/raid1/www/Hosts/bankrupt/TCREUR_Public/040401.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, April 1, 2004, Vol. 5, No. 65
Headlines
D E N M A R K
SCRIBONA AB: Streamlines Denmark Operations as Earnings Fall
F I N L A N D
RADIOLINJA AB: Court Ordered to Hear Investors' Grievance
F R A N C E
ALSTOM SA: Regulator Faces Tough Task in Sanctioning Bailout
CONSODATA SA: Acxiom Completes Acquisition of European Business
WALT DISNEY: Wins Long-running 'Winnie the Pooh' Case
G E R M A N Y
BERTELSMANN AG: 2003 Results Positive Despite Huge Income Dive
EM.TV & MERCHANDISING: Holders Waive Right to Convertible Bonds
INFINEON TECHNOLOGIES: Announces Two More Resignations
MG TECHNOLOGIES: Chair Harps on Positive 1st Qtr Results
MG TECHNOLOGIES: Discloses Latest Management Changes
VOLKSWAGEN AG: E.U. Commission Wants Amendment to Volkswagen Law
I R E L A N D
ELAN CORPORATION: Selling Zonegran Rights to Eisai
ELAN CORPORATION: Sells Frovatriptan Rights for US$55 Million
I T A L Y
GANDALF SPA: Alitalia Takes over 135 Airport Slots
IT HOLDING: Reports EUR73 Million Full-year Net Loss
* E.U. Regulator Orders Govt to Halt Social Security Grants
L U X E M B O U R G
MILLICOM INTERNATIONAL: SDR Lists on Stockholmsborsen
R U S S I A
ALSIONA: Under Bankruptcy Supervision Procedure
AMFIR: Tatarstan Court Appoints Insolvency Manager
INTERNATIONAL BOOK: Deadline for Proofs of Claim May 25
KAMGESSTROYSERVICE: Under Bankruptcy Supervision Procedure
NIFIT: Tatarstan Court Starts Bankruptcy Proceedings
NIZHNEUDINSK: Creditors Have Until April 20 to File Claims
NOVOSIBIRSK: Under Bankruptcy Supervision Procedure
PROMSVYAZ: Ordered to Undergo Bankruptcy Supervision Procedure
RUSS: Udmurtiya Court Appoints Insolvency Manager
SIBERIAN PULP: Under Bankruptcy Supervision Procedure
SITILINK: Proofs of Claim Deadline April 20
URMARSKY DAIRY: Under Bankruptcy Supervision Procedure
UST-KUT AVIA: Bankruptcy Proceeding Begins
UTAZAAGROCHIMSERVICE: Court Appoints Insolvency Manager
YARMAROCHNY BANK: Court Confirms State of Insolvency
ZHIGALOVO MECHANICAL: Under Bankruptcy Supervision Procedure
S W I T Z E R L A N D
VAN DER: U.S. Unit Pays SEC, NYSE US$57 Mln to Settle Admin Case
VON ROLL: Bank Debts Down to CHF46 Million from CHF241 Million
U N I T E D K I N G D O M
ABBEY NATIONAL: Consigns Largest Unit Trust to Fund Managers
ABERDEEN ASSET: Records Highest New Fund Inflows in Years
ALEXANDER THOMSON: Shareholders Meeting April 28
APG ESTATES: Creditors General Meeting Set April 29
ARJUNA SOLUTIONS: Liquidator to Provide Update April 30
BERRICK-DISHMAN: Shareholders Meeting Set April 29
BMI GROUP: Continues to Struggle Amid Difficult Market Condition
BRENT BUILDING: Final Meeting Set May 4
CABLE & WIRELESS: Sues Six Former Employees, Five Companies
CENTRE MACHINERY: Meeting of Members Set April 30
CHELSEA HOLDINGS: Final Meeting April 27
CINTEX GROUP: Creditors to Meet April 8
CIRCATEX: Administrators Offer Biz for Sale as 'Going Concern'
CLASSICDUO LIMITED: Winding up Resolution Passed
DIRTY SPORTS: In Administrative Receivership
ERC HEALTHCARE: Members to Meet April 30
MALLATREND LIMITED: Voluntary Winding up Resolution Passed
MAYFLOWER CORPORATION: Requests Trading Suspension
MOTIVE LIMITED: Members Meeting Set April 30
PRIMARY PLATINUM: Final Meeting of Creditors April 26
ROUNDABOUT GARAGES: Members Final Meeting Set April 27
SELBYROSE LIMITED: Calls in Liquidator
SINCLAIR REFRIGERATED: Hires Liquidator from Portland Business
TELEWEST COMMUNICATIONS: U.S. Subsidiary Amends SEC Registration
WEMBLEY PLC: BLB Investors Endorses GBP287.3 Million Offer
WEMBLEY PLC: May Postpone EGM in Light of Offers Received
*********
=============
D E N M A R K
=============
SCRIBONA AB: Streamlines Denmark Operations as Earnings Fall
------------------------------------------------------------
In response to heavy losses in Scribona's Danish operations in
recent years, a number of energetic action and downsizing
programs were implemented during 2003. These measures generated
a significant improvement in earnings in the fourth quarter and
the Danish organization will now be restructured in order to
further strengthen profitability.
As of April 1, 2004, the management structures and back-office
functions of the Distribution and Solutions divisions will be
integrated, thereby reducing the number of employees by an
additional 25.
About Scribona
Scribona is the Nordic market's leading provider of IT products
and solutions, offering customers cutting-edge product
expertise, the industry's leading e-commerce system, optimized
product availability and a broad range of complementary
services. Scribona's operations are organized in three business
areas: (1) Scribona Solutions (value-adding distribution of IT
infrastructure) (2) Scribona Distribution (effective volume
distribution of IT products) and (3) Scribona Brand Alliance
(exclusive agent for leading brand suppliers).
CONTACT: SCRIBONA AB
Sundbybergsvagen 1
Box 1374, SE-171 27 Solna
Sweden
Tom Ekevall Larsen, President & CEO
Phone: +46-(0) 8-734 36 50
=============
F I N L A N D
=============
RADIOLINJA AB: Court Ordered to Hear Investors' Grievance
---------------------------------------------------------
The Supreme Court ordered the Helsinki District Court to hear
the petition seeking the annulment of the resolution to increase
the share capital, passed during the annual general meeting of
Oy Radiolinja AB in 2000.
According to the high court, the petitioners have the right to
question the legality of the resolution and seek its annulment.
The district court had refused to handle the case, forcing the
petitioners to appeal. The Supreme Court, however, rejected the
separate petition filed by Oy Multiclearing Ltd. Both decisions
are final and not appealable.
Velipekka Nummikoski
Vice President, Corporate Communications
ELISA CORPORATION
CONTACT: RADIOLINJA AB
Mr. Jyrki Arjanne
Senior Corporate Counsel
Phone: +358 10 262 4627
Distribution:
Helsinki Exchanges
Major media
===========
F R A N C E
===========
ALSTOM SA: Regulator Faces Tough Task in Sanctioning Bailout
------------------------------------------------------------
Engineering company, Alstom S.A., may have to sell several
assets as concession for receiving government subsidies. The
European Union believes the company's bailout plan includes
EUR3.3 billion (US$4 billion) in state aid, according to the
Financial Times.
Alstom disputes this, saying the state aid only amounts to EUR1
billion. Under E.U. rules, competition commissioner, Mario
Monti, could require the company to divest assets equal the
amount of government subsidies received. Anti-trust regulators
will discuss the matter with France in the coming weeks; a
decision may come out early May, according to the report.
A decision, however, might not be easy to reach. The matter
presents a big headache for the Commission due to its
complexity. Mr. Monti, according to the paper, would have to
joggle between upholding E.U. rules and avoiding giving other
companies monopoly of various markets. Forcing Alstom to sell
certain businesses could create anti-trust problems due to the
limited number of competitors operating in certain markets.
CONSODATA SA: Acxiom Completes Acquisition of European Business
---------------------------------------------------------------
Acxiom(R) Corporation on Tuesday announced that the transaction
to acquire the Consodata companies based in England, France and
Spain from Turin-based Seat P.G. was completed and is effective
March 31, 2004. The closing of the German operation, formerly
known as pan-adress, is pending formal approval by German merger
authorities and is expected to close by mid-April.
"Bringing Consodata into Acxiom is another step forward for
Acxiom's strategy of becoming the leading data and services
company in the pan-European Market," said Acxiom Company Leader
Charles D. Morgan. "Since it follows closely on the heels of
our Claritas acquisition, it's clear that we're serious about
better serving the European marketplace."
In January, Acxiom completed the purchase of the Claritas
European operations based in England, France, Germany, The
Netherlands, Spain, Portugal and Poland.
As previously announced, the total net consideration to be paid
by Acxiom for the transaction is EUR30 million (approximately
$36.4 million) in cash. The EUR30 million net consideration
includes EUR5 million for the acquisition of the German
operation formerly known as pan-adress and excludes the
Consodata Italian business. The terms and conditions were the
same as announced in Acxiom's news release of March 1, 2004.
About Acxiom
Acxiom Corporation (Nasdaq: ACXM) integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world. The core components of Acxiom's
innovative solutions are Customer Data Integration (CDI)
technology, data, database services, IT outsourcing, consulting
and analytics, and privacy leadership. Founded in 1969, Acxiom
is headquartered in Little Rock, Arkansas, with locations
throughout the United States and Europe, and in Australia and
Japan. For more information, visit http://www.acxiom.com
Acxiom is a registered trademark of Acxiom Corporation.
CONTACTS: ACXIOM CORPORATION
Media Contact:
Jonathan Portis
Phone: 501-252-6284
Financial Relations Contact:
Robert S. Bloom
Phone: 501- 252-1321
WALT DISNEY: Wins Long-running 'Winnie the Pooh' Case
-----------------------------------------------------
Disney was saved from paying millions of pounds after a judge
dismissed a compensation case against it in relation to its
Winnie the Pooh project with Stephen Slesinger Inc.
The family firm sued Disney 13 years ago claiming it had reneged
on a promise to pay royalties on Pooh videos as well as short-
changing it on other fees. The two had joined forced to develop
the character into a children's icon. But California Superior
Court judge Charles McCoy stopped the case after it discovered
that the family firm had stolen and altered a number of Disney
documents. He ruled that Slesinger's actions threatened the
integrity of the legal system and the case should be dismissed
as punishment. He did not address Slesinger's charges in a 28-
page ruling.
According to The Scotsman, Disney said it could have been forced
to pay millions of pounds in unpaid royalties had it lost the
case. The Slesingers are planning to appeal despite the odds.
It is represented by the law firm of Bret Fausett. Disney is
being represented by Daniel Petrocelli.
=============
G E R M A N Y
=============
BERTELSMANN AG: 2003 Results Positive Despite Huge Income Dive
--------------------------------------------------------------
The international media and entertainment company Bertelsmann
announced on Tuesday at its Annual Press Conference in Berlin
that it improved its operating result by 20% to EUR1,123 million
in 2003 (previous year: EUR936 million). One of the main
contributors to the increase in earnings was the Direct Group's
significant turnaround by focusing on the Club businesses. The
television, radio and TV production group RTL Group and the
media services provider Arvato also had significant improvements
in their results. Due to the weak U.S. dollar and the sale of
the Bertelsmann Springer division, consolidated revenues
declined by 8.3% to EUR16.8 billion in 2003 (previous year:
EUR18.3 billion), but remained nearly stable when adjusted for
currency and portfolio effects. Operating ROS improved to 6.7%
(previous year: 5.1%). Net financial debt was reduced to EUR820
million (year-end 2002: EUR2.7 billion). The number of
employees was reduced to 73,221 at the end of the year, mostly
due to the sale of Bertelsmann Springer (year-end 2002: 80,632).
In 2003, Bertelsmann generated a significantly increased
operating result, with Operating EBITA of EUR1,123 million
(previous year: EUR936 million), despite declining revenues and
a tough economic environment. This success comes after two
years of consolidation, during which Bertelsmann strengthened
its core businesses, increased the profitability of the group's
companies, and cut loss-makers.
"Bertelsmann builds on a healthy foundation: All corporate
divisions are profitable, and our finances are in order. We now
return to concentrating on growth," emphasized Bertelsmann AG
Chairman & CEO Gunter Thielen at the Annual Press Briefing.
Bertelsmann's revenue decreased to EUR16.8 billion (previous
year: EUR18.3 billion) primarily due to currency effects (minus
EUR1.05 billion). Changes to the portfolio, such as the sale of
Bertelsmann Springer, also reduced consolidated revenues.
Adjusted for currency and portfolio effects, consolidated
revenues remained nearly on par with the previous year despite
poor consumer confidence and the persistent weakness of the
advertising market in a number of countries. Operating Return
on Sales (ROS), which had already improved from 3.0 to 5.1% over
the previous two years, rose to 6.7% in 2003. After deducting
for financial result, taxes, amortization of goodwill and
special items, net income before minority interests amounted to
EUR208 million (previous year: EUR968 million). The previous
year's figure included significant capital gains from the sale
of AOL Europe holdings.
Deputy Chairman and Chief Financial Officer Siegfried Luther
commented: "In 2003, thanks to our successfully concluded
strategy of consolidation, we again met all our financial
targets, more rapidly and distinctly than planned. At the same
time, we have systematically shifted our financing to the
capital market through our U.S. dollar Private Placement and the
issuance of a euro benchmark bond."
In the years ahead, Bertelsmann will concentrate on enhancing
innovation and accelerating growth, by means of the "Growth and
Innovation" (GAIN) initiative. Another focus of its efforts
will be the planned merger between the recorded music divisions
of BMG and Sony Music Entertainment.
Gunter Thielen stated: "We will continue to systematically
increase Bertelsmann's value and further improve our
profitability. In doing so, we rely on growth from within, on
creativity and innovation, and on acquisitions to strengthen our
core businesses. The current year has already shown promise,
thus we expect that Bertelsmann will continue to increase its
operating results."
Other key financials
The special items not included in Operating EBITA yielded a
positive total of EUR547 million in 2003 (previous year: EUR2.8
billion). Capital gains were generated from the sale of
Bertelsmann Springer and the sale of the Direct Group's holding
in the online bookseller Barnesandnoble.com. These special
items were reduced by a provision for a lawsuit in connection
with the former joint venture AOL Europe, as well as by ongoing
restructuring at the Bertelsmann Music Group (BMG). In 2003,
regular amortization of goodwill and rights similar to goodwill
amounted to EUR717 million (previous year: EUR784 million).
Impairments, which in 2002 included a significant impairment on
the goodwill of Zomba Records and amounted to EUR1.7 billion,
were EUR220 million for 2003. Investments totaled EUR761
million in 2003 and -- after the high investments of the
previous year (EUR5.3 billion) -- reflect the company's
restrained investment policy. 2002 marked the acquisition of
the music company Zomba and a -22% share in RTL Group. 2003 saw
bolt-on acquisitions, such as the acquisition of Heyne Verlag by
the Random House publishing group.
Total assets at the end of the year amounted to EUR20.2 billion,
9.1% below previous year (EUR22.2 billion). This is mainly due
to the sale of Bertelsmann Springer and currency effects. The
equity ratio was up by 2.9 percentage points year-on-year: at
37.8%, it remains well above Bertelsmann's target ratio of 25%.
Net financial debt was reduced by nearly EUR1.9 billion in 2003,
down from EUR2.7 billion the previous year to EUR820 million at
year-end 2003. This was achieved chiefly through the sale of
Bertelsmann Springer, the Random House building in New York
City, and the Barnesandnoble.com shareholding. The weakening of
the U.S. dollar vs. the euro also had a positive effect on net
financial debt. By rapidly reducing its net financial debt,
Bertelsmann has achieved its financial goal of a debt payback
factor of less than 1.5. This factor, which describes the
relationship of net financial debt to cash flow, was 0.6 in 2003
(previous year: 2.5)
Revenues by Region: As a result of the weak U.S. dollar, the
share of U.S.-based revenue as part of total consolidated
revenues declined to 25.1 % (previous year: 27.5 %). Revenue
generated from Germany dropped slightly from 31.1 % to 30.7 %.
The other European countries contributed 38.6 % of the
consolidated revenues (previous year: 35.5 %), and the remaining
countries accounted for 5.6 % (previous year: 5.9 %). Profit
Participation Certificates: In May 2004, 15 % of the par value
will be paid out on the Bertelsmann Profit Participation
Certificate 2001 (PPC 2001), as stipulated in the terms and
conditions governing PPCs 2001. Payout on the "old" Bertelsmann
Profit Participation Certificate from 1992 will be 6.92 % of par
value.
Corporate divisions
RTL Group, Europe's leading television, radio and TV production
group, was able to improve its revenues and earnings in 2003 in
a challenging market environment: Revenues amounted to EUR4.5
billion vs. EUR4.4 billion the previous year, while Operating
EBITA rose to EUR503 million from EUR465 million the previous
year. In March, Gerhard Zeiler was appointed the new Chief
Executive Officer of RTL Group. RTL Group's companies relied on
innovative programming, a more diversified revenue structure and
strict cost control to counteract continuing weak advertising
volume, most notably in Germany. Rising viewer market shares
and the profitability of all stations in the group bear
testimony to the success of its approach. The German family of
channels anchored by RTL Television again managed to add viewers
and ad-market shares. In 2003, RTL Television scored the
highest ratings since 1997 among the important target group for
advertisers, once again securing its leadership of the market.
Non-advertising-related revenues increased significantly.
Thanks to a broad revenue base, France's M6 was again able to
set itself apart positively from developments in the industry.
The company registered double-digit growth in both revenues and
result. The British TV channel Five, which during the period
under review achieved a first-time positive result, and the
Holland Media Group (HMG) channels in the Netherlands also added
viewer and ad-market shares. The channels in the Belgian RTL-
TVI group had an extraordinarily good year. In TV production,
Fremantle Media continued to profit from the worldwide rollout
of the "Pop Idol" format.
In 2003, an economically challenging year for the book industry,
Random House enhanced its position as the global leader in trade
book publishing. Revenues amounted to EUR1.8 billion after
EUR2.0 billion the previous year, while Operating EBITA reached
EUR147 million after EUR168 million the previous year. The
decline in revenues and profits is attributable to foreign
currency effects, which result mainly from the conversion of
dollars to euro for the greatest part of Random House's
business, which is done in the U.S. Adjusted for currency
effects, Random House revenues and profits increased slightly
year-on-year. The euro results therefore do not reflect the
underlying strength in the operating business. In North
America, where book retail was slowed down by a weak first-half
economy, Random House was able to increase its book sales, year
over year, achieving its best year-end holiday book sales ever.
Strong cost-management discipline contributed to keep
profitability stable and to counteract the growing pressure on
margins. The publishing group placed 176 titles in the "New
York Times" bestseller lists in 2003 -- once again, more than
any other publishing company. Random House of Canada had its
best year ever in sales and profits. In the United Kingdom, the
Random House Group again made a significant contribution to the
division's overall results by surpassing its corporate targets
and increasing its share of the general retail market. In a
flat German book market, marked by further consolidation among
publishers and booksellers, Verlagsgruppe Random House expanded
its operations significantly by acquiring Heyne Verlag. In
January 2003, Random House became the first Western trade book
publisher to enter the Asian book market by forming a joint
venture with Kodansha, Japan's leading book publisher. Similar
landmark collaboration was signed in December in Korea, creating
Random House JoongAng.
Innovations, along with unwavering cost discipline, were at the
heart of business activities for the international magazine
publisher Gruner + Jahr in 2003. Although revenues declined to
EUR2.5 billion (previous year: EUR2.8 billion) mainly due to
portfolio streamlining and currency effects, and despite further
steep investments, the company managed to improve its Operating
EBITA to EUR234 million (previous year: EUR226 million). Gruner
+ Jahr continued its policy of concentrating on the magazine
business by selling its Central and Eastern European newspaper
holdings to the Swiss publisher Ringier at year-end 2003. One
important measure on the publishing front was the "Innovation
Now!" initiative launched in spring of 2003. The program not
only involved strengthening established titles, but also the
launch of new titles and line extensions. Successful examples
for this include "Femme Actuelle Shopping" and "Tele 2 semaines"
in France and the new bilingual children's magazine "National
Geographic World" in Germany. Gruner + Jahr also transferred
established brands and magazine concepts to new markets, e.g.
the children's magazine "GEOLenok" and the popular-science
magazine "GEOfocus" to Russia. Market response was completely
positive. G+J's established brands in the core markets -
including the German weekly "stern" and women's magazine
"Brigitte," and the people magazines "Voici" and "Gala" in
France - also had a good year in 2003. In the U.S., where the
advertising market was already experiencing a slight recovery by
year-end 2003, the division's magazines outperformed the overall
magazine business tangibly, registering high growth rates in ad
sales.
In 2003, the Bertelsmann Music Group (BMG) continued to do
business in a worldwide music market that continued to shrink.
Yet, revenues stayed level with the previous year at EUR2.7
billion. Revenues from Zomba, the music company acquired in
2002, were fully included for the first time this year.
Operating EBITA amounted to EUR110 million, after EUR125 million
in 2002. To ensure BMG's continued success in the face of
difficult times for the music industry, a decision was reached
at year-end to merge the recorded music divisions of BMG and
Sony Music Entertainment into a joint venture to be named Sony
BMG and headquartered in New York. The closing of this deal is
subject to regulatory approval. The integration of Zomba was
achieved more rapidly than expected during the period under
review. The assimilation of RCA and J Records into the RCA
Music Group also went smoothly. BMG was able to increase its
share of the global music market from 11.1 to 11.6 % in 2003 due
to a string of artistic and commercial triumphs. BMG's creative
excellence across diverse musical genres and regions was
demonstrated by 17 top albums that sold in excess of two million
copies each and 22 Grammy Awards. The year's top sellers
included releases from BMG stars such as Avril Lavigne, Pink,
Britney Spears, Alicia Keys, R. Kelly, OutKast, Dido, Christina
Aguilera, Justin Timberlake, Dave Matthews and Eros Ramazzotti,
among others. In music publishing, BMG expanded its revenues by
33%, thanks to the integration of Zomba Publishing and to the
large number of hits that BMG songwriters and composers were
able to place in the worldwide charts in 2003.
In 2003, the international media services provider Arvato
generated revenues of EUR3.6 billion, slightly down from the
previous year (EUR3.7 billion), but was able to improve its
Operating EBITA to a record EUR261 million (previous year:
EUR217 million). The Arvato Services unit again proved to be an
important growth engine. The unit is comprised of Arvato Direct
Services, one of the world's biggest service providers in
Customer Relationship Management, and Arvato Logistics Services,
a global provider of Supply Chain Management. In Services,
Arvato continued its strategy of internationalization: Existing
service contracts with key customers in the IT and wireless
logistics sectors were extended and new ones were signed.
Arvato's Services unit intensified its efforts to offer
customers a concept that covers the handling of entire process
chains. Arvato Print found itself facing massive fluctuations
in capacity utilization, along with increasing pricing pressure.
Nevertheless, the printing unit was able to bolster its leading
position with investments in state-of-the-art technology. In
the Arvato Storage Media unit, the storage media manufacturer
Sonopress substantially increased its DVD volume while also
expanding CD volume counter to the industry trend. In the IT
sector, Arvato Systems furthered its structural transformation
from an in-house IT service provider for Bertelsmann to a
separate Profit Center and broadened its external customer base
in core markets. Arvato also made significant progress in the
building and extension of Arvato Mobile, a full-service wireless
provider with the brands Handy.de and TJ Net.
Direct Group generated an earnings leap in 2003 despite a
revenue decline to EUR2.3 billion (previous year: EUR2.7
billion): Operating EBITA, which in 2002 was minus EUR150
million, improved to EUR4 million, bringing the group to break-
even. The contracting revenues reflect a market impacted by
economic decline and consumer reluctance, a weak dollar, and
portfolio streamlining. Meanwhile, the improved operating
results are evidence of successful restructuring measures: a
focus on core business, systematic withdrawal from pure e-
commerce, and the increased delegation of responsibility to
local management as part of strengthening the decentralized
organization. In 2003, Direct Group sold its holdings in the US
online bookseller Barnesandnoble.com and disposed of BOL in the
Netherlands. Thanks to resolute cost management, the division
achieved drastic cost savings, including by reducing its
administrative expenditure. Parallel to this, Direct Group
began enhancing the appeal of its Clubs by modernizing numerous
Club stores and launching large-scale media campaigns,
especially in France and Germany. Clubs all over the world
revised and updated their catalogs, online presence, and
customer service. As a result of these combined consolidation
and modernization measures, the Clubs showed significantly
improved earnings for the year. The great majority of Club
operations were profitable in 2003. The German and British
Clubs reduced their losses by approximately 70%, but did not yet
reach break-even.
To see full copy of results:
http://bankrupt.com/misc/Bertelsmann_OpResults.pdf
EM.TV & MERCHANDISING: Holders Waive Right to Convertible Bonds
---------------------------------------------------------------
In accordance with the offer made by EM.TV & Merchandising AG to
all holders of the EM.TV & Merchandising AG EUR400 million 4%
convertible bonds of 2000/2005, published on December 24,
2003, the EM.TV & Merchandising AG on Tuesday closed a waiver
agreement with 94.22% of the former bondholders who are
represented by the WestLB AG. Taking immediate effect, these
bondholders waive all rights and obligations arising from the
aforementioned convertible bonds. In return, the bondholders are
expected to receive the considerations on April 5, 2004 that are
described in the offer in detail.
The restructuring of EM.TV & Merchandising AG is thus completed.
As a final step, the company will merge in the coming weeks into
EM.TV Vermogensverwaltungs AG (HoldCo 2) that will then trade
under the name of EM.TV AG, and whose shares are to be listed on
the regulated market of the German stock exchange in the Prime
Standard segment.
CONTACT: EM.TV & MERCHANDISING AG
Frank Elsner, Kommunikation fur
Phone: +49 (0) 89 99 500 461
Fax: +49 (0) 89 99 500 466
Sabine Lais
Unternehmen GmbH
Phone: +49 (0) 5404 91 92 0
Fax: +49 (0) 5404 91 92 29
Investor Relation:
Olaf Seidel
Phone: +49 (0) 89 99 500 436
Fax: +49 (0) 89 99 500 466
INFINEON TECHNOLOGIES: Announces Two More Resignations
------------------------------------------------------
Following the resignation of President and CEO Dr. Ulrich
Schumacher there will be a change of direction in the Corporate
Center and its Communications Department at Infineon
Technologies. In this connection the company announced that,
with their mutual consent and immediate effect, the Head of the
Corporate Center, Matthias Poth, and the Head of Communications,
Christoph Sieder, have resigned their positions at the company.
About Infineon
Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products. With a global
presence, Infineon operates in the US from San Jose, CA, in the
Asia-Pacific region from Singapore and in Japan from Tokyo. In
fiscal year 2003 (ending September), the company achieved sales
of EUR6.15 billion with about 32,300 employees worldwide.
Infineon is listed on the DAX index of the Frankfurt Stock
Exchange and on the New York Stock Exchange (ticker symbol:
IFX). Further information is available at
http://www.infineon.com
Information Number: INFXX200404.055
CONTACT: INFINEON TECHNOLOGIES AG
Gunter Gaugler
Media Relations Contact
Worldwide Headquarters
Infineon Technologies AG
P.O. Box 80 09 49
D-81609 Muenchen
Germany
Phone: +49-89-234-28481
Fax: +49-89-234-28482
E-mail: guenter.gaugler@infineon.com
Investors and Analysts based in Europe:
Phone: +49-89-234 26655
E-mail: investor.relations@infineon.com
Investors and Analysts based in North America
Phone: +-1-408 501 6800
E-mail: investor.relations@infineon.com
MG TECHNOLOGIES: Chair Harps on Positive 1st Qtr Results
--------------------------------------------------------
Mg technologies AG makes a successful start to 2004. "Following
a positive first quarter, we are on course to meet our targets.
We anticipate earnings growth at GEA and Dynamit Nobel, and we
are making good progress towards our objective of a return to
profitability in industrial plant engineering," said Udo Stark,
Chairman of mg's Executive Board, at the company's Financial
Statements Press Conference in Frankfurt.
"As well as improving our operating business, we have also
pushed ahead in 2004 with the strategic refocus of the mg Group
upon which we embarked in 2003. For us, 2004 is a year of
implementation," added Mr. Stark.
The key elements of this undertaking are the sale of the
Chemicals division, the reorganization of industrial plant
engineering and a significant reduction in holding company costs
by dissolving the subgroup holding companies and establishing a
unified Group management structure in Bochum.
Confident outlook for all business units in 2004
Despite continuing uncertainty in the economy at large, GEA, the
specialty mechanical engineering group, is confident of being
able to exceed the level of new orders and sales achieved in
2003. Earnings should improve accordingly. Further extension
of the Group's leading market and technological position,
combined with the cost-cutting measures already initiated and
the development of new markets will help it to achieve these
objectives. Dynamit Nobel anticipates a slight increase in
demand in its main market segments, but will report slightly
lower sales as a result of disposals made in 2003. Despite
this, the company, which focuses on special chemistry, intends
to increase earnings in 2004.
In Industrial Plant Engineering, Lurgi Lentjes has made a
particularly good start to 2004. In February, the company was
awarded a major contract to build a waste incineration plant in
Belgium with a value of EUR135 million, following a series of
big-ticket contracts awarded to the company in the fourth
quarter of 2003. Since the beginning of October 2003, this mg
subsidiary has recorded major new orders with a total value of
around EUR480 million. A further large-scale project with a
value of approximately EUR170 million is [then] due to be signed
[Tuesday evening]. In the first quarter, Zimmer was awarded a
contract to build a polyester plant in Lithuania with a value in
excess of EUR35 million, building on the company's existing
polyester business in the fast-growing east European markets.
Lurgi is currently pursuing several promising projects in the
field of methanol. The restructuring measures at Lurgi and
Lurgi Lentjes, announced at the beginning of 2004, are being
swiftly implemented. Together with a reduction in the workforce
of around 500, these measures will help to significantly lower
the break-even threshold. 2004 should see a significant
reduction in costs and an associated increase in earnings. Mg's
industrial plant engineering business should see a return to
profitability by 2005 at the latest.
Disposal of Chemicals division running to schedule
There has been intense interest from potential bidders for the
Chemicals division and the sale is still proceeding according to
schedule. The second round of bids is currently underway. As
previously announced, the sale process should be completed in
the course of 2004.
2005: Ambitious profitability and financial targets
Once the strategic refocusing of the company has been completed,
consolidated sales in 2005 -- taking into consideration the
planned disposal of the boiler plant business -- will be in the
order of EUR4.5 billion. Profitability will increase
substantially. Assuming the general economic environment
improves, the pre-tax return on sales should be raised to at
least five percent. The reduction of holding company costs from
the original level of EUR170 million to just EUR50 million will
have a positive impact. GEA believes its return on sales will
remain above average, with a target in excess of eight percent.
Once the turnaround has been completed, the industrial plant
engineering business is expected to generate a return on sales
of between four and five percent. The disposal of the Chemicals
division will result in a substantial strengthening of
shareholders' equity. Its net debt will be transformed into a
net cash position that will be available for future growth by
acquisition. "By 2005, once the strategic refocus has been
successfully completed, mg will be able to focus on growth once
again following the phase of restructuring. This includes both
organic growth and growth by acquisition", said mg CEO Udo
Stark.
CONTACT: MG TECHNOLOGIES AG
Communications
Phone: +49 (0) 69 71199 241
Fax: +49 (0) 69 71199 112
Web site: http://www.mg-technologies.com
MG TECHNOLOGIES: Discloses Latest Management Changes
----------------------------------------------------
As part of the effort to unify the management of the Group, the
responsibilities for finance and human resources in mg
technologies ag and GEA AG have been consolidated under the same
Executive Board member.
Peter Steiner will assume responsibility for finance on the
Executive Board of mg technologies ag as of April 1, 2004. Mr.
Steiner, who has been on the Executive Board of mg technologies
ag since March 1, 2004, will replace Karlheinz Hornung. Mr.
Hornung, who has been a member of the Executive Board of mg
technologies ag since 1998, and also personnel director since
August 2003, will be leaving the company for personal reasons on
March 31, 2004. The GEA AG Supervisory Board appointed Mr.
Steiner to the board of this mg subsidiary company on March 19,
where he is also responsible for finance.
Joachim Janssen, who is stepping down as the current GEA finance
director, has assumed Group-wide responsibility for financial
control, accounting and taxes in the role of Executive Vice
President. Ferdinand Steves, previously personnel director of
GEA AG, has been appointed Executive Vice President for
personnel for the entire mg Group. On assuming their new
functions, both Mr. Janssen and Mr. Steves left the GEA
Executive Board.
Udo Stark, Chairman of the Executive Board of mg technologies
ag, has been elected as the new company personnel director by
the mg Supervisory Board. Mr. Stark is assuming this function
in addition to his current duties. Peter Schenk has been the
new personnel director of GEA since March 19. Mr. Schenk is
also fulfilling this function in addition to his current role as
CEO of GEA.
"These decisions will speed up the process of merging the Head
Office functions of mg and GEA, as announced on February 24 this
year. Unifying the management of the two companies will help
them to integrate more smoothly," said Udo Stark, CEO of mg,
going on to thank Mr. Hornung for his almost 27 years of service
for the company, and for supporting mg in its strategic refocus
until now.
CONTACT: MG TECHNOLOGIES AG
Communications
Phone: +49 (0) 69 71199 241
Fax: +49 (0) 69 71199 112
Web site: http://www.mg-technologies.com
VOLKSWAGEN AG: E.U. Commission Wants Amendment to Volkswagen Law
----------------------------------------------------------------
The European Commission decided to send a formal request to
Germany to amend certain provisions of a 1960 law privatizing
Volkswagen (VW-law). This state measure, based on a 1959
agreement between the Bund (federal government) and the Land of
Lower Saxony, confers special rights on shareholders, which have
20% of voting rights. Additionally, the law confers on the Bund
and the Land a specific right of mandatory representation in the
company's Supervisory Board, irrespective of the number of
shares they hold. Traditionally, both the Bund and the Land
held roughly 20% voting rights in VW, whereas nowadays the Land
is its main shareholder, with roughly 20% voting rights and 2
mandatory members of the board.
The Commission argues that these provisions of the VW law make
it substantially less attractive for other E.U. investors to
acquire the company's shares with a view to participating
effectively in management decisions or controlling it. The
infringement procedure was initiated by sending a letter of
formal notice in March 2003 and the reply by the German
authorities has not changed the Commission's view that certain
provisions of that law act as a disincentive on investment from
other Member States, in violation of EC Treaty rules on the free
movement of capital (Article 56) and the right of establishment
(Article 43).
The Commission's request takes the form of a reasoned opinion,
the second stage of infringement procedures under Article 226 of
the EC Treaty. Should the German authorities not take
satisfactory steps to remedy the infringement of Community law
within two months of receiving the reasoned opinion, the
Commission may decide to refer the case to the European Court of
Justice.
The infringement procedure concerns in particular those aspects
of the VW-law (Act on the transfer of shares in Volkswagenwerk
GmbH to private partnership in its version of July 31, 1970,
Gesetz uber die Uberfuhrung der Anteilsrechte an der
Volkswagenwerk Gesellschaft mit beschrankter Haftung in private
Hand) that may dissuade investors in other Member States from
the acquisition of shares and capital investments in Volkswagen
AG and are, as a result, liable to hinder the exercise of the
free movement of capital and the freedom of establishment
guaranteed by the EC Treaty. These are a 20% voting cap in
combination with a 20% blocking minority, and mandatory
representation of public authorities on the VW board.
20% voting cap, in combination with a 20% blocking minority
In derogation from general German company law, any shareholder
holding more than 20% of voting shares in VW may only cast a
maximum of 20% of the votes in a shareholders' meeting.
In combination with this 20% voting cap, notwithstanding the
number of shares owned, a majority of more than 80% of
shareholder votes is required for important decisions in the
company, meaning that any shareholder who holds 20% of voting
rights enjoys a veto over company decisions.
The Commission is concerned that these provisions may in
practice give a special blocking minority right to VW's biggest
single shareholder, the Land of Lower Saxony, whose shareholding
has historically been and continues to be the equivalent of
roughly 20% of the voting shares. Both of these restrictions
have been imposed by the State acting in its capacity as a
public authority rather than as the result of the normal
operation of company law. They therefore fall under the scope
of application of Article 56 EC (see ruling of the European
Court of Justice of May 13, 2003 in case C-98/01, British
Airport Authority, point 48).
The 20% blocking minority and the 20% voting cap result in the
VW-law granting special powers to any shareholder having just
20% of the voting rights (currently, the Land) as compared to
all other -- present or potential -- shareholders in Volkswagen.
Such special powers are liable to dissuade potential investors
from other Member States and thus constitute a restriction on
cross-border direct investment within the EU in violation of EU
Treaty rules on the free movement of capital and the right of
establishment (Articles 56 and 43 respectively).
Mandatory representation of public authorities on the board
The VW-law also provides that, for as long as the Federal
Government (Bund) and the Land of Lower Saxony own shares in the
company, they should each have two seats on the Supervisory
Board (consisting of 20 members, half of which represent the
shareholders). Consequently, by means of a state measure and,
additionally, in derogation from normal German company law, 4
members out of the 10 members representing shareholders can be
directly appointed by public authorities.
The Supervisory Board plays a major role in the company's
strategic decision-making, including, inter alia, the
establishment and relocation of production facilities and
investment decisions. Since the Bund has in the meantime
disposed of all its shares, the Land of Lower Saxony is now the
only party entitled to delegate two members to the Supervisory
Board. However, since this ad-hoc provision vests both the Bund
and the Land with a representation right which is not
proportional to their degree of participation in the company's
capital, the Bund may easily get its special right back by
acquiring just two VW shares.
The Commission considers that the VW-law's provisions concerning
the mandatory representation on the board are liable to dissuade
investors in other Member States from the acquisition of shares
and capital investments in Volkswagen AG and consequently hinder
the exercise of the free movement of capital and freedom of
establishment guaranteed by the Treaty.
In its rulings of June 4, 2002 in Commission v France (C-
483/99), Commission v Belgium (C-503/99) and Commission v
Portugal (C-367/98), the Court of Justice concluded that
legislation which is liable to dissuade investors in other
Member States from capital investments may render the free
movement of capital illusory, and thus constitute a restriction
on movement of capital (in breach of Article 56 EC).
In its decision of 5 November 2002 (Uberseering, case C-208/00),
the European Court of Justice has specified that as a general
rule the acquisition of shares in a company incorporated and
established in another Member State is covered by the Treaty
provisions on the free movement of capital, and for cases in
which the shareholding confers a definite influence over the
company's decisions and allows the shareholders to determine its
activities, it is the EC Treaty provisions on freedom of
establishment which apply (Article 43).
The Commission consequently takes the view that the above
provisions of the VW-law are incompatible with Community law on
the freedom of capital movement and the right of establishment
guaranteed by Articles 56 and 43 of the Treaty respectively.
=============
I R E L A N D
=============
ELAN CORPORATION: Selling Zonegran Rights to Eisai
--------------------------------------------------
Elan Corporation, plc on Tuesday announced an agreement with
Eisai Co., Ltd. for the purchase of Elan's interests in
Zonegran(TM) (zonisamide) in North America and Europe.
Elan President and CEO Kelly Martin said, "This transaction
further aligns Elan's strategy in research, development, sales
and marketing with our therapeutic areas. In research, it
sharpens our focus in neurology, in which we continue research
and advances in neurodegenerative diseases, including multiple
sclerosis, Alzheimer's disease, and Parkinson's disease. In
development, sales, and marketing, it enables us to focus our
resources on the expected launch of our late-stage pipeline
candidates, Antegren for multiple sclerosis and Crohn's disease,
and Prialt for severe pain. In addition, the agreement creates
an opportunity for Eisai to leverage the potential for
Zonegran."
Terms of Transaction
Under the terms of the agreement, if the transaction closes by
April 30, 2004, Eisai will pay Elan total consideration of
approximately $130 million for Elan's interests in Zonegran in
North America and Europe. Elan's interests comprise U.S.,
Canadian, Mexican, and European rights to Zonegran, along with
related assets and liabilities, Zonegran inventory with an
estimated value of $26 million, and the associated sales team of
approximately 115 employees.
If the transaction closes after April 30, 2004, the amount paid
to Elan will be adjusted downward. In addition, Elan may earn
future deferred purchase payments of up to $110 million,
primarily contingent on when generic zonisamide is introduced in
the U.S., and including up to $25 million contingent on
receiving marketing approval for Zonegran in Europe. Elan will
also receive additional deferred purchase payments on net sales
of Zonegran in North America and Europe if certain additional
conditions are met.
Elan will continue to manufacture Zonegran in all three dosage
strengths of 25 mg, 50 mg, and 100 mg capsules in Athlone,
Ireland.
Based on a closing by April 30, Elan expects to record a pre-tax
gain of approximately $25 million from this transaction, after
writing off the intangible assets related to Zonegran, a payment
of $17 million to Dainippon Pharmaceutical Co., Ltd. for the
assignment of the Zonegran North American and European license
agreements to Eisai and other transaction costs. Additionally,
Elan expects to record further pre-tax gains of up to $110
million on receipt of future milestone payments. For the full-
year 2003, Elan recorded net revenue and gross profit for
Zonegran of $80.7 million and $59.4 million, respectively.
The transaction is subject to regulatory approvals, third party
consents and other customary conditions, and is expected to
close before the end of second quarter 2004. The proceeds of
this transaction will be used for development and potential
launch of late-stage pipeline candidates.
EBITDA Guidance
As a result of this transaction and the Vernalis transaction
announced earlier, negative EBITDA guidance for 2004 will change
from the range of negative $150-170 million to negative $180-200
million, and product revenue guidance for 2004 will decrease
from $575-625 million to $475-525 million. This guidance does
not include any additional costs, which may be substantial, that
may be incurred from anticipated early filings and potential
launch preparation for Antegren for multiple sclerosis in the
U.S. and Europe.
About Zonegran
Zonegran is an anti-epileptic drug approved by the U.S. Food and
Drug Administration in March 2000 as adjunctive therapy for the
treatment of partial seizures in adults with epilepsy. Zonegran
is commercially available in 25 mg, 50 mg, and 100 mg capsules.
Zonegran was developed in Japan and in the United States by
Dainippon Pharmaceutical Co., Ltd. of Osaka, Japan. Elan
licensed the sales and marketing rights for Zonegran from
Dainippon for North America and Europe, and these rights will be
transferred to Eisai.
About Elan
Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain. Elan (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.
CONTACTS: ELAN CORPORATION PLC
Investors:
Emer Reynolds
Phone: 353-1-709-4000
or 800-252-3526
Media:
Anita Kawatra
Phone: 212-407-5755
Or 800-252-3526
ELAN CORPORATION: Sells Frovatriptan Rights for US$55 Million
-------------------------------------------------------------
Elan Corporation, plc on Tuesday announced an agreement with
Vernalis plc for the termination of the development and license
agreements between Elan and Vernalis regarding Frova(TM)
(frovatriptan). Vernalis agreed to purchase Elan's
commercialization rights in North America for Frova.
Kelly Martin, Elan's president and chief executive officer,
said, "This transaction allows Elan to further align against our
strategic architecture in research, development and marketing.
We will focus our resources on preparing for the expected launch
of our late-stage pipeline candidates, Antegren for multiple
sclerosis and Crohn's disease, and Prialt for pain."
Under the terms of the agreement, Vernalis will pay Elan a total
of approximately $55 million for rights to frovatriptan in North
America, comprising the following payments. Upon closing, Elan
will receive $5 million; on December 31, 2004 and December 31,
2005, Elan will receive payments of $20 million and $25 million
respectively; and no later than December 31, 2004, Elan will
receive a payment for its Frova inventory, estimated at
approximately $5 million. Additionally, Elan's co-promotion
agreement with UCB Pharma, Inc. will be terminated at closing,
and Elan will pay UCB about $10 million as a result of the
termination.
For the full-year 2003, Elan recorded net revenue and gross
profit for Frova of $37.5 million and $8.1 million,
respectively. The carrying value of the Frova intangible asset
is approximately $23 million.
The sale proceeds will be used for development and launch of
late-stage pipeline candidates.
The completion of the transaction is subject to the approval of
Vernalis' shareholders, U.S. anti-trust clearance if required,
third party consents and other customary conditions. The
transaction is expected to close before the end of the second
quarter of 2004.
About Frova
Frova is a prescription medicine used for acute treatment of
migraine attacks in adults. It is in the class of drugs called
selective serotonin receptor agonists.
About Elan
Elan Corporation, plc is a neuroscience-based biotechnology
company that is focused on discovering, developing,
manufacturing and marketing advanced therapies in neurology,
autoimmune diseases, and severe pain. Elan (NYSE: ELN) shares
trade on the New York, London and Dublin Stock Exchanges.
CONTACT: ELAN CORPORATION, PLC
Investors:
Emer Reynolds
Phone: 353-1-709-4000
or 800-252-3526
Media:
Anita Kawatra
Phone: 212-407-5755
Or 800-252-3526
=========
I T A L Y
=========
GANDALF SPA: Alitalia Takes over 135 Airport Slots
--------------------------------------------------
Alitalia announces that it acquired, via its 100% subsidiary
Alitalia Express S.p.A., a branch of the insolvent company
Gandalf S.p.A. (assignee of landing and take-off slots at
various Italian and E.U. airports), auctioned off by the Parma
Law Courts.
Acquiring this branch of Gandalf S.p.A. in no way means that
Alitalia has taken over the whole company which the branch was
part of. As set out in the Parma Law Courts' notification of
public auction, the operation means that Alitalia will have to
take on just one person employed by that branch of the company.
The portfolio acquired is made up of 135 slots for the summer
season:
(1) Slots at international airports, which are overcrowded
(Madrid, Barcelona, Brussels, Paris CDG);
(2) Slots at domestic airports, which are important for business
reasons, such as Rome FCO, Florence, Catania and Naples; and
(3) Slots at airports in the Milan area, which are important
strategically.
Regarding slots at European airports, a particularly important
factor for Alitalia (compared to the other companies bidding at
the auction) was its position as an international carrier
forming part of a global alliance. In overall terms, the
operation will significantly enhance Company assets in support
of the network.
IT HOLDING: Reports EUR73 Million Full-year Net Loss
----------------------------------------------------
Italy's apparel maker, IT Holding S.p.A., reported a EUR73
million net loss for last year, according to just-style.com.
The loss came from one-time devaluations worth EUR57 million and
additional financing fees amounting to EUR12.4 million.
The company's earnings before tax and interest also dived to
EUR62.4 million compared to EUR655 million in 2002. IT Holding
had a profit of EUR4.4 million last year. IT Holding owns the
Gianfranco Ferre label apparels and produces the junior apparel
of high-end products like Versace and Dolce & Gabbana.
* E.U. Regulator Orders Govt to Halt Social Security Grants
-----------------------------------------------------------
The E.U. Commission decided that an Italian scheme providing for
grants and certain reductions in social security contributions
cannot be justified under the State aid rules. The Italian
scheme granted these benefits to undertakings acquiring a large
undertaking in difficulty. Italy is now obliged to recover any
aid unlawfully awarded from its beneficiaries.
The scheme in question aims at safeguarding jobs in large
undertakings in difficulties that are subject to a specific
Italian insolvency proceeding (amministrazione straordinaria)
and have more than 1,000 employees. If such undertakings are
sold, incentives are given to the purchaser who accepts to
continue to employ up to 550 of the former company's employees.
After an in-depth probe launched in October 2003, the Commission
concludes that the scheme cannot be approved under any of the
existing E.U. State aid framework rules such as the Commission
Regulation on aid in favor of employment or the Community
guidelines for rescuing and restructuring firms in difficulties.
In particular, the scheme applies to large undertakings active
on the entire national territory while, under the employment
regulation, state aid outside assisted areas is only allowed in
favor of small and medium enterprises. For similar reasons, the
scheme does not meet the conditions of the rescue and
restructuring guidelines, which allow for aid "schemes" only in
favor of small and medium enterprises.
Italy is therefore ordered to recover any aid already granted
under the scheme.
Background
In February 2003, Italy notified an aid scheme called "Urgent
measures in favor of employment," based on the Italian law
decree No 14 February 2003 n 23, converted into law on 8 of 17
April 2003. The Italian authorities adopted the scheme without
the necessary approval by the Commission. This is unlawful
under the State aid rules.
Beneficiaries of the scheme are purchasers of undertakings in
difficulties that are subject to a specific insolvency
proceeding (amministrazione straordinaria) and have more than
1,000 employees. The purchaser who accepts to employ up to 550
employees of the old undertaking benefits for each transferred
employee, of: a monthly grant equal to 50% of the indemnity to
which the worker would be entitled in case of the lay-off scheme
("collocamento in mobilita"); a reduction of social security
contributions (reduced to the level applicable to trainees or
"apprendisti").
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: SDR Lists on Stockholmsborsen
-----------------------------------------------------
As of Tuesday, international telecommunication company Millicom
International Cellular S.A. is listed on Stockholmsborsen.
Millicom, primary market listed on NASDAQ, is a global
telecommunication investor with cellular operations mainly in
Asia, Latin America and Africa. The company has interests in
cellular operations in 15 countries and provides high-speed
wireless data services in five countries. Millicom reported
revenues of SEK4.8 billion in 2003.
Millicom's Swedish Depository Receipts (SDRs) are traded on the
O List under the "Other shares" heading, positioned immediately
after Midway Holding AB.
"We warmly welcome Millicom to Stockholmsborsen," says Kerstin
Hessius, Stockholmsborsen's President.
Marc Beuls, President and Chief Executive Officer of Millicom,
comments: "Millicom decided to apply for listing at
Stockholmsborsen, in addition to our primary market listing on
NASDAQ, as we believe that there is substantial investor
interest in Europe, particularly in Sweden where there is high
awareness of some Millicom affiliates. Millicom will be the
third largest telecom operator listed on the Swedish market and
our exposure to high growth emerging markets will be an
attractive alternative for investors."
Information about the industry classification and similar
details is available on http://www.stockholmsborsen.seunder
Changes and News/ Press Releases and Exchange
Notices/Search/Equity related information.
OMHEX is a leading provider of marketplace services and
transaction technology to financial and energy markets. Through
its exchange operations within Stockholmsborsen, HEX Helsinki,
HEX Tallinn and HEX Riga, OMHEX operates northern Europe's
largest securities market and offers investors access to 80% of
the Nordic and Baltic equity markets. The central securities
depositories in Finland, Estonia and Latvia are also part of
OMHEX.
CONTACT: MILLICOM INTERNATIONAL CELLULAR S.A.
Marc Beuls, President and Chief Executive Officer
Phone: +352 27 759 327
Andrew Best, Investor Relations
Phone: +44 20 7321 5022
STOCKHOLMSBORSEN
Frank Teneberg
Issuer Sales, Stockholmsborsen
Phone: +46 8 405 69 54
Annika Molander
Head of Communications
Phone: +46 8 405 66 10
===========
R U S S I A
===========
ALSIONA: Under Bankruptcy Supervision Procedure
-----------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on LLC Alsiona. The case is docketed as #A40-4586/04-
38-4B. Mr. Nikolay Gorbunov has been appointed temporary
insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 119313, Russia,
Moscow, Post User Box 101. A hearing will take place on June 8,
2004, 10:00 a.m. at the Arbitration Court of Moscow.
CONTACT: ALSIONA
127512, Russia, Moscow, Oktyabrskaya str.89
Mr. Nikolay Gorbunov, Temporary Insolvency Manager
119313, Russia, Moskow, Post User Box 101
ARBITRATION COURT OF MOSCOW
Moscow, Skaterny pereulok, 4
AMFIR: Tatarstan Court Appoints Insolvency Manager
--------------------------------------------------
The Arbitration Court of Republic of Tatarstan commenced
bankruptcy supervision procedure on OJSC Amfir. The case is
docketed as A65-2373/2004-SG4-26. Mr. A. Michaylov has been
appointed temporary insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 420029, Russia,
Republic of Tatarstan, Kazan, Post User Box 265. A hearing will
take place in the Arbitration Court of Republic of Tatarstan on
May 17, 2004.
CONTACT: AMFIR
Russia, Republic of Tatarstan, Arsk, Gagarina str.17
Mr. A. Michaylov, Temporary Insolvency Manager
420029, Russia, Republic of Tatarstan, Kazan,
Post User Box 265.
INTERNATIONAL BOOK: Deadline for Proofs of Claim May 25
-------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on OJSC The International Book. The case is docketed
as A40-2791/04-88-2B. Mr. Alexandr Vakka has been appointed
temporary insolvency manager.
Creditors have until April 13, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 107078, Russia,
Moskow, Post User Box 281. A hearing will take place on May 25,
2004, 10:00 a.m. at the Arbitration Court of Moscow.
CONTACT: THE INTERNATIONAL BOOK
119049, Russia, Moscow
B. Yakimyanka str.39/29, build 1
Mr. Alexandr Vakka, Temporary Insolvency Manager
107078, Russia, Moskow, Post User Box 281
KAMGESSTROYSERVICE: Under Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Republic of Tatarstan commenced
bankruptcy supervision procedure on power objects construction
and service company, Kamgesstroyservice. The case is docketed
as A65-2656/2004-SG4-27. Mr. A. Yasko has been appointed
temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 420095, Russia, Republic of
Tatarstan, Kazan, Vosstaniya str.119A. A hearing will take
place on July 27, 2004 at the Arbitration Court of Republic of
Tatarstan.
CONTACT: KAMGESSTROYSERVICE
423827, Russia, Republic of Tatarstan, Naberezhnye
Chelny, Post User Box 83
Mr. A. Yasko, Temporary Insolvency Manager
420095, Russia, Republic of Tatarstan,
Kazan, Vosstaniya str.119A
NIFIT: Tatarstan Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Arbitration Court of Republic of Tatarstan declared LLC
NIFIT insolvent and introduced bankruptcy proceedings on the
company. The case is docketed as A65-4880/2002-SA2-26. Mr. A.
Alichanov has been appointed insolvency manager.
Creditors have until May 20, 2004 to submit their proofs of
claim to the insolvency manager at: 420029, Russia, Kazan, Post
User Box 117.
CONTACT: LLC NIFIT
396440, Russia, Republic of Tatarstan, Nizhnekamsk
BSI-2, Post User Box 111
Mr. A. Alichanov, Insolvency Manager
420029, Russia, Kazan, Post User Box 117
NIZHNEUDINSK: Creditors Have Until April 20 to File Claims
----------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
supervision procedure on OJSC Nizhneudinsk Meat-Packing Plant.
The case is docketed as A19-17282/03-37. Mr. Vladimir Vologzhin
has been appointed temporary insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 665138, Russia,
Irkutsk region, Nizhneudinsky area, Verchina, Lesnaya str.1.
Phone: 21172
CONTACT: NIZHNEUDINSK MEAT-PACKING PLANT
665110, Russia, Irkutsk region, Nizhneudinsk
Sovetskaya str.155
Mr. Vladimir Vologzhin, Temporary Insolvency Manager
665138, Russia, Irkutsk region, Nizhneudinsky area,
Verchina, Lesnaya str.1
Phone: 21172
NOVOSIBIRSK: Under Bankruptcy Supervision Procedure
---------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
supervision procedure on OJSC Novosibirsk Medical Preparation
Factory. The case is docketed as A45-9795/03-SB/197. Mr. Yuri
Erdikov has been appointed temporary insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 630039, Russia,
Novosibirsk, Nikitina str.114. A hearing will take place in the
Arbitration Court of Novosibirsk region on August 9, 2004
CONTACT: NOVOSIBIRSK MEDICAL PREPARATION FACTORY
630071, Russia, Novosibirsk, Stanzionnaya str.80
Mr. Yuri Erdikov, Temporary Insolvency Manager
630039, Russia, Novosibirsk, Nikitina str.114
PROMSVYAZ: Ordered to Undergo Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Republic of Tatarstan commenced
bankruptcy supervision procedure on Closed JSC Promsvyaz. The
case is docketed as A65-3033/2004-SG4-26. Mr. K. Gaynulin has
been appointed temporary insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 423802, Russia,
Republic of Tatarstan, Naberezhnye Chelny, Post User Box 55. A
hearing will take place in the Arbitration Court of Republic of
Tatarstan on May 17, 2004.
CONTACT: PROMSVYAZ
Russia, Republic of Tatarstan, Naberezhnye Chelny.
Mr. K. Gaynulin, Temporary Insolvency Manager
423802, Russia, Republic of Tatarstan
Naberezhnye Chelny, Post User Box 55
RUSS: Udmurtiya Court Appoints Insolvency Manager
-------------------------------------------------
The Arbitration Court of Republic of Udmurtiya commenced
bankruptcy supervision procedure on CJSC Agriculture Industrial
Company Russ. The case is docketed as A71-29/2004-S26. Mr. A.
Rybakov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to:
(a) Debtor: 426057, Russia, Izhevsk, Votkinskoye shosse 14th km,
CJSC APF RUSS;
(b) Arbitration Court of Republic of Udmurtiya 426057, Izhevsk,
Svobody str.139;
(c) Temporary insolvency manager at: 426008, Izhevsk,
Pushkinskaya str.235, 6
A hearing will take place on August 3, 2004, 9:30 a.m. at the
Arbitration Court: Russia, Izevsk, Lomonosova str.5, hall 105.
CONTACT: CJSC AGRICULTURE INDUSTRIAL COMPANY RUSS
426057, Russia, Izhevsk, Votkinskoye shosse 14th km
Mr. A. Rybakov, Temporary Insolvency Manager
426008, Izhevsk, Pushkinskaya str.235, 6
Phone: (3412) 430387
Arbitration Court of Republic of Udmurtiya
426057, Izhevsk, Svobody str.139
SIBERIAN PULP: Under Bankruptcy Supervision Procedure
-----------------------------------------------------
The Arbitration Court of Krasnoyarsk region commenced bankruptcy
supervision procedure on LLC Siberian Pulp And Paper Combine.
The case is docketed as A-33-2055/04-C4. Mr. Alexey Alyoshin, a
member of TP Kuzbass self-regulated organization of arbitral
managers, has been appointed temporary insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 650000, Russia,
Kemerovo, Post User Box 2254, Phone(3842)582355. A hearing will
take place in the Arbitration Court of Krasnoyarsk region on
July 6, 2004.
CONTACT: SIBERIAN PULP AND PAPER COMBINE
Russia, Krasnoyarsk, 26 Bakinskich Komissarov str.8
Mr. Alexey Alyoshin, Temporary Insolvency Manager
650000, Russia, Kemerovo, Post User Box 2254,
Phone: (3842)582355.
ARBITRATION COURT OF KRASNOYARSK REGION:
660021, Krasnoyarsk-21, Lenina str.143
TP KUZBASS
Kemerovo, Sovetsky prosp.58
SITILINK: Proofs of Claim Deadline April 20
-------------------------------------------
The Arbitration Court of Republic of Chakasia commenced
bankruptcy supervision procedure on LLC Sitilink. The case is
docketed as A74-4246/03-K1. Mr. Maksim Panin has been appointed
temporary insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 655017, Russia,
Republic of Chakasia, Abakan, Post User Box 199.
CONTACT: SITILINK
Russia, Republic of Chakasia, Abakan
Schetinkina str.59
Mr. Maksim Panin, Temporary Insolvency Manager
655017, Russia, Republic of Chakasia
Abakan, Post User Box 199
URMARSKY DAIRY: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Republic of Chuvashiya commenced
bankruptcy supervision procedure on OJSC Urmarsky Dairy. The
case is docketed as A79-1283/04-CK1-1427. Mr. A. Smirnov, a
member of TP Interregional Self-regulated organization of
arbitral managers Semtek- Chuvashiya, has been appointed
temporary insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 428008, Russia,
Republic of Chuvashiya, Cheboksary, Tekstilschikov str.10,
office 215. A hearing will take place on June 24, 2004, 11:00
a.m. at the Arbitration Court of Krasnoyarsk region.
CONTACT: URMARSKY DAIRY
Russia, Republic of Chuvashiya, Urmary,
Kolshoznaya str. 29
Mr. A. Smirnov, temporary insolvency manager
428008, Russia, Republic of Chuvashiya,
Cheboksary, Tekstilschikov str.10,
Office 215
UST-KUT AVIA: Bankruptcy Proceeding Begins
------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
supervision procedure on State Air Enterprise Airline "UST-KUT
Avia. The case is docketed as A19-15421/03-34. Mr. Vladimir
Safonov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 664025, Russia, Irkutsk-25,
Post User Box 146. A hearing will take place in the Arbitration
Court of Irkutsk region on March 30, 2004, at 10.15
CONTACT: UST-KUT AVIA
665780, Russia, Irkutsk region, Ust-Kut, Airport
Mr. Vladimir Safonov, Temporary Insolvency Manager
664025, Russia, Irkutsk-25, Post User Box 146
UTAZAAGROCHIMSERVICE: Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Republic of Tatarstan declared
Agriculture chemical service company OJSC Utazaagrochimservice
insolvent and introduced bankruptcy proceedings on the company.
The case is docketed as A65-12254/2003-SG4-31. Mr. I. Gareev, a
member of TP Republic of Tatarstan' Self-regulated organization
of arbitral managers, has been appointed insolvency manager.
Creditors are asked to submit their proofs of claim to the
insolvency manager at: 420110, Russia, Republic of Tatarstan,
Kazan, Post User Box 151.
CONTACT: UTAZAAGROCHIMSERVICE
422000, Russia, Republic of Tatarstan
Utaza Area Apsalyamovo
Mr. I. Gareev, Insolvency Manager
420110, Russia, Republic of Tatarstan, Kazan
Post User Box 151
Phone/Fax: (8432)109760
YARMAROCHNY BANK: Court Confirms State of Insolvency
----------------------------------------------------
The Arbitration Court of Nizhny Novgorod region declared joint-
stock commercial lender, Yarmarochny (Exhibition) Bank,
insolvent and introduced bankruptcy proceedings on the bank.
The case is docketed as A43-541/04-33-11. Mr. E. Skiba has been
appointed insolvency manager.
Creditors have until May 20, 2004 to submit their proofs of
claim to the insolvency manager at: 603005, Russia, Nizhny
Novgorod region, Nesterova str.9, Phone: (8-8312)195241.
CONTACT: Mr. E. Skiba, Insolvency Manager
603005, Russia, Nizhny Novgorod region
Nesterova str.9
Phone: (8-8312)195241
ZHIGALOVO MECHANICAL: Under Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
supervision procedure on Closed JSC Zhigalovo Mechanical-Repair
Factory. The case is docketed as A19-17220/03-34. Mr. Alexandr
Tolstouchov has been appointed temporary insolvency manager.
Creditors have until April 20, 2004 to submit their proofs of
claim to the temporary insolvency manager at: 664050, Russia,
Irkutsk, Post User Box 402, Phone: (395-2)355099. A hearing
will take place in the Arbitration Court of Irkutsk region on
April 28, 2004.
CONTACT: ZHIGALOVO MECHANICAL-REPAIR FACTORY
172060, Russia, Irkutsk region
Zhigalovo, Rabochaya 1
Mr. Alexandr Tolstouchov
Temporary Insolvency Manager
664050, Russia, Irkutsk, Post User Box 402,
Phone: (395-2)355099
=====================
S W I T Z E R L A N D
=====================
VAN DER: U.S. Unit Pays SEC, NYSE US$57 Mln to Settle Admin Case
----------------------------------------------------------------
Van der Moolen Holding N.V. announced on Tuesday that its 75%-
owned subsidiary VDM Specialists USA, LLC has reached final
settlement with the Commissioners of the United States
Securities and Exchange Commission and the Enforcement Division
of the New York Stock Exchange in connection with their joint
investigation of improper trading activities by NYSE specialists
during the period 1999 to 2003.
For the sole purpose of settling this disciplinary proceeding,
and without admitting or denying guilt, VDM Specialists U.S.A
has consented to settle with these authorities in the amount of
$57,675,104. This amount will be contributed to a Distribution
Fund for the benefit of injured customers of the NYSE.
On February 17, 2004, VDM Specialists reached agreement in
principle with the staff of the SEC and with the Enforcement
Division of the NYSE over a settlement in the range of $51.8
million to $57.7 million. On March 2, 2004, VDM Specialists
submitted a revised range of between $55.0 million and $57.7
million to these authorities. Van der Moolen Holding's balance
sheet of December 31, 2003 included a provision for the account
of VDM Specialists in the amount of EUR43.5 million (equivalent
to $55.0 million at that date) in anticipation of this
settlement. The $2.7 million portion of the settlement for
which provision was not already made has been available from
cash flows in the period subsequent to the December 31, 2003
balance sheet.
Further, VDM Specialists has consented to various demands of the
NYSE and the SEC, to implement improved systems and procedures
to ensure that similar activities do not recur.
Van der Moolen trades on the leading U.S. and European equity,
option and fixed income exchanges. The group trades in open
outcry and electronic markets in several time zones. On the
NYSE, Van der Moolen currently has a market share of more than
10% of transaction volume for which it acts as specialist. Van
der Moolen's traders worldwide execute an average of 75,000
trades a day. Turnover and price volatility are the most
important factors influencing its results.
Van der Moolen's shares are listed on Euronext Amsterdam
(VDMN.AS). American Depositary Receipts (ADRs) representing Van
der Moolen shares are listed on the NYSE (VDM). For more
information about Van der Moolen, please visit
http://www.vandermoolen.com
CONTACTS: VAN DER MOOLEN
Investor Relations/Corporate Communications
Phone: +31 (0) 20 535 6789
VON ROLL: Bank Debts Down to CHF46 Million from CHF241 Million
--------------------------------------------------------------
Following its financial restructuring, at end 2003 Von Roll's
equity totaled CHF104 million, i.e. an equity ratio of 35%.
Overall, in a year that bore no comparison with its predecessor,
the company posted a loss of CHF52 million.
In Von Roll Isola's operative business the company once again
had to endure a drop in sales of around 16%, conditioned by the
market. The restructuring measures that had been launched and
the clear, slight easing in the market since the late fall give
us every reason to believe that the company will be back in
profit in 2004, as planned.
Following the group's successful financial restructuring, which
was challenging to those involved in all respects, Von Roll
Group's performance indicators are very difficult to compare
with those from the previous year. The radical reduction in the
company's capital and the partial debt waiver or conversion of
loans and bonds into shares boosted the Group's equity as at 31
December 2003 to CHF104 million (compared with CHF14 million the
previous year), corresponding to an equity ratio of 35% (as
against 2%).
Bank debts were cut down to CHF46 million (CHF241 million). The
sale of the Infratec and Inova divisions led to a striking
balance sheet contraction, leaving total assets as at end 2003
of just CHF294 million (CHF679 million).
After the General Meeting, the two Von Roll shares ROL and ROLE
will be combined. On the date of the General Meeting Mr. Peter
Spuhler will step down from the Board of Von Roll, with our
acknowledgement of the important role he played in restructuring
the company. The Board will not be proposing any replacement to
the General Meeting.
Von Roll Isola's operative business
Now that its divestments are over, Von Roll will concentrate on
the activities of Von Roll Isola. In 2003, its operative
business was characterized by a further decline in orders (down
17%) and net sales (down 16%) conditioned by the market.
Measures designed to absorb and correct this trend were launched
in the late summer of 2003 and had started to kick in by the end
of the year. The break-even point was lowered again, and the
company's operative loss limited to CHF7 million (compared with
CHF8 million the previous year).
*****
The operative restructuring concept is based on the following
four measures: administrative simplification and reduction of
the associated costs; adaptation of production capacity to
contracted market demand and the lowering of manufacturing
costs; an enhanced capacity for innovation; and finally, a more
intensive market presence. A maximum effort will be made to
forge ahead with projects deriving from this approach as quickly
as possible, acting within a clearly streamlined management
structure. Any corresponding costs not already incurred in 2003
were deferred to the 2003 financial statement.
The year 2004 has started off in line with expectations. Order
intakes and sales have, for the most part, stabilized since the
late fall of 2003. This stabilization has been observed
everywhere except in France. In North America there are clear
indications of slight growth, and in Asia the market is
continuing to develop in a very positive manner.
Extensive efforts will be required to get Von Roll firmly back
on the road to lasting success. However, both the Board and the
management firmly believe that this objective can be attained,
and that the company will manage to book a positive result again
in 2004, thanks to its ongoing restructuring measures.
CONTACT: VON ROLL
Corporate Finance
Werner Matzner
Phone: +41 1 204 30 80
Fax: +41 1 204 30 12
Corporate Communications
Celine Aubry
Phone: +41 1 204 30 01
Fax: +41 1 204 30 12
CH-8045 Zurich
E-mail: press@vonroll-isola.com
===========================
U N I T E D K I N G D O M
===========================
ABBEY NATIONAL: Consigns Largest Unit Trust to Fund Managers
------------------------------------------------------------
Abbey has moved its first fund to multi manager, following the
announcement its new fund management strategy in January this
year. Abbey has appointed three new fund managers for its
largest unit trust -- Abbey National U.K. Growth Unit Trust.
State Street Global Advisors (50%), JPMorgan Fleming (25%) and
Barclays Global Investors (25%) will now run the Abbey National
U.K. Growth Unit Trust, with total assets of approximately
GBP1.2 billion, with immediate effect.
Abbey has introduced a multi manager approach to its actively
managed bond and equity-based Unit Linked Life & Pensions and
Unit Trusts. This means Abbey identifies and utilizes the
leading and most appropriate fund managers in the market for
each type of investment, while closely monitoring their
performance and changing managers where necessary.
James Bevan, Abbey's Chief Investment Officer, said: "We're
committed to giving our customers access to the leading fund
management groups in the world, so have moved quickly to make
this appointment to our largest fund. These fund managers were
selected following an extensive U.K. search and were chosen
because of the sustainability of their investment process, the
consistency of their performance and the quality of their
people."
New fund managers for two more Abbey National unit trusts have
also been selected. Western Asset Management and Pimco will
each run 50% of the Abbey National Balanced Portfolio Income and
Western Asset Management will also run the High Income Bond Unit
Trust. The fund management for both of these will start on 5
April 2004.
CONTACT: ABBEY NATIONAL
Media contacts:
Jane Reynolds
Phone: 020 7756 4221
Matt Martin
Phone: 020 7756 4190
ABERDEEN ASSET: Records Highest New Fund Inflows in Years
---------------------------------------------------------
Ahead of entering the close period prior to the announcement on
May 5, 2004 of its interim results for the 6 months to March 31,
2004, Aberdeen Asset Management issues the following trading
update.
The buoyant new business levels reported at the Annual General
Meeting have continued and assets under management at 29
February 2004 were GBP23 billion. The Group's gross new
business for the 5 months to February 29, including mandates
awarded but not yet funded, totaled GBP1.8 billion. Net new
business for the same period totaled GBP1.1 billion, as follows:
Funded Yet to fund Total
GBPm GBPm GBPm
Fund management 586.3 82.0 668.3
Property - UK & (48.0) 305.0 257.0
Continental Europe
Property - Nordic 150.0 - 150.0
------- ------ -------
688.3 387.0 1,075.3
------- ------ -------
The net new business generated within the fund management
division comprises GBP331 million from segregated mandates and
GBP302 million of net inflows to the Group's open-end funds,
less GBP46 million of reductions arising due to share buy-backs
by closed-end funds and the closure of some smaller uneconomic
funds. The value of inflows to the open-end funds is the
highest achieved by the Group since the first half of 2001, but
the pattern of business won reflects the current focus on
international institutions and discretionary fund managers
rather than the mainstream U.K. retail market.
A large part of the new business is for investment in Asia-
Pacific equities, reflecting the confidence of investors in the
Group's investment process and consistent performance in this
sector. The fact that the same process now extends across all
equity desks is leading to increased interest from investment
consultants in other areas of our business and bodes well for
the future, albeit these are long-term development areas. In
the meantime, we are also encouraged by flows into asset classes
such as emerging market equities, single country equity funds
(e.g. China, India) and bonds.
The Group has been focused on cost reduction since the sale of
certain U.K. contracts in February 2003 and on the integration
of Edinburgh Fund Managers, which joined the Group in late
October 2003. This integration is complete, with the majority
of cost duplication now eliminated. We have also reached
agreement for the outsourcing of Edinburgh's investment
administration, with BNP Paribas taking over the Dundee
operation as part of its core administrative platform in the
U.K. We are now managing a single cost base within the fund
management division. Equally, the full benefit of revenues from
new business is only now beginning to flow. The second half of
the financial year should benefit from the full effect of both
these revenues and the cost reductions.
As well as bringing additional assets under management and
recurring income, the Edinburgh transaction reduced the Group's
gearing ratio from 103% to 93% when calculated on the basis of
net assets disclosed in the balance sheet. The calculation of
gearing in relation to market capitalization shows a reduction
from 148% at the last year-end to the current level of 87%. The
Board continues to consider opportunities, which might bring
further reductions in gearing.
CONTACT: ABERDEEN ASSET MANAGEMENT PLC
Martin Gilbert
Phone: 020 7463 6246
GAVIN ANDERSON & COMPANY
Neil Bennett
Mark Lunn
Phone: 020 7554 1400
ALEXANDER THOMSON: Shareholders Meeting April 28
------------------------------------------------
There will be a General Meeting of the Members of the Alexander
Thomson & Co (London) Limited Company on April 28, 2004 at 12:00
noon. It will be held at Russell Square House, 10-12 Russell
Square, London WC1B 5LF.
The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted and
the disposal of the establishment's property. A Member entitled
to attend and vote at the Meeting may appoint a proxy in his/her
behalf. The proxy need not be a Member of the Company.
APG ESTATES: Creditors General Meeting Set April 29
---------------------------------------------------
Pursuant to section 94 of the Insolvency Act 1986, a General
Meeting of the Members of the APG Estates Limited Company will
be on April 29, 2004 at 11:00 a.m. It will be held at the
offices of Wilder Coe, Southgate House, St George's Way,
Stevenage, Hertfordshire SG1 1HG.
The purpose of the Meeting is to lay before the Creditors the
books, accounts and the documents of the Company how the
winding-up has been conducted as well as the disposal of the
establishment's property. Proxies to be used at the Meeting
must be lodged at 12th Floor, Southgate House, St George's Way,
Stevenage SG1 1HG not later than 12:00 noon April 28, 2004.
ARJUNA SOLUTIONS: Liquidator to Provide Update April 30
-------------------------------------------------------
Name of Companies:
Arjuna Solutions Limited
Grierson Gilchrist Limited
Members of Arjuna Solutions Limited and Grierson Gilchrist
Limited Companies will have a Meeting on April 30, 2004 at 10:30
a.m. and 10:45 a.m. respectively. It will be held at the
offices of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT.
The purpose of the Meeting is to lay before the Members the
accounts how the winding-up of the Companies have been conducted
and the disposal of the outfit's properties. A Member entitled
to attend at the Meeting may appoint a proxy in his/her behalf.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court,
London EC4A 4HT
Contact:
R Setchim, Joint Liquidator
Phone: [44] (20) 7583 5000
Fax: [44] (20) 7822 4652
Web site: http://www.pwcglobal.com
BERRICK-DISHMAN: Shareholders Meeting Set April 29
--------------------------------------------------
Pursuant to section 94 of the Insolvency Act 1986, a General
Meeting of the Members of the Berrick-Dishman Limited Company
will be on April 29, 2004 at 10:00 a.m. It will be held at the
offices of Wilder Coe, Southgate House, St George's Way,
Stevenage, Hertfordshire SG1 1HG.
The purpose of the Meeting is to present to the Members how the
winding-up has been conducted and how the Company's property was
disposed. Any Members entitled to vote at the Meeting may
appoint a proxy in his/her behalf and must be lodged at 12th
Floor, Southgate House, St George's Way, Stevenage SG1 1HG not
later than 12:00 noon April 28, 2004.
BMI GROUP: Continues to Struggle Amid Difficult Market Condition
----------------------------------------------------------------
Bmi has reported a 6.6% increase in the group's turnover to
GBP772 million for the financial year ending December 31, 2003
(2002: GBP724 million), with passenger volumes up 25% to 9.4
million (2002: 7.5 million) and load factors up from 63% to 67%.
The airline reported a pre-tax loss of GBP9.8 million, against a
loss of GBP19.6 million in 2002. The 2002 results marked the
first bmi losses for a decade. Trading profits (pre-overheads,
interest and exceptional items) increased to GBP23.5 million
(2002: GBP5.1 million).
Sir Michael Bishop, chairman of bmi, said: "2003 was another
very tough year for many in the aviation sector, with the double
impact of SARS and the conflict in Iraq hitting bmi in the first
part of the year. The loss of transfer traffic at Heathrow from
its 13 Star Alliance partners and other interline carriers cost
our business in excess of GBP17 million in lost revenues, and
was the principal factor in delaying our return to
profitability.
"Despite these difficulties, we ended the year in a much
stronger position than we started, with continued and consistent
growth in passenger numbers, improved load factors and strong
cash flow liquidity.
"That performance has been carried through into 2004, and we are
seeing revenues currently running around ten per cent ahead of
2003 figures, with an upturn in Heathrow transfer traffic.
Coupled with our continued focus on cost savings, we expect a
stronger financial performance for the full year in 2004."
The airline's segmentation strategy stimulated passenger and
revenue growth in a number of areas in 2003, as well as allowing
for more effective cost-management.
bmibaby, the group's no-frills subsidiary, carried nearly three
million passengers during the year, making it the second-largest
British low-cost carrier, now operating from five bases across
the U.K.
Load factors on transatlantic services were in excess of 70% in
2003. Next month bmi will launch a new service from Manchester
to Toronto in co-operation with Star Alliance partner Air
Canada. Later this year, the airline will launch services from
Manchester to Barbados, St Lucia and Antigua, making it the
largest provider of transatlantic scheduled services outside
London.
Bmi regional also expanded, with the launch of three new routes
during 2003 and another three new routes to date in 2004.
For the second consecutive year, the group's overhead costs per
available seat kilometer (ASK) were reduced by 20%, with no
increase in overall staff levels. The company continues to
review operational efficiencies as part its Blue Sky cost
reduction program, which aims to reduce annual operating costs
by GBP100 million over a three-year period. Major efficiencies
are being introduced into the business, including the completion
early next year of single fleet operations within each business
unit, bringing significant operational benefits and much
enhanced aircraft utilization.
Sir Michael added: "Trading conditions remain challenging, with
continued pressure on yields in all sectors of the market.
"All segments of our business are seeing growth in passenger
numbers and revenues in 2004, albeit at slightly lower yields.
Our focus on cost reductions through Blue Sky is already showing
results.
"bmibaby and bmi regional are already single fleet operations
and our mainline operations will operate an all-Airbus fleet by
early next year, creating further cost efficiencies.
"We continue to fight against disproportionate external costs
being levied on our business. BAA's pricing policy at Heathrow
puts us at a significant competitive disadvantage to competitors
operating from other airports and we continue to seek remedies."
BRENT BUILDING: Final Meeting Set May 4
---------------------------------------
There will be a Final Meeting of the Brent Building Limited
Company on May 4, 2004 at 11:00 a.m. It will be held at the
offices of David Horner & Co, 2A Pioneer Business Park, Clifton
Moor, York YO30 4TN.
The purpose of the Meeting is to present to the Members how the
winding-up has been conducted and how the Company's property was
disposed. Proxies to be used at the Meeting must lodged with D
A Horner, the Liquidator of the Company at David Horner & Co, 2A
Pioneer Business Park, Clifton Moor, York YO30 4TN not later
than 12:00 noon May 3, 2004.
CONTACT: DAVID HORNER & CO
2A Pioneer Business Park,
Clifton Moor
York YO30 4TN
Contact:
D A Horner, Joint Liquidator
CABLE & WIRELESS: Sues Six Former Employees, Five Companies
-----------------------------------------------------------
Following an extensive internal investigation commenced last
year into the operation of the Group's wholly owned insurance
subsidiary Pender Insurance Limited, Cable and Wireless plc and
Pender commenced legal action against five companies and six
individuals (of whom five are former employees).
Management does not believe that this action will result in any
financial loss to the Group. As stated in the Group's most
recent annual accounts, from 1 April 2003 Pender began running
off its old insurance claims and has not taken on any new
business for non Cable & Wireless Group companies.
Cable & Wireless is committed to policies that will uphold high
standards of integrity and transparency throughout the Group's
operations and protect the interests of its shareholders. The
procedures to uncover and correct unauthorized management
practices reflect that commitment to financial discipline and
integrity at all levels.
CONTACTS: CABLE & WIRELESS
Investor Relations:
Louise Breen Director, Investor Relations
Phone: +44 20 7315 4460
Virginia Porter Vice President,
Investor Relations, New York
Phone: +1 212 551 3563
Craig Thornton, Manager,
Investor Relations
Phone: +44 20 7315 6225
Media:
Lesley Smith
Group Director of Corporate & Public Affairs
Phone: +44 20 7315 4410
Peter Eustace
Group Head of Media Relations
Phone: +44 20 7315 4495
CENTRE MACHINERY: Meeting of Members Set April 30
-------------------------------------------------
Pursuance of section 94(2) of the Insolvency Act 1986, a General
Meting of the Centre Machinery Limited Company will be on April
30, 2004 at 12:00 noon. It will be held at the offices of F A
Hatch & Co, Castle View, 48 Salop Street, Dudley, West Midlands
DY1 3AY. The purpose of the Meeting is to lay before the
Members the account showing the manner in which the winding-up
has been conducted and the property of the Company disposed of.
A Member entitled to attend and vote at the Meeting may appoint
a proxy or proxies to attend and vote instead of him. A proxy
need not be a Member of the Company.
CONTACT: F A HATCH & CO
Castle View
48 Salop Street, Dudley
West Midlands DY1 3AY
Contact:
F A Hatch, Liquidator
CHELSEA HOLDINGS: Final Meeting April 27
----------------------------------------
There will be a Final Meeting of the Members of Chelsea Holdings
Limited Company on April 27, 2004 at 10:30 a.m. It will be held
at the offices of Grant Thornton, 31 Carlton Crescent,
Southampton S15 2EW.
The purpose of the Meeting is to present to the Members how the
winding-up has been conducted and how the Company's property was
disposed. A Member entitled to attend and vote at the Meeting
may appoint a proxy in his/her behalf. Proxy forms must be
returned to the offices of Grant Thornton, 31 Carlton Crescent,
Southampton S15 2EW not later than 12:00 noon April 26, 2004.
CONTACT: GRANT THORNTON
31 Carlton Crescent,
Southampton S15 2EW
Contact:
D Swift, Liquidator
Phone: 023 8022 1231
Fax: 023 8022 4017
Web site: http://www.grant-thornton.co.uk
CINTEX GROUP: Creditors to Meet April 8
---------------------------------------
There will be a Meeting of the unsecured Creditors of the Cintex
Group Holdings Limited Company on April 8, 2004 at 10:30 a.m.
It will be held at Aspect Court, 4 Temple Row, Birmingham B2
5HG.
Creditors whose claims are wholly secured need not attend the
meeting or be represented at the Meeting. Other Creditors who
want to vote at the Meeting must submit written details of their
debt claims the Company due them at Aspect Court, 4 Temple Row,
Birmingham B2 5HG not later than 12:00 noon April 7, 2004.
CIRCATEX: Administrators Offer Biz for Sale as 'Going Concern'
--------------------------------------------------------------
Administrators were called in to South Shields printed circuit
boards manufacturer, Circatex, on Monday, according to BBC News.
The company blamed heightened foreign competition for the cash
flow crisis that hit the plant.
Some 350 workers of the firm's 520 staff will lose their job as
a result of decision. Amicus union was surprised the layoffs
turned out greater than 50%. Representatives are planning to
lobby for whatever the government can offer. They will also
work to expedite payments of outstanding wages to workers.
Ian Kings and Simon Thomas, directors of Tenon Recovery, are the
company's joint administrators.
In a statement, Mr. Kings said: "In recent months the company
has been working with its creditors to try and find a solution
to its problems.
"However, the expected level of future orders has not been
achieved and consequently the directors feel that they are left
with no alternative but to seek the protection afforded by an
administration order.
"As administrators it is our intention to continue to trade the
business with a view to obtaining a sale as a going concern and
obtaining the best realization for creditors and a continuation
of employment for employees."
CLASSICDUO LIMITED: Winding up Resolution Passed
------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Classicuduo Limited Company on March 19, 2004 held at Torrington
House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD, the
subjoined Special Resolution to wind up the Company was passed.
Nigel J Hamilton-Smith of Vantis Business Recovery, Torrington
House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD has
been appointed Liquidator for the purposes of such winding-up.
Creditors are asked to submit their particulars together with
their written debt claims the Company due them at Torrington
House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD on or
before April 23, 2004.
CONTACT: VANTIS BUSINESS RECOVERY
Torrington House,
47 Holywell Hill, St Albans
Hertfordshire AL1 1HD
Contact:
Nigel J Hamilton-Smith, Liquidator
DIRTY SPORTS: In Administrative Receivership
--------------------------------------------
Name of Company: Dirty Sports Limited
Reg No 02480235
Trading Name: Dirty Sports, Dirty Kidz
Previous Name of Company: Cooldeep Limited
Nature of Business: Retailer of Sportswear
Trade Classification: 3949
Date of Appointment of Joint Administrative Receivers:
March 24, 2004
Name of Person Appointing the Joint Administrative Receivers:
Gilbert & Pollard Sports Limited
Joint Administrative Receivers: SMITH & WILLIAMSON LIMITED
1 Riding House Street,
London W1A 3AS
Receivers:
Robert William Horton
Anthony Murphy
(Office Holder Nos 8922, 8716)
ERC HEALTHCARE: Members to Meet April 30
----------------------------------------
Pursuant to section 94 of the Insolvency Act 1986, the Final
General Meeting of the ERC Healthcare Limited Company will be on
April 30, 2004 at 10:30 a.m. It will be held at Ernst & Young
LLP, 1 More London Place, London SE1 2AF. The purpose of the
Meeting is to present to the Members the account showing how the
winding-up has been conducted and the property of the Company
disposed of.
CONTACT: ERNST & YOUNG LLP
1 More London Place,
London SE1 2AF
Contact:
P J Brazzill, Liquidator
Phone: +44 [0] 20 7951 2000
Fax: +44 [0] 20 7951 1345
Web site: http://www.ey.com
MALLATREND LIMITED: Voluntary Winding up Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Mallatrend Limited
Company on March 19, 2004 held at 17 Devonshire Street, London
W1G 7EY, the subjoined Special and Ordinary Resolutions to wind
up the Company were passed. Stephen Franklin of Panos, Eliades,
Franklin & Co, of Albany House, 18 Theydon Road, London E5 9NZ,
has been appointed Liquidator for the Company.
Creditors are asked to submit their written particulars together
with their full details of debt claims to the Company and the
names and addresses of their Solicitors (if any) to Stephen
Franklin of Franklin & Co, of Albany House, 18 Theydon Road,
London E5 9NZ on or before May 21, 2004.
CONTACT: FRANKLIN & CO
Albany House,
18 Theydon Road,
London E5 9NZ
Contact:
Stephen Franklin, Liquidator
MAYFLOWER CORPORATION: Requests Trading Suspension
--------------------------------------------------
The board of Mayflower said it has requested that the listing of
its ordinary shares be suspended with immediate effect. The
statement follows the board's warning it is unlikely to strike
an accord with lenders.
Earlier, it was revealed there is a GBP20 million hole in the
company's books. At the same time, the company announced it
needed to renegotiate the terms of GBP160 million of bank debt
secured in December, whose lead lenders are Credit Suisse and
Royal Bank of Scotland.
The cash is repayable in two tranches with GBP70 million due by
January 31, 2005, and the rest a year later.
The discovery of accounting irregularities in the company's
reporting also threatened the company's pension scheme, which
has a GBP25 million funding shortfall.
The board said it is currently reviewing all options available
to the company.
MOTIVE LIMITED: Members Meeting Set April 30
--------------------------------------------
Pursuant to section 94 of the Insolvency Act 1986, a Final
Meeting of the Members of the Motive Limited Company will be on
April 30, 2004 at 10:30 a.m. It will be held at KPMG LLP, 8
Salisbury Square, London EC4Y 8BB. The purpose of the Meeting
is to present to the Members the account showing the manner in
which the Liquidation has been conducted and the property of the
Company disposed of. A Member who wishes to vote at the Meeting
may appoint a proxy for his/her behalf. Proxy forms, if
applicable, must be lodged at KPMG LLP, 8 Salisbury Square,
London EC4Y 8BB, not later than April 28, 2004.
CONTACT: KPMG LLP
8 Salisbury Square,
London EC4Y 8BB
Contact:
J S Spratt, Joint Liquidator
Phone: (020) 7311 1000
Fax: (020) 7311 3311
Web site: http://www.kpmg.com
PRIMARY PLATINUM: Final Meeting of Creditors April 26
-----------------------------------------------------
Pursuance of sections 93 and 94 of the Insolvency Act 1986, a
General and Final Meeting of the Creditors of Primary Platinum
Limited Company will be on April 26, 2004 at 11:00 a.m. It will
be held at Farringdon Place, 20 Farringdon Road, London EC1M
3AP.
The purpose of the Meeting is to lay before the Creditors the
account showing how the winding-up has been conducted and how
the Company's property was disposed. A Member entitled to vote
at the Meeting may appoint a proxy in his/her behalf. A proxy
may not be a Member of the Company.
ROUNDABOUT GARAGES: Members Final Meeting Set April 27
------------------------------------------------------
There will be a Final Meeting of the Members of Roundabout
Garages Limited Company on April 27, 2004 at 10:00 a.m. It will
be held at the offices of Grant Thornton, 31 Carlton Crescent,
Southampton SO15 2EW. The purpose of the Meeting is to present
to the Members how the winding-up of the Company has been
conducted and the property of the Company disposed of. A Member
entitled to vote at the Meeting may appoint a proxy in his/her
behalf. Proxy forms must be returned to the offices of Grant
Thornton, 31 Carlton Crescent, Southampton SO15 2EW not later
than 12:00 noon April 26, 2004.
CONTACT: GRANT THORNTON
31 Carlton Crescent
Southampton SO15 2EW
Contact:
D Swift, Liquidator
Phone: 023 8022 1231
Fax: 023 8022 4017
Web site: http://www.grant-thornton.co.uk
SELBYROSE LIMITED: Calls in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Members of the
Selbyrose Limited Company on March 18, 2004 held at Hill House,
Highgate Hill, London N19 5UU, the Special Resolution to wind up
the Company was passed. John Alexander and Melvyn Julian Carter
have been appointed Joint Liquidators for the purposes of such
winding-up.
Creditors are asked to submit their full names, addresses
together with their written debt claims as well as the names and
addresses of their Solicitors (if any) to Melvyn Julian Carter
and John Alfred George Alexander, of Carter Backer Winter, Hill
House, Highgate Hill, London N19 5UU on or before April 18,
2004.
CONTACT: CARTER BAKER WINTER
Hill House, Highgate Hill,
London N19 5UU
Contact:
Melvyn Julian Carter, Liquidator
John Alfred George Alexander, Liquidator
SINCLAIR REFRIGERATED: Hires Liquidator from Portland Business
--------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Sinclair Refrigerated Vehicles Limited Company on March 17, 2004
held at 1640 Parkway, Solent Business Park, Whiteley, Fareham,
Hampshire, the subjoined Special Resolution to wind up the
Company was passed. Paul Barrett and Peter Robin Bacon of
Portland Business & Financial Solutions, 1640 Parkway, Solent
Business Park, Whiteley, Fareham, Hampshire, have been appointed
Joint Liquidators of the Company.
CONTACT: PORTLAND BUSINESS & FINANCIAL SOLUTIONS
1640 Parkway, Solent Business Park
Whiteley, Fareham,
Hampshire
Contact:
Paul Barrett, Liquidator
Peter Robin Bacon, Liquidator
TELEWEST COMMUNICATIONS: U.S. Subsidiary Amends SEC Registration
----------------------------------------------------------------
Telewest Communications plc announces that it has caused
Telewest Global, Inc., its Delaware incorporated subsidiary that
will become the holding company of the restructured Telewest
group, to file an amended registration statement with the U.S.
Securities and Exchange Commission (the SEC) in relation to its
financial restructuring. The amended registration statement
includes Telewest's audited consolidated U.S. GAAP financial
statements for the year ended December 31, 2003.
CONTACT: TELEWEST COMMUNICATIONS
Jane Hardman, director of corporate communications
Phone: 020 7299 5888
Citigate Dewe Rogerson
Phone: 020 7638 9571
Anthony Carlisle
Phone: 07973 611888
WEMBLEY PLC: BLB Investors Endorses GBP287.3 Million Offer
----------------------------------------------------------
Summary
(a) The management committee of BLB Investors announces the
terms of a cash offer for the entire issued and to be issued
share capital of Wembley not already owned by BLB Investors.
(b) The Offer will be 800 pence in cash for each Wembley Share
and values the entire issued and to be issued share capital
of Wembley at approximately GBP287.3 million.
(c) The Offer represents a premium of 6.67% over the
MGM Proposal* and a premium of 51.66% over the Closing Price
of 527.5 pence for each Wembley Share on November 19, 2003,
the day prior to the announcement by Wembley that it had
received approaches from a number of parties interested in
acquiring some or all of the assets of Wembley.
(d) If the Wembley Meetings to approve the MGM Proposal
proceed, BLB Investors and Active Value will exercise voting
rights representing approximately 22.25% of Wembley's issued
share capital against the resolutions to approve the MGM
Proposal.
(e) The Offer is conditional upon, among other things,
completion of the Lincoln Park Reorganization and receipt of
regulatory clearances from the Rhode Island Lottery
Commission, the Rhode Island Department of Business
Regulation and other relevant regulators. Applications for
clearance from the Rhode Island Lottery Commission and the
Rhode Island Department of Business Regulation are being
filed Tuesday.
(f) BLB Investors already owns 2,811,108 Wembley Shares
(representing approximately 8.09% of Wembley's issued share
capital) and is now committed to acquire a further 4,921,392
Wembley Shares (representing approximately 14.16% of
Wembley's issued share capital) from Active Value subject
only to satisfaction of the HSR Condition. Accordingly, BLB
Investors either owns or has agreed to acquire, in
aggregate, 7,732,500 Wembley Shares (representing
approximately 22.25% of Wembley's issued share capital).
* Before ascribing any value to LP Residual Limited in the MGM
Proposal.
Commenting on the Offer on behalf of BLB Investors, Jeff Dishner
said:
"BLB Investors has already committed over GBP60 million to
acquire a major shareholding in Wembley. Based on our unique
collection of real estate, gaming and leisure industry
expertise, we believe that BLB Investors is best positioned to
invest in and develop Wembley's businesses to ensure that their
future potential is fully realized."
To see full copy of offer document:
http://bankrupt.com/misc/BLB_Offer.htm
CONTACT: BLB INVESTORS
Jeff Dishner
Phone: +44 (0) 20 7353 4200
JP MORGAN
Murray Orr
Edward Banks
Phone: +44 (0) 20 7742 4000
TULCHAN COMMUNICATIONS
Andrew Grant
Andrew Honnor
Phone: +44 (0) 20 7353 4200
WEMBLEY PLC: May Postpone EGM in Light of Offers Received
---------------------------------------------------------
The Board of Wembley notes the announcement made by BLB
Investors, L.L.C. regarding its offer to acquire the Company at
a price of 800 pence per share (with no deferred consideration
relating to the outcome of the litigation in Rhode Island) and
the subsequent announcement by MGM MIRAGE that it is considering
its options.
MGM MIRAGE has made an offer to acquire the Company pursuant to
a scheme of arrangement under which it is offering 750 pence per
share and shareholders are entitled to any residue out of
US$16.3 million to be set aside by the Company to meet any
potential liability arising under the litigation in Rhode Island
and the payment of legal and other costs.
The Board proposes to hold further discussions with each of BLB
and MGM MIRAGE and with the relevant authorities in relation to
the bid process. Thereafter the Board will advise shareholders
of its views.
In light of these developments, the Board will be considering
whether to postpone or adjourn the Court Meeting and
Extraordinary General Meeting (but not the Annual General
Meeting) scheduled for April 8, 2004 and convened to approve the
scheme of arrangement to implement the offer from MGM MIRAGE.
Hawkpoint Partners Limited and Merrill Lynch International,
which are regulated by the Financial Services Authority for the
conduct of investment business in the United Kingdom, are acting
for Wembley and no one else in connection with the above
mentioned offers and will not be responsible to anyone other
than Wembley for providing the protections afforded to their
respective clients nor for providing advice in relation to these
offers.
CONTACT: WEMBLEY PLC
Claes Hultman
Mark Elliott
Phone: +44 (0) 20 8795 8003
HAWKPOINT
Paul Baines
Vinay Ghai
Phone: +44 (0) 20 7665 4500
MERRILL LYNCH
Simon Mackenzie-Smith
Tim Pratelli
Phone: +44 (0) 20 7628 1000
COLLEGE HILL
Matthew Smallwood
Justine Warren
Phone: +44 (0) 20 7457 2020
*********
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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, and
Liv Arcipe, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *