prospective loss reserve adequacy.  Also reflected are Standard & Poor's
concerns for the potential short-term operational risks that RSA USA (and
indirectly R&SA) may incur through additional restructuring efforts and
management of the U.S. operation's discontinued business lines (estimated
today to be greater than 60% of RSA USA's net loss reserve position at
year-end 2003).  As announced, the reserve strengthening and any additional
restructuring costs for R&SA's U.S. operations will require the group to
implement a Rights issue to raise GBP960 million; however, no funds will be
contributed to RSA USA (in the immediate term) unless they are required to
maintain regulatory requirements.

Standard & Poor's will discuss with RSA USA, along with R&SA management,
their plans concerning RSA USA's prospective strategic fit to R&SAIP and
business model applications to address earnings potential and capital
management.  Based on those conversations, RSA USA's financial strength and
counterparty credit ratings could be affirmed or lowered up to one category.


TRINITY MIRROR: Clyde & Forth Press Bids for Irish Titles
---------------------------------------------------------
Another contender for Trinity Mirror's Northern Irish titles came forth
following reports that former Financial Times group chief executive David
Palmer is set to make a bid for the titles.

U.K.'s Scotsman said Clyde & Forth Press Group, which owns the Greenock
Telegraph, Clydebank Post and the Slough Observer, is understood to be one
of about 20 groups that have lodged expressions of interest with Trinity,
according to the Scotsman.

Palmer has reportedly teamed up with private equity group Hg Capital to make
a bip of up to GBP40 million.  Other interested parties are thought to
include South Antrim Ulster Unionist MP David Burnside with the backing of
former Mirror Group executive David Montgomery, Scottish Radio Holdings,
Irish newspaper group Thomas Crosbie Holdings and Independent News & Media.

Trinity Mirror placed the titles up for sale last month as part of a
cost-cutting drive announced by Trinity chief executive Sly Bailey in July.
The firm is asking for indicative bids to be submitted in the next two
weeks.

Trinity Mirror is hoping to raise about GBP35 million from the sale of its
nine Northern Irish newspapers, The Scotsman noted.

CONTACT:  TRINITY MIRROR PLC
          1 Canada Square
          Canary Wharf
          E14 5AP Londres
          Phone: + 44 (0) 20 7293 3000
          Fax: + 44 (20) 7293 3405

          CLYDE & FORTH PRESS GROUP
          Pitreavie Business Park
          Dunfermline
          Fife
          KY11 8QS
          Phone: +44 1383 728201
          Fax: +44 1383 738217
          ISDN: +44 1383 722827


* 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
-------
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                       (101)       1,151       179
Bull SA                   BULP      (760)         893      (130)
Compagnie
   des Machines Bull                (116)         136       (20)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP         0          187        28
European Computer System            (110)         682       377
Grande Paroisse SA                  (845)         383       107
Pneumatiques Kleber SA               (34)         480       139
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal SA                            (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
St Fiacre (FIN)                       (1)         111       (33)
Trouvay Cauvin            TRCN         0          134        10
Usines Chauson                       (23)         249        35

GERMANY
-------
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)
Schaltbau AG              SLTG       (16)         163        20
Vereinigter
   Baubeschlag-Handel
   Holding AG             VBHG       (24)         307       (63)

ITALY
-----
Binda SpA                 BND        (11)         129       (20)
CIRIO FINANZIARI          CBDI      (422)       1,583      (396) Credito
Fondiario
   e Industriale SpA      CRF       (200)       4,218       N.A.

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

NORWAY
------
Pan Fish ASA              PAN       (117)         806       259
Petroleum-Geo Services    PGO        (32)       2,963     5,250

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 Energy            BGY     (5,342)       3,438       229
British Nuclear Fuels Plc         (2,627)      36,359     1,948
British Sky Broadcasting  BSY       (459)       3,364       (40)
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                 (885)       3,053      (435)
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       (211)         762       (66)
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       (161)         949        41
Orange PLC                ORNGF     (594)       2,902         7
Regus PLC                 RGU        (46)         367       (60)
Rentokil Initial Plc      RTO     (1,130)       2,809       (37)
Saatchi & Saatchi         SSI       (119)         705       (41)  Seton
Healthcare                     (11)         157        (0)
Yell Group PLC                      (196)       3,964       289


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.


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