/raid1/www/Hosts/bankrupt/TCREUR_Public/040420.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, April 20, 2004, Vol. 5, No. 77
Headlines
C Z E C H R E P U B L I C
CZECH AIRLINES: Expects Passenger Upturn to Continue
F R A N C E
LUCITE INTERNATIONAL: Rating Upped to 'BB' on Improved Finances
G E R M A N Y
CO.DON AG: Reduces Annual Deficit; Refines Strategy
I R E L A N D
CONNEMARA ELECTRONICS: Moving Plant to China
ELAN CORPORATION: 2005 Notes Raised to Caa2; Outlook Positive
I T A L Y
CIRIO FINANZIARIA: Administrator Favors Italian Bidders
PARMALAT FINANZIARIA: Founder Makes Another Trip to Hospital
PARMALAT FINANZIARIA: Fraud Spanned 13 Years, Audit Says
N E T H E R L A N D S
KONINKLIJKE AHOLD: Bares New Appointments at U.S. Foodservice
ROYAL NUMICO: In Full Compliance with Corporate Governance Code
VAN DER: Appoints M. Arentsen to Supervisory Board
N O R W A Y
FINDEXA II: Rating on Watch Positive Following IPO Announcement
S W E D E N
SKANDIA INSURANCE: Shakes Up Board at Annual General Meeting
U K R A I N E
DRUZHBA: Under Bankruptcy Investigation Procedure
NAFTOTRANS: Under Bankruptcy Supervision Procedure
POLIPROM: Court Appoints Insolvency Manager
PROLAND LTD.: Court Appoints Insolvency Manager
UKRAINA-N: Under Bankruptcy Supervision Procedure
ZAHID-METAL: Under Bankruptcy Supervision Procedure
U N I T E D K I N G D O M
ADVANCED CLEANING: Meeting of Creditors Set April 23
ADVANCED SPECIALISED: Creditors Meeting Set April 26
AG LIMITED: Creditors Meeting Set April 22
A.P.R. PLASTICS: Appoints KPMG Corporate Recovery Liquidator
ARTHUR WOOLLACOTT: Voluntary Resolution for Winding Up Passed
AUTO-D LTD: Meeting Set April 23
BGL PROPERTY: Meeting of Creditors Set May 6
BRIDGEHURST LIMITED: Hires Administrative Receiver
BRIGCOURT LTD: Creditors Meeting Set April 23
BRIGHTSTERN LTD: Appoints KPMG Liquidator
BRITAX GROUP: Rating Affirmed Due to Improved Profit, Cash Flow
BRITISH ENERGY: To Move Main Office to Livingston
BUDGET TRAVEL: Schedules Meeting of Creditors for April 27
CANARY WHARF: CWG Prettifies Share Alternatives Offered
CANARY WHARF: Morgan Stanley Ups Offer to 295 Pence Per Share
CASTLEFIELD LEISURE: Appoints Liquidator from Duncan Sheard
CERTIFIED COLLECTORS: Petition for Liquidation Filed
COLOURFAST POWDER: Texas Group Appoints Begbies Traynor Receiver
COMPASS LOGISTICS: Appoints Administrative Receiver
CONTINUUM SOFTWARE: Appoints Liquidators from Ernst & Young
COOPERS & LYBRAND: Hires PricewaterhouseCoopers Liquidator
CORPORATE & COMMERCIAL: Potential Finance Appoints Receiver
CORUS GROUP: Chairman Sees No Need for Usmanov's Man on Board
D PENNELLIER LIMITED: Appoints Liquidators from PwC
EQUITABLE LIFE: Drops Plan to Seek Government Compensation
EQUITABLE LIFE: FSA Spares Aging Ex-CEO from Raps
EUROTUNNEL SA: Paris Court Appoints KMPG Auditor
FORST BROACH: Fleet National Appoints Kroll Limited Receiver
GW 1036: Calls in Liquidators
HENNOVER SALMON: Assets Sold to Johnson Seafarms
MIRAS CONTRACTS: Bank of Scotland Appoints Receiver
MYTRAVEL GROUP: Sells Cruise Ship Operations to Louis Ltd.
NETWORK RAIL: Rail Authority Suggests Merger
NORTHUMBRIAN WATER: Outlook Positive on Revenue Determination
PENCARE LIMITED: Winding Up Resolutions Passed
P & PB: Hires Liquidators from Stoy Hayward
SIMTEL COMMUNICATIONS: Meeting Set April 26
SIXEIGHTFOUR LIMITED: Appoints Receivers from Bartlett House
T A MANUFACTURING: Hires Begbies Traynor Administrator
TELEWEST COMMUNICATIONS: To Issue Common Stock in New Holding
TRANSBUS FLEET: Appoints Deloitte & Touche Administrator
TROPEX LIMITED: Members Okay Voluntary Winding Up
VANBOTS LIMITED: Appoints Numerica Administrator
V F SPECIALIST: Meeting of Creditors Set April 22
VIS ENTERTAINMENT: BAM! Obtains Leeway to Pursue Planned Buyout
* Large Companies with Insolvent Balance Sheets
*********
===========================
C Z E C H R E P U B L I C
===========================
CZECH AIRLINES: Expects Passenger Upturn to Continue
----------------------------------------------------
Czech Airlines' passenger uptake increased 30% in the first
quarter compared to the same period a year ago. The Czech flag
carrier said it served 821,092 people in the first three months
of the year, 188,000 more than a year ago. Seat load factor
rose by 3.4 percentage points to 67.8%.
The company is projecting it could fly off 4.4 million
passengers this year and 5.5 million by 2006. It expects to
cover CZK1.2 billion in accumulated past losses from profits
made during this period. The airline has not released financial
results for the first quarter or for 2003.
===========
F R A N C E
===========
LUCITE INTERNATIONAL: Rating Upped to 'BB' on Improved Finances
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Lucite International Group Holdings
Ltd., the largest global producer of acrylics, to 'BB' from
'BB-'. The outlook is stable.
"The rating action reflects Lucite's strong operating
performance in 2003, and the subsequent significant improvement
in the group's financial profile, as well as our expectation
that this improved financial profile will be maintained," said
Standard & Poor's credit analyst Christine Hoarau.
Owing to the favorable supply/demand balance for methyl
methacrylate, supported by growth from new applications,
Lucite's EBITDA surged by nearly 60% in 2003, to GBP113 million.
As a result, the group's credit ratios improved dramatically:
Funds from operations-to-net debt stood at more than 20% at
year-end, a level in line with the rating category, versus about
12% in 2002, a very weak level for the rating category. Despite
the group's investment in the construction of a plant in China,
Standard & Poor's expects that Lucite will maintain its ratio of
funds from operations-to-net debt (including the local debt of
the Chinese plant, although this debt is non-recourse to Lucite)
above 20% in the near-to-medium term as the acrylics market is
expected to remain strong during the next two years.
"Standard & Poor's expects that Lucite's operating performance
will continue to be sound, and that, combined with a prudent
financial policy, it will enable Lucite to sustain its current
financial measures," added Ms. Hoarau.
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
christine_hoarau@standardandpoors.com
ralf_kortuem@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
=============
G E R M A N Y
=============
CO.DON AG: Reduces Annual Deficit; Refines Strategy
---------------------------------------------------
The German biopharmaceutical company co.don AG (ISIN
DE0005173603), leader in regenerative medicine, reduced its EBIT
to 16.5% from -EUR4.808 million in 2002 to -EUR4.015 million in
2003. Total revenues in 2003 amounted to EUR510,000 (previous
year EUR791,000). Net loss per common share was reduced to 14%
from -EUR0.98 in 2002 to -EUR0.84 in 2003. As of December 31,
2003 the liquid assets of the company have been EUR2.8 million.
The net loss was reduced to 14% from -EUR4.605 million in 2002
to EUR3.938 million in 2003.
The company reduced its annual cash-burn in 2004 by one-third
and introduced restructuring measures, thus ensuring sufficient
liquidity until 2005. Further steps in order to finance
development projects will be brought forward during the Annual
Shareholder's Meeting on May 24, 2004 in Berlin.
In the future, co.don AG will focus on the development of new
products. Marketing and sales will be supplemented by
established sales partners on the national as well as on the
international level. The company is seeking internationally for
partners in development, approval and marketing of its current
as well as pipeline products. The GMP manufacturing facility
will be actively marketed for service production.
The company thereby not only considerably reduces its costs, but
also gains access to income from milestone payments, license
fees, royalties as well as from contract production.
co.don AG
Management Board
co.don AG is one of the leading enterprises in the area of
Regenerative Medicine/Tissue engineering. Since 1997, co.don
(R) develops, manufactures and distributes "cell-based"
biomedical products for the regeneration of cartilage, bone and
intervertebral discs. The enterprise is headquartered in
Teltow, near Berlin Germany. For more information, please visit
http://www.codon.de
CONTACT: CODON AG
Natalia Kourakina-Lattner
Dir. of Corporate Communications
Phone: +49 (0) 3328-434635
Fax: +49 (0) 3328-434649
E-mail: ir@codon.de
=============
I R E L A N D
=============
CONNEMARA ELECTRONICS: Moving Plant to China
--------------------------------------------
Connemara Electronics shut down its plant in Cork, axing 54
jobs, according to the BizWorld. The company has been making
measuring equipment for electricians in Carrigaline and has been
in the electronics business for 16 years. The closure of the
establishment is part of a plan to relocate its manufacturing,
service and finance operation to China where the cost of labor
is cheap.
ELAN CORPORATION: 2005 Notes Raised to Caa2; Outlook Positive
-------------------------------------------------------------
Elan Corporation plc scored a major victory in its fight to
rebuild its tarnished reputation when Moody's Investors Service
upped its rating on the 2005 notes from Ca to Caa2. The agency
also upgraded the firm's outlook to positive from stable.
In revising the company's outlook, Moody's cited the improving
prospects of its longer term viability following favorable
developments related to Antegren and expectation that Elan may
access the capital markets to improve liquidity by pre-funding
nearing debt maturities and expected operating losses. Last
week's rating action affected these securities, valued
approximately US$1.5 billion:
Confirmed:
(1) Elan Corporation plc:
Caa2 senior implied
Caa2 issuer rating
(2) Athena Neurosciences Finance, LLC:
Caa2 senior notes of US$650 million due 2008 (guaranteed by
Elan Corporation on a senior basis)
(3) Elan Pharmaceutical Investments II Ltd. (EPIL II):
Ca notes of $450 million due 2004 (guaranteed on a
subordinated basis by Elan Corporation plc)
Upgraded:
(1) Elan Pharmaceutical Investments III Ltd. (EPIL III):
Notes of $390 million due 2005 (guaranteed on a subordinated
basis by Elan Corporation plc) upgraded to Caa2 from Ca
Withdrawn, following the put by substantially all of the
holders:
(1) Elan Finance Corporation Ltd.:
LYONs (guaranteed on a subordinated basis by Elan
Corporation plc) rated Ca
According to Moody's, the Caa2 rating reflects "concerns
regarding Elan's very high degree of operating risk, its very
significant cash flow burn, and that the inability to access the
capital markets may lead to insufficient cash in March 2005 to
repay the EPIL III maturity of US$390 million."
Still, Moody's believes Elan's existing cash is sufficient to
cover the US$450 million EPIL II maturity in June 2004, although
"the company's cash resources at the time of the March 2005 EPIL
III maturity will heavily depend on the valuation of Elan's
investments, the rate of cash flow burn, and the level of
additional spending to support the expected Antegren launch --
all of which Moody's believes are uncertain." In addition to
these, the US$650 million Athena notes and US$460 million
convertible notes (which may be converted to equity and are
currently well in the money) will mature in 2008.
Moody's recognizes, however, that Elan's fortune could change
radically with the approval of Antegren, the company's leading
pipeline product. Elan and its partner, BiogenIDEC, will submit
an FDA filing for Antegren in mid-2004 -- one year earlier than
original expectations -- with potential to result in
commercialization in 2005. Antegren is currently in Phase III
trials for both multiple sclerosis and Crohn's disease.
"Moody's believes that the partnership of Elan with BiogenIDEC
lends significant expertise to Antegren's prospects in the MS
therapeutic category, where BiogenIDEC is the market leader.
Because the FDA's past approvals of existing MS treatments were
based on a review of two years of clinical data, Elan's and
BiogenIDEC's decision to submit Antegren with one year of
clinical data appears to signify confidence in Antegren's
clinical profile relative to existing treatments," the rating
agency notes.
Meanwhile, Moody's says "Elan's ability to successfully access
the capital markets to pre-fund debt maturities as well as
operating expenses will be a critical ratings factor in the
near-term."
Headquartered in Dublin, Ireland, Elan is a specialty
pharmaceutical and drug delivery company. In 2003, its
operating cash flow was negative by over US$500 million,
according to Moody's. Even with a timely Antegren approval and
launch, the rating agency believes Elan's cash flow could remain
negative through 2007, based on continuing R&D expenditures,
high interest costs, as well as greater investment in sales and
marketing to optimize the Antegren launch.
=========
I T A L Y
=========
CIRIO FINANZIARIA: Administrator Favors Italian Bidders
-------------------------------------------------------
Attilio Zimatore, extraordinary commissioner for Cirio group, is
rather positive the brand, which is world leader in tomato
market, will remain in Italian hands, according to Agence
France-Presse.
Industry Minister Antonio Marzano requested in August that the
group, if possible, maintain its Italian nationality. "I
believe that the request will be fulfilled by the facts," Mr.
Zimatore said. According to him, although not all bidders are
Italian, most of the qualified ones are. It is known that
Chinese multinational, Chalkis Tomato, a subsidiary of Xinjiang
Production, is one of the eight bidders for the group.
The commissioner finds the offers satisfactory and expect a
further increase in prices. A sort of auction could break out,
"this is what we believe in and I believe that it is reasonable
to expect it," Mr. Zimatore said. The sale process for Del
Monte Pacific is also proceeding well, he added.
PARMALAT FINANZIARIA: Founder Makes Another Trip to Hospital
------------------------------------------------------------
Parmalat owner Calisto Tanzi was back in the hospital after
manifesting speech and balance problems. He's again at the
Neurological Clinic of Parma, Giampiero Biancolella, one of his
lawyers said, according to Agence France-Presse.
Parma Judge Pietro Rogato released Mr. Tanzi, and former chief
financial officers Fausto Tonna and Luciano del Soldato on Good
Friday after determining that they were not 'flight risks. In
the case of Mr. Tanzi, his release was also anchored on medical
grounds. He has a heart condition and has frequented the
hospital since his arrest.
Parmalat collapsed in December under EUR14.5 billion of debt;
EUR7 billion of this amount represents the missing money while
the balance are believed to have been swallowed up by years of
operating losses. Mr. Tanzi was arrested shortly after Parmalat
filed for creditors protection. He spent 14 weeks in prison
before his release.
PARMALAT FINANZIARIA: Fraud Spanned 13 Years, Audit Says
--------------------------------------------------------
A report prepared by an independent auditor for prosecutors in
Milan reveals Parmalat Finanziaria had tampered with its
earnings report for at least 13 years, the New York Times said.
The Italian food company reported a profit every year since
1990, but the report, which covers the period 1990-2000,
discovered the company had made a full-year profit only once.
The loss totals almost EUR2 billion (US$2.4 billion). The same
report also said Calisto Tanzi, Parmalat's founder and former
chairman, took at least EUR926 million (US$1.1 billion) from the
company during that period. Mr. Tanzi has so far admitted
diverting EUR500 million (US$599 million) to his other
unprofitable travel businesses. Two people close to the
investigation, who have seen the audit report, told the paper
the falsification started even before 1990.
Stefania Chiaruttini, who prepared the report, said Parmalat's
debt was EUR110 million (US$131 million) in 1990. Parmalat and
the office of the Milan magistrates declined to comment on her
report. Parmalat filed for creditor protection in December
after admitting the non-existence of a bank account supposedly
containing EUR3.9 billion (US$4.7 billion).
=====================
N E T H E R L A N D S
=====================
KONINKLIJKE AHOLD: Bares New Appointments at U.S. Foodservice
-------------------------------------------------------------
Ahold announced the names of the new executive leadership team
that will lead its American subsidiary U.S. Foodservice under
CEO Lawrence Benjamin. The company also announced the
reorganization of U.S. Foodservice's field operations.
Commenting on these changes, Ahold CEO Anders Moberg said:
"Putting this new leadership team and organizational structure
in place means that we have reached another important milestone
at U.S. Foodservice in our 'Road to Recovery'. I am confident
that these changes will help the company restore its competitive
strength."
These appointments have been made since the beginning of this
year:
(a) Robert Aiken has been appointed Executive Vice President --
Strategy & Governance. Previously he was president of Metz
Baking Company and Milwaukee Sign Company.
(b) Garry Brown has been appointed Senior Vice President --
Procurement. Mr. Brown has been a procurement consultant
for A.T. Kearney and, more recently, Alix Partners.
(c) David Eberhardt has been appointed Executive Vice President
& General Counsel. Formerly he was Deputy General Counsel
for U.S. Foodservice.
(d) Robert Fishbune has been appointed Chief Financial Officer.
Previously he served as Chief Financial Officer of Specialty
Foods Corporation.
(e) David McNally has been appointed Chief Information Officer.
Earlier he was an information systems principal with Alix
Partners.
(f) Ann Weiser has been appointed Chief Human Resource Officer.
Ms. Weiser was formerly the Executive Vice President of
Human Resources for Ahold's Giant-Landover division.
In the reorganization of its field operations, U.S. Foodservice
has established seven distinct units: four geographical units
(Northeast, Southeast, Midwest and West), a chain operations
unit, a national accounts sales unit and a Specialty Operations
unit consisting of the company's specialty distribution
businesses (StockYards, Construction & Design, Next Day Gourmet
and Sofco).
"We are fortunate to have these highly experienced, talented
professionals on our team, bringing great expertise and food
industry experience to our company," said U.S. Foodservice CEO
Lawrence Benjamin. "In addition, the new field structure will
allow us to strengthen our customer responsiveness and fortify
our corporate governance effectiveness."
U.S. Foodservice is one of the largest broadline foodservice
distributors in the United States. The company distributes food
and related products to over 250,000 customers, including
restaurants, healthcare facilities, lodging establishments,
cafeterias, schools and colleges. U.S. Foodservice markets and
distributes more than 43,000 national, private label, and
signature brand items and employs more than 29,500 foodservice
professionals. For more information about U.S. Foodservice,
visit the company's Web site at http://www.usfoodservice.com
Ahold is an international group of companies in the food retail
and foodservice business with 2003 sales of approximately EUR56
billion.
CONTACT: AHOLD CORPORATE COMMUNICATIONS
Phone: +31 75 659 5720
ROYAL NUMICO: In Full Compliance with Corporate Governance Code
---------------------------------------------------------------
Royal Numico N.V. published its 2003 Annual Report. In a
dedicated section on corporate governance, Numico discloses that
-- except for one provision -- the company will be in full
compliance with the Dutch Corporate Governance Code after the
annual General Meeting of Shareholders on 6 May 2004. Full
compliance will be reached by 2005.
Numico strives to achieve a high standard in corporate
governance. In this spirit, the company embraces the guidelines
of the Dutch Corporate Governance Code. Numico has adopted an
open and transparent approach and will be in full compliance
with the Code by 2005. Accordingly, a number of significant
changes are required as summarized.
Shareholder Transparency and Rights
Numico's objective is to enhance shareholders' transparency and
democracy. Numico will propose to abolish the depositary
receipts of shares and the related foundation "Stichting
Administratiekantoor Numico" in the General Meeting of
Shareholders on 6 May 2004. It is to be noted that -- as a
result of these proposed changes -- the foundation "Stichting
Administratiekantoor Numico" will not vote during the General
Meeting of Shareholders on 6 May 2004. More information can be
found in the notice that will be published in various newspapers
on 17 April 2004.
In the event of an unsolicited bid it would be Numico's
objective to achieve the highest possible price for all
shareholders. Numico has decided that the existing option of
the foundation "Stichting Continuiteit Numico" to subscribe for
preference shares will in the future be used for the sole
purpose of creating a bidding environment that will allow
competing offers to be made. In addition, the time period - in
which these preference shares will be outstanding to allow the
company to find an alternative -- is reduced to six months
before a General Meeting of Shareholders is called to decide on
the future of the company.
Numico proposes to include in the company's Articles of
Association (i) the right of the shareholders' meeting to
approve decisions that will change significantly the identity or
character of the company, and (ii) the right of the shareholders
representing 1% of the issued capital -- or a value of EUR50
million -- or more to add an item to the agenda of a
shareholders' meeting.
Minority Shareholder Protection
There are currently no mandatory take-over regulations under
Dutch law which prevent parties from making a so-called creeping
acquisition by a shareholder -- holding 30% or more of the
issued share capital -- and thereby effectively gaining control
without being forced to make a formal bid on the remaining
outstanding shares as there are currently no statutory
provisions in the Netherlands in this respect in contrast to
most European countries. As such, a party could effectively
gain control without having to pay a take-over premium.
Consequently, Numico will propose at the forthcoming General
Meeting of Shareholders to include in the company's Articles of
Association a provision to force a holder with an interest of
30% or more in Numico to make a public offer on all outstanding
shares. The price to be paid will be the highest price the
bidder paid for shares of the company during the last twelve
months prior to the date the offer has to be made. This
provision in Numico's Articles of Association will bring Numico
up to international standards. It is to be noted that this
provision is in line with the provision that will become
enforceable by law once the EU Take-over Directive will be
implemented in the Netherlands.
Executive Board
All current and future members of the Executive Board will be
appointed for a four-year term instead of the existing
indefinite term of office. In relation to this, the Supervisory
Board has put in place a rotation plan, which can be viewed on
Numico's Web site. A proposal will be submitted to the General
Meeting of Shareholders on 6 May 2004, to re-appoint the CEO,
Mr. Bennink, the CFO, Mr. Huet and the President of Research &
Development, Mr. Puri.
With the support of an external advisor, the remuneration policy
for the Executive Board has been benchmarked against an agreed
remuneration peer group which reflects the ambitions of the
company and its objective to attract and retain a talent pool
given that these companies are the type of organizations where
it is considered most likely that senior external hires would be
sought, or to which senior executives may transfer. The base
salary is set at, and where necessary aligned with, the median
of this remuneration peer group.
The remuneration policy has been further aligned with the long-
term interest of the shareholders. As such, the Executive Board
has accepted to change the employment agreements in such a
manner that severance payments, upon termination by the company,
are solely based on base salary and will not exceed twice the
annual base salary -- instead of the current two to three times
base salary plus bonus.
The remuneration policy has also been aligned with the company's
business strategy to strive for profitable growth and contains
performance-related short-term and long-term incentives. Numico
believes that -- next to the bonus scheme as applied in 2003 --
an appropriate way of encouraging and recognizing longer-term
performance is through a combination of conditional stock
options and performance shares. The new stock option plan
ensures that full vesting can only be achieved through
exceptional performance of the company's stock price performance
relative to an appropriate comparator group.
The Supervisory Board will propose to introduce a performance
share plan at the GMS on 6 May 2004, to further focus the
Executive Board and other senior executives on the growth of
long-term sustainable value for shareholders. Vesting of the
performance shares will be driven by an ambitious earnings per
share target. In addition, the Supervisory Board will propose
to introduce a shareholding obligation for the Executive Board
members of 100% of base salary to be accumulated over four
years.
Supervisory Board
Over the last 12 months, the composition of the Supervisory
Board has significantly changed, which, amongst others, has led
to diversification and internationalization of the Board.
In accordance with the Code, Mr. Lindenbergh will replace Mr.
van Veen as chairman of the Audit Committee as Mr. van Veen is a
former member of Numico's Executive Board. Mr. van Veen will
remain a member of the Audit Committee. Mr. Spelling, who is
expected to be appointed at the General Meeting of Shareholders
in May 2004, will assume chairmanship of the Remuneration
Committee. A Selection and Appointment Committee was installed
early 2004, which currently consists of Mr. Wold-Olsen and is
chaired by Mr. Zwartendijk. Mr. Spelling will join this
Committee following his expected appointment at the General
Meeting of Shareholders in May 2004.
The only provision with which Numico does not currently comply
is best practice provision III.3.4 concerning membership of
other Supervisory Boards, as Mr. Zwartendijk exceeds the maximum
of 5 memberships according to the terms of the provision.
However, we will be in full compliance on this provision by next
year.
Whistleblower Policy
In accordance with the Code, Numico has adopted a whistleblower
policy, which allows employees to report alleged irregularities
of a general, operational or financial nature within Numico to
designated third parties.
Full details on Numico's compliance with the best practice
provisions of the Code can be found on http://www.numico.com
and in a dedicated corporate governance section in the 2003
Annual Report, starting on page 56. More details on the changes
in the remuneration policy can be found on Numico's Web site and
on page 46 to 52 of the 2003 Annual Report.
An interview with Rob Zwartendijk (Chairman of the Supervisory
Board) and Jan Bennink (CEO), containing the key messages, in
video and text will be available on 16 April 2004, from 8:00 hrs
CET onwards, on http://www.numico.comandon
http://www.cantos.com.
Royal Numico is a specialized nutrition company with leading
positions in Baby Food and Clinical Nutrition. The company
operates in over 100 countries and employs approximately 11,000
people (see also: http://www.numico.com).
VAN DER: Appoints M. Arentsen to Supervisory Board
--------------------------------------------------
Van der Moolen Holding N.V. announced its Annual General Meeting
of Shareholders on April 14, 2004 that Mr. M. Arentsen was
elected to its Supervisory Board for a four-year term. Mr.
Arentsen replaces Prof. Dr. S. Bergsma, who has retired from the
Board.
Mr. Arentsen, a registered accountant, was formerly Chief
Financial Officer and member of the Executive Board of CSM NV.
In addition to his service on our Supervisory Board, Mr.
Arentsen serves on the Supervisory Boards of a number of
important Dutch corporations.
For more information about Van der Moolen, please visit
http://www.vandermoolen.com
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).
*****
The company last month reported a net result of -EUR15.9 million
for 2003 compared to a profit of EUR58.5 million in 2002.
===========
N O R W A Y
===========
FINDEXA II: Rating on Watch Positive Following IPO Announcement
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Norway-based telephone directory
company Findexa II AS on CreditWatch with positive implications.
The action follows the announcement by Findexa that it intends
to float on the Norwegian stock exchange.
At the same time, the company announced a cash tender offer on
its EUR145 million senior unsecured high yield notes due 2011.
This offer, contingent on the listing, will be funded from a
combination of proceeds from the listing and a new senior
financing.
The IPO, which is estimated to raise NKR3.5 billion ($505
million), is expected to take place during the second quarter
and will include both primary and secondary offerings.
"Although few details of the forthcoming transaction have been
disclosed, if proceeds were to be use for permanent debt
reduction, a strengthened financial profile could result in
higher ratings. Upgrade potential is likely to be limited to
one notch," said Standard & Poor's credit analyst Anna Overton.
Standard & Poor's will monitor the situation, and will review
the CreditWatch status when more information becomes available.
Particularly, Standard & Poor's will seek to clarify the amount
of the IPO proceeds that will be used to repay the high yield
notes. In addition to improving the capital structure,
Findexa's financial profile could also benefit from a lower cost
of financing.
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
anna_overton@standardandpoors.com
trevor_pritchard@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
===========
S W E D E N
===========
SKANDIA INSURANCE: Shakes Up Board at Annual General Meeting
------------------------------------------------------------
Election of directors
At Skandia's Annual General Meeting on 15 April 2004, in
accordance with the recommendation of the Nominating Committee,
Mr. Bernt Magnusson was elected as a new director on Skandia's
board for a term extending through the 2006 Annual General
Meeting, and Ms. Kajsa Lindstahl and Mr. Anders Ullberg were
elected as new directors on Skandia's Board for terms extending
through the 2005 Annual General Meeting.
In addition, Mr. Bjorn Bjornsson and Dr. Karl-Olof Hammarkvist
were re-elected for terms extending through the 2006 Annual
General Meeting.
At the Extraordinary General Meeting on 28 January 2004, Mr.
Lennart Jeansson and Ms. Birgitta Johansson-Hedberg were elected
as directors for terms extending through the 2005 Annual General
Meeting.
In connection with the Annual General Meeting Ms. Maria Lilja
resigned as a policyholder representative on the board of
directors appointed by the Stockholm Chamber of Commerce.
Neither the Stockholm Chamber of Commerce, nor the Swedish
Consumer Agency has appointed any policyholder representative
for the time after the Annual General Meeting.
Thus, Skandia's board has this composition: Bernt Magnusson,
Chairman, Bjorn Bjornsson, Vice Chairman, Karl-Olof Hammarkvist,
Lennart Jeansson, Birgitta Johansson-Hedberg, Kajsa Lindstahl
and Anders Ullberg, plus three employee representatives.
Discharge of liability
The Annual General Meeting did not discharge from liability the
directors and the CEO serving during the period 1 January - 15
April 2003.
Auditors and alternate auditors
Messrs. Goran Engquist and Svante Forsberg, both Authorized
Public Accountants at Deloitte & Touche AB, were elected
auditors for the time until the next Annual General Meeting.
Messrs. Gunnar Abrahamson and Hans Stenberg, both Authorized
Public Accountants at Deloitte & Touche AB, were elected
alternate auditors for the time until the next Annual General
Meeting.
Nominating Committee
The Annual General Meeting resolved that the Nominating
Committee shall consist of five members appointed as: one
representative for each of the four largest known shareholders
of Skandia that wish to participate in the Committee's work, to
be appointed by the respective shareholders, and one
representative for the small and medium-sized shareholders of
Skandia, to be appointed by the Skandia Shareholders'
Association or similar organization.
Skandia's chairman shall be co-opted to the Committee and be
responsible for calling the Committee, after which the Committee
members shall appoint a Committee chairman among themselves.
The representatives of the largest shareholders shall be
appointed based on the ownership structure of Skandia at the end
of the third quarter of the financial year. When determining
which shareholders are the largest shareholders, the number of
shares owned by closely related parties to such shareholders
shall also be counted. The representative of the small and
medium-sized shareholders shall be appointed at the same time.
The persons appointed to the Nominating Committee shall be
indicated in Skandia's third-quarter interim report.
The mandate for the members of the Nominating Committee shall be
for the period until the announcement of the next year's third-
quarter interim report. If the shareholding is materially
changed and this results in a situation where the composition of
the Committee deviates from the aforementioned principles, then
the relevant Committee member shall resign and be replaced with
another person, in which case regard shall be paid to the
principles set out above.
The Nominating Committee shall prepare and submit to the General
Meeting recommendations concerning: election of a person to
serve as chairman of the General Meeting; directors' fees; the
number of directors to be elected by the General Meeting;
election of directors; auditors' fees; and election of auditors.
Amendments of the Articles of Association
The Annual General Meeting resolved to amend Articles 6, 10 and
13 of the Articles of Association, in accordance with the
recommendation of the Board of Directors. These amendments
entail primarily that:
(i) the term of office for directors elected by the General
Meeting shall be one year instead of two years;
(ii) one director with the special duty to safeguard the
interests of the policyholders, to the extent such
director shall be appointed pursuant to law, shall be
appointed by the Swedish Financial Supervisory Authority
instead of two such directors appointed by the Stockholm
Chamber of Commerce and the Swedish Consumer Agency
respectively;
(iii) and that one or two auditors, instead of two auditors,
shall be appointed by the General Meeting, that
alternate auditors are not mandatory for the General
Meeting to elect, and that it is clarified that a
chartered accounting firm may be appointed as auditor.
The amendments of the Articles of Amendment enter into force
when they have been approved by the Swedish Financial
Supervisory Authority and registered with the Swedish Patent and
Registration Office.
Dividend
The Annual General Meeting approved a dividend of SEK0.30 per
share and set the record date for payment of the dividend at 20
April 2004. Dividends are expected to be distributed from VPC
on 23 April 2004.
CONTACT: SKANDIA INSURANCE
Odd Eiken, Executive Vice President,
Strategy & Communication,
Phone: +46-8-788 28 80
Gunilla Svensson, Press Manager
Phone: +46-8-788 42 97
Corporate Communications
S-103 50 Stockholm, Sweden
Phone: +46-8-788 10 00
Fax: +46-8-788 23 80
Web site: http://www.skandia.com
Office:
Sveavagen 44
=============
U K R A I N E
=============
DRUZHBA: Under Bankruptcy Investigation Procedure
-------------------------------------------------
The economic court of Chernigiv region commenced bankruptcy
investigation procedure on Agriculture Production Company
Druzhba (code EDRPOU 30875310). The case is docketed as 9/143-
b/43b as of February 18, 2004. Mr. Mihajlenko Dmitro
Oleksandrovich (license of MinEconomy AA no. 250159 as of
December 06, 2001) has been appointed as a temporary insolvency
manager.
Creditors have until May 10, 2004 to submit proofs of claim.
Druzhba holds account no. 26008395191001 at Sribne TVBV of bank
"Ukraine", Chernigiv branch, MFO 353445.
CONTACT: DRUZHBA
Ukraine, 17341,Chernigiv region
Sribnyanskij district, Karpilivka, Lenin str.
Mr. Mihajlenko Dmitro Oleksandrovich
Temporary Insolvency Manager
Chernigiv, Peremogi str., 39, office 25
Phone: 4-10-78
ARBITRATION COURT OF CHERNIGIV REGION
14000, Chernigiv, Mir str., 20
NAFTOTRANS: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on Naftotrans LLC. The case is docketed
as 21/45. Mr. Vereshak Mikola Grigorovich, an arbitral manager
(license of MinEconomy no. AA 669674), has been appointed
temporary insolvency manager.
Creditors have until May 9,2004 to file proofs of claim at:
69002, Ukraine, Zaporizhya, Kostyantina Velikogo str., 6/16.
CONTACT: NAFTOTRANS
Ukraine, 69057, Zaporizhya, Admiral Nahimov str., 3
Mr. M. Vereshak, Temporary Insolvency Manager
69002, Ukraine, Zaporizhya
Kostyantina Velikogo str 6/16
The Economic Court of Zaporizhya region
Ukraine, 69001, Zaporizhya, Shaumyan str., 4
POLIPROM: Court Appoints Insolvency Manager
-------------------------------------------
The Economic Court of Sumi region on March 12, 2004 declared
Private Enterprise POLIPROM (code EDRPOU 14015583) insolvent and
introduced bankruptcy proceedings at the company. The
resolution is numbered 7/16. Mr. Oskorbin Artem Georgijovich
(license AA no. 249704 as of October 19, 2001) has been
appointed as a liquidator/insolvency manager.
Creditors have until May 10, 2004 to submit their proofs of
claim to the liquidator/insolvency manager at: Ukraine, 40011,
Sumi, Supruna str., 7/12.
CONTACT: POLIPROM
40000, Sumi, Levanevskogo str., 26/49
Mr. Oskorbin Artem Georgijovich
Liquidator/insolvency manager
Ukraine, 40011, Sumi, Supruna str., 7/12
PROLAND LTD.: Court Appoints Insolvency Manager
-----------------------------------------------
The Economic Court of Kyiv declared Proland Ltd. (code EDRPOU
25393259) insolvent and introduced bankruptcy proceedings at the
factory. The case is docketed as 15/115 as of March 30, 2004.
Mr. Parhatskij Mikola Grigorovich (license AA no. 250193) has
been appointed as liquidator/insolvency manager.
Proland Ltd. holds account 26005008501 at AK industrial
financial bank of Kyiv, MFO 32096.
CONTACT: PROLAND
Kyiv, Kotsybinskogo str., 2
Mr. Parhatskij Mikola Grigorovich
Liquidator/insolvency manager
Kyiv, Peremogi str., 2, office 75
UKRAINA-N: Under Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on Agricultural Private Limited Company
Ukraina-N. The case is docketed as 14/16. Mr. Ribachenko M.P.
(license AA no. 783030 as of March 17, 2004) has been appointed
as a temporary insolvency manager.
Creditors are asked to submit proofs of claim to the Economic
Court until May 9, 2004.
CONTACT: UKRAINA-N
Ukraine, Kirovograd region
Novoukrainsk district, Novoegorivka
Mr. Ribachenko M.P., Temporary Insolvency Manager
Phone: (0472) 41-67-64; 76-79-77
THE ECONOMIC COURT OF KIROVOGRAD REGION
Ukraine, Kirovograd, Lunacharski str. 29
ZAHID-METAL: Under Bankruptcy Supervision Procedure
---------------------------------------------------
The economic court of Lviv region commenced bankruptcy
supervision procedure on Zahid-Metal Ltd. (code EDRPOU
30387526). The case is docketed as 6/372-4/279. Mr. Sibal
Andrij Mihajlovich (license AA no. 485266 as of April 14, 2003)
has been appointed as a temporary insolvency manager.
Zahid-Metal Ltd. holds account 260083233 at AKB "Lviv", MFO
325268.
CONTACT: ZAHID-METAL
Ukraine, 79075, Lviv, Dorosha str., 6/1
Juridical Address:
Lviv region, Pustomitivski district, Pidberizci
Sibal Andrij Mihajlovich, Temporary Insolvency Manager
Ukraine, Lviv, Doroshenka str., 61/5
Phone: 8-0678034313; (322) 296-54-96
ECONOMIC COURT OF LVIV REGION
79010, Lviv, Lichakivska str., 81
===========================
U N I T E D K I N G D O M
===========================
ADVANCED CLEANING: Meeting of Creditors Set April 23
----------------------------------------------------
There will be a Creditors Meeting of the Advanced Cleaning
Solutions Limited Company on April 23, 2004 at 10:30 a.m. It
will be held at Mazars, Mazars House, Gelderd Road, Gildersome,
Leeds LS27 7JN.
The purpose of the Meeting is to lay before the Creditors the
account how the winding up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at the offices of the Mazars, Mazars House, Gelderd
Road, Glidersome, Leeds LS27 7JN not later than 12:00 noon April
22, 2004.
CONTACT: MAZARS
Mazars House,
Gelderd Road,
Gildersome Leeds LS27 7JN
ADVANCED SPECIALISED: Creditors Meeting Set April 26
----------------------------------------------------
There will be a Creditors Meeting of the Advanced Specialised
Production Limited Company on April 26, 2004 at 10:00 a.m. It
will be held at the offices of Smith & Williamson Limited, No 1
Bishops Wharf, Walnut Tree Close, Guilford GU1 4RA.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at Smith & Williamson Limited, No 1 Bishops Wharf,
Walnut Tree Close, Guilford GU1 4RA not later than 12:00 noon
April 25, 2004.
CONTACT: SMITH & WILLIAMSON LIMITED
No 1 Bishops Wharf,
Walnut Tree Close,
Guilford GU1 4RA
Contact:
R Tulloch, Joint Administrative Receiver
AG LIMITED: Creditors Meeting Set April 22
------------------------------------------
There will be a Creditors Meeting of the AG (GB) Limited Company
on April 22, 2004 at 11:00 a.m. It will be held at the offices
of David Horner & Co., 2A Pioneer Business Park, Clifton Moor,
York Y030 4TN.
List of Creditors names and addresses may be inspected free of
charge at David Horner & Co., 2A Pioneer Business Park, Clifton
Moor, York Y030 4TN between 10:00 a.m. and 4:00 p.m., April 20
and 21, 2004.
A.P.R. PLASTICS: Appoints KPMG Corporate Recovery Liquidator
------------------------------------------------------------
Pursuant to section 98 of the Insolvency Act 1986, there will be
a Creditors Meeting of the A.P.R. Plastics Ltd Company on April
22, 2004 at 12:30 p.m. It will be held at KPMG, 8 Princes
Parade, Liverpool L3 1QH.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxies to be used must be lodged at St James' Square,
Manchester M2 6DS not later than 12:00 noon April 21, 2004. A
list of names and addresses of the Company's Creditors will be
inspected free of charge at KPMG Corporate Recovery, St James'
Square, Manchester M2 6DS, April 20 and 21, 2004.
CONTACT: KPMG CORPORATE RECOVERY
St James' Square,
Manchester M2 6DS
ARTHUR WOOLLACOTT: Voluntary Resolution for Winding Up Passed
-------------------------------------------------------------
At an Extraordinary General Meeting of the Arthur Woollacott
Holdings Limited Company on March 31, 2004 held at 9 Gray's Inn
Square, London WC1R 5JF, the Special Resolution to wind up the
Company was passed.
AUTO-D LTD: Meeting Set April 23
--------------------------------
There will be a Creditors Meeting of the Auto-D Ltd Company on
April 23, 2004 at 11:00 a.m. It will be held at Mazars, Mazars
House, Gelderd Road, Gildersome, Leeds LS27 7JN.
The purpose of the Meeting is to lay before the Creditors the
account how the winding-up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy form must be submitted together with written
debt claims at Mazars, Mazars House, Gelderd Road, Gildersome,
Leeds LS27 7JN not later than 12:00 noon April 22, 2004.
CONTACT: MAZARS
Mazars House,
Gelderd Road, Gildersome,
Leeds LS27 7JN
BGL PROPERTY: Meeting of Creditors Set May 6
--------------------------------------------
Pursuant to section 98 of the Insolvency Act 1986, a Creditors
Meeting of the BGL Property Limited Company will be on May 6,
2004 at 12:00 noon. It will be held at the offices of Valentine
& Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS.
The purpose of the Meeting is to lay before the Creditors the
account how the winding up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at the offices of Valentine & Co., 4 Dancastle
Court, 14 Arcadia Avenue, London N3 2HS not later than 12:00
noon April 22, 2004.
CONTACT: VALENTINE & CO
4 Dancastle Court,
14 Arcadia Avenue,
London N3 2HS
BRIDGEHURST LIMITED: Hires Administrative Receiver
--------------------------------------------------
Name of Company: Bridgehurst Limited
Nature of Business: Taxi Operation
Trade Classification: 6022-Taxi Operation
Date of Appointment: April 2, 2004
Joint Administrative Receiver: BARTLETT HOUSE
9-12 Basinghall Street,
London EC2V 5NS
Receivers:
Stephen Cork
Anthony Murphy
(IP Nos 8627, 8716)
BRIGCOURT LTD: Creditors Meeting Set April 23
---------------------------------------------
There will be a Meeting of Creditors of the Brigcourt Ltd
Company on April 23, 2004 at 10:45 a.m. It will be held at the
Mazars, Mazars House, Gelderd Road, Gildersome, Leeds LS27 7JN.
The purpose of the Meeting is to lay before the Creditors the
account how the winding-up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at Mazars, Mazars House, Gelderd Road, Gildersome,
Leeds LS27 6JN not later than 12:00 noon April 22, 2004.
CONTACT: MAZARS
Mazars House,
Gelderd Road, Gildersome,
Leeds LS27 6JN
BRIGHTSTERN LTD: Appoints KPMG Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Brightstern Ltd
Company on April 1, 2004 held at 2 Holly Court, Hyde, Cheshire
SK14 3DF, the Special and Ordinary Resolutions to wind up the
Company were passed. Brian Green and John Paul Bateman of KPMG
Corporate Recovery, St James' Square, Manchester M2 6DS have
been appointed Joint Liquidators for the purpose of such
winding-up.
CONTACT: KPMG CORPORATE RECOVERY
St James' Square,
Manchester M2 6DS
Contact:
Brian Green, Liquidator
John Paul Bateman, Liquidator
BRITAX GROUP: Rating Affirmed Due to Improved Profit, Cash Flow
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit and 'B-' subordinated debt ratings on U.K.
based engineering group Britax Group PLC and removed the ratings
from CreditWatch, where they were placed on November 14, 2003.
The outlook is negative.
"The rating actions are based on Standard & Poor's expectations
that the adverse effect of operational and trading issues on
Britax's profit and cash flow will have been limited in fiscal
year 2003, and that the group will maintain adequate liquidity,"
said Standard & Poor's credit analyst Leigh Bailey. "Britax's
financial metrics should remain at about the current levels but
are reliant on improved performance at the group's seating
business in 2004."
In fiscal 2003, Britax's trading divisions experienced difficult
market conditions but the group's financial performance was most
affected by the weak trading at its seating business. The loss-
making unit accrued significant onetime costs and sales slippage
in the second half of 2003, which reduced profit and cash flow.
At December 31, 2003, the group reported net debt and pension
liabilities of EUR188.2 million ($334.8 million).
The poor performance at the seating division reflects the
disruption caused to three major contracts by project deferments
related to the sharp decline in demand from the airline
industry. Given the focus of the seating unit on these
contracts, which will now begin delivery in 2004, Standard &
Poor's expects the unit to achieve an improved operating
performance around the breakeven level in 2004.
"Britax's business portfolio continues to experience difficult
trading conditions and any meaningful recovery in the group's
aircraft equipment and public safety markets is unlikely in the
intermediate term," said Mr. Bailey. "We expect Britax's
coverage ratios to remain stable in 2004 but in the event that
they weaken further, a review of the ratings would be likely."
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
leigh_bailey@standardandpoors.com
bob_ukiah@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
BRITISH ENERGY: To Move Main Office to Livingston
-------------------------------------------------
British Energy will transfer its corporate headquarters from
Peel Park in East Kilbride to Livingston, according to The
Scotsman.
The report said the nuclear generator confirmed it is looking at
various sites in Livingston, and is understood to have narrowed
down its search on the Alba Campus. The move is aimed at
cutting costs further to offset financial difficulties.
British moved to East Klbride's Peel Park from Gyle in Edinburgh
just three years ago. But further tightening of the belt is
prompting it to leave Peel Park. It will bring with it 200 jobs
out of Scotland.
Property agency Ryden is helping it look for a new location. It
is also trying to find smaller offices in Renfrewshire to house
technical support operations, a spokeswoman said.
The spokeswoman confirmed British Energy is pushing through with
the sale of Peel Park estate. The company is seeking GBP6.5
million for the property.
BUDGET TRAVEL: Schedules Meeting of Creditors for April 27
----------------------------------------------------------
Pursuant to section 98 of the Insolvency Act 1986, a Creditors
Meeting of the Budget Travel Consultants Limited Company will be
on April 27, 2004 at 3:00 p.m. It will be held at Kallis & Co,
1148 High Road, Whetstone, London N20 0RA.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at Kallis & Co, 1148 High Road, Whetstone, London
N20 0RA not later than 12:00 noon April 26, 2004.
CONTACT: KALLIS & CO
1148 High Road, Whetstone,
London N20 0RA
CANARY WHARF: CWG Prettifies Share Alternatives Offered
-------------------------------------------------------
CWG Acquisition announces further revisions to the terms of its
Offer (as revised, including the revisions announced on April 14
and 15, 2004, the 'Further Revised Offer').
The revisions are designed to enhance substantially the value of
the Share Alternatives and the Additional Share Election
Facilities, while maintaining the level of the Cash Offer, which
the Independent Committee has stated is fair and reasonable.
In summary, the Further Revised Offer will:
(a) Increase the value of the Share Alternatives and Additional
Share Election Facilities by improving the exchange ratio
for the conversion of Canary Wharf Shares into Thames River
Shares by 10.9%
(b) Enhance the availability of Thames River Shares under the
Share Alternatives and Additional Share Election Facilities
by:
(i) increasing by approximately 33.3% the number of
Thames River Shares available to Canary Wharf
Shareholders, through adding an additional 175 million
Class A Ordinary Shares (inclusive of the 50 million
additional Class A Ordinary Shares announced Thursday)
and 100 million Class B Restricted Shares; and
(ii) waiving all of the conditions to the availability of the
Share Alternatives and Additional Share Election
Facilities except, in the case of the Class A Share
Alternative and the Class A Additional Share Election
Facility, the admission of the Class A Ordinary Shares
to trading on AIM.
(c) Increase the potential ongoing ownership of Canary Wharf by
Canary Wharf Shareholders from 22.5% to 29.2%
(d) Provide downside protection for shareholders of Thames River
by the addition of a put feature as described below.
(e) Increase the potential representation of Thames River on the
board of directors of CWG Acquisition to take into account
the potential increase in the ownership of CWG Acquisition
by Thames River.
As a result of the changes described in this announcement, in
accordance with Rule 24.10 of the City Code, it is expected that
Deutsche Bank and Merrill Lynch will value both the Class A
Ordinary Shares and the Class B Restricted Shares at a value of
approximately 28.6 pence per share in the Revised Offer
Document.
Assuming a Canary Wharf Shareholder elects to receive his entire
consideration in Thames River Shares and that his election is
satisfied in full, this would represent an approximate aggregate
value per Canary Wharf Share of 348 pence.
The Cash Offer of 275 pence remains at its current level.
Further detail in relation to the Further Revised Offer is set
out below and in the full text of this announcement.
Further Improved Class A Share Alternative and Additional Share
Election Facility
(a) Increased number of shares - In addition to the
approximately 50 million Class A Ordinary Shares that it was
announced would be made available Thursday, approximately a
further 125 million Class A Ordinary Shares are to be made
available (based on the existing issued share capital of
Canary Wharf).
Accordingly, approximately 760 million Class A Ordinary Shares
will now be available (based on the existing issued share
capital of Canary Wharf).
(a) Improved exchange ratio - Under the Class A Share
Alternative and the Class A Additional Share Election
Facility, available Class A Ordinary Shares will now be
obtainable at the rate of 1.1091 Class A Ordinary Shares in
lieu of 25 pence in cash (previously the rate was one Class
A Ordinary Share in lieu of 25 pence in cash) to which such
Canary Wharf Shareholder would otherwise be entitled under
the Cash Offer.
(b) Effect of the improvements on the basic Class A Share
Alternative - As a result of the increased availability of
Class A Ordinary Shares and the improved exchange ratio, a
Canary Wharf Shareholder validly electing for the
Class A Share Alternative will now be entitled to receive
1.2991 Class A Ordinary Shares per Canary Wharf Share in
lieu of 29.2828 pence in cash (under the original Offer the
entitlement was one Class A Ordinary Share in lieu of 25
pence in cash) to which such Canary Wharf Shareholder would
otherwise be entitled under the Cash Offer.
(c) Effect of the improvements on the Class A Additional Share
Election Facility - Again, as a result of the increased
availability of Class A Ordinary Shares and the improved
exchange ratio, a Canary Wharf Shareholder who elects
under the Class A Additional Share Election Facility to
receive his entire consideration in Class A Ordinary Shares
and whose election is satisfied in full will receive Class A
Ordinary Shares at a rate of approximately 12.2 Class A
Ordinary Shares (previously 11 Class A Ordinary Shares) for
every Canary Wharf Share. This would represent an
approximate aggregate value per Canary Wharf Share of 348
pence based upon the expected valuation by Deutsche Bank and
Merrill Lynch of approximately 28.6 pence for each Thames
River Share. Improved Class B Share Alternative and
Additional Share Election Facility
(d) Increased number of shares - Approximately a further 100
million Class B Restricted Shares are to be made available
under the Class B Share Alternative (based on the existing
issued share capital of Canary Wharf). Accordingly,
approximately 340 million Class B Restricted Shares will now
be available (based on the existing issued share capital of
Canary Wharf).
(e) Improved exchange ratio - Under the Class B Share
Alternative and the Class B Additional Share Election
Facility, available Class B Restricted Shares will now be
obtainable at the rate of 1.1091 Class B Restricted Shares
in lieu of 25 pence in cash (previously the rate was one
Class B Restricted Share in lieu of 25 pence in cash) to
which such Canary Wharf Shareholder would otherwise
be entitled under the Cash Offer.
(f) Effect of the improvements on the basic Class B Share
Alternative - As a result of the increased availability of
Class B Restricted Shares and the improved exchange ratio, a
Canary Wharf Shareholder validly electing for the Class B
Share Alternative will now be entitled to receive, for every
1.9083 Canary Wharf Shares, 1.1091 Class B Restricted Shares
in lieu of 25 pence in cash (previously the rate was, for
every 2.437534 Canary Wharf Shares, one Class B Restricted
Share in lieu of 25 pence in cash) to which such Canary
Wharf Shareholder would otherwise be entitled under the Cash
Offer.
(g) Effect of the improvements on the Class B Additional Share
Election Facility - Again, as a result of the increased
availability of Class B Restricted Shares and the improved
exchange ratio, a Canary Wharf Shareholder who elects to
receive under the Class B Additional Share Election Facility
his entire consideration in Class B Restricted Shares and
whose election is satisfied in full will receive Class B
Restricted Shares at a rate of approximately 12.2 Class B
Restricted Shares (previously 11 Class B Restricted Shares)
for each Canary Wharf Share. This would represent an
approximate aggregate value per Canary Wharf Share of 348
pence based upon the expected valuation by Deutsche Bank and
Merrill Lynch of approximately 28.6 pence for each Thames
River Share.
The Cash Offer of 275 pence remains unchanged.
Resulting interest of Canary Wharf Shareholders in Thames River
and in CWG Acquisition
(a) Based on the existing issued share capital of Canary Wharf,
and assuming full take up of the Further Revised Offer and
that valid elections are made for the full amount of shares
available under the Share Alternatives and Additional Share
Election Facilities, approximately 1.1 billion Thames River
Shares would be issued. This would result, assuming CWG
Acquisition's debt facility is drawn down in full, in Thames
River having an approximate 29.2% shareholding in CWG
Acquisition. Such shares would represent approximately
GBP248 million of cash consideration to which the relevant
Canary Wharf Shareholders would otherwise be entitled and
would have a value of approximately GBP315 million at the
valuation to be ascribed by Deutsche Bank and Merrill Lynch
of approximately 28.6 pence for each Thames River Share.
Put feature for Thames River
(a) Thames River will have a right to require CWG Acquisition
Holdings to purchase up to 50% of the CWG Acquisition Shares
issued to Thames River pursuant to the Further Revised Offer
at a price of GBP1.00 (plus any declared but unpaid
dividends) per share. This right will be exercisable in the
90-day period prior to the third anniversary of the Further
Revised Offer becoming or being declared unconditional in
all respects subject to the prior approval, by a majority,
of both the holders of Class A Ordinary Shares and the
holders of Class B Restricted Shares, each voting as a
separate class. Based on the fact that Thames River will be
issued with one CWG Acquisition Share for every four
Thames River Shares issued by it to accepting Canary Wharf
Shareholders, such GBP1.00 purchase price equates to 25
pence per Thames River Share or approximately 305 pence per
Canary Wharf Share (based on the exchange ratio of 1.1091).
Waiver of conditions to the Share Alternatives and the
Additional Share Election Facilities
(a) The 75% acceptance condition to the Share Alternatives and
the Additional Share Election Facilities will be waived.
(b) The minimum Class A Ordinary Share takes up condition of
approximately GBP73 million will also be waived.
(c) Accordingly, there are no conditions to the Share
Alternatives and Additional Share Election Facilities other
than the Further Revised Offer becoming or being declared
unconditional in all respects and, in the case of the
Class A Share Alternative and the Class A Additional Share
Election Facility, the Class A Ordinary Shares being
admitted to trading on AIM.
Background to the Further Revised Offer
(a) CWG Acquisition believes that a significant proportion of
Canary Wharf Shareholders are interested in retaining a
meaningful equity participation in Canary Wharf. By virtue
of the revisions to the Share Alternatives and Additional
Share Election Facilities, CWG Acquisition has improved the
deliverability, availability and value of its share
alternatives.
(b) Brascan has a sustained track record of developing, owning
and managing high quality real estate assets, while creating
substantial value for shareholders and partners. Brascan
believes that Canary Wharf Shareholders interested in
participating in the future of the estate should accept CWG
Acquisition's Further Revised Offer and elect for Thames
River Shares.
(c) The Further Revised Offer will be made on the terms set out
or referred to in this announcement and to be set out in the
Revised Offer Document and accompanying Revised Form of
Acceptance and will be subject to a number of conditions,
including valid acceptances having been received in respect
of Canary Wharf Shares which, when aggregated with any
Canary Wharf Shares held by CWG Acquisition and any further
Canary Wharf Shares which CWG Acquisition has contracted to
acquire, together amount to more than 50% of the issued
share capital of Canary Wharf (diluted to include shares
potentially issuable pursuant to rights under the Canary
Wharf Share Schemes). Details of the conditions to the
Further Revised Offer is set out in Appendix I.
This announcement of the Further Revised Offer is being made in
accordance with the Auction Procedure set out by the Panel
Executive on April 7, 2004.
Commenting on the Further Revised Offer, J. Bruce Flatt,
President and Chief Executive Officer of Brascan, said:
"We believe that the amendments which have been made to CWG
Acquisition's offer in the last three days represent a
significant improvement to our offer and that the revised offer
will be very attractive to Canary Wharf Shareholders seeking
an ongoing participation in Canary Wharf while providing a cash
offer at a level that the Independent Committee has said is fair
and reasonable.
The full text of the conditions and certain further terms of the
Further Revised Offer are set out in Appendix I to this
announcement.
Appendix IV contains the definitions of certain expressions used
in this summary and in this announcement.
This summary should be read in conjunction with, and is subject
to the full text of, this announcement.
To see full copy of offer document:
http://bankrupt.com/misc/CWG_Further_Revised_Offer.htm
CONTACT: CANARY WHARF
Brascan
Katherine Vyse
Phone: +1 (416) 363 9491
DEUTSCHE BANK
Debbie Robertson-Bond
David Church
James Agnew
Phone: +44 (0) 20 7545 8000
MERRILL LYNCH INTERNATIONAL
Kevin J. Smith
Simon Fraser
Paul Golding
Phone: +44 (0) 20 7628 1000
THE MAITLAND CONSULTANCY
Angus Maitland
Philip Gawith
Martin Leeburn
Phone: +44 (0) 20 7379 5151
CANARY WHARF: Morgan Stanley Ups Offer to 295 Pence Per Share
-------------------------------------------------------------
Summary
(a) Songbird Acquisition Limited announces the terms of an offer
for Canary Wharf by Songbird at an increased price of 295
pence per Canary Wharf Share.
(b) The Offer will be implemented by means of a takeover offer
with an acceptance condition of 50% of the fully diluted
share capital of Canary Wharf. Songbird expects that in the
absence of a higher offer being announced during the Auction
Procedure, the Independent Committee will recommend
Songbird's Offer.
(c) The Offer supersedes and replaces in its entirety the
proposed acquisition of Canary Wharf by Silvestor U.K.
Properties Limited to be effected by means of the Scheme.
The Consortium, which controls both Songbird and Silvestor,
intends to request that Canary Wharf withdraws the Scheme.
(d) The terms of the Offer enable all Canary Wharf Shareholders
to receive 295 pence per Canary Wharf Share in cash if they
so elect under the Mix and Match Election. Alternatively,
Canary Wharf Shareholders have the opportunity to
participate in the long-term potential of Canary Wharf by
choosing to receive consideration in the form of AIM listed
Class B Shares or unlisted Class C Shares in Songbird's
parent company, Songbird Estates plc.
(e) Under the basic terms of the Offer, a Canary Wharf
Shareholder will be entitled to 238 pence in cash and 57
pence in Class B Shares per Canary Wharf Share, with the
ability to elect to vary the proportions in which they
receive cash and shares in respect of their holdings of
Canary Wharf Shares through the Mix and Match Election. The
Mix and Match Election will also allow Canary Wharf
Shareholders to elect to receive Class C Shares in lieu of
The consideration otherwise receivable under the Offer.
(f) The Offer values the existing issued share capital of the
Company at approximately GBP1.7 billion, and implies an
enterprise value for the Company of approximately GBP4.7
billion including net debt of approximately GBP3.0 billion
as at 31 December 2003.
(g) The Offer represents a premium of approximately:
(i) 87.3% to the closing middle-market price of 157.5 pence
per Canary Wharf Share on 24 April 2003 (the last day
prior to the beginning of speculation surrounding a
potential offer for the Company);
(ii) 63.9% to the closing middle-market price of 180 pence
per Canary Wharf Share on 5 June 2003 (the last day
prior to the date on which the Company announced it had
received a number of approaches from potential
offerors); and
(iii) 17.1% to the Adjusted Triple Net Asset Value per Canary
Wharf Share of approximately 252 pence as at 31 December
2003.
(h) Songbird is a wholly owned subsidiary of Songbird Estates,
whose shareholders will include MSREF, the Glick Entities,
British Land Joint Ventures, Whitehall 2001 Funds and Morgan
Stanley Real Estate Special Situations Fund II (together,
the 'Consortium'). The Glick Entities are, in aggregate,
interested in 85,004,663 Canary Wharf Shares, representing
approximately 14.5% of the issued share capital of Canary
Wharf. Songbird Estates has contracted to acquire all of
the Canary Wharf Shares in which the Glick Entities are
interested.
(i) Companies held by a trust for the benefit of HRH Prince
Alwaleed Bin Talal Bin Abdulaziz Al Saud and his family,
that are, in aggregate, interested in approximately 2.3% of
the issued share capital of Canary Wharf have committed to
accept the Offer and to elect to receive Class B Shares
in respect of their entire holding of Canary Wharf Shares.
Together with the Canary Wharf Shares in which the Glick
Entities are interested, the Songbird Group has received
irrevocable undertakings or has contracted to acquire
98,292,663 Canary Wharf Shares, representing approximately
16.8% of the existing issued share capital of the Company.
Commenting on the Offer, Stephane Theuriau, a Director of
Songbird, said:
"Songbird's offer removes the deliverability risk from our
proposal and provides Canary Wharf Shareholders with the
opportunity to realize significant value and/or invest alongside
an experienced group of real estate and private equity
investors."
Commenting on the continuing support for the Offer by companies
held by a trust for the benefit of HRH Prince Alwaleed Bin Talal
Bin Abdulaziz Al Saud and his family, Mr. P.J. Shoucair, an
advisor to HRH Prince Alwaleed, said:
"His Highness believes that the consortium's bid is the best
offer available to Canary Wharf shareholders and therefore the
companies held by a trust for the benefit of HRH Prince Alwaleed
and his family continue to support the consortium's offer."
This summary should be read in conjunction with the full text of
the following announcement. Appendix IV to the following
announcement contains definitions of certain terms used in this
summary and the following announcement.
http://bankrupt.com/misc/Songbird_Offer.htm
CONTACT: CANARY WHARF
Press Inquiries:
Morgan Stanley
Mark Warham
Brian Magnus
(Financial adviser to Songbird, Songbird Estates,
MSREF and Morgan Stanley Real Estate Special
Situations Fund II)
Phone: +44 20 7425 5000
ROTHSCHILD
Alex Midgen
Ben Davey
(Financial adviser to Songbird, Songbird Estates and
Simon Glick)
Phone: +44 20 7280 5000
HOARE GOVETT
Nigel Mills
Ranald McGregor-Smith
(Broker to Songbird and Songbird Estates)
Phone: +44 20 7678 8000
TULCHAN COMMUNICATIONS
Andrew Grant
Katie Macdonald-Smith
(Public relations adviser to Songbird)
Phone: +44 20 7353 4200
SMITHFIELD FINANCIAL
John Antcliffe
(Public relations adviser to Simon Glick)
Phone: +44 20 7360 4900
FINSBURY LIMITED
Faeth Birch
(Public relations adviser to British Land)
Phone: +44 20 7251 3801
CASTLEFIELD LEISURE: Appoints Liquidator from Duncan Sheard
-----------------------------------------------------------
At an Extraordinary General Meeting of the Castlefield Leisure
Limited Company on March 31, 2004 held at Duncan Sheard Glass,
45 Hoghton Street, Southport, Merseyside PR9 0PG, the subjoined
Special Resolution to wind up the Company was passed. Michael
Dalziel Dye of Duncan Sheard Glass, Castle Chambers, 43 Castle
Street, Liverpool L2 9TL has been appointed Liquidator for the
purpose of such winding-up.
CONTACT: DUNCAN SHEARD GLASS
Castle Chambers
43 Castle Street,
Liverpool L2 9TL
Contact:
Michael Dalziel Dye, Liquidator
CERTIFIED COLLECTORS: Petition for Liquidation Filed
----------------------------------------------------
The Secretary of State for Trade and Industry Patricia Hewitt
filed petitions to wind up Leeds-based Certified Collectors Ltd.
and Easy Debt (Management) Ltd., which closed to new business
last month.
The filing follows investigations by the department requiring
the companies to produce its books and records. Under the
Companies Act of 1985, the Secretary of State may use
information obtained to petition the Court to wind up a company
and/or disqualify a company's directors.
A hearing is scheduled on April 28 at 10:30 a.m. At the
meantime, the Official Receiver is also Provisional Liquidator
for the company. It is tasked to preserve the assets and
financial records of each company until the hearing of the
petitions.
Certified Collectors Ltd. and Easy Debt (Management) Ltd.
restructure debts for individuals and companies facing financial
difficulties.
CONTACT: OFFICIAL RECEIVER
The Insolvency Service
Public Interest Unit North
P.O. Box 326
Boulton House
17 - 21 Chorlton Street
Manchester
M60 3ZZ
Phone: 0161 934 4182
CERTIFICATED COLLECTORS LTD.
101 Emco House, 5-7 New York Road
Leeds LS2 7JP
EASY DEBT(MANAGEMENT) LTD.
6th Floor, Fountain House
South Parade, Leeds LS1 5QX
Or
Emco House, 6-7 New York
Road, Leeds LS2 7JP
COLOURFAST POWDER: Texas Group Appoints Begbies Traynor Receiver
----------------------------------------------------------------
Name of Company: Colourfast Powder Coatings Limited
Reg No SC237674
Nature of Business: Manufacture of Plastic Coatings
Trade Classification: 2524
Date of Appointment of Joint Administrative Receivers:
April 1, 2004
Name of Person Appointing the Joint Administrative Receivers:
Texas Group plc
Nature of Instrument:
The appointment was made under the powers conferred in a
debenture dated February 27, 2003 granted to Texas Group plc.
Joint Administrative Receivers: BEGBIES TRAYNOR
1 Winckley Court,
Chapel Street,
Preston PR1 8BU
Receivers:
Gordon Craig
David Appleby
(Office Holder Nos 0978, 8976)
COMPASS LOGISTICS: Appoints Administrative Receiver
---------------------------------------------------
Name of Company: Compass Logistics Limited
Nature of Business:
Management Consultancy for Warehouse Logistics
Trade Classification: 37
Date of Appointment: April 6, 2004
Joint Administrative Receiver:
HURST MORRISON THOMSON CORPORATE RECOVERY LLP
5 Fairmile,
Henley-on-Thames,
Oxfordshire RG9 2JR
Receivers:
Gareth Wyn Roberts
Paul William Ellison
(IP Nos 1162/01, 7254/03)
CONTINUUM SOFTWARE: Appoints Liquidators from Ernst & Young
-----------------------------------------------------------
Name of Companies:
Continuum Software Europe Limited
Creative Insurance Services Limited
Index Group (U.K.) Limited
Policy Management Systems Europe Limited
At an Extraordinary General Meeting of these Companies on March
29, 2004 held at Royal Pavilion, Wellesley Road, Aldershot,
Hampshire GU11 1PZ, the Special Resolutions to wind up the
Companies were passed. A Lovett and E A Bingham of Ernst &
Young LLP, 1 More London Place, London SE1 2AF have been
appointed Joint Liquidators for the purpose of these winding-
ups.
CONTACT: ERNST & YOUNG LLP
1 More London Place,
London SE1 2AF
Contact:
A Lovett, Liquidator
E A Bingham, Liquidator
COOPERS & LYBRAND: Hires PricewaterhouseCoopers Liquidator
----------------------------------------------------------
Name of Companies:
Coopers & Lybrand Europe (Services) Limited
Gourlay Services Limited
At an Extraordinary General Meeting of these Companies on March
29, 2004, the Special and Ordinary Resolutions to wind up the
Company were passed. Tim Walsh and Ian Oakley Smith of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed Joint Liquidators of the Companies.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court,
London EC4A 4HT
Contact:
Tim Walsh, Liquidator
Ian Oakley Smith, Liquidator
CORPORATE & COMMERCIAL: Potential Finance Appoints Receiver
-----------------------------------------------------------
Name of Company: Corporate & Commercial Printing Limited
Reg No 3951698
Date of Appointment of Joint Administrative Receivers:
March 30, 2004
Name of Person Appointing the Joint Administrative Receivers:
Potential Finance Ltd.
Nature and Date of Instrument Conferring Power to Appoint:
Mortgage Debenture dated April 25, 2001
Joint Administrative Receivers: SPW POPPLETON & APPLEBY
Gable House,
239 Regents Park Road,
Finchley, London N3 3LF
Receivers:
M S E Solomons
D L Platt
CORUS GROUP: Chairman Sees No Need for Usmanov's Man on Board
-------------------------------------------------------------
Letter From The Chairman
Dear shareholder,
As you will be aware, your Board recently received a
notification from Gallagher Holdings Limited, a Cyprus company
whose sole shareholder is Alisher Usmanov, of its intention to
propose for appointment as a Director of your Company Adrianus
van der Velden at the forthcoming Annual General Meeting.
By way of background, as at 14th April 2004, Mr. Usmanov,
through Gallagher, owned 593.8 million shares representing
13.39% of the ordinary shares of Corus Group. In a filing by
Gallagher on 16th March 2004 with the United States Securities
and Exchange Commission, Mr. Usmanov stated that he believed he
should be represented on Corus' Board of Directors on the basis
of his share ownership, failing which he intended to 'take
strategic and tactical steps to increase his influence over
(Corus') management and operations'. Mr. Usmanov's nominee is
Mr. van der Velden who was an Executive Director of Hoogovens at
the time of the merger with British Steel five years ago and was
subsequently part of the previous management team of Corus,
retiring on reaching the age of 60 in September 2000.
Your Board opposes the proposal to appoint Mr. Usmanov's nominee
as a Director of the Company and I am writing to set out our
reasons why we believe such an appointment is not in the
interests of your company and all stakeholders.
The proposal is an unwelcome distraction to the management when
they are concentrating on the plans for Restoring Success within
Corus, which were outlined to shareholders at the end of last
year. Those plans were overwhelmingly endorsed by shareholders
who participated in the Placing and Open Offer in December,
raising nearly GBP300 million of new equity capital. The
refinancing of the syndicated loan in July and the equity
raising in December have provided the financial resources to
enable us to implement these plans.
Under the new leadership of Philippe Varin we have now completed
the executive team with the recent appointment of Rauke Henstra
as the divisional director for Corus' strip business, the
Company's largest division. This team expects to be judged on
the successful implementation of the strategy that has now been
put in place and the delivery of value to all shareholders.
In the first year of my Chairmanship, the composition of the
Board has been one of my prime tasks in order to ensure not only
a strong management team with significant metals industry
experience but also support at an independent and non-executive
level. [W]e have a strong and united Board whose members have
been selected on merit and represent an appropriate balance of
skills and international experience. You will see from my
statement in the Group Report and Accounts the appointment of
two new independent non-executive directors during the course of
last year, Kurt Lauk and Andrew Robb.
In line with best corporate governance practice, we believe
Board members should be working in the interests of all
shareholders rather than individuals. This is particularly the
case when a shareholder has existing interests in related
business areas. The Board remains committed to a pro-active and
inclusive communication with all shareholders, but this attempt
by a minority shareholder to impose his nominee on the Board is
at odds with everything that we have been seeking to achieve.
In respect of trading in the current year, there are already
early encouraging signs that the Board's focus on its strategy
is delivering improvements and we will update shareholders on
our performance in the first quarter of this year in the Annual
General Meeting.
It is your Board's view that this attempt should be resisted and
we urge you to support the Board and vote in favor of all the
resolutions proposed by your Board at the Annual General
Meeting. Furthermore, if a resolution is proposed to appoint a
new Director, we recommend you vote against it as the Board does
not consider this would be in the interests of shareholders as a
whole.
Yours sincerely
J.W. Leng
Chairman
*****
This Document Is Important And Requires Your Immediate
Attention.
When considering what action you should take, you are
recommended to seek your own advice from your stockbroker, bank
manager, solicitor, accountant or other appropriate independent
financial adviser authorized under the Financial Services and
Markets Act 2000.
If you have sold or transferred all of your shares in Corus
Group plc, please send this document as soon as possible to the
purchaser or transferee or to the stockbroker, bank or other
agent through whom the sale or transfer was effected for onward
delivery.
D PENNELLIER LIMITED: Appoints Liquidators from PwC
---------------------------------------------------
Name of Companies:
D Pennellier & Co. Limited
Engelhard-Clal U.K. Limited
At an Extraordinary General Meeting on March 30, 2004, the
Special and Ordinary Resolutions to wind up the Companies were
passed. Richard Setchim and Tim Walsh of PricewaterhouseCoopers
LLP, 12 Plumtree Court, London EC4A 4HT have been appointed
Joint Liquidators of the Company for the purpose of these
winding-up.
CONTACT: PRICEWATERHOUSECOOPERS LLP
12 Plumtree Court,
London EC4A 4HT
Contact:
Richard Setchim, Liquidator
Tim Walsh, Liquidator
EQUITABLE LIFE: Drops Plan to Seek Government Compensation
----------------------------------------------------------
Equitable Life will no longer pursue its bid for government
compensation upon the advise of its lawyers.
The society's legal advisers, two of the country's leading QCs,
have determined that there are "no realistic claims that can be
brought against the regulators." This means the only route for
further action lies with the Parliamentary Ombudsman Ann
Abraham, the Telegraph said yesterday. Ms. Abraham, however,
has no power to demand compensation -- at the most, she can only
recommend it.
Equitable policyholders, however, are demanding that she reopen
her inquiry, putting her in a catch-22 position: On the one
hand, failure to re-open her inquiry would be characterized "a
failure of duty" especially since the Lord Penrose "highlighted
a catalogue of regulatory failures." On the other hand,
pursuing the issue is useless since the government has ruled out
any payout.
Despite this, Equitable's management will allow the resolution
earlier proposed by policyholders ahead of the May 19 annual
meeting. This proposal seeks GBP2 million to finance
compensation-related actions.
"Equitable has been advised that, legally, it has no need to put
the resolution forward but it plans to because it wants 'members
to have their say on this,'" The Telegraph said. "The directors
will recommend that members vote against the move."
EQUITABLE LIFE: FSA Spares Aging Ex-CEO from Raps
-------------------------------------------------
The decision by the Financial Services Authority not to pursue
any case against Ex-CEO Roy Ranson drew flak from Equitable
policyholders seeking compensation for the society's near-
collapse.
The city watchdog last week said going after Mr. Ranson was a
waste of time given his age. At the most, the former chief, now
73 years old, could only be banned from taking up any job in the
City.
"We have decided not to take any action against Roy Ranson, or
to launch an investigation into him as we do not believe it
would be a good use of our resources," The Scotsman quoted an
FSA spokeswoman.
Mr. Ranson served as Equitable's chief from 1991 to 1997 and was
the appointed actuary from 1982, the paper said. In his final
report about the company's near-collapse, Lord Penrose reserved
his choicest criticisms for Mr. Ranson. He accused the former
chief of failing to keep the rest of the society's board fully
informed about the "business risks inherent in the general
actuarial management of the society."
Liz Kwantes, coordinator of the combined Equitable Life members'
campaign group, E7, called the FSA decision unfortunate: "I
think a lot of Equitable people are going to be rather upset
about this, especially as Penrose was forthright in his
criticism of Ranson. Too old, that's nonsense."
"It doesn't exactly fill you with confidence about the FSA.
It's a bit like the police saying they're not going to bother
looking for the burglar who robbed your house because they don't
have enough resources," she added.
Mr. Ranson, who is now living on a comfortable pension in
Buckinghamshire, has defended his track record, insisting the
society behaved in a "fair and open way." He, however, still
faces a GBP3.2 billion suit launched by Equitable's new
management. The FSA is also pursuing lawsuits against Chris
Headdon, another former chief executive of the group, whom Lord
Penrose chastised for failing to correct Mr. Ranson's mistakes
when he took over, the Scotsman said.
EUROTUNNEL SA: Paris Court Appoints KMPG Auditor
------------------------------------------------
Following the rejection of all of the resolutions proposed at
the AGM of Eurotunnel S.A. on 7 April, it was not possible to
appoint or reappoint the statutory and deputy statutory auditors
of the company.
Consequently, and at the request of a shareholder, the Paris
Commercial Court has made an order for these to be appointed:
(a) KPMG Audit, a department of KPMG SA, as statutory auditors
(b) Mr. Jean-Paul Vellutini, as deputy statutory auditor for
KPMG Audit
(c) Mazars & Guerard, as statutory auditors
(d) Mr. Patrick de Cambourg, as deputy statutory auditor for
Mazars & Guerard
All of the above appointments are for 'the period until the
shareholders of Eurotunnel SA decide in General Meeting to
appoint auditors.'
In parallel with this procedure, the appropriate steps are being
taken in England for auditors to be appointed to Eurotunnel plc.
Eurotunnel manages the infrastructure of the Channel Tunnel and
operates accompanied truck shuttle and passenger shuttle (car
and coach) services between Folkestone, U.K. and
alais/Coquelles, France. It is market leader for cross-Channel
travel. Eurotunnel also earns toll revenue from other train
operators (Eurostar for rail passengers, and EWS and SNCF for
rail freight), which use the Tunnel. Eurotunnel is quoted in
London, Paris and Brussels.
CONTACT: EUROTUNNEL SA
Media Inquiries:
Kevin Charles
Phone: + 44 (0) 1303 288728
Investor Inquiries:
Xavier Clement
Phone: + 33 1 55 27 36 27
FORST BROACH: Fleet National Appoints Kroll Limited Receiver
------------------------------------------------------------
Name of Company: Forst Broach Co Ltd
Reg No 00579955
Nature of Business: Machine Tool Manufacture
Trade Classification: 2943
Date of Appointment of Joint Administrative Receivers:
April 7, 2004
Name of Person Appointing the Joint Administrative Receivers:
Fleet National Bank
Joint Administrative Receivers: KROLL LIMITED
Aspect Court,
4 Temple Row,
Birmingham B2 5HG
Receivers:
G S Johal
J M Wright
(Office Holder Nos 005770,
009152)
GW 1036: Calls in Liquidators
-----------------------------
At an Extraordinary General Meeting of the GW 1036 Limited
Company on March 31, 2004 held at 14 Regent Street, Nottingham,
the Special Resolution to wind up the Company was passed. John
Phillip Walter Harlow and Kiran Kumar Mistry have been appointed
Liquidators of the Company.
HENNOVER SALMON: Assets Sold to Johnson Seafarms
------------------------------------------------
PricewaterhouseCoopers, receivers of Hennover Salmon Limited,
sold the assets of the company to Johnson Seafarms Limited,
according to Creditman. The report did not mention financial
details of the transaction, but said it excluded the fish.
Laurie Manson, of PricewaterhouseCoopers, said: "Now that it is
concluded, a presence in Shetland has been secured for this
important industry".
Ivor Johnson, of Johnson Seafarms, said: "We are delighted to
have concluded this deal. In troubled times for the industry,
it was not possible to purchase the business as a going concern,
but we hope to bring the assets into use at a later date."
MIRAS CONTRACTS: Bank of Scotland Appoints Receiver
------------------------------------------------------
Name of Companies:
Miras Contracts Limited
Miras Developments Limited
Reg No 02655766
Reg No 03707941
Nature of Business:
Contracting Company
Development and Sell Real Estate
Trade Classification: 23
35
Date of Appointment of Administrative Receivers:
March 25, 2004
Name of Person Appointing the Administrative Receivers:
Bank of Scotland
Administrative Receivers: GRANT THORNTON
Grant Thornton House,
Melton Street, Euston Square,
London NW1 2EP
Receiver:
Martin Gilbert Ellis
(Office Holder No 8687)
GRANT THORNTON
Enterprise House,
115 Edmund Street,
Birmingham B3 2HJ
Receiver:
Neil Tombs
(Office Holder No 7830)
MYTRAVEL GROUP: Sells Cruise Ship Operations to Louis Ltd.
---------------------------------------------------------
MyTravel Group plc has completed the review of its overall
cruise strategy as announced on 22 March 2004, and announces its
withdrawal from cruise ship operations, although MyTravel will
continue to sell the cruise products of other third party
providers.
MyTravel has agreed arrangements with Louis Ltd., a cruise and
hotel group listed on the Cyprus Stock Exchange, under which
Louis will take over operation of three ships. This transaction
will result in a provisional exceptional loss for the year
ending 30 September 2004 of GBP16 million. The disposal of the
ships will result in a significant reduction in both the fixed
costs and risks associated with cruise ship operations.
MyTravel will realize net cash proceeds of GBP1.5 million (after
repayment of related financing and deducting costs of the
transaction). Before costs, this represents $2 million payable
at completion and $14 million payable over the period to 2005,
less outstanding finance related to the Carousel. The net
proceeds will be used for working capital purposes. The net
book value of the assets included in MyTravel's balance sheet
was GBP18 million at 30 September 2003. Operating losses before
taxation of GBP8 million were attributable to the three ships
for the year ending 30 September 2003. These arrangements are
conditional upon execution of agreements with banks providing
finance in respect of the vessels and the completion of certain
formalities. These conditions are expected to be satisfied
within a few weeks.
The arrangements with Louis concern three ships previously
operated by MyTravel's Sun Cruises business, namely Carousel,
Sunbird and Sundream. There will be a phased handover of the
three ships over the next four weeks, after which Louis will
operate them. Each of these ships will sail as normal until 26
September 2004, in the case of Sundream, 15 January 2005 in the
case of Sunbird, and May 2005 in the case of Carousel, with
departures as advertised. MyTravel will continue to sell Sun
Cruises holidays on these ships up to these dates.
MyTravel's remaining cruise ship, Seawing, operated by Sun
Cruises, is due to leave the fleet at the end of Summer 2004.
CONTACT: MYTRAVEL GROUP
Brunswick
William Cullum
Phone: 020 7404 5959
NETWORK RAIL: Rail Authority Suggests Merger
--------------------------------------------
Richard Bowker, the Strategic Rail Authority (SRA) chairman, has
proposed a radical shake-up of the rail industry to Transport
Secretary Alistair Darling, according to The Telegraph.
Under the proposal dubbed Bowker Rail part of SRA will merge
with Network Rail to create a holding company named National
Rail. The plan is aimed at forging a more cohesive relationship
between train companies and track operators, and solving budget
deficits in the industry.
National Rail will own two companies, track operator Network
Rail and another formed from the SRA's franchising wing. Like
Network Rail, National Rail would technically be a private
company.
The new arrangement will make its significant impact on train
operators, who will then become little more than contractors
since they will no longer keep the GBP4.5billion a year coming
into the industry from passenger fares. They just have to
collect the money and pass it to the National Rail, which will
hold the amount, paying the operators a fee for a fixed-term
contract. It would pay bonuses and penalties depending on
service quality.
This would allow National Rail to securitize farebox income,
raising long-term debt against it, the report said.
NORTHUMBRIAN WATER: Outlook Positive on Revenue Determination
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based water and sewerage company Northumbrian Services Ltd. and
its operating subsidiary, Northumbrian Water Ltd., to positive
from stable. The outlook revision is due to the company's
successful application to the U.K. water regulator, OFWAT, for
an interim determination of revenues, which resulted in a 10%
increase in revenues, the potential for a further improvement in
credit metrics following the next regulatory review, and the
improvement in short-term liquidity from the potential
completion of the Kielder Water financing.
At the same time, Standard & Poor's affirmed its 'BB+' long-term
corporate rating on Northumbrian Services and its 'BBB' long-
term corporate credit rating on Northumbrian Water.
The ratings on the Northumbrian group reflect its aggressive
post-floatation financial profile and uncertainty regarding
operating expenditure, capital expenditure, and return on
capital for the next regulatory period, and the relatively weak
liquidity position. These risks are offset by the strong
business profile of its regulated U.K. water and sewerage
operations.
Northumbrian's successful application for an interim
determination of revenue increase will lead to a 10% increase in
regulated revenues for the year from April 1, 2004, with
consequent improvements in cash flow metrics. If the company's
preferred plan for the next five-year regulatory period is
approved by OFWAT, cash flow interest and debt coverages are
expected to improve over the medium term to more than 2.5x and
more than 10%, respectively.
"Confirmation of regulatory revenues and capital expenditure
profiles for the next regulatory period substantially in line
with the company's preferred business plan could lead to the
ratings on the companies being raised by one notch," said
Standard & Poor's Infrastructure Finance credit analyst Paul
Lund. "Lower-than-anticipated regulatory revenues, significant
timing differences in spending profiles, or harsher-than-
expected efficiency measures, however, could lead to the rating
remaining unchanged."
Standard & Poor's will review the ratings on the Northumbrian
Group once the initial periodic review findings have been
released.
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
paul_lund@standardandpoors.com
william_ferara@standardandpoors.com
InfrastructureEurope@standardandpoors.com
PENCARE LIMITED: Winding Up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Pencare Limited
Company on March 31, 2004 held at the offices of Duncan Sheard
Glass, Castle Chambers, 43 Castle Street, Liverpool L2 9TL, the
subjoined Special Resolution to wind up the Company was passed.
Michael Dalziel Dye of Duncan Sheard Glass, Castle Chambers, 43
Castle Street, Liverpool L2 9TL has been appointed Liquidator
for the purpose of such winding-up.
CONTACT: DUNCAN SHEARD GLASS
Castle Chambers
43 Castle Street,
Liverpool L2 9TL
Contact:
Michael Dalziel Dye, Liquidator
P & PB: Hires Liquidators from Stoy Hayward
-------------------------------------------
At an Extraordinary General Meeting of the P & PB Limited
Company on March 29, 2004 held at Commercial Buildings, 11-15
Cross Street, Manchester, the subjoined Special Resolution to
wind up the Company was passed. Dermot Justin Power and David
Swaden of BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD have been appointed Joint
Liquidators for the purpose of such winding-up.
CONTACT: BDO STOY HAYWARD LLP
Commercial Buildings,
11-15 Cross Street,
Manchester M2 1BD
Contact:
Dermot Justin Power, Liquidator
David Swaden, Liquidator
SIMTEL COMMUNICATIONS: Meeting Set April 26
-------------------------------------------
There will be a Meeting of the unsecured Creditors of the Simtel
Communications Ltd on April 26, 2004 at 10:00 a.m. It will be
held at Grange Langham Court Hotel, 31-35 Langham Street,
Fitzrovia, London W1N 5RE.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at Menzies Corporate Restructuring, 17-19 Foley
Street, London W1W 6DW not later than 12:00 noon April 25, 2004.
CONTACT: MENZIES COPORATE RESTRUCTURING
17-19 Foley Street,
London W1W 6DW
Contact:
P Clark, Joint Administrative Receiver
SIXEIGHTFOUR LIMITED: Appoints Receivers from Bartlett House
------------------------------------------------------------
Name of Company: Sixefightfour Limited
Nature of Business: Taxi Operation
Trade Classification: 6022-Taxi Operation
Date of Appointment: April 2, 2004
Joint Administrative Receiver: BARTLETT HOUSE
9-12 Basinghall Street,
London EC2V 5NS
Receivers:
Stephen Cork
Anthony Murphy
(IP Nos 8627, 8716)
T A MANUFACTURING: Hires Begbies Traynor Administrator
------------------------------------------------------
Name of Company: T A Manufacturing Limited
Nature of Business: Manufacture of Steel Tubes
Trade Classification: 2722
Date of Appointment: April 1, 2004
Joint Administrative Receiver: BEGBIES TRAYNOR
1 Winckley Court,
Chapel Street, Preston,
Lancashire PR1 8BU
Receivers:
Gordon Craig
David Appleby
(IP Nos 0978, 8976)
TELEWEST COMMUNICATIONS: To Issue Common Stock in New Holding
-------------------------------------------------------------
Telewest Communications plc is proposing to implement its
financial restructuring to be effected through the issuance of
common stock in a new Delaware holding company, Telewest Global,
Inc. in exchange for cancellation of all of the notes issued by
Telewest and its wholly owned subsidiary, Telewest Finance
(Jersey) Limited and certain other connected claims. It is
anticipated that the financial restructuring will be implemented
by (amongst other things) schemes of arrangement to be promoted
by both companies. The liabilities compromised by the schemes
of arrangement will include claims arising out of, or in
connection with, the Notes, a guarantee given by Telewest of the
Notes issued by Telewest Jersey (the Guarantee) and an
intercompany loan from Telewest Jersey to Telewest (the
Intercompany Loan) by which the proceeds of the Notes issued by
Telewest Jersey were loaned to Telewest (each Scheme Claims).
Notice is hereby given that Telewest arid Telewest Jersey intend
to apply to the English High Court on 22 April 2004 and Telewest
Jersey intends to apply to the Jersey Royal Court on 23 April
2004 for leave to convene meetings of the holders of Scheme
Claims of the companies for the purposes of considering and if
thought fit, approving the schemes of arrangement. For further
information about this application, contact Freshfields
Brockhaus Deringer on (+44) 20 7936 4000 (reference NAG).
The details of the principal terms of the planned financial
restructuring are included in a copy of the latest draft of the
explanatory statement to the schemes of arrangement which is set
out on Telewest's Web site at http://www.telewestco.
It is anticipated that the schemes of arrangement will each
include a "bar date", which will be a date announced in due
course which is expected to be the day after the schemes of
arrangement become effective. Only Scheme Claims that are
notified to Telewest and Telewest Jersey before the bar date or
of which Telewest or Telewest Jersey are already aware will be
capable of being admitted in the schemes of arrangement.
Telewest and Telewest Jersey are already aware of the Scheme
Claims as to principal and interest of the existing holders of
the Notes, the Guarantee and the Intercompany Loan.
Other Scheme Claims that are not notified to Telewest or
Telewest Jersey (as appropriate) on or before the bar date will
be cancelled on the schemes of arrangement becoming effective
for no consideration.
Creditors with Scheme Claims other than those relating to
principal and interest of the existing holders of the Notes, the
Guarantee and the Intercompany Loan, should notify Telewest or
Telewest Jersey of the existence of such claims before the bar
date. Notifications of claims should be accompanied with the
information required in Part Ill, paragraph 4 of the explanatory
statement and should be sent to Clive Bums (tire Company
Secretary) by fax on (+ 44) 20 7299 5650 or registered post to
160 Great Portland Street, London W I W 5QA.
Once the bar date has been determined, it will be announced on a
Regulatory Information Service, advertised and included on
Telewest's Web site at http://www.telewestco.uk
A registration statement relating to the Telewest Global common
stock to be distributed to Telewest's shareholders (the
Registration anent) has been filed with the U.S. Securities and
Exchange Commission (the SEC) but has not yet become effective.
These securities may not be sold nor may offers to buy be
accepted prior to the time the Registration Statement becomes
effective. This announcement shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
such jurisdiction.
Telewest shareholders are advised to read the shareholders'
circular and prospectus, which forms a part of the Registration
Statement because it contains important information. Telewest
currently files, and Telewest Global anticipates that it will
file, annual and other periodic reports, statements and other
information with the SEC. You may read and copy any such
reports, statements or other information at the SECs public
reference rooms in Washington, DC, New York, New York and
Chicago, Illinois. Please call the SEC at I-800-SEC-0330 for
further information on the public reference rooms. Filings are
also available from commercial document retrieval services and
at the Web site maintained by the SEC at http://www.sec.gov
Telewest shareholders, noteholders and other investors may
obtain a free copy of the shareholders' circular and prospectus
and other documents filed by Telewest Global by directing such
request to Telewest Global, Ins., 160 Great Portland Street,
London W 1 W 5QA, England. Attention: Company Secretary
Telephone: +44 20 7299 5000.
TRANSBUS FLEET: Appoints Deloitte & Touche Administrator
--------------------------------------------------------
Name of Company: Transbus Fleet Management Limited
Nature of Business: Maintenance and Repair of Motors
Trade Classification: 5020
Date of Appointment: April 7, 2004
Joint Administrative Receiver: DELOITTE & TOUCHE LLP
180 Strand,
London WC2R 1WL
Receiver:
Nicholas James Dargan
(IP No 008024)
DELOITTE & TOUCHE LLP
Saltaire Court,
20 Castle Terrace,
Edinburgh EH1 0BR
Receiver:
John Charles Reid
(IP No 008556)
TROPEX LIMITED: Members Okay Voluntary Winding Up
-------------------------------------------------
At an Extraordinary General Meeting of the Tropex Limited
Company on April 1, 2004 held at the offices of The Bonalbo
Group, 4th Floor, 5 Costis Palamas Street, PO Box 29000, 2084
Nicosia, Cyprus, the Special Resolution to wind up the Company
was passed. Mark Levy of Berley, 76 New Cavendish Street,
London W1G 9TB has been appointed Liquidator for the purpose of
such winding-up.
CONTACT: BERLEY
76 New Cavendish Street,
London W1G 9TB
Contact:
Mark Levy, Liquidator
VANBOTS LIMITED: Appoints Numerica Administrator
------------------------------------------------
Name of Company: Vanbots U.K. Limited
Nature of Business: Design and Build Contractors
Trade Classification: 23-General Construction
Date of Appointment: April 6, 2004
Joint Administrative Receiver:
NUMERICA BUSINESS SERVICES LIMITED
Crown House,
37-41 Prince Street,
Bristol BS1 4PS
Receivers:
Simon Edward Jex Girling
Mark Peter Roach
(IP Nos 009283, 009231)
V F SPECIALIST: Meeting of Creditors Set April 22
-------------------------------------------------
There will be a Creditors Meeting of the V F Specialist Vehicles
Limited Company on April 22, 2004 at 10:00 a.m. It will be held
at Sargent & Company Limited, 36 Clare Road, Halifax HX1 2HX.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims at Sargent & Company Limited, 36 Clare Road, Halifax
HX1 2HX not later than 12:00 noon April 21, 2004.
CONTACT: SERGENT & COMPANY LIMITED
36 Clare Road,
Halifax HX1 2HX
Contact:
Peter Sargent, Administrator
VIS ENTERTAINMENT: BAM! Obtains Leeway to Pursue Planned Buyout
---------------------------------------------------------------
BAM! Entertainment, Inc. announced that it received a letter
from the Nasdaq Listing Qualifications Department indicating
that the Company's common stock will continue to be listed on
The Nasdaq SmallCap Market via an exception from the minimum
stockholders' equity/market value of listed securities/net
income requirement, as set forth in Nasdaq Marketplace Rule
4310(c)(2).
While the Company did not meet this requirement as of November
24, 2003, the date that the Company was provided with formal
notice of this deficiency, it has been granted a temporary
exception from this standard, expiring on May 17, 2004 and
subject to the Company meeting certain conditions. On or before
May 17, 2004, the Company must file its quarterly report on Form
10-Q for the three months ended March 31, 2004, which must
include a balance sheet with pro forma adjustments evidencing
the completion of the previously announced acquisitions of VIS
entertainment plc and SOE Development Limited and the private
placement of the Company's common stock in connection therewith
subsequent to March 31, 2004, resulting in a minimum of $18
million in stockholders' equity. In order to fully comply with
the terms of this exception, the Company must be able to
demonstrate compliance with all requirements for continued
listing on the Nasdaq SmallCap Market.
The Company believes that it can meet these conditions; however,
there can be no assurance that it will do so. In the event that
the Company fails to comply with any term of this exception, its
common stock will be delisted from The Nasdaq SmallCap Market.
If the Company's common stock should be delisted from The Nasdaq
SmallCap Market, it may continue to be listed on the OTC
Bulletin Board.
Effective with the open of business on April 15, 2004 and for
the duration of the exception, the Company's Nasdaq symbol will
be "BFUNC." The "C" will be removed from the symbol when the
Nasdaq Listing Qualifications Panel has confirmed compliance
with the terms of the exception and all other criteria necessary
for continued listing.
About BAM! Entertainment, Inc.
Founded in 1999 and based in San Jose, California, BAM!
Entertainment, Inc. is a developer, publisher and marketer of
interactive entertainment software worldwide. The company
develops, obtains, or licenses properties from a wide variety of
sources, including global entertainment and media companies, and
publishes software for video game systems, wireless devices, and
personal computers. More information about BAM! and its
products can be found at the company's web site located at
http://www.bam4fun.com
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Shareholders Total Working
Equity Assets Capital
Ticker (US$MM) (US$MM) (US$MM)
------ ----------- ------- --------
AUSTRIA
-------
Libro A.G. (111) 174 (182)
BELGIUM
-------
Carestel 178 (68)
Real Software 216 10
CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
Danek Praha Holding (89) 192 (2,186)
DENMARK
-------
Elite Shipping (28) 101 19
FRANCE
------
Banque Nationale
de Paris Guyane BNPG (41) 352 N.A.
BSN Glasspack (101) 1,151 179
Charbo de France 4,738 2,868
Compagnie Francaise de
l'Afrique Occidentale (65) 256 21
Cofidur S.A. (5) 102 19
Dollfus-Mieg 187 28
European Computer System (110) 682 377
Grande Paroisse S.A. (927) 629 330
Immobiliere Hoteliere (68) 233 29
Pneumatiques Kleber S.A. (34) 480 139
SDR Picardie (135) 413 N.A.
Sofal S.A. (305) 6,619 N.A.
Spie-Batignolles (16) 5,281 75
St Fiacre (FIN) (1) 111 (33)
Trouvay Cauvin TRCN (0) 134 10
Usines Chauson (23) 249 35
GERMANY
-------
Dortmunder
Actien-Brauerei DABG (13) 118 (29)
F.A. Guenther & Sohn A.G. GUSG (8) 111 N.A.
Kaufring A.G. KAUG (19) 151 (51)
Mania Technologi MNI (11) 101 (46)
Nordsee A.G. (8) 195 (31)
Schaltbau A.G. SLTG (16) 163 20
Vereinigter
Baubeschlag-Handel
Holding A.G. VBHG (24) 307 (63)
ITALY
-----
Binda S.p.A. BND (11) 129 (20)
Credito Fondiario
e Industriale S.p.A. CRF (200) 4,218 N.A.
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 610 46
Numico N.V. 2,030 83
United Pan-Euro Air UPC (5,266) 5,180 (8,730)
NORWAY
------
Pan Fish ASA 807 (259)
Petroleum-Geo Services PGO (32) 2,963 (5,250)
POLAND
------
Animex S.A. ANX (1) 108 (86)
Exbud Skanska S.A. EXBUF (9) 315 (330)
Media Capital 399 (85)
Mostostal Zabrze (6) 227 (366)
Stalexport S.A. (57) 229 (51)
RUSSIA
------
Kamchatskenergo 273 (7,870)
Zil Auto 333 (10,769)
SPAIN
-----
Altos Hornos de Vizcaya S.A. (116) 1,283 (278)
Santana Motor S.A. (46) 223 41
Sniace S.A. (11) 137 (34)
Tableros de Fibr 2,107 (125)
SWITZERLAND
-----------
Kaba Holding A.G. KABZN (47) 572 278
UNITED KINGDOM
--------------
Abbott Mead Vickers (2) 168 (16)
Alldays Plc (120) 252 (202)
Amey Plc (49) 932 (47)
Bonded Coach
Holiday Group Plc (6) 188 (44)
Blenheim Group (153) 198 (34)
Booker Plc BKRUY (60) 1,298 (8)
Bradstock Group BDK (2) 269 5
Brent Walker Group BWL (1,774) 867 (1,157)
British Nuclear Fuels Plc (2,627) 36,359 (1,948)
British Sky PLC 3,347 (144)
Center Parcs (UK)
Group Plc (77) 423 (227)
Compass Group CPG (668) 2,972 (298)
Costain Group 329 12
Dawson Holdings DWSN (29) 142 (29)
Dignity PLC 485 (76)
Easynet Group 323 38
Electrical and Music EMI
Industries Group (885) 3,053 (435)
Euromoney 167 2
Gallaher Group GLH (543) 6,304 116
Gartland Whalley (11) 145 (8)
Global Green Tech Group (156) 408 (18)
Heath Lambert
Fenchurch Group PLC (10) 4,109 (10)
HMV Group PLC HMV (211) 762 (66)
Intertek Testing Services ITRK (134) 508 77
IPC Media Ltd. (685) 254 16
Lambert Fenchurch Group (1) 1,827 3
Lattice Group (1,290) 12,410 (1,228)
Manchester City (17) 154 (21)
Misys PLC MSY (161) 949 41
Mytravel Group 2,551 (533)
Orange PLC ORNGF (594) 2,902 7
Rentokil Initial Plc RTO (1,130) 3,245 (68)
Saatchi & Saatchi SSI (119) 705 (41)
Seton Healthcare (11) 157 0
Yell Group PLC (196) 3,964 289
Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets. A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., 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 * * *