/raid1/www/Hosts/bankrupt/TCREUR_Public/041018.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
Monday, October 18, 2004, Vol. 5, No. 206
Headlines
F I N L A N D
BENEFON OYJ: Prices Rights Issue at EUR0.14 a Share
BENEFON OYJ: Appendix to Listing Prospectus Now Available
F R A N C E
ALCATEL: To Discuss Third-quarter Results Next Week
G E R M A N Y
CAATOOSEE AG: Reorientation Hits Full-year Results
GUSTAV BRAUNE: Administrator Takes over Operations
JENOPTIK AG: 'B+' Corporate Credit Rating on CreditWatch
KARSTADTQUELLE AG: Reaches Deal on Solidarity Plan
LA-TI LANDSCHAFTS: Under Bankruptcy Administration
NEUE VISION: Creditors Have Until Next Month to File Claims
PLANEN & BAUEN: Creditors' Meeting Set December
ROTHERMANN & CO.: Creditors' Claims Due November
SCHUHHAUS RICHARD: Hamburg Court Appoints Insolvency Manager
STICK-DRUCK: Succumbs to Bankruptcy
VIVA MEDIA: Buyer Works to Squeeze out Minority Shareholders
I R E L A N D
ELAN CORPORATION: To Release Third-quarter Report Next Week
K A Z A K H S T A N
KAZKOMMERTSBANK: Individual Rating Affirmed at 'C/D'
N E T H E R L A N D S
KENDRION N.V.: Sells GBP Ergonomics to Active Capital Subsidiary
VERSATEL TELECOM: Raises EUR20.8 Mln from Warrants Conversion
N O R W A Y
PETROLEUM GEO-SERVICES: Releasing Third-quarter Results November
STATOIL ASA: Fined NOK20 Million for Bribery Attempt in Iran
P O L A N D
NETIA SA: Shareholders Approve Internal Consolidation
NETIA SA: Appoints New Management Board Member
NETIA SA: Bares Share Capital Changes as of October
R U S S I A
ALEKSANDRA NEVSKOGO: Appoints Y. Gomerov Insolvency Manager
COMPLEX: Novgorod Court Appoints Insolvency Manager
CREAMERY PRIVOLZHSKIY: Declared Insolvent
KASP-FISH: Creditors Have Until Next Month to File Claims
TALITSA: Sets Deadline for Proofs of Claim
TRADE-INDUSTRIAL COMPANY: Court Appoints Insolvency Manager
S W I T Z E R L A N D
CONVERIUM AG: Keeps A.M. Best Ratings Following Rights Issue
U K R A I N E
BERISLAVPOSTACHBUT: Bankruptcy Supervision Starts
BOGODUHIV' LEATHER: Applies for Bankruptcy Proceedings
COMPUTERCENTRE: Proofs of Claim Deadline Set
INFOKOM-SERVICE: Declared Insolvent
KIBS: Temporary Insolvency Manager Moves in
KONTINENTAL-SERVICE: Under Bankruptcy Supervision
LEV: Court Assigns Insolvency Manager
PERVUHINSKE: T. Chagovets Appointed Liquidator
TOPILNO: Sets Deadline for Filing of Claims
U N I T E D K I N G D O M
ANGEL WAREHOUSE: Members Final Meeting Set Next Month
ARDYNE SCAFFOLDING: Final Meeting of Creditors Set
ARKESDEN LIMITED: Calls in Liquidator from Maxwell Davies
BRADBROOK PROPERTIES: Owners Agree to Dissolve Business
BUENA VISTA: Hires Begbies Traynor as Liquidator
CARRICK ROOFLINE: Court Appoints Interim Liquidator
CATERHAM CENTRES: Names Deloitte & Touche Liquidator
CHALFONT (KENSINGTON): Members' General Meeting Set
CHARNWOOD ROAD: Appoints KPMG Liquidator
CHOI LEISURE: Hires T. C. Evans as Liquidator
COMPUTER HIRE: Director Barred from Occupying Executive Post
COMPUTERSTORE.BIZ: First Liquidation Meeting Set this Week
CORUS GROUP: Selling EUR200 Million Senior Notes
CYBERLINE INTERNATIONAL: Calls First Creditors' Meeting
DUKERIES GP: Brings in Liquidator
DUNEDIN PROPERTY: Winding up Resolutions Passed
EAS PRINT: Members General Meeting Set Next Month
EIDOS PLC: Commandos Strike Force to Hit Market Next Year
EFFOX UK: Winding up Resolutions Passed
ELLIOTT FIRE: Appoints Joint Liquidator from Benedict Mackenzie
EPIC SKATE: Hires Poppleton & Appleby as Liquidator
FAMILY SUPPORT: In Administrative Receivership
FIRESEAL INTERNATIONAL: Calls in Liquidator
FLUID MANAGEMENT: Members Opt to Liquidate Company
GOODWOOD TRAVEL: Hires McCabe Ford Williams as Liquidator
HASCOMBE UNLIMITED: Names Liquidators from Kroll Limited
HOLYWELL INVESTMENTS: Members' Final Meeting Set Next Month
INTEGRATE TWO: To Receive Liquidator's Report November
JARVIS PLC: New Chief Executive Takes over Helm
JOHN DAVID: Reports GBP2.9 Million First-half Operating Loss
MARCONI CORPORATION: Sales in Line with Expectations
ROYAL & SUNALLIANCE: S&P Affirms 'BB+' Ratings of U.S. Business
SCALAR TECHNOLOGIES: Blair Nimmo Appointed Liquidator
SSD SCOTLAND: Filing of Claims Ends First Week of December
STRATHEARN ABERDEEN: Hires KPMG Liquidator
TIM THOMPSON: Members' Final Meeting Set
WRM LOGISTICS: Creditors Call in Liquidator
* Fitch: European Telecom Equipment Market Remains Challenging
*********
=============
F I N L A N D
=============
BENEFON OYJ: Prices Rights Issue at EUR0.14 a Share
---------------------------------------------------
As decided by the extraordinary general meeting on Sept. 30, the
subscription price in Benefon's shareholders' rights issue of
October 2004 will be determined as the trading volume weighted
average price of the company's share over the period Sept. 22 to
Oct. 8 discounted by 15% and rounded down to nearest full
eurocent but not more than the previously decided EUR0.22649839.
According to the information provided by Helsinki Exchanges, the
trading volume weighted average price of the Company's S-share
in period Sept. 22 to Oct. 8 was EUR0.172943959. Therefore, the
subscription price per share in the Rights Issue has been
determined to be EUR0.14.
The subscription period reserved for the entitled shareholders
and recipients of transferred right will begin on Oct. 15 and
end on Oct. 29.
With the same, the Company provides these approximate advance
information about the just ended third quarter July to Sept.
2004:
(a) The net sales were about EUR1.8 million which was about
EUR0.1 million more than the net sales in the prior quarter;
(b) The operating profit before one-off items was about -EUR0.5
million which was about EUR0.4 million better than the
corresponding operating profit in the prior quarter;
(c) In the said interim financial statements from Jan. to Sept.
2004 the Company will write off uncertain receivables caused
by the implemented changes in the distribution network worth
about EUR0.25 million, in addition to which the Company will
implement an additional write-off of the inventories,
totaling about EUR0.85 million, caused by the faster than
planned run-down of old NMT production and by the lower than
planned over-all sales in the first half of 2004. With this
correction that naturally does not affect the cash situation
of the company, the inventory valuation is updated after the
write-offs of EUR7.7 million made in the financial
statements from fiscal year 2003.
As announced earlier, the actual third-quarter interim report
Jan. to Sept. 2004 will be made public on Nov. 23, 2004.
Benefon Oyj
Tomi Raita
CEO
BENEFON OYJ: Appendix to Listing Prospectus Now Available
---------------------------------------------------------
The first one-page complement to the Finnish-language listing
prospectus for the shareholders' rights issue of Benefon Oyj is
available as a PDF file at http://www.benefon.com. The
prospectus covers the market bulletin of Oct. 11 about
subscription price and advance information about third-quarter
results.
The complement is also available on request as a PDF-file over
e-mail. Requests should be e-mailed to minna.suokas@benefon.fi.
The listing prospectus is available at no cost also as a paper
in:
(a) Company head office in address Meriniitynkatu 11, 24100,
Salo, Finland;
(b) HEXgate in address Fabianinkatu 14, 00130 Helsinki, Finland
(from Oct. 13, 2004 onwards)
In addition, the complement has also been delivered to the
following Finnish offices of Nordea Pankki Suomi Oyj:
Salo Turuntie 4
Helsinki Aleksanterinkatu 30
Turku Kauppiaskatu 9B
Tampere Hameenkatu 22
Oulu Kirkkokatu 6
===========
F R A N C E
===========
ALCATEL: To Discuss Third-quarter Results Next Week
---------------------------------------------------
Alcatel will publish its third-quarter financial results on
Thursday, October 28, 2004.
The press release will be available at
http://www.alcatel.comor http://www.alcatel.frat approximately
7:45 a.m.
Alcatel's analyst conference call will begin at 1:00 p.m. A
live audio Web cast accompanied by a slide presentation will be
available at http://www.alcatel.com/3q2004or at
http://www.alcatel.fr/3q2004. Media representatives and
analysts willing to ask questions during the Q&A session may
dial in and request the "Alcatel teleconference."
(a) From the U.S.: 888 428 4479
(b) International: + 1 612 326 1011
We advise you to dial in 15 minutes before the start of the
conference call.
The conference call will be available for replay from October
28, 2004, 6:15 p.m. to November 11, 2004, 12:00 a.m. at the
following call-in numbers:
(a) From the U.S.: 800 475 6701 (passcode: 49890)
(b) International: +1 320 365 3844 (passcode: 49890)
A press conference for media and journalists will be held, as
usual, at Alcatel Headquarters, 54 rue La Boetie, Paris 75008,
at 8:30 a.m. Please note that a passport or identity card will
be requested at reception.
About Alcatel
Alcatel (Paris: CGEP.PA and NYSE: ALA) provides communications
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees. Alcatel brings
its leading position in fixed and mobile broadband networks,
applications and services, to help its partners and customers
build a user-centric broadband world. With sales of EUR12.5
billion in 2003, Alcatel operates in more than 130 countries.
* * *
Fitch Ratings upgraded this month Alcatel Senior Unsecured
rating to 'BB' from 'BB-' and changed its rating Outlook to
Positive from Stable.
The rating agency said the action reflects Alcatel's improving
financial profile in recent quarters, the early signs of
recovery in a number of Alcatel's markets and the strong
liquidity maintained by the company. Alcatel is nearing the
completion of its cost base restructuring, and with revenues
streams starting to level out, the company is increasingly
expected to be profitable both at an operating and net income
level.
CONTACT: ALCATEL
54, rue La Boetie
75008 Paris, France
Phone: +33 1 40 76 10 10
Fax: +33 1 40 76 14 05
Web site: http://www.alcatel.com
=============
G E R M A N Y
=============
CAATOOSEE AG: Reorientation Hits Full-year Results
--------------------------------------------------
In the last fiscal year (April 2003 to March 2004), the IT
Service and Software provider caatoosee faced a major decline of
revenues and a high loss which can be traced back to a large
extent to one-off effects due to the recapitalization of the
company. The conducted strategic adjustments led to additional
write-downs in the balance sheet without liquidity impact.
Sales declined to EUR25.8 million (previous year EUR40.2
million), gross profit to EUR6.2 million (previous year EUR10.5
million). EBITDA was -EUR3.9 million before depreciation and
restructuring costs. The operating loss before value
adjustments totaled EUR10.2 million (previous year EUR8.8
million) including restructuring costs of EUR3.9 million.
Write-downs of EUR13.7 million on the carrying amount of an
equity investment led to an operating loss of EUR23.9 million
(previous year EUR22.8 million). The result for the fiscal year
was -EUR24.8 million (previous year -EUR26.7 million).
Calculated on the basis of 17,766,503 shares, the loss per share
amounted to EUR1.40 (previous year EUR1.53).
Total assets declined to EUR19.6 million (previous year EUR55.3
million) at March 31, 2004. Shareholders' equity totaled EUR2.0
million (previous year EUR28.3 million), an equity ratio of 10
%. At the end of the fiscal year financial liabilities
accounted for EUR1.2 million. The number of employees declined
from 707 in the preceding year to 459 as of March 31, 2004.
The caatoosee ag management board confirms more than half of the
share capital lost at March 31, 2004 according to S92 Abs. 1
AktG. The convening of the general meeting and the related
reporting has been initiated.
Caatoosee intends to consolidate its business with the IT
division of Jenoptik subsidiary M+W Zander. This shall be
conducted by integrating the M+W Zander subsidiary Teraport GmbH
into the listed caatoosee AG by means of a capital increase
through contribution in kind. According to provisional
valuations, M+W Zander would hold around 70% of the shares of
caatoosee AG.
The integration of Teraport GmbH is subject to the approval of
the Annual General Meeting of caatoosee AG and consent of the
Supervisory Board of M+W Zander Holding AG, as well as to the
approval by the Federal Anti-trust Office and the release from
the obligation to submit a mandatory offer by the German
Federal Financial Services Regulatory Authority (BaFin).
The IT activities of M+W Zander have been bundled in Teraport
GmbH, which offers IT Consulting, Services and Outsourcing
primarily for the engineering sector.
Teraport has 80 employees and accounts for EUR22 million
revenues with a sound profitability. The service offering and
markets of Teraport and caatoosee complement one another and
would provide promising business opportunities.
The Management Board
CONTACT: CAATOOSEE AG
Stefan Ahrens
Riedwiesenstrasse 1
D-71229 Leonberg
Phone: + 49 (0) 7152.355-6616
Fax: + 49 (0) 7152.355-6660
E-mail: stefan.ahrens@caatoosee.com
Web site: http://www.caatoosee.com
GUSTAV BRAUNE: Administrator Takes over Operations
--------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against Gustav Braune Facility Management GmbH on
Sept. 21. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
Dec. 20, 2004 to register their claims with court-appointed
provisional administrator Dr. Petra Hilgers.
Creditors and other interested parties are encouraged to attend
the meeting on Nov. 18, 2004, 9:30 a.m. at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on Jan. 20, 2005, 9:20 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.
CONTACT: GUSTAV BRAUNE FACILITY MANAGEMENT GMBH
Leibnizstr. 23,10625 Berlin
Dr. Petra Hilgers, Insolvency Manager
Goethestr. 85, 10623 Berlin
JENOPTIK AG: 'B+' Corporate Credit Rating on CreditWatch
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Germany-based engineering group Jenoptik AG, including its 'B+'
corporate credit rating, on CreditWatch with negative
implications.
The CreditWatch placement follows Jenoptik's AG recent
announcement of the potential acquisition of Caatoosee AG, a
German software maker. The proposed transaction would be
carried out by means of a capital increase through a
contribution in kind. Jenoptik is currently carrying out a due
diligence for this proposal.
"Although the takeover discussions are at a preliminary stage
and no decisions have yet been taken, it is expected that a
potential acquisition would result in a more aggressive
financial profile," said Standard & Poor's credit analyst Peter
Tuving.
Owing to the fact Caatoosee has reported six consecutive years
of losses, with a net loss of about EUR25 million for the full
year ended March 2004, Standard & Poor's expects that Jenoptik's
cash flow protection measures could deteriorate following an
acquisition. This would contradict Standard & Poor's previous
expectation that the group would gradually improve its currently
very weak financial profile, which is not in line with the
rating.
Standard & Poor's will closely follow developments at Jenoptik,
and update the CreditWatch placement if a decision to acquire
Caatoosee is taken or additional relevant information is
provided.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com.
It can also be found on Standard & Poor's public Web site at
http://www.standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
E-mail: CorporateFinanceEurope@standardandpoors.com
London Ratings Desk
Phone: (44) 20-7176-7400
London Press Office Hotline
Phone: (44) 20-7176-3605
Paris
Phone: (33) 1-4420-6708
Frankfurt
Phone: (49) 69-33-999-225
Stockholm
Phone: (46) 8-440-5916
Moscow
Phone: (7) 095-783-4017.
European Press Office
E-mail: media_europe@standardandpoors.com
JENOPTIK A.G.
Carl-Zeiss-Strasse 1
07739 Jena, Germany
Phone: +49-3641-65-0
Fax: +49-3641-42-4514
Web site: http://www.jenoptik.com
KARSTADTQUELLE AG: Reaches Deal on Solidarity Plan
--------------------------------------------------
On Thursday, the KarstadtQuelle Group made decisive progress in
the implementation of its restructuring and realignment concept.
The most important aspects of the Solidarity Agreement promoted
by the Management Board between workers, management,
shareholders and banks have been fulfilled.
Negotiations with worker representatives were successfully
concluded Thursday. Agreement was reached on projected cost
savings of EUR760 million.
Combined with this agreement, the Board of Management expects
the projected turnover to be back on track again, after having
suffered unexpectedly lower sales since the beginning of October
in the mail-order business. The management believes that this
slippage from plan is only temporary, mainly caused by
negotiations with workers and the related press comments.
In addition, the Management Board and Supervisory Board set the
course for a capital increase in the current financial year. At
the Supervisory Board meeting the Management and Supervisory
Boards decided to call an extraordinary AGM for KarstadtQuelle
AG Group on November 22, 2004.
The Annual General Meeting is expected to decide to increase the
Group's share capital by EUR238,185,920 from EUR301,459,904 to
EUR539,645,824 by issuing 93,041,375 new shares against cash
contributions. The new shares are expected to be underwritten
by members of a banking consortium with the undertaking that
they are offered for subscription to shareholders at a ratio of
8 per 7 (for eight old shares seven new shares can be subscribed
to).
The final subscription price will be set shortly before the
start of the subscription period (probably the end of November
2004) in accordance with the current market level at the time.
The desired issuing proceeds of at least EUR500 million will be
reached if the final subscription price is set at EUR5.38 per
share.
If the capital increase due to be agreed by the AGM on November
22, 2004 is not sufficient to ensure issuing proceeds of at
least EUR500 million, the Management Board may, with the consent
of the Supervisory Board, issue additional new shares from the
existing approved capital and offer these to the share-holders
for subscription at the same subscription price.
In this case, the subscription ratio will comply with the ratio
of the number of subscription-entitled no-par value shares to
the number of all newly issued no-par value shares.
The members of a banking consortium under the leadership of ABN
AMRO N.V. and the Dresdner Bank AG have undertaken, under the
usual reservations, to underwrite the new shares at a minimum
price of EUR4. If the final subscription price is not higher
than the minimum subscription price, there will be a fixed
subscription ratio of approximately 6 per 7 for all new shares
being issued: (for six old shares, seven new shares can be
bought).
Voting shareholders, Madeleine Schickedanz and Allianz AG along
with associated companies have agreed in principle to buy new
shares amounting to around EUR280 million with the capital
increase. This agreement, like that of the underwriting banks,
is dependent on the condition that the Group obtains a committed
3-year term loan from banks of around EUR1.75 billion.
The negotiations between the Group and the lending banks are
going well and are at an advanced stage.
Essen, 14 October 2004
The Management Board
* * *
NOT FOR DISTRIBUTION IN THE UNITED STATES
CONTACT: KARSTADTQUELLE A.G.
Theodor-Althoff-Str. 2
D-45133 Essen
Phone: +49-201-727-1
Fax: +49-201-727-5216
Web site: http://www.karstadtquelle.com
LA-TI LANDSCHAFTS: Under Bankruptcy Administration
--------------------------------------------------
The district court of Berlin-Charlottenburg opened bankruptcy
proceedings against La-Ti Landschafts- und Tiefbau GmbH on Sept.
23. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until Jan. 3,
2005 to register their claims with court-appointed provisional
administrator Rolf Nacke.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 9, 2004, 9:00 at which time the
administrator will present his first report of the insolvency
proceedings. The court will verify the claims set out in the
administrator's report on Feb. 3, 2005, 9:30 a.m. at the
district court of Charlottenburg Amtsgerichtsplatz 1, 14057
Berlin, II. Stock Saal 218.
CONTACT: LA-TI LANDSCHAFTS- UND TIEFBAU GMBH
Schkopauer Ring 5,12681 Berlin
Rolf Nacke, Insolvency Manager
Gross-Berliner Damm 73 c, 12487 Berlin
NEUE VISION: Creditors Have Until Next Month to File Claims
-----------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against forwarding company Neue Vision Logistik GmbH on Sept.
21. Consequently, all pending proceedings against the company
have been automatically stayed. Creditors have until Nov. 19,
2004 to register their claims with court-appointed provisional
administrator Stephan Neubauer.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 20, 2004, 9:00 a.m. at the insolvency court
of Hamburg Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene
(Zi. 2.18) at which time the administrator will present his
first report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: NEUE VISION LOGISTIK GMBH
c/o JAMO, Dessauer Strasse 2-4, 20457 Hamburg
Contact:
Aldona Koschnik
Stephan Neubauer, Insolvency Manager
Spitalerstrasse 4, 20095 Hamburg
Phone: 334010
Fax: 33401521
PLANEN & BAUEN: Creditors' Meeting Set December
-----------------------------------------------
Creditors and other interested parties in construction firm
Planen & Bauen Gesellschaft fur schlusselfertiges Bauen mbH are
encouraged to attend a meeting on Dec. 1, 2004, 9: a.m. at, Saal
D131, Amtsgericht Dresden, Olbrichtplatz 1, 01099 Dresden for
the administrator's first insolvency proceedings report. Planen
& Bauen has been under bankruptcy proceedings since September 8.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.
CONTACT: PLANEN & BAUEN GESELLSCHAFT FUR SCHLUSSELFERTIGES
BAUEN MBH
Barnsdorfer Str. 179 in 01127 Dresden
TIEFENBACHER
Frank Rudiger Scheffler, Insolvency Manager
C.-D.-Friedrich-Str. 6, 01219 Dresden
Web site: http://www.tiefenbacher.de
ROTHERMANN & CO.: Creditors' Claims Due November
------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Rothermann & Co. Gesellschaft mit beschrankter Haftung
on Sept. 21. Consequently, all pending proceedings against the
company have been automatically stayed. Creditors have until
Nov. 10, 2004 to register their claims with court-appointed
provisional administrator Herbert Durkop.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 13, 2004, 9:00 a.m. at the district court of
Hamburg Insolvenzgericht, Weidestrasse 122d, 22083 Hamburg, Saal
1, 2. Ebene (Zi. 2.18) at which time the administrator will
present his first report of the insolvency proceedings. The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.
CONTACT: ROTHERMANN & CO. GESELLSCHAFT MIT BESCHRŽNKTER HAFTUNG
Fischertwiete 2, 20095 Hamburg
Contact:
Jan-Hermann Rothermann, Manager
Herbert Durkop, Insolvency Manager
Neuer Wall 86, 20354 Hamburg
Phone: 040/361307-0
SCHUHHAUS RICHARD: Hamburg Court Appoints Insolvency Manager
------------------------------------------------------------
The district court of Hamburg opened bankruptcy proceedings
against Schuhhaus Richard Werner GmbH & Co. KG on Sept. 20.
Consequently, all pending proceedings against the company have
been automatically stayed. Creditors have until Nov. 3, 2004 to
register their claims with court-appointed provisional
administrator Hendrik Rogge.
Creditors and other interested parties are encouraged to attend
the meeting on Dec. 3, 2004, 9:15 a.m. at the insolvency court
of Hamburg Weidestrasse 122d, 22083 Hamburg, Saal 1, 2. Ebene
(Zi. 2.18) at which time the administrator will present his
first report of the insolvency proceedings. The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.
CONTACT: SCHUHHAUS RICHARD WERNER GMBH & CO. KG
Steindamm 10, 20099 Hamburg
SCHUHHAUS WERNER MBH
Steindamm 10, 20099 Hamburg
Christian Werner, Manager
Hendrik Rogge, Insolvency Manager
Albert-Einstein-Ring 15, 22761 Hamburg
Phone: 897186-0
Fax: 897186-11
STICK-DRUCK: Succumbs to Bankruptcy
-----------------------------------
The district court of Wilhelmshaven opened bankruptcy
proceedings against Stick-Druck-Gravur automatisierte,
computergestutzte Arbeiten GmbH on Sept. 17. Consequently, all
pending proceedings against the company have been automatically
stayed. Creditors have until Dec. 28, 2004 to register their
claims with court-appointed provisional administrator Ernst
Schroder.
Creditors and other interested parties are encouraged to attend
the meeting on Jan. 18, 2005, 10:30 a.m. at the district court
of Wilhelmshaven, Altbau, Marktstrasse 15, 26382 Wilhelmshaven
at which time the administrator will present his first report of
the insolvency proceedings. The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.
CONTACT: STICK-DRUCK-GRAVUR AUTOMATISIERTE, COMPUTERGESTUTZTE
ARBEITEN GMBH
Ladestr. 38, 26389 Wilhelmshaven
Brigitte Meyer, Manager
Albrecht-Brahms-Strasse 9A, 26452 Sande
Ernst Schroder, Insolvency Manager
Montsstr. 12, D-26382 Wilhelmshaven
Phone: 04421/15060
Fax: 04421/150678
VIVA MEDIA: Buyer Works to Squeeze out Minority Shareholders
------------------------------------------------------------
Viacom Holdings Germany LLC informed VIVA Media AG that, taking
into account the shares for which its public tender offer was so
far accepted during the additional acceptance period pursuant to
sec. 16 para. 2 Securities Acquisition and Takeover Act, it
holds probably more than 95% of the share capital of VIVA Media
AG and that it anticipates submitting this week a request
pursuant to sec. 327 a Stock Corporation Act to have the
minority shareholders' shares transferred to Viacom Holdings
Germany LLC (Squeeze Out).
Viacom Holdings Germany LLC announced in the offer document of
the public tender offer that the results of the public tender
offer would be published at the latest October 15, 2004.
In addition, Viacom Holdings Germany LLC and VIVA Media AG
intend to enter into a domination agreement. An extraordinary
shareholders' meeting of VIVA MEDIA AG, which is expected to be
held still this year, will pass the decision on the Squeeze Out
and on the approval of the domination agreement.
The Squeeze Out is effected against an adequate cash
compensation to be paid by Viacom Holdings Germany LLC; the
domination agreement also has to provide for an adequate cash
compensation. Viacom Holdings Germany LLC and VIVA Media AG
anticipate that, subject to the review by the expert to be
appointed by the court, the cash compensation for the squeeze
out and the domination agreement will be fixed corresponding to
the offer price at EUR12.65.
* * *
In June, Viva Media executives agreed to sell a majority stake
in the troubled German broadcaster to Viacom. The transaction
is worth EUR310 million and involves 75.5% of Viva, sources
said.
The acquisition will give Viacom a dominant position in
Germany's music broadcasting industry. It will also strengthen
its position in countries such as the Netherlands and Poland.
Viva's largest shareholders, which include the media groups Time
Warner and Vivendi Universal, have yet to formally approve the
deal.
Time Warner and Vivendi Universal, which control almost 46% of
Viva's equity, decided to sell their holdings after finding the
business no longer strategic. Viva has struggled to retain its
ratings, but was recently overtaken by Viacom's MTV channel.
Viacom is expected to make an offer to Viva's remaining public
shareholders and take full control of Viva Plus, Viva's loss-
making second German channel.
CONTACT: VIVA MEDIA A.G.
Schanzenstrasse 22
D-51063 Cologne
Christoph Ahmadi
Investor Relations
Phone: +49(0) 221-6509-2300
E-mail: ir@vivamediaag.com
Web site: http://www.vivamediaag.com
=============
I R E L A N D
=============
ELAN CORPORATION: To Release Third-quarter Report Next Week
-----------------------------------------------------------
Elan Corporation Plc announced it will host a conference call on
Thursday, October 28, 2004 at 8:30 a.m. (Eastern Time, ET)(1:30
p.m. British Summer Time, BST) with the investment community to
discuss Elan's third quarter 2004 financial results, which will
be released before the U.S. and European financial markets open.
Live audio of the conference call will be simultaneously
broadcast over the Internet and will be available to investors,
members of the news media and the general public.
This event can be accessed by visiting http://www.elan.comand
clicking on the Investor Relations section, then on the event
icon.
Following the live Web cast, an archived version of the call
will be available at the same Web site.
About Elan
Elan is a neuroscience-based biotechnology company that is
focused on discovering, developing, manufacturing, selling and
marketing advanced therapies in neurodegenerative diseases,
autoimmune diseases and severe pain. Elan's (NYSE:ELN) shares
trade on the New York, London and Dublin Stock Exchanges.
CONTACT: ELAN CORPORATION PLC
Lincoln House, Lincoln Place
Dublin, 2, Ireland
Phone: +353-1-709-4000
Fax: +353-1-662-4949
Web site: http://www.elan.com
Emer Reynolds
Investor Relations
Phone: 353-1-709-4000
800-252-3526
Anita Kawatra
Media Relations
Phone: 212-407-5740
800-252-3526
===================
K A Z A K H S T A N
===================
KAZKOMMERTSBANK: Individual Rating Affirmed at 'C/D'
----------------------------------------------------
Fitch Ratings on October 14, assigned Kazkommerts International
B.V.'s upcoming issue of senior notes an expected Long-term 'BB'
rating. The notes are to be guaranteed by Kazakhstan-based
Kazkommertsbank (KKB). At the same time, Fitch has affirmed
KKB's ratings at Long-term 'BB', Short-term 'B', Individual
'C/D' and Support '3'. The Outlook on the Long-term rating is
Stable.
The rating on the notes is in line with KKB's Long-term 'BB'
rating. The noteholder's claims will rank at least pari passu
with the claims of all other unsecured and unsubordinated
creditors of KKB, except as otherwise provided for by law. In
addition there is a cross default clause and a negative pledge
clause, although securitization of assets up to a total of 15%
of KKB's gross loans is permitted. Were such a deal to be
undertaken, Fitch comments that the nature and the extent of any
over-collateralization would be assessed by the agency for any
potential impact on unsecured creditors.
Fitch notes that KKB's ratings reflect its track record of good
profitability and risk management, and strong franchise in
Kazakhstan. However, they also take into account the difficult,
albeit improving, operating environment, the potential credit
risk associated with rapid loan growth, and the relatively high
level of concentration in customer lending and funding.
KKB's profitability is solid. Although lending margins have
fallen due to competition, particularly in the large corporate
market, increased lending to SMEs and individuals helped. In
addition, although fee and commission income grew, performance
for most of 2003 was negatively affected by a greater percentage
of lower-earning, liquid assets on the balance sheet following
the large Eurobond issued in H103, and a higher tax charge. The
cost/income ratio remained satisfactory. Margins are likely to
remain under pressure from competition, and as a greater
proportion of funding is obtained from relatively more expensive
retail deposits. In addition, future tax charges are more
likely to be at the higher levels seen in 2003 than in previous
years.
Rapid loan growth in 2003 and H104 came from existing large
corporate clients and new SME and individual clients. The
maturity of the loan portfolio is relatively long-term, but
concentration by customer, while considerable by international
standards, is not particularly high for a CIS bank. KKB's loan
loss reserves (LLR)/gross loans ratio is not strong, in view of
its rapid loan growth, focus on SMEs and the difficult operating
environment.
Customer funding remains short-term, but the issue of the
Eurobond extended the maturity profile of its funding book.
Liquidity is reasonable. Capitalization has traditionally been
adequate at KKB, helped by good internal capital generation.
However, rapid balance sheet growth, coupled with an increased
reliance on retained earnings to grow capital, may see capital
ratios falling in 2004 and 2005.
KKB is the largest Kazakhstani commercial bank by assets and
equity. It has historically focused on large corporates, but
SME and retail banking now accounts for a significant part of
its balance sheet. The principal shareholders of KKB together
hold a 52% stake. Some of these shareholders also have
substantial industrial interests. The European Bank for
Reconstruction and Development acquired a 15% stake in KKB
through a share issue in H103.
* * *
Fitch Ratings corrects the version issued on October 13, 2004,
which incorrectly stated in the second paragraph that a
securitization of loans is permitted. It should read
securitization of assets.
CONTACT: KAZKOMMERTSBANK
135 zh, Gagarin Avenue,
Almaty 480060
Phone: (7 10 3272) 585-101
Fax: (7 10 3272) 585-281
507-072
Swift: KZKO KZKX
Telex: 251304 TIMUR KZ
E-mail: Osartayev@kkb.kz
Web site: http://www.kazkommertsbank.com
UK Representative Office
3rd Floor Broughton House
6-8 Sackville St.
London W1S 3DG
Phone: +44 207 494 6061
Fax: +44 207 494 6070
FITCH RATINGS
Alexander Giles
London
Phone: + 44 20 7417 6330
Philip Smith
Phone: + 44 20 7417 4340
=====================
N E T H E R L A N D S
=====================
KENDRION N.V.: Sells GBP Ergonomics to Active Capital Subsidiary
----------------------------------------------------------------
Kendrion N.V. has reached an agreement concerning the sale of
GBP Ergonomics AB (Sweden and England).
GBP manufactures ergonomic production tables for the
telecommunications and electronic industry, has a turnover of
approximately EUR10 million and 80 employees. The activities
are acquired by a subsidiary of Active Capital AB, a listed
Swedish investment company. The actual transfer of the company
is expected to take place on short term.
The transaction fits within the scope of Kendrion's decision to
divest its non-core activities to which GBP Ergonomics belongs.
Completion of this transaction is again an important step in the
realization of Kendrion's strategy aimed at the return on
investment recovery.
About Kendrion N.V.
Kendrion N.V. is an international company, which has around
3,200 employees in 16 European countries.
Kendrion aims at niche market leadership in business-to-business
markets. Kendrion develops high quality industrial components
and provides services in the field of plastic semi-manufactures
and fasteners. Motivated local entrepreneurship, quality
management in the broadest sense and logistic expertise are
characteristic of Kendrion.
Kendrion stock is listed on the Euronext Amsterdam stock
exchange and included in the Euronext index NextPrime.
* * *
Kendrion realized a net loss of EUR6.8 million in the first half
year 2004 as compared with EUR44.7 million for the first half
year 2003. Excluding non-recurring financing charges in
connection with the financial position of Kendrion, costs
related to the intended financial restructuring, and impairments
and book profits, underlying net profit amounts to EUR5.6
million (2003: EUR6.3 million).
Excluding Automotive Plastics and exceptional items, net result
for the first half 2004 was EUR6.2 million (2003: EUR4.9
million), a rise of 27% thereby further increasing the quality
of the profit of the core activities.
Kendrion booked a net loss of EUR104.9 million in 2003.
Economic recovery in the most important home markets for
Kendrion failed to appear. The fourth quarter was particularly
disappointing, primarily for its activities in the German
automobile industry.
CONTACT: KENDRION N.V.
Utrechtseweg 46
3700 AX Zeist
Netherlands
Phone: +31 30 699 72 50
+31 30 695 11 65
Web site: http://www.kendrion.com
VERSATEL TELECOM: Raises EUR20.8 Mln from Warrants Conversion
-------------------------------------------------------------
Versatel Telecom International N.V. announced that approximately
66.6 million of its Euronext Amsterdam warrants (ISIN
NL0000437952) have been converted into approximately 13.9
million new ordinary shares of Versatel. As a result, Versatel
has received approximately EUR20.8 million in cash proceeds. The
warrants were exercisable until October 11, 2004.
About Versatel
Versatel Telecom International N.V. (Euronext: VRSA). Versatel,
based in Amsterdam, is a competitive communications network
operator and a leading alternative to the former monopoly
telecommunications carriers in its target market of the
Netherlands, Belgium and Germany. Founded in October 1995, the
Company holds full telecommunication licenses in The
Netherlands, Belgium and Germany and has over 1 million
customers and approximately 1,900 employees.
Versatel operates a facilities-based local access broadband
network that uses the latest network technologies to provide
business customers with high bandwidth voice, data and Internet
services. Versatel is a publicly traded company on Euronext
Amsterdam under the symbol VRSA.
* * *
Versatel's net loss for the quarter ended June 30, 2004 was
EUR4 million compared with a net loss of EUR12 million in 2Q03
and a net loss of EUR7 million in 1Q04.
CONTACT: VERSATEL N.V.
AJ Sauer
Corporate Finance & Investor Relations Manager
Phone: +31-20-750-1231
E-mail: aj.sauer@versatel.nl
Anoeska van Leeuwen
Director Corporate Communications
Phone: +31-20-750-1322
E-mail: anoeska.vanleeuwen@versatel.nl
===========
N O R W A Y
===========
PETROLEUM GEO-SERVICES: Releasing Third-quarter Results November
----------------------------------------------------------------
Petroleum Geo-Services A.S.A. (PGS) (OSE: PGS; OTC: PGEOY) will
report its 2004 third quarter financial results on Tuesday,
November 30, 2004. These results are expected to be prepared in
accordance with Norwegian GAAP.
As previously disclosed, PGS expects to complete its financial
statements prepared in accordance with accounting principles
generally accepted in the United States (U.S. GAAP) and to file
its Annual Report on Form 20-F for the year ended December 31,
2003, around the end of October 2004. At the time of this
filing PGS will provide information on the expected timing for
providing its quarterly financial statements on U.S. GAAP basis.
Details regarding the Company's scheduled Web cast, conference
call and other activities related to its third quarter financial
results will be announced at a later date.
* * *
Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services. PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation. PGS owns and operates
four floating production, storage and offloading units and owns
a small oil and gas company. PGS operates on a worldwide basis
with headquarters in Oslo, Norway. For more information on
Petroleum Geo-Services visit http://www.pgs.com.
CONTACT: PETROLEUM GEO-SERVICES A.S.A.
Strandveien 4
1325 Lysaker, Norway
Phone: +47-6752-6400
Fax: +47-6753-6883
Web site: http://www.pgs.com
Ola Bosterud
Sam R. Morrow
Svein T. Knudsen
Phone: +47 6752 6400
Suzanne M. McLeod
Phone: +1 281-589-7935
STATOIL ASA: Fined NOK20 Million for Bribery Attempt in Iran
------------------------------------------------------------
The Board of Statoil A.S.A. (OSE: STL, NYSE: STO) accepted the
penalty in the Horton case of NOK20 million imposed by the
National Authority for Investigation and Prosecution of Economic
and Environmental crime in Norway (Okokrim). Statoil has
accepted the penalty without admitting or denying the charges by
Okokrim.
The basis for the penalty is that the consultancy agreement
established in June 2002 with the company Horton Investments
Ltd., covering business activities in Iran, is judged to be a
violation of section 276c, first paragraph (b) of the Norwegian
Penal Code. This deals with conferring on or offering to a
middleman an improper advantage in return for exercising his
influence against a decision-maker, without the decision-maker
receiving any advantage. In force from July 4, 2003, this is a
new provision and no case law has been developed in relation to
it.
Okokrim did not pursue the original charge, that Statoil paid
bribes to Iranian decision makers with the intention of securing
commercial advantages in Iran, in the penalty notice of June
2004.
The Board's decision means that Statoil will not challenge
Okokrim's application of section 276c in court, even though this
statute was enacted after the Horton contract was entered into.
The reason for this is that such a challenge would entail a
demanding and prolonged legal process, with further strain on
the Statoil organization. The Horton case led to the
resignations of the Chairman, the CEO and the head of
International E&P in September 2003 and the Company's reputation
has suffered. Statoil accepts that there were violations of its
own ethical policies and standards, and has taken a number of
steps to prevent a similar situation from arising in the future.
In addition to the Okokrim investigation, the U.S. Securities
and Exchange Commission (S.E.C.) is conducting a formal
investigation into the Horton consultancy arrangement to
determine if there have been any violations of the U.S. federal
securities laws, and the U.S. Department of Justice (DOJ) is
conducting a criminal investigation jointly with the Office of
the United States Attorney for the Southern District of New
York. The S.E.C. Staff recently informed Statoil that it is
considering recommending that the S.E.C. authorize a civil
enforcement action in federal court against Statoil for
violations of various U.S. federal securities laws, including
the anti-bribery and books and records provisions of the Foreign
Corrupt Practices Act. Statoil is continuing to provide
information to the U.S. authorities to assist them in their
ongoing investigations.
* * *
In September 2003, TCR-Europe reported that then Statoil CEO
Olav Fjell became the third official to resign from the firm in
just a week following a US$15.2 million Iranian bribery scandal
involving the son of Iran's former president, Hashemi
Rafsanjani. His departure follows that of former chairman Leif
Terje Loeddesoel, and head of exploration, Richard Hubbard.
Police investigated the US$15.2 million contract the company
entered with a group of Iranian consultants. Statoil admitted
paying consultancy group Robert Horton US$5.2 million before
canceling the contract last year. But police raided the Statoil
offices acting on suspicions that some of the money may have
been used to bribe Iranian oil officials, including the son of
Iran's former president.
The Telegraph said it is not clear what prompted Mr. Fjell's
resignation, but he is believed to have been aware of the
consultancy fees.
CONTACT: STATOIL ASA
Forusbeen 50
N-4035 Stavanger, Norway
Phone: +47-51-99-00-00
Fax: +47-51-99-00-50
Web site: http://www.statoil.com
Wenche Skorge
Vice President, Public Affairs
Phone: +47 91 87 07 41
+47 51 99 79 17
Mari ThjOmOe
Vice President, Investor Relations
Phone: +47 90 77 78 24
+47 51 99 77 90
===========
P O L A N D
===========
NETIA SA: Shareholders Approve Internal Consolidation
-----------------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, announced that the
extraordinary general meeting of shareholders held on October 5,
2004 adopted the resolution on approving Netia's merger with the
following Netia's wholly owned subsidiaries, in connection with
the process of internal consolidation of the Netia group
companies: Regionalne Sieci Telekomunikacyjne El-Net S.A., Netia
Swiat S.A. and Polbox Sp. z o.o.
Resolution No. 1
(a) The Extraordinary General Shareholders' Meeting of Netia
S.A. (Netia) hereby resolves to merge Netia with its wholly
owned subsidiaries (Companies) as listed below all of which
are entered into the register of entrepreneurs kept by the
District Court for the Capital City of Warsaw, Commercial
Court XX Division of the National Court Register under the
numbers:
(i) Regionalne Sieci Telekomunikacyjne El-Net S.A. - KRS
0000095991;
(ii) Netia Swiat S.A. - KRS 0000134258;
(iii) Polbox Sp. z o.o. - KRS 0000019310.
(b) The merger shall be done in the manner as provided in
Article 492, S1, subsection 1) of the Commercial Companies
Code through transfer of all the Companies' assets to Netia
(merger by acquisition) without any increase of Netia's
share capital, in accordance with Article 515, S1 of the
Commercial Companies Code and without amending Netia's
Statute.
(c) The Company's Extraordinary General Shareholders' Meeting
hereby approves the Terms of Merger dated June 24, 2004,
attached herewith.
Terms of Merger
(a) The merger applies to the publicly listed company Netia
Spolka Akcyjna with its registered seat in Warsaw (Netia)
(the acquiring company) and its single shareholder companies
(the acquired companies) with their seats in Warsaw,
operating under the names:
(i) Regionalne Sieci Telekomunikacyjne El-Net S.A.,
(ii) Netia Swiat S.A.,
(iii) Polbox Sp. z o.o.,
hereinafter jointly referred to as the "Companies".
(b) The merger shall be carried out pursuant to Article 492, S1,
subsection 1 of the Commercial Companies Code (hereinafter
the CCC) in relation to Article 515, S1 of the CCC through
the transfer of the Companies' assets to Netia without any
increase in Netia's share capital, without any share
exchanges and without amending Netia's Statute.
(c) As the merger shall not involve an exchange of the
Companies' shares into Netia's shares, the information
required under Article 499, S1, subsections 2-4 of the CCC
has been omitted as unnecessary.
(d) The merger shall not result in any of the rights referred to
in Article 499 S1 subsection 5 of the CCC being granted, nor
any special benefits as referred to in Article 499 S1
subsection 6 of the CCC.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Web site: http://www.netia.pl
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
NETIA SA: Appoints New Management Board Member
----------------------------------------------
Netia S.A. (WSE: NET), Poland's largest alternative provider of
fixed-line telecommunications services, announced that its
supervisory board appointed Mr. Kent Holding as member of the
management board and Chief Financial Officer of the Company.
The appointment will be effective on the business day
immediately following the date of Mr. Holding obtaining a
residence permit for specific duration, which is required under
Article 87 of the Promotion of Employment and Labor Market
Institutions Act of April 20, 2004.
Prior to commencement of his cooperation with Netia, Mr. Kent
Holding, 40, worked for, among others:
(a) T-Mobile International, Croatia, in the position of
financial director, where he was instrumental in arranging
the legal separation of the business from the former state
telecom company and established and developed the financial
department of that company (2001 - 2004);
(b) EXI Wireless INC., Canada, as the financial director thereof
(2000-2001);
(c) EuroTel Bratislava, Slovakia in the position of financial
director (1998-1999) where he successfully negotiated
refinancing and enlargement of the company's debt financing;
(d) Polska Telefonia Cyfrowa (Era), in the position of financial
controller and acting CFO during which time he assisted in
arranging all of the company's start-up financing (1996-
1998); and
(e) Central European Media Enterprises, Great Britain (1995-
1996).
Mr. Kent Holding started his career at Procter and Gamble. He
graduated from the Georgia Institute of Technology, U.S.A. with
the Bachelor of Science in Management degree, and received an
MBA from Duke University, Fuqua School of Business, U.S.A.
Mr. Holding does not conduct directly or through legal entities
any activities that would compete with the activities of Netia
or its subsidiaries. He is neither a partner in a civil law
company or any partnership, nor a member of any authorities of
any corporation or any other competitive legal entity. He has
not been registered in the Non-Solvent Debtors Register kept
pursuant to the National Court Register Act.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Web site: http://www.netia.pl
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
NETIA SA: Bares Share Capital Changes as of October
---------------------------------------------------
Netia S.A. (Netia) (WSE: NET), Poland's largest alternative
provider of fixed-line telecommunications services, announced
its share capital has increased in connection with the exercise
of certain warrants and options issued by Netia.
(a) Share Capital. As of October 1, 2004, Netia's issued and
outstanding share capital was PLN362,056,309 and
represented 362,056,309 shares, PLN1 par value per share,
each share giving right to one vote at Netia's general
meeting of shareholders.
A motion for the registration of the share capital increase
by the Polish court was filed on October 8, 2004.
(b) Warrants Issued. As of October 1, 2004, Netia issued
17,240,086 series J shares pursuant to the exercise of
14,837,106 two-year subscription warrants and 2,402,980
three-year subscription warrants by their holders at an
issue price of PLN2.53 per share.
Each series J share entitles its holder to one vote at
Netia's general meeting of shareholders. Netia's series J
shares are publicly traded on the Warsaw Stock Exchange
(WSE) under the same code as all other ordinary shares of
Netia i.e. PLNETIA00014.
The subscription warrants were exercised in accordance with
Netia's Polish prospectus, dated April 17, 2002, as amended.
(c) Outstanding Warrants. As of October 2, 2004, these warrants
were traded on WSE:
(i) 17,587,115 two-year subscription warrants under the
ticker NETPPO2, entitling their holders to subscribe for
Netia's series J shares by April 29, 2005; and
(ii) 30,021,241 three-year subscription warrants under the
ticker NETPPO3, entitling their holders to subscribe for
Netia's series J shares by April 29, 2006.
(d) Series K shares issued. Until October 1, 2004, Netia issued
771,011 series K shares in connection with the exercise of
certain options granted under the performance stock option
plan adopted by Netia's supervisory board on June 28, 2002,
as amended.
The total number of series K shares that may be issued under
this plan will not exceed 18,373,785 shares.
(e) Updated Information on Netia's Share Capital. Current
information on Netia's share capital increases is constantly
updated and made available at the Polish National Depositary
for Securities and WSE as well as at
http://www.investor.netia.pl. The share capital as
currently registered by the Polish court, in the amount of
PLN361,642,150, reflects the status as of July 1, 2004, and
will be amended following the consideration of the motions
for the share capital increases filed with the court on
August 4, 2004, September 7, 2004 and October 8, 2004.
Share capital increases in connection with the exercise of
Netia's outstanding warrants and options will be announced
in the form of a press release once a month by the 8th day
of each month, and, in addition, each time in the event of
an exercise of warrants constituting 5% or more of all
warrants issued by Netia.
CONTACT: NETIA S.A.
02-822 Warszawa
ul. Poleczki 13
Phone: [48] (22) 330 2000
Fax: [48] (22) 330 2323
Web site: http://www.netia.pl
Investor Relations Manager
Anna Kuchnio
Phone: [48] (22) 330 2061
E-mail: anna_kuchnio@netia.pl
Netia Public Relations
Jolanta Ciesielska
Phone: [48] (22) 330 2407
E-mail: jolanta_ciesielska@netia.pl
===========
R U S S I A
===========
ALEKSANDRA NEVSKOGO: Appoints Y. Gomerov Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Novosibirsk region has commenced
bankruptcy proceedings against Aleksandra Nevskogo close joint
stock company insolvent. The case is docketed as A45-11407/04-
SB/142. Mr. Y. Gomerov has been appointed insolvency manager.
Creditors may submit their proofs of claim to 630501, Russia,
Novosibirsk, Krasnoborsk, Post User Box 325.
CONTACT: ALEKSANDRA NEVSKOGO
632772, Russia, Novosibirsk,
Baganskiy region, Kazanka
Mr. Y. Gomerov
Insolvency Manager
630501, Russia, Novosibirsk,
Krasnoborsk, Post User Box 325
COMPLEX: Novgorod Court Appoints Insolvency Manager
---------------------------------------------------
The Arbitration Court of Novgorod region has commenced
bankruptcy proceedings against Complex after finding the
research and production association insolvent. The case is
docketed as A44-310/04-S4-K. Mr. A. Chaynikov has been
appointed insolvency manager. Creditors have until November 10,
2004 to submit their proofs of claim to 173003, Russia, Velikiy
Novgorod, Stratilatovskaya Str. 13.
CONTACT: COMPLEX
173001, Russia,
Velikiy region, Chudovskaya Str. 4
Phone: 8 (8162) 138-438
Mr. A. Chaynikov
Insolvency Manager
173003, Russia,
Velikiy Novgorod,
Stratilatovskaya Str. 13
CREAMERY PRIVOLZHSKIY: Declared Insolvent
-----------------------------------------
The Arbitration Court of Samara region has commenced bankruptcy
proceedings against Creamery Privolzhskiy after finding the open
joint stock company insolvent. The case is docketed as A55-
8526/04-33. Ms. S. Makarova has been appointed insolvency
manager. Creditors have until November 10, 2004 to submit
their proofs of claim to 446001, Russia, Samara region, Syzran,
Post User Box 41.
CONTACT: CREAMERY PRIVOLZHSKIY
Russia, Samara region,
Privolzhskiy, Michurina Str. 10
Ms. S. Makarova
Insolvency Manager
446001, Russia,
Samara region, Syzran,
Post User Box 41
KASP-FISH: Creditors Have Until Next Month to File Claims
---------------------------------------------------------
The Arbitration Court of Astrakhan region has commenced
bankruptcy proceedings against Kasp-Fish (TIN 3015003930) after
finding the open joint stock company insolvent. The case is
docketed as A06-624-20k/02. Mr. M. Kargapoltsev has been
appointed insolvency manager. Creditors have until November
10, 2004 to submit their proofs of claim to 123317, Russia,
Moscow, Post User Box 17.
CONTACT: KASP-FISH
414000, Russia,
Astrakhan region,
Chernyshevskogo Str. 14
Mr. M. Kargapoltsev
Insolvency Manager
123317, Russia, Moscow,
Post User Box 17
TALITSA: Sets Deadline for Proofs of Claim
------------------------------------------
The Arbitration Court of Kirov region has commenced bankruptcy
proceedings against Talitsa after finding the open joint stock
company insolvent. The case is docketed as A28-75/04-93/6. Mr.
S. Polyvanov has been appointed insolvency manager. Creditors
have until November 10, 2004 to submit their proofs of claim to
610048, Russia, Kirov, Proizvodstvennaya Str. 7-51.
CONTACT: TALITSA
610902, Russia,
Kirov, Talitsa, 44
Mr. S. Polyvanov
Insolvency Manager
610048, Russia, Kirov,
Proizvodstvennaya Str. 7-51
TRADE-INDUSTRIAL COMPANY: Court Appoints Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
proceedings against Trade-Industrial Company Russian Groceries
after finding the open joint stock company insolvent. The case
is docketed as A40-40839/04-86-26B. Mr. A. Pirogov has been
appointed insolvency manager. Creditors may submit their proofs
of claim to 105062, Russia, Moscow, Pokrovka Str., 40, Post
Office 62, Post User Box 314.
CONTACT: TRADE-INDUSTRIAL COMPANY RUSSIAN GROCERIES
107884, Russia, Moscow,
Staraya Basmannaya Str. 21/4
Mr. A. Pirogov
Insolvency Manager
105062, Russia, Moscow,
Pokrovka Str. 40, Post Office 62,
Post User Box 314
=====================
S W I T Z E R L A N D
=====================
CONVERIUM AG: Keeps A.M. Best Ratings Following Rights Issue
------------------------------------------------------------
A.M. Best Co. has commented that the B++ (Very Good) financial
strength rating and "bbb+" issuer credit rating of Converium AG
(Switzerland) and all debt ratings remain unchanged following
successful completion of the Converium Holding AG (Switzerland)
rights issue.
This was already factored into the last rating action taken on
Converium AG on September 29, 2004 at which time the CHF533
million (US$420 million) rights issue was fully underwritten.
For a list of A.M. Best's debt ratings, please visit
http://www.ambest.com/debt.
A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.
CONTACT: A.M. BEST COMPANY, INC.
Ambest Road
Oldwick, NJ 08858
Phone: (908) 439-2200
Web site: http://www.ambest.com
A.M. Best Europe
11th Floor
1 Minster Court
Mincing Lane
London EC3R 7AA
Phone:+44 (0)20 7626 6264
Public Relations
Jim Peavy
Phone: 908-439-2200 ext. 5644
E-mail: james.peavy@ambest.com
Rachelle Striegel
Phone: 908-439-2200 ext. 5378
E-mail: rachelle.striegel@ambest.com
Analysts
Miles Trotter
Phone: +44-20-7626-6264
E-mail: miles.trotter@ambest.com
Philippe Picagne
Phone: +44-20-7626-6264
E-mail: philippe.picagne@ambest.com
=============
U K R A I N E
=============
BERISLAVPOSTACHBUT: Bankruptcy Supervision Starts
-------------------------------------------------
The Economic Court of Herson region commenced bankruptcy
supervision procedure on LLC Berislavpostachbut (code EDRPOU
24112488) August 12, 2004. The case is docketed as 6/181-B.
Arbitral manager Mr. Sergij Pavluk (License Number AA 315490
approved on August 1, 2002) has been appointed temporary
insolvency manager. The company holds account number 26319619
at CB Privatbank, Herson branch, MFO 352479.
Creditors have until October 23, 2004 to submit their proofs of
claim to:
(a) BERISLAVPOSTACHBUT
74300, Ukraine, Herson region,
Berislav, Lunacharskij Str. 21
(b) ECONOMIC COURT OF HERSON REGION
73000, Ukraine, Herson region,
Gorkij Str. 18
BOGODUHIV' LEATHER: Applies for Bankruptcy Proceedings
------------------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Bogoduhiv' Leather Plant (code EDRPOU
30763130) on August 19, 2004 after finding the insolvent
company. The case is docketed as B-19/30-04. Arbitral manager
Mr. V. Shinkaryov (License Number AA 668298 approved on October
9, 2003) has been appointed liquidator/insolvency manager.
CONTACT: BOGODUHIV' LEATHER PLANT
Ukraine, Harkiv region,
Bogoduhiv, Dvadsyatogo Partsyizdu Str. 24
Mr. V. Shinkaryov
Liquidator/Insolvency Manager
Ukraine, Harkiv region,
Shevchenko Str. 333/1
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom,
8th entrance
COMPUTERCENTRE: Proofs of Claim Deadline Set
--------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on Joint Enterprise LLC Computercentre
(code EDRPOU 14358805). The case is docketed as 23/342-b. Mr.
Ignatchenko Yurij (License Number AA 668301 approved on October
21, 2003) has been appointed temporary insolvency manager. The
company holds account number 26009010536980 at Bank Finances and
Credit, MFO 300131.
Creditors have until October 23, 2004 to submit their proofs of
claim to:
(a) COMPUTERCENTRE
Ukraine, Kyiv region,
Zhelyabov Str. 8/4
(b) Mr. Ignatchenko Yurij
Temporary Insolvency Manager
01025, Ukraine, Kyiv region,
V. Zhitomirska Str. 24, room 21
Phone: 234-71-39
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
INFOKOM-SERVICE: Declared Insolvent
-----------------------------------
The Economic Court of Odesa region commenced bankruptcy
proceedings against Infokom-Service (code EDRPOU 31545255) after
finding the limited liability company insolvent. The case is
docketed as 21/101-04-5883. Mrs. Svitlana Babich has been
appointed liquidator/insolvency manager. The company holds
account number 260010011255001 at CJSC CB Nadra, Odesa regional
branch, MFO 328975.
Creditors have until October 23, 2004 to submit their proofs of
claim to:
(a) INFOKOM-SERVICE
65008, Ukraine, Odesa region,
Serov Str. 49
(b) Mrs. Svitlana Babich
Liquidator/Insolvency Manager
Ukraine, Kyiv region,
Melnikov Str. 2/10
(c) ECONOMIC COURT OF ODESA REGION
65032, Ukraine, Odesa region,
Shevchenko Avenue, 4
KIBS: Temporary Insolvency Manager Moves in
-------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on LLC Kibs (code EDRPOU 21127395) on June
21, 2004. The case is docketed as B-12/51-04. Arbitral manager
Mr. O. Malyovanij (License Number AA 250426 approved on March
22, 2002) has been appointed temporary insolvency manager.
The company holds account number 2600216000222 at JSCB Praveks-
bank, Sumi branch, MFO 337858.
CONTACT: KIBS
40030, Ukraine, Sumi region,
Kirovogradska Str. 2
Mr. O. Malyovanij
Temporary Insolvency Manager
40030, Ukraine, Sumi region,
Kirov Str. 25, 4th floor
ECONOMIC COURT OF SUMI REGION
40477, Ukraine, Sumi region,
Ribalko Str. 2
KONTINENTAL-SERVICE: Under Bankruptcy Supervision
-------------------------------------------------
The Economic Court of Kyiv region has commenced bankruptcy
supervision procedure on LLC Kontinental-Service (code EDRPOU
32424847). The case is docketed as 24/356-b. Mr. Evgen
Solovyov (License Number AA 419482 approved on December 5, 2002)
has been appointed temporary insolvency manager. The company
holds account number 2600630039101 at JSB Credit-Dnipro, Kyiv
region branch, MFO 320898.
Creditors have until October 23, 2004 to submit their proofs of
claim to:
(a) KONTINENTAL-SERVICE
04128, Ukraine, Kyiv region,
Akademik Tupolev Str. 17
(b) Mr. Evgen Solovyov
Temporary Insolvency Manager
01030, Ukraine, Kyiv region,
Chapayev Str. 4, office 7
Phone: 246-56-90
Fax: 246-56-90
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
LEV: Court Assigns Insolvency Manager
-------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
proceedings against Lev (code EDRPOU 19435321) on August 12,
2004 after finding the limited liability company insolvent. The
case is docketed as B29/140/04. Arbitral manager Mr. Mikola
Yurin (License Number AA 783080) has been appointed
liquidator/insolvency manager.
CONTACT: LEV
53200, Ukraine, Dnipropetrovsk region,
Nikopol, Parhomenko Str. 81
Mr. Mikola Yurin
Liquidator/Insolvency Manager
53219, Ukraine, Dnipropetrovsk region,
Nikopol, Druzhbi Str. 6/98
ECONOMIC COURT OF DNIPROPETROVSK REGION
49600, Ukraine, Dnipropetrovsk region,
Kujbishev Str. 1a
PERVUHINSKE: T. Chagovets Appointed Liquidator
----------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against Pervuhinske (code EDRPOU 00387157) on
September 9, 2004 after finding the closed-joint stock company
insolvent. The case is docketed as B-48/93-04. Arbitral
manager Mr. T. Chagovets (License Number AA 250135 approved on
December 4, 2001) has been appointed liquidator/insolvency
manager.
The company holds account number 26005301706339 at JSC
Prominvestbank, Zhovtneve branch, MFO 351373.
CONTACT: PERVUHINSKE
Ukraine, Harkiv region,
Guti, Lenin Str. 29
Mr. T. Chagovets
Liquidator/Insolvency Manager
61045, Ukraine, Harkiv region,
Shakespeare Str. 10/5
Phone: 773-01-30
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi Square, 5, Derzhprom, 8th entrance
TOPILNO: Sets Deadline for Filing of Claims
-------------------------------------------
The Economic Court of Cherkassy region has commenced bankruptcy
supervision procedure on Agricultural LLC Topilno (code EDRPOU
03790497). The case is docketed as 01/2457. Arbitral manager
Mrs. Nataliya Miguta has been appointed temporary insolvency
manager. The company holds account number 260063000685 at
Oshadbank, Shpolyanske branch, MFO 354767.
Creditors have until October 23, 2004 to submit their proofs of
claim to:
(a) TOPILNO
20620, Ukraine, Cherkassy region,
Shpolyanskij district, Topilno
(b) Mrs. Nataliya Miguta
Temporary Insolvency Manager
Ukraine, Cherkassy region,
Smilyanskij district, Kostyantinivka,
Davidenko Str. 6
(c) ECONOMIC COURT OF CHERKASSY REGION
18005, Ukraine, Cherkassy region,
Shevchenko Avenue, 307
===========================
U N I T E D K I N G D O M
===========================
ANGEL WAREHOUSE: Members Final Meeting Set Next Month
-----------------------------------------------------
Name of Companies: Angel Warehouse Limited, Bargain Centres
(London) Limited, Discount Super Markets Limited, Fieldcastle
Investments Limited, (formerly known as Sludge Gulpers Limited,
Redland Building Materials Limited), Goodworths Limited,
Reynolds (Kent) Limited, Titus Ward & Co. Limited, Waltham
Properties Limited, W. S. Chapman & Co. Limited
The final meetings of the members of these companies will be on
November 16, 2004 commencing at 10:45 a.m. It will be held at
the offices of PricewaterhouseCoopers LLP, One Kingsway, Cardiff
CF10 3PW.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with PricewaterhouseCoopers LLP, One Kingsway, Cardiff CF10 3PW
not later than 12:00 noon, November 15, 2004.
CONTACT: PRICEWATERHOUSECOOPERS LLP
One Kingsway,
Cardiff CF10 3PW
Phone: [44] (29) 2023 7000
Fax: [44] (29) 2080 2400
Web site: http://www.pwc.com
ARDYNE SCAFFOLDING: Final Meeting of Creditors Set
--------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Ardyne Scaffolding Limited
(In Liquidation)
Notice is hereby given that, pursuant to Section 146 of the
Insolvency Act 1986, that the final meeting of creditors of
Ardyne Scaffolding Limited will be held on November 3, 2004 at
10:30 a.m. within the offices of Scott & Paterson, Bruntsfield
House, 6 Bruntsfield Terrace, Edinburgh EH10 4EX for the purpose
of receiving the liquidator's report on the conduct of the
winding up.
K. V. Anderson, Liquidator
September 30, 2004
CONTACT: SCOTT & PATERSON
Conference House
152 Morrison Street
The Exchange
Edinburgh EH3 8EB
Phone: 0131 248 2638
Fax: 0131 248 2608
E-mail: mail@scottandpaterson.co.uk
Web site: http://www.scottandpaterson.co.uk
ARKESDEN LIMITED: Calls in Liquidator from Maxwell Davies
---------------------------------------------------------
At an adjourned extraordinary general meeting of the members of
the Arkesden Limited (formerly Macaddicts International Limited)
on October 6, 2004 held at The Tudor Park Hotel, Ashford Road,
Bearsted, Maidstone, Kent ME14 4NQ, the extraordinary resolution
to wind up the company was passed. Ruth Duncan of Maxwell
Davies, 16 Caring Lane, Maidstone, Kent ME14 4NJ has been
appointed liquidator for the purpose of such winding-up.
CONTACT: MAXWELL DAVIES
16 Caring Lane,
Maidstone, Kent ME14 4NJ
BRADBROOK PROPERTIES: Owners Agree to Dissolve Business
-------------------------------------------------------
Name of Companies:
Bradbrook Properties Limited
Charlottenstrasse Investments Limited
Findvenue Limited
Gledwain Limited
Heron Broadwick Limited
Heron Garden Estates Limited
Heron Marine Limited
Heron Slough
Heron Victoria
Lainville Limited
At a meeting of these companies on September 30, 2004, the
special resolution to wind up these companies was passed.
Julian Simon Challis has been appointed liquidator for the
purpose of such windings-up.
BUENA VISTA: Hires Begbies Traynor as Liquidator
------------------------------------------------
Name of Companies:
Buena Vista Home Entertainment Limited
Buena Vista International (UK) Limited
Broadway Shopping Centre Limited
Disney Real Estate Investments (UK) Limited
Disney Theatrical Productions (UK) Limited
Walt Disney Productions Limited
Walt Disney Properties (UK) Limited
At an extraordinary general meeting of the members of these
companies on September 30, 2004 held at 3 Queen Caroline Street,
Hammersmith, London W6 9PE, the special resolution to wind up
these companies was passed. Ross David Connock and Geoffrey
Lambert Carton-Kelly of Baker Tilly, Spectrum House, 20-26
Cursitor Street, London EC4A 1HY have been appointed as joint
liquidators for the purpose of such windings-up.
CONTACT: BAKER TILLY
Spectrum House
20-26 Cursitor Street,
London EC4A 1HY
Phone: 020 7405 2088
Fax: 020 7831 2206
Web site: http://www.bakertilly.co.uk
CARRICK ROOFLINE: Court Appoints Interim Liquidator
---------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Carrick Roofline Limited
(In Liquidation)
I, James Bernard Stephen, Lomond House, 9 George Square, Glasgow
G2 1QQ, hereby give notice that I was appointed Interim
Liquidator of Carrick Roofline Limited on September 28, 2004 by
Interlocutor of the Sheriff at Ayr.
Notice is hereby given pursuant to Section 138 of the Insolvency
Act 1986 and Rule 4.12 of The Insolvency (Scotland) Rules 1986,
that the first Meeting of Creditors of the Company will be held
within the offices of Deloitte & Touche LLP, Lomond House, 9
George Square, Glasgow, G2 1QQ on November 5, 2004 at 10:00 a.m.
for the purpose of choosing a Liquidator and determining whether
to establish a Liquidation Committee. The meeting may also
consider other resolutions referred to in Rule 4.12(3).
A resolution at the meeting is passed if a majority of those
voting vote in favor of it.
A creditor will be entitled to vote at the meeting only if a
claim has been lodged with me at the meeting or before the
meeting at my office and it has been accepted for voting
purposes in whole or in part.
For the purpose of formulating claim, creditors should note that
the date of commencement of the Liquidation is September 28,
2004. Proxies may also be lodged with me at the meeting or
before the meeting at my office.
James Bernard Stephen, Interim Liquidator
CONTACT: DELOITTE & TOUCHE L.L.P.
Lomond House
9 George Square
Glasgow G2 1QQ
Phone: +44 (0)141 204 2800
Fax: +44 (0)141 314 5893
Web site: http://www.deloitte.com
CATERHAM CENTRES: Names Deloitte & Touche Liquidator
----------------------------------------------------
At an extraordinary general meeting of the Caterham Centres
Limited on October 1, 2004 held at 22 Rutland Street, Edinburgh
EH1 2AN, the special and ordinary resolutions to wind up the
company were passed. John Charles Reid and James Bernard
Stephen of Deloitte, Lomond House, 9 George Square, Glasgow G2
1QQ have been appointed joint liquidators of the company.
CONTACT: DELOITTE & TOUCHE LLP
Lomond House,
9 George Square,
Glasgow G2 1QQ
Phone: +44 (0) 141 204 2800
Fax: +44 (0) 141 314 5893
Web site: http://www.deloitte.com
CHALFONT (KENSINGTON): Members' General Meeting Set
---------------------------------------------------
The general meeting of the members of Chalfont (Kensington)
Limited will be on November 18, 2004 commencing at 12:00 noon.
It will be held at New Maxdov House, 130 Bury New Road,
Prestwich, Manchester M25 0AA.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies.
CHARNWOOD ROAD: Appoints KPMG Liquidator
----------------------------------------
At an extraordinary general meeting of the Charnwood Road
Properties Limited on October 5, 2004 held at KPMG LLP, Peat
House, 1 Waterloo Way, Leicester LE1 6LP, the special and
ordinary resolutions to wind up the company were passed. Mark
Jeremy Orton and Allan Watson Graham of KPMG Corporate Recovery,
2 Cornwall Street, Birmingham B3 2DL, United Kingdom have been
appointed joint liquidators for the purpose of such winding-up.
CONTACT: KPMG LLP
2 Cornwall Street
Birmingham B3 2RT
Phone: (0121) 232 3000
Fax: (0121) 232 3500
Or +44 (0) 121 335 2501
Web site: http://www.kpmg.co.uk
CHOI LEISURE: Hires T. C. Evans as Liquidator
---------------------------------------------
At an extraordinary general meeting of the members of the Choi
Leisure Limited on October 1, 2004 held at Rogers Evans, 20
Brunswick Place, Southampton SO15 2AQ, the special,
extraordinary and ordinary resolutions to wind up the company
were passed. T. C. Evans has been appointed liquidator for the
purpose of such winding-up.
COMPUTER HIRE: Director Barred from Occupying Executive Post
------------------------------------------------------------
The director of an employment agency business that failed with
total debts estimated at around GBP107,000 has given an
Undertaking not to hold directorships or take any part in
company management for two years.
The Undertaking by John Murray McGhee, 41, of Brand Street,
Glasgow, was given in respect of his conduct as a director of
Computer Hire Direct Limited, which carried out business from
premises at 188 Capelrig Road, Newton Mearns, Glasgow.
Acceptance of the Undertaking on September 9, 2004 prevents John
McGhee from being a director of a company or, in any way,
whether directly or indirectly, being concerned or taking part
in the promotion, formation or management of a company for the
above period.
Computer Hire Direct Limited was placed into liquidation by
order of Paisley Sheriff Court on March 19, 2002 with estimated
debts of GBP107,000 owed to creditors.
The Insolvency Service, on behalf of the Secretary of State for
Trade & Industry, has responsibility (under Section (6) of the
Company Directors Disqualification Act 1986) for the
investigation of the conduct of directors of failed companies
and for the disqualification of those who are considered to be
unfit to be involved in the management of companies in the
future.
Matters of unfit conduct, not disputed by John Murray McGhee
included:
(a) failure to deliver timely a Statement of Affairs to the
Liquidator, contrary to Section 131 of the Insolvency Act
1986;
(b) failure to deliver complete books and records of the company
to the Liquidator contrary to Section 235 of the Insolvency
Act 1986; and
(c) failure to maintain, preserve and deliver up adequate
accounting records of the company contrary to Section 211 of
the Companies Act 1985.
CONTACT: THE INSOLVENCY SERVICE
21 Bloomsbury Street
London, WC1B 3QW
Web site: http://www.insolvency.gov.uk
Disqualification Unit
Phone: 020 7291 6807
020 7291 6832 (Vetting)
E-mail: Disqualification.Unit@insolvency.gsi.gov.uk
Criminal Allegations Team
Phone: 020 7291 6841
E-mail: criminal.allegations@insolvency.gsi.gov.uk
COMPUTERSTORE.BIZ: First Liquidation Meeting Set this Week
----------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF The Computerstore.Biz Limited
(In Liquidation)
Notice is hereby given that by Interlocutor of the Sheriff at
Dundee, dated September 13, 2004, I was appointed Interim
Liquidator of The Computerstore.Biz Limited.
The first meeting of the Liquidation called in accordance with
Section 138(4) of the Insolvency Act 1986 and in accordance with
Rule 4.12 of the Insolvency (Scotland) Rules 1986, will be held
within the offices of French Duncan at 375 West George Street,
Glasgow, G2 4LW at 10:00 a.m. on October 21, 2004 for the
purpose of choosing a Liquidator, appointing a Liquidation
Committee and considering the other resolutions specified in
Rule 4.12(3) of the aforementioned Rules.
Creditors are entitled to vote at the meeting only if they have
lodged their claims with me at or before the meeting. Creditors
may vote either in person or by proxy form, which may be lodged
with me at or before the meeting.
Eileen Blackburn, Interim Liquidator
October 5, 2004
CONTACT: FRENCH DUNCAN
375 West George Street
Glasgow G2 4LH
Phone: 0141 221 2984
Fax: 0141 221 2980
E-mail: enquiries@frenchduncan.co.uk
Web site: http://www.frenchduncan.co.uk
CORUS GROUP: Selling EUR200 Million Senior Notes
------------------------------------------------
Corus Group Plc announced that it intended to offer an
additional amount of approximately EUR200 million of its 7.5%
senior notes due 2011 to certain eligible investors.
Corus is pleased to confirm that it has now priced the Notes.
The Notes will be issued at a premium of 105.5% their principal
amount, giving an equivalent pricing to a coupon of 6.374%. The
sterling equivalent proceeds of the Notes are approximately
GBP145 million.
David Lloyd, Director of Finance, said: "Corus has taken
advantage of the favorable market conditions to further extend
the maturity of its debt obligations. We are pleased with the
premium achieved, and this additional issuance will be used to
reduce borrowings under the Group's revolving credit bank
facility and reduce the facility size by EUR200 million. It
will also assist the planned renegotiation of this facility on
more favorable terms and conditions."
Applications have been made to the U.K. Listing Authority and to
the London Stock Exchange for the Notes to be admitted to the
Official List of the U.K. Listing Authority and to trading on
the London Stock Exchange. The offer of the Notes is to be made
pursuant to Rule 144A and Regulation S under the Securities Act
of 1933, as amended.
Corus expects closing and funding of the offering to occur,
subject to customary conditions, on or about October 24, 2004.
The lead manager for the offering of the Notes is Credit Suisse
First Boston.
* * *
This announcement does not constitute, or form part of, an offer
or solicitation of an offer to purchase or subscribe for
securities, or an invitation to engage in investment activity,
in the United States or any other jurisdiction. The Notes
referred to herein have not been and will not be registered
under the United States Securities Act of 1933, as amended, and
may not be offered or sold in the United States, except pursuant
to an available exemption from registration. No public
offering of securities is being made in the United States, the
United Kingdom or any other jurisdiction.
Not for distribution into the United States, Australia, Canada
or Japan.
CONTACT: CORUS GROUP PLC
30 Millbank
London SW1P 4WY
Phone: +44-20-7717-4444
Fax: +44-20-7717-4455
Web site: http://www.corusgroup.com
CYBERLINE INTERNATIONAL: Calls First Creditors' Meeting
-------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Cyberline International Limited
(In Liquidation)
I, Alan C. Thomson, CA, Castle Court, Carnegie Campus,
Dunfermline, KY11 8PB, hereby give Notice that I was appointed
Interim Liquidator of Cyberline International Limited on
September 10, 2004, by Interlocutor of the Lord Ordinary at the
Court of Session.
Notice is also given pursuant to Section 138(4) of the
Insolvency Act 1986 and Rule 4.12 of the Insolvency (Scotland)
Rules 1986, as amended by the Insolvency (Scotland) Amendment
Rules 1987, that the first Meeting of Creditors of Cyberline
International Limited will be held within the offices of Thomson
Cooper, Castle Court, Carnegie Campus, Dunfermline, Fife, KY11
8PB on October 21, 2004 at 10:30 a.m. for the purpose of
choosing a liquidator and determining whether to establish a
Liquidation Committee.
Creditors, whose claims are unsecured in whole or in part, are
entitled to attend and vote in person or by proxy providing that
their claims and proxies have been submitted and accepted at the
meeting or lodged beforehand at the address below. A resolution
will be passed when a majority of those voting have voted in
favor of it. For the purposes of formulating claims, creditors
should note that the date of commencement of the liquidation
10th September 2004.
Alan C. Thomson CA, Interim Liquidator
October 5, 2004
CONTACT: THOMSON COOPER
Castle Court
Carnegie Campus
Dunfermline
Fife KY11 8PB
Phone: 01383 722815
DUKERIES GP: Brings in Liquidator
---------------------------------
At an extraordinary general meeting of the members of the
Dukeries GP Co-Operative Limited on October 6, 2004 held at
Bassetlaw District General Hospital, Blyth Road, Worksop,
Nottinghamshire S81 0BD, the special, ordinary and extraordinary
resolutions to wind up the company were passed. Peter O'Hara of
O'Hara & Co has been appointed liquidator for the purpose of
such winding-up.
DUNEDIN PROPERTY: Winding up Resolutions Passed
-----------------------------------------------
At an extraordinary general meeting of the Dunedin Property
Retail Fund (Birkenhead) Limited on October 1, 2004 held at 22
Rutland Street, Edinburgh EH1 2AN, the special and ordinary
resolutions to wind up the company were passed. John Charles
Reid and James Bernard Stephen of Deloitte, Lomond House, 9
George Square, Glasgow G2 1QQ have been appointed joint
liquidators of the company.
CONTACT: DELOITTE & TOUCHE LLP
Lomond House,
9 George Square,
Glasgow G2 1QQ
Phone: +44 (0) 141 204 2800
Fax: +44 (0) 141 314 5893
Web site: http://www.deloitte.com
EAS PRINT: Members General Meeting Set Next Month
-------------------------------------------------
The final general meeting of the members of EAS Print
Technologies Limited will be on November 18, 2004 commencing at
12:00 noon. It will be held at Johnston House, 8 Johnston Road,
Woodford Green, Essex IG8 0XA.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies.
EIDOS PLC: Commandos Strike Force to Hit Market Next Year
---------------------------------------------------------
Eidos plc, one of the world's leading publishers and developers
of entertainment software, announced the return of the legendary
Commandos in the World War II first person shooter Commandos
Strike Force(TM).
Developed by Pyro Studios, Commandos Strike Force
(http://www.commandosstrikeforce.com)will be released worldwide
in spring 2005 on PlayStation 2, Xbox and PC.
In a new direction for the multi-million selling series,
Commandos Strike Force takes you right into the heart of the
action from a first person perspective.
Take control of the three members of the 'Strike Force' unit,
each with their own play style. Switch between the Green Beret,
always at the heart of the action with his expertise in combat
and the use of heavy weaponry, the Sniper with his nerves of
steel and expert marksmanship, and the Spy, stealthily striking
at the heart of the enemy. However, it is up to you how you
execute plans of attack by combining the Commandos' unique
skills.
Set in war torn Europe amid the backdrop of World War II, you
must take your elite group of Commandos behind enemy lines on a
series of linked missions through France, Russia and Norway.
Destroying a Nazi ship, ambushing enemy troops, freeing French
Resistance prisoners and kidnapping a general are a few of the
large range of missions. As well as a compelling single player
campaign, the game features a variety of original online
multiplayer modes. In the most fearsome war ever fought emerged
the most fearless soldiers.
Ignacio Perez, CEO of Pyro Studios says: "By combining the
tactical approach of the previous Commandos games with the
intense action of a fps, Commandos Strike Force will provide a
more cerebral approach to the war game genre. Strike Force is
our most ambitious project ever and we believe that this game
will set a new benchmark for World War II videogames."
Mike McGarvey, CEO of Eidos says, "The Commandos series has
established itself as one of the most popular and enduring
franchises within the World War II genre. With this evolution
of the series coupled with Pyro Studios' proven expertise, we
are confident that Commandos Strike Force will be the greatest
episode in the series to date."
Eidos Plc is one of the world's leading publishers and
developers of entertainment software with a diverse mix of
titles for the PC, PlayStation(R)2 computer entertainment
system, Nintendo GameCube(TM) and the Xbox(TM) video game
system from Microsoft. For more information on Eidos and its
products visit http://www.eidos.com.
* * *
Eidos, the creator of the successful Tom Raider series, put
itself up for sale after two profit warnings earlier this
summer. The company remains financially sound but is considered
too small for the market. The company earlier delayed the
release of upcoming Vietnam War game, Shellshock: 'Nam 67, to
September.
CONTACT: EIDOS PLC
Wimbledon Bridge House
1 Hartfield Rd.
Wimbledon
London SW19 3RU
Phone: +44-20-8636-3000
Fax: +44-20-8636-3001
Web site: http://www.eidos.com
EFFOX UK: Winding up Resolutions Passed
---------------------------------------
At an extraordinary meeting of the members of the Effox UK
Limited on September 9, 2004 held at Wilmot House, St James
Court, Friar Gate, Derby DE1 1BT, the extraordinary and ordinary
resolutions to wind up the company were passed. Simon Gwinnutt
of Wilmot House, St James Court, Friar Gate, Derby DE1 1BT has
been appointed liquidator for the purpose of such winding-up.
ELLIOTT FIRE: Appoints Joint Liquidator from Benedict Mackenzie
---------------------------------------------------------------
At an extraordinary general meeting of the members of the
Elliott Fire Protection Limited on September 30, 2004 held at
The Bush Public House, 17 Rochester Road, Aylesford, Kent ME20
7BS, the extraordinary and ordinary resolutions to wind up the
company were passed. Julie P. Vahey and Graham P. Petersen of
Benedict Mackenzie, 3-6 The Courtyard, East Park, Crawley, West
Sussex have been appointed joint liquidators for the purpose of
such winding-up.
CONTACT: BENEDICT MACKENZIE
3-6 The Courtyard,
East Park, Crawley,
West Sussex
Phone: 01293 447 799 / 410 333
Fax: 01293 447 800 / 428 530
Web site: http://www.benemack.com
EPIC SKATE: Hires Poppleton & Appleby as Liquidator
---------------------------------------------------
At an extraordinary general meeting of the Epic Skate Parks
Limited on October 5, 2004 held at 35 Ludgate Hill, Birmingham
B3 1EH, the resolution to wind up the company was passed. A
Turpin of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3
1EH has been appointed liquidator for the purpose of such
winding-up.
CONTACT: POPPLETON & APPLEBY
35 Ludgate Hill,
Birmingham B3 1EH
Phone: 0121 200 2962
Web site: http://www.pandabirmingham.co.uk
FAMILY SUPPORT: In Administrative Receivership
----------------------------------------------
David Walker and Edward Klempka of PricewaterhouseCoopers were
appointed joint administrative receivers of Family Support
Services (Yorkshire) Limited, Family Support Services U.K.
Limited and Family Support Services (N.W.) Limited (collectively
known as Family Support Services) on 14 October 2004.
Family Support Services operates across the North of England and
East Midlands, providing small residential care homes and
educational services to vulnerable children aged between eight
and 18 years old. It has 22 residential homes housing up to
nearly 70 children and eight educational facilities across the
North and East Midlands. Family Support Services is
headquartered in Wakefield, West Yorkshire and employs 300
people, including 14 at its head office. It has an annual
turnover of around GBP7 million.
Family Support Services has built a strong reputation with local
authorities since it was founded in 1991. Prior to the
appointment of receivers the directors had signed 'Heads of
Agreement' for the sale of the business with a confidential
third party that has relevant experience in the sector.
David Walker and Edward Klempka said: "The directors have worked
hard to expand and improve the business since a share buy-out in
2003. However, historic high costs and debts together with a
recent slow down in trading have meant the necessary finance was
not available to continue the restructuring and expansion. With
the interests and security of the children being paramount, the
directors requested the appointment of administrative receivers
to control the sale of the business as a going concern. It is
therefore intended that Family Support Services will continue to
trade as normal, with the benefit of financial support from its
lenders.
"We have already liaised with CSCI (Commission for Social Care
Inspection) to explain the current situation and gain their
support whilst the business is sold. We will co-operate fully
with CSCI and the relevant authorities that are being contacted
at this time. Clearly, the continued welfare of the affected
children is of vital importance and the receivers will ensure
that the appropriate levels of care and support continue to be
provided."
* * *
Family Support Services Yorkshire Limited has operations in
Wakefield, Barnsley and Chesterfield.
Family Support Services U.K. Limited has operations in the
Loughborough and Hinkley areas.
Family Support Services North West Limited has operations in
Accrington and Buxton.
CONTACT: PRICEWATERHOUSECOOPERS
Edward Klempka
Partner
Phone:0113 289 4247
Business Recovery Services Communications Executive
Jenny Britton
Phone: 020 7212 2970
Mobile:07855 522485
FIRESEAL INTERNATIONAL: Calls in Liquidator
-------------------------------------------
At an extraordinary general meeting of the Fireseal
International Limited on October 6, 2004 held at 62 Wilson
Street, London EC2A 2BU, the extraordinary and ordinary
resolutions to wind up the company were passed. Ian Donald
Williams of Benedict Mackenzie LLP, 3-4 Mulgrave Court, Mulgrave
Road, Sutton, Surrey SM2 6LF has been appointed liquidator for
the purpose of the voluntary winding-up.
CONTACT: BENEDICT MACKENZIE LLP
3-4 Mulgrave Court,
Mulgrave Road, Sutton,
Surrey SM2 6LF
Phone: 020 8642 2252
Fax: 020 8661 0197
Web site: http://www.benemack.com
FLUID MANAGEMENT: Members Opt to Liquidate Company
--------------------------------------------------
At an extraordinary general meeting of the members of the Fluid
Management Technology Ltd. on October 6, 2004 held at 15
Moorbrook, Southmead Industrial Park, Didcot, Oxfordshire OX11
7HP, the special, ordinary and extraordinary resolutions to wind
up the company were passed. John Arthur Kirkpatrick has been
appointed liquidator for the purpose of such winding-up.
GOODWOOD TRAVEL: Hires McCabe Ford Williams as Liquidator
---------------------------------------------------------
At an extraordinary general meeting of the Goodwood Travel
Limited on October 5, 2004 held as a postal Meeting at Millers
Green Hall, Millers Green Road, Willingale, Ongar, Essex CM5
0PZ, the subjoined special resolution to wind up the company was
passed. David Jenner Cork of McCabe Ford Williams, 41 William
Street, Herne Bay, Kent CT6 5NT has been appointed liquidator
for the purpose of such winding-up.
CONTACT: MCCABE FORD WILLIAMS
41 William Street,
Herne Bay, Kent CT6 5NT
Tel: (01227) 373271
Fax: (01227) 740106
E-mail: hernebay@mfw.co.uk
Web site: http://www.mfw.co.uk
HASCOMBE UNLIMITED: Names Liquidators from Kroll Limited
--------------------------------------------------------
At a meeting of the members of Hascombe Unlimited on September
30, 2004, the special and ordinary resolutions to wind up the
company were passed. Nigel Heath Sinclair and Neil Hunter
Cooper of Kroll, 10 Fleet Place, London EC4M 7RB have been
appointed liquidators for the purpose of winding-up the company.
HOLYWELL INVESTMENTS: Members' Final Meeting Set Next Month
-----------------------------------------------------------
The final meeting of the members of the Holywell Investments
Limited will be on November 8, 2004 commencing at 10:00 a.m. It
will be held at the South Suffolk Business Centre, Alexandra
Road, Sudbury, Suffolk CO10 2ZX.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies. Proxy forms must be lodged
with Ian Bull & Co., South Suffolk Business Centre, Alexandra
Road, Sudbury, Suffolk CO10 2ZX not later than 12:00 noon,
November 5, 2004.
CONTACT: IAN BULL & CO.
South Suffolk Business Centre,
Alexandra Road, Sudbury,
Suffolk CO10 2ZX
INTEGRATE TWO: To Receive Liquidator's Report November
------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Integrate Two Limited
(In Liquidation)
Notice is hereby given that, pursuant to Section 146 of the
Insolvency Act 1986, that the final meeting of creditors of
Integrate Two Limited will be held on November 3, 2004 at 11:00
am within the offices of Scott & Paterson, Bruntsfield House, 6
Bruntsfield Terrace, Edinburgh EH10 4EX for the purpose of
receiving the liquidator's report on the conduct of the winding
up.
T. Ritchie Campbell, Liquidator
September 30, 2004
CONTACT: SCOTT & PATERSON
Conference House
152 Morrison Street
The Exchange
Edinburgh EH3 8EB
Phone: 0131 248 2638
Fax: 0131 248 2608
E-mail: mail@scottandpaterson.co.uk
Web site: http://www.scottandpaterson.co.uk
JARVIS PLC: New Chief Executive Takes over Helm
-----------------------------------------------
Jarvis Plc has appointed Alan Lovell, MA FCA as its new group
chief executive with immediate effect.
Mr. Lovell was, until September 2004, the Chief Executive of the
Dunlop Slazenger Group and prior to that its Finance Director.
Prior to those appointments he was the Chief Executive of
Costain Group Plc, having also held the post of Finance
Director.
Commenting on the appointment Steven Norris, Chairman of Jarvis
Plc, said: "I am pleased to be able to announce the appointment
of Alan Lovell as the new group CEO with the immediate priority
of seeing the company through this period of restructuring. He
brings to Jarvis a wealth of experience and a proven track
record, including Costain Plc and, most recently, at Dunlop
Slazenger, in turning round difficult business situations. We
are all looking forward to working with him."
Mr. Lovell said: "I am delighted to have been invited by the
Board to help with the recovery process. There are clearly
significant challenges ahead, but I believe that there are also
great opportunities for Jarvis and my job will be to ensure that
they are realized as fully as possible."
Mr. Lovell's Background
Alan Lovell, 50, achieved a First in Classics at Oxford before
training as a chartered accountant. He began his career with
PricewaterhouseCoopers between 1976 and 1980 before undertaking
a variety of finance and general management positions with the
Plessey Company.
In 1989 he joined the Conder Group PLC as finance director and
then Chief Executive, moving to Costain Group in 1992 initially
as finance director, and in September 1995 he become the Chief
Executive. Mr. Lovell joined the Dunlop Slazenger Group in
1997, again initially as finance Director and becoming Chief
Executive in February 2004.
He has held a number of non-executive positions and is currently
Vice-Chairman, Mid Hampshire Primary Care Trust.
There are no other details to be disclosed pursuant to
paragraphs 16.4 (a) and (b) of the Listing Rules.
Mr. Lovell has undertaken company-restructuring work in a wide
variety of industry sectors and specializes in restoring and
creating value.
Alan Lovell is married with two children.
CONTACT: JARVIS PLC
24 Britton St.
London EC1M 5UA
Phone: +44-20-7017-8000
Fax: +44-20-7017-0083
Web site: http://www.jarvisplc.com
Jonathan Haslam
Phone: 020 7017 8147
E-mail: jonathan.haslam@jarvis-uk.com
JOHN DAVID: Reports GBP2.9 Million First-half Operating Loss
------------------------------------------------------------
The John David Group Plc, a leading specialist retailer of
fashionable branded sports and leisurewear, announced its
interim results for the six months ended July 31, 2004.
(a) Group turnover increased to GBP212.1 million (six-month
period ended July 31, 2003: GBP209.7 million);
(b) Group operating profit (before goodwill amortization,
exceptional items and loss on disposal of fixed assets) of
GBP2.2 million and of GBP0.1 million after net interest
charges (six-month period ended July 31, 2003: Loss of
GBP1.5 million and GBP3.8 million after net interest
charges);
(c) Exceptional costs of GBP4.7 million incurred in arriving at
operating loss, primarily due to accelerated store closure
program (six-month period ended July 31, 2003: GBP1.1
million);
(d) Operating loss before interest charges and loss on disposal
of fixed assets of GBP2.9 million (six month period ended
July 31, 2003: GBP3.0 million);
(e) Interim dividend of 2.20p per ordinary share (2003: 2.86p)
following review of dividend policy to reflect the fact that
profits are largely earned in the second half;
(f) Gross margin improvement to 46.0% (six month period ended
July 31, 2003: 45.6%)
(g) Group like for like sales increase of 1.5%;
(h) Like-for-like sales increase of 2.8% in core Sports Fascias;
(i) Debt reduced by GBP6.7m to GBP45.4 million (July 31, 2003:
GBP52.1 million);
(j) Stocks reduced by GBP6.5 million to GBP72.1 million (July
31, 2003: GBP78.6 million); and
(k) Group like for like sales in the two months to October 2,
2004 up by 7% against weak comparatives.
Peter Cowgill, Executive Chairman, said: "I am pleased to report
that the Group, and particularly its Sports Fascias, have traded
better in the first half of the current year than they did in
the corresponding period last year.
"Strategic Review has highlighted a number of areas for
operational improvement and we have moved quickly to implement
the most urgent findings. In particular, we have accelerated
the store closure program and have taken a more aggressive
approach to aged stock. These actions impact short-term
financial results adversely, but we are confident that the
benefits of this decisive action will become evident in the
medium term.
"Trading has continued to be satisfactory since July 31, 2004
with Group like for like sales in the two months to 2 October
2004 up by 7% against weak comparatives. The Board believes
considerable progress has been made in the last six months
towards restoring the Group's fortunes."
Chairman's Statement
Introduction
I am pleased to report that the Group, and particularly its
Sports Fascias, has traded better in the first half of the
current year than they did in the corresponding period last
year.
Before detailing our financial results, I would like to share
with you the findings of the Strategic Review I have carried out
since rejoining the Group in March 2004.
Strategic Review
The core of our business remains the Sports Fascias and they are
positioned to sell sports footwear and apparel in a fashion
oriented way alongside supplementary branded and own brand
casual fashion. I have no doubt that this positioning remains a
substantial strength and will continue to be supported
vigorously by our trading partners. In addition to JD Sports
and a diminishing number of First Sport stores, the Size fascia
is now included in Sports as it predominantly retails Sports
derived footwear with a fashion edge.
We have had too many underperforming stores since the First
Sport acquisition. The biggest change I have made in this area
has been to accelerate significantly the pace of closure of
these stores. The net costs of this program in the six months
to July 31, 2004, together with store fit write offs for the
anticipated closures, are disclosed as exceptional operating
costs or losses on disposal in the first half results.
I have also encouraged a more aggressive approach towards sell
through of aged stock. Whilst in the short term this impacts on
margin, I am confident that it will benefit future margin and
cash flow, and will also improve the merchandising support for
faster selling lines. I am seeking to improve cohesion between
buyers and merchandisers and, with the support of the major
brands, improve distribution efficiencies to retail outlets.
I am improving store appraisal techniques as I note that certain
larger stores in low footfall areas may be inefficient with
regard to certain operating ratios. We are considering options
to improve income derived from such locations. We will also
continue to extend our support for brands, which have no other
sports retailer distribution and emphasize our exclusive ranges
and own brand products. Subject to the requirement to
rationalize the store portfolio, I am confident that the market
positioning of Sports Fascias and the variation within its
product offering will continue to support the success of the JD
brand in particular and the continued profitability of the
Group.
As anticipated, the performance of the Fashion Fascias has been
disappointing. The Fashion Fascias are ATH, a diminishing
number of Active Ventures and the two Open fashion department
stores in Liverpool and Glasgow. The main fascia, ATH, has
suffered from a lack of consistency in its image and brand offer
as well as an inherited stock buy which was poor in selection
and quantum. The margin impact of this is being borne in the
current year.
Substantial changes have been made to the buying team in the
last six months. Obtaining the right brand and product offer
has been and remains the major priority. With the first results
of this process coming through, and the benefit of the closures
of loss-making stores being felt in full in the next year, I am
anticipating improved results from these Fascias. There will,
however, be no material expansion of these
Fascias until the results are more encouraging.
In the Group as a whole, I am introducing a far more structured
approach to accountability with an increased number of profit
centers and cost centers, and enhanced incentivization for
improved performance. I have also reduced the number of
clearance shops as I wish to use marginal space for clearance
wherever possible rather than incurring added fixed overhead.
The Group remains well supported by its major brands that have a
vested interest in the positioning of Sports Fashion away from
the value market.
Store Portfolio
The store portfolio has changed as follows in the first six
months:
Stores Sq. Ft. ('000s)
Sports Fascias
(including size) At Jan 31, 2004 320 1,106
At July 31, 2004 309 1,086
Fashion Fascias At Jan 31, 2004 37 130
At July 31, 2004 39 132
Totals At Jan 31, 2004 357 1,236
At July 31, 2004 348 1,218
During the period we opened 6 stores and closed 15. The new
stores were JD Sports stores in Wandsworth, Ilford, Denton and
Belfast and ATH stores within JD stores in Oldham and Denton.
The 15 stores closed were:
(a) JD - 1
(b) JD (ex First Sport) - 2
(c) First Sport - 4
(d) Active Venture - 2
(e) Pure Woman - 1
(f) Clearance (ex First Sport) - 4
(g) Clearance (ex JD) - 1
The rate of openings will remain similar and we would expect to
close between 15 and 25 stores in the second half after which
the store portfolio will be in much better shape. 12 stores
have already been closed since July 31, 2004.
Results
Total sales during the 6 months ended July 31, 2004 were
GBP212.1 million compared with GBP209.7 million for the six-
month period ended July 31, 2003. Although total sales only
grew by 1.1%, the like for like increase was 1.5%, driven by an
improved performance in the Sport Fascias where the like for
like growth was 2.8%. Gross margin for the period increased
from 45.6% to 46.0%.
Operating profit before exceptional items and the amortization
of goodwill was GBP2.2 million and after interest charges was
GBP0.1 million (6 months to July 31, 2003: loss of GBP1.5
million and loss of GBP3.8 million after interest). As well as
the improved margin, a reduction in operating (excluding
exceptionals) of GBP1.8 million has contributed to this
improvement. The principal savings have been in staff costs.
The exceptional costs charged in arriving at the operating
result totaling GBP4.7 million comprise a GBP3 million
impairment provision on stores earmarked for disposal, a GBP1
million provision for onerous lease costs on stores not trading
and GBP0.7 million, principally for the termination costs of the
previous Chairman and a number of senior staff in buying,
merchandising, marketing and HR. The impairment provision
relates to 42 stores, almost all of which will be closed in the
next 12 months.
After charging exceptional items of GBP4.7 million (6 months to
July 31, 2003: GBP1.1 million) and goodwill amortization of
GBP0.4 million (6 months to July 31, 2003: GBP0.4 million), the
operating loss before interest charges and loss on disposal of
fixed assets was GBP2.9 million (6 months to July 31, 2003: loss
of GBP3 million).
Net interest charges fell to GBP2.1 million (6 months to July
31, 2003: GBP2.3 million) reflecting a reduction in net average
debt.
The loss on ordinary activities before taxation rose to GBP6.4
million (6 months to July 31, 2003: GBP5.6 million loss) as a
result of the increases in exceptional items and loss on
disposal of fixed assets incurred as a result of the store
closure program.
The adjusted earnings per ordinary share before exceptional
items and amortization of goodwill was 0.34p (6 months to July
31, 2003: loss per ordinary share of 4.32p).
Balance Sheet & Financial Resources
Total expenditure on fixed assets during the period was GBP3.3
million.
Stock was reduced to GBP72.1 million (July 31, 2003: GBP78.6
million).
Net debt at July 31, 2004 reduced to GBP45.4 million resulting
in a gearing level of 86% (July 31, 2003: GBP52.1 million and
96%).
Dividend
The Board has reviewed its policy on dividend payment in the
light of the fact that, since the change in year end and last
year's disappointing second-half results, the weighting of the
total dividend had become too loaded towards the interim
dividend declared on the first half results whereas the critical
trading period for the Group is the second half. In future, it
is intended that, subject to financial performance, dividends
will be higher in the second half as was the case in the year
ended March 31, 2002 and prior.
The Board proposes to pay an interim dividend of 2.20p per
ordinary share (2003: 2.86p). The dividend will be paid on
January 14, 2005 to shareholders on the register as at close of
business on December 10, 2004.
Current Trading and Outlook
Trading has continued to be satisfactory since July 31, 2004
with Group like for like sales to October 2, 2004 up by 7%
against weak comparatives. The Board believes considerable
progress has been made in the last 6 months towards restoring
the Group's fortunes.
Financial statements are available free of charge at:
http://bankrupt.com/misc/JohnDavid_6Months2004.htm
CONTACT: THE JOHN DAVID GROUP PLC
Holinsbrook Way
Pilsworth
Bury BL9 8RR
Phone: +44-161-767-1000
Web site: http://www.jdsports.co.uk
Hogarth Partnership Limited
Andrew Jaques
Barnaby Fry
Phone: 020 7357 9477
MARCONI CORPORATION: Sales in Line with Expectations
----------------------------------------------------
Marconi Corporation Plc (LSE: MONI; NASDAQ: MRCIY) provided a
trading update for the three months ended September 3, 2004.
(a) Sales from Continuing Operations GBP305 million has been
consistent with full year guidance;
(i) Up 6% on Q1 FY05,
(ii) In line with Q2 FY04 reported sales (GBP305 million),
and
(iii) Up 4% on Q2 FY04 at constant currency (GBP293
million)
(b) Higher level of tender activity and customer trials;
(c) Modest increase in Q2 adjusted gross margin from Continuing
Operations compared to previous quarter (Q1 FY05: 32.2%) to
approximately 33%;
(d) Solid progress in H1 adjusted gross margin compared to the
first half of the previous financial year (H1 FY04: 27.7%)
(e) Restructuring debt now fully repaid; net cash GBP335 million
at September 30;2004
(f) Outlook
(i) Full year sales guidance maintained; low single digit
growth at constant currency;
(ii) Full year adjusted gross margin guidance maintained at
34% from Continuing Operations; more challenging target
in light of first-half business mix;
(iii) Additional GBP10 million-focused investment planned in
R&D and Sales & Marketing to support future growth
Opportunities; and
(iv) Customer endorsements of next generation portfolio
reinforce confidence in medium-term prospects.
Mike Parton, Chief Executive, said: "We continue to make
progress in challenging market conditions. Increased demand for
Access equipment, in support of our customers' broadband and 3G
development plans, is driving our top-line growth and underpins
our full year sales guidance."
"We are driving ahead with our operational improvement
initiatives, which will improve gross margin in the second half,
helping us to achieve our stretching target of 34% for the full
year.
"We are seeing an increase in customer tenders and trials, as
operators plan for their next generation networks. In response,
we have decided to step up our investment in support of future
growth opportunities. We remain confident in the prospects for
our next generation product and service portfolio."
Basis of Preparation
The financial information in this trading update is unaudited
and has been prepared in accordance with U.K. accounting
policies set out in Marconi Corporation Plc's 2004 Annual Report
and Accounts.
The information regarding our operational performance and cash
flow contained in this trading update is based on preliminary
management information. This data remains subject to further
management review. We will disclose full details of gross
margin, operating costs, exceptional items, overall operating
result and cash flow in our interim results announcement on 9
November.
The table sets out the U.S. Dollar/Sterling and Euro/Sterling
exchange rates used in preparing our financial information:
Q1 Q2 Q2
FY'05 FY'05 FY'04
US Dollar:
Average 1.8066 1.8090 1.6166
Period End 1.8135 1.8096 1.6614
Euro:
Average 1.4904 1.4824 1.4319
Period End 1.4906 1.4570 1.4267
Disposal of Outside Plant & Power
We completed the disposal of our Outside Plant & Power (OPP)
business to Emerson in August 2004 for a cash consideration of
US$375 million (approximately GBP207 million). We estimate that
tax and transaction costs relating to this disposal will amount
to approximately GBP35 million, of which we paid approximately
GBP8 million in the second quarter, with the majority of the
balance payable across the two remaining quarters of the year.
OPP is now treated as a Discontinued Operation for all periods
presented. In the three months ended 30 September 2003,
Discontinued Operations also includes North American Access
(sold to AFC in February 2004).
Interim Results Release
We will announce our interim results for the six months ended
September 30, 2004 and host a meeting and conference call for
analysts and investors on November 9, 2004.
Financial Calendar
The provisional timetable for results announcements for the
second half of Fiscal Years 2005:
(a) Third-quarter results - February 8, 2005
(b) Fourth-quarter results - May 17, 2005
Trading Update
Sales
At GBP305 million, sales from Continuing Operations grew 6%
compared to the previous quarter (GBP289 million reported) and
4% at constant currency compared to the second quarter of the
previous year (GBP293 million; GBP305 million reported), in line
with our full year guidance for low single digit growth at
constant currency.
Sales by Product Area
in GBP million 3 months ended
Sept. 30 June 30 Sept 30
2004 2004 2003
Optical Networks 76 77 80
Access Networks 76 60 64
-------- -------- --------
Optical and
Access Networks 152 137 144
BBRS Equipment 28 24 38
BBRS Services 14 14 15
-------- -------- --------
BBRS 42 38 53
IC&M 46 48 47
VAS 65 66 61
-------- -------- --------
Network Services 111 114 108
-------- -------- --------
Continuing
Operations 305 289 305
Discontinued
Operations 17 50 84
-------- -------- --------
Group 322 339 389
======== ======== ========
Sales by Geographic Destination
in GBP million 3 months ended
Sept. 30 June 30 Sept 30
2004 2004 2003
EMEA 237 224 223
North America 40 38 50
CALA 9 9 9
APAC 19 18 23
-------- -------- --------
Continuing
Operations 305 289 305
Discontinued
Operations 17 50 84
-------- -------- --------
Group 322 339 389
======== ======== ========
Access Network sales rose 27% quarter on quarter as a result of
sustained strong demand for fixed wireless access equipment by
German mobile operators as well as a marked increase in sales of
our Access Hub to Telecom Italia and BT. Broadband Access
accounted for 18% of Access Network sales, Fixed Wireless Access
34% and Other Access 48%.
Whilst our major customers are focusing investment on the
deployment of broadband access networks, we continued to see
relative stability in Optical Network sales and have been
encouraged by the momentum we are gaining in the market with our
new optical product platforms. We signed a frame contract with
E-Plus during the quarter for the supply of our next generation
SMA1/4 Ultra Compact SDH multiplexer and are now trialling (sic)
our next generation optical metro platform (OMS1664) in over 30
customer labs.
The 11% growth in Broadband Routing & Switching (BBRS) sales
compared to the first quarter was lower than the seasonal up-
tick experienced in prior years, as the U.S. Federal Government
re-prioritized spend and has pushed orders into their next
budget year, starting October 1. We are also experiencing some
softness in the U.S. service provider market and expect this
trend to continue into the second half of the financial year.
BBRS sales in Asia-Pacific (APAC) were up in the quarter due to
a new order for the supply of our ASX-4000 product to a major
Japanese service provider.
The 3% fall quarter-on-quarter in Network Services was mainly
the result of lower demand for Installation, Commissioning and
Maintenance (IC&M) activities. This arose mainly in Italy as a
result of a shift in mix of equipment sales from Optical to
Access; our optical frame contract with Telecom Italia covers
the provision of equipment and the associated installation
services whilst Telecom Italia's in-house service teams fulfill
a higher proportion of the installation work in their broadband
access network.
Sales of Value-Added Services (VAS) remained broadly stable
quarter on quarter but we saw a significant shift in business
mix, with the earlier completion of activities on a long-term
Government sector project replaced b y an increased proportion
of cable services, following the extension of our long-term
contract with BT earlier in the year.
BT accounted for 32% of sales from Continuing Operations. The
increase compared to previous quarters (Q1 FY05 26%; Q2 FY04
25%) resulted mainly from an increase in sales of optical
equipment, Access Hubs and cable services.
Book to Bill performance improved across all segments:
3 months ended
Sept. 30, 2004 June 30, 2004
Optical and Access Networks 1.15 1.01
BBRS 0.88 0.69
Network Services 1.03 0.86
Adjusted Gross Margin
We recorded a modest increase in adjusted gross margin compared
to the 32.2% recorded in the first quarter to approximately 33%.
Further progression was impacted by the shift in business mix,
which was driven by two main factors; firstly, the lower than
expected proportion of higher margin BBRS sales and secondly,
the change in mix within VAS.
In VAS, the earlier than expected completion of a Government
sector contract was replaced by the increased proportion of
cable services, which carry lower margins than the rest of our
services portfolio. This reduced overall adjusted gross margin
in Network Services by approximately one percentage point
compared to the 20% recorded in the first quarter of the
financial year.
The improvement in the quarter came through in Optical and
Access Networks mainly as a result of an increased proportion of
higher-margin product sales and the higher volume.
Outlook
Full-year sales guidance maintained
We confirm our full year sales outlook for low single digit
growth at constant currency compared to the GBP1,244 million of
sales recorded in our Continuing Operations during the year
ended 31 March 2004. This does not take into consideration any
impact of foreign exchange movements. In the third quarter of
the previous financial year, we reported sales from Continuing
Operations of GBP320 million. When re-translated at the average
exchange rates used in second quarter of the current financial
year, this gives sales of GBP311 million (at constant currency).
Gross margin target maintained
We are maintaining our 34% adjusted gross margin target for the
full year. Given the impact of business mix in the first half
of the year, achievement of this target is based on higher
volumes, a more favorable business mix in the second half and
our cost saving initiatives. We do not expect to deliver upside
benefits over and above this target.
We expect the further gross margin improvement to come through
our Optical and Access Networks segment.
As our major customers focus investment on broadband access
deployments, we are successfully growing sales of our next
generation access products and expect this trend to continue
into the second half of the year. Initially, this is likely to
put pressure on gross margins as
(a) broadband access is one of the most competitive areas in
which we operate; and
(b) our customers are focusing on data-only deployments to meet
current corporate and residential customer demand as opposed
to higher margin multi-service (data, voice and triple-play)
configurations.
At the same time however, these successful broadband access
deployments are now leading to constraints in existing network
infrastructure. Consequently, we are seeing more demand under
legacy frame contracts in the second half of the year.
This higher margin business combined with increased volumes and
planned cost savings is expected to offset the pressure in
broadband access and result in increased performance in Optical
& Access Networks.
Investing in future growth opportunities
We continue to maintain tight control over operating
expenditure, whilst continuing to invest in opportunities to
secure future sales growth. We are now experiencing a marked
increase in tender activity and customer trials -- in
particular, in relation to BT's 21st Century Network
transformation project as well as elsewhere in the U.K. and
overseas -- as we drive towards our previously disclosed target
to capture market share with our next generation product and
service offering.
As a result, we have decided to raise our Research and
Development spend to fund further development of our SoftSwitch
solution. We have also increased our sales and marketing budget
to support the increased costs associated with customer bids and
trials. The cost of this additional investment is expected to
be around GBP10 million for the current financial year and per
annum thereafter. This compares to our previous plans to
maintain a relatively stable level of operating expenditure in
the business. We began to incur this additional investment
during the second quarter of the year.
Cash Flow, Cash and Debt
At September 30, 2004, we had a net cash balance of GBP335
million compared to GBP188 million at June 30, 2004.
The table sets out the composition of the Group's net cash
balances at these dates:
In GBP million Sept. 30, 2004 June 30, 2004
US$-denominated Senior Notes - (245)
US$-denominated Junior Notes - -
Other bilateral and bank deb (39) (40)
---------- ----------
Gross financial indebtedness (39) (285)
Cash and liquid resources 374 473
---------- ----------
Net Cash 335 188
========== ==========
The main driver of the improvement in our net cash position
during the period was the disposal of OPP and the subsequent
completion of our Senior Notes payment. We used approximately
GBP54 million of our available Treasury deposits to repurchase
Senior Notes in the market and carried out the final redemption
of the Senior Notes on 1 September 2004 using the disposal
proceeds.
We recorded a modest operating cash outflow during the quarter.
While we continue to apply the strong working capital management
disciplines we have developed over the past 3 years, we now
anticipate an increase in working capital during the remainder
of the financial year, which will result from the increase in
factory loading required to deliver higher sales in the second
half.
About Marconi Corporation Plc
Marconi Corporation Plc is a global telecommunications
equipment, services and solutions company. The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services. The company's customer base includes
many of the world's largest telecommunications operators.
The company is listed on the London Stock Exchange under the
symbol MONI and on Nasdaq under the symbol MRCIY.
CONTACT: MARCONI CORPORATION PLC
4th Floor Regents Place
338 Euston Rd
London NW1 3BT
Phone: +44-20-7493-8484
Fax: +44-20-7493-1974
Web site: http://www.marconi.com
Press Enquiries
David Beck
Phone: 0207 306 1490;
E-mail: david.beck@marconi.com
Investor Enquiries
Heather Green
Phone: 0207 306 1735
E-mail: heather.green@marconi.com
Karen Keyes
Phone: 0207 306 1345
E-mail: karen.keyes@marconi.com
ROYAL & SUNALLIANCE: S&P Affirms 'BB+' Ratings of U.S. Business
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+'
counterparty credit and financial strength ratings on Royal &
Sun Alliance Insurance Group PLC's U.S. insurance operations
(RSA U.S.A.). The outlook is negative.
The ratings reflect the group's marginal financial flexibility,
marginal capitalization, weak earnings, and reduced competitive
position.
Outlook
The negative outlook reflects the uncertainties implicit in any
discontinued business scenario and, in particular, the potential
for additional material reserve development. Standard & Poor's
expects that in the event of such a development, the parent will
support its U.S. insurance operations by providing a reasonable
amount of additional capital to maintain regulatory risk-based
capital at the minimum. This leaves a minimal cushion to absorb
prospective operational error, market risk, or
judicial/legislative risks.
Major Rating Factors
(a) Marginal financial flexibility. Standard & Poor's views the
company's financial flexibility as marginal. The extent of
future financial support likely to be provided by the group
will be limited to maintaining the regulatory risk-based
capital at the minimum regulatory requirement.
(b) Marginal capitalization. The assessment of capitalization
as marginal is driven by the possibility that the future
financial support from the group might not be sufficient to
meet potential reserve deficiencies. As measured by
Standard & Poor's risk-based capital model, capital adequacy
at the end of 2003 was adequate in the 'BBB' range. Surplus
as of the second quarter of 2004 totaled US$1.36 billion, a
US$74 million decrease from year-end 2003. Nonetheless,
over the past year, the company's capitalization
requirements have lessened following the sale and
discontinuation of various lines of business.
(c) Prospective weak earnings. Ongoing business in the
nonstandard auto line generated positive results, with a
combined ratio of 91.6% over the first half of 2004.
Nevertheless, Standard & Poor's believes that RSA U.S.A.'s
discontinued business lines will continue to introduce
uncertainties for a prolonged time. Through the second
quarter of 2004, net losses totaled US$94 million.
(d) Weak competitive position. The competitive position is
viewed as significantly weaker than the company's historical
levels. RSA U.S.A discontinued writing new business in all
lines with the exception of nonstandard auto. Although RSA
U.S.A. is ranked third and has generated solid underwriting
performance in its defined nonstandard auto market, Standard
& Poor's believes the company will remain susceptible to
market forces that could negatively alter its current
underwriting performance.
Ratings List
(a) Royal Insurance Co. of America,
(b) Royal Indemnity Co.,
(c) Connecticut Indemnity Co.,
(d) Security Insurance Co. of Hartford,
(e) American & Foreign Insurance Co.,
(f) Guaranty National Insurance Co. (CO),
(g) Fire & Casualty Insurance Co. of Connecticut,
(h) Viking Insurance Co. of WI,
(i) Safeguard Insurance Co.,
(j) Globe Indemnity Co.,
(k) Viking County Mutual Insurance Co.,
(l) Peak Property & Casualty Insurance Corp.,
(m) Guaranty National Insurance Co. Connecticut
Counterparty credit rating BB+/Negative/
Financial strength rating BB+/Negative
Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. All ratings affected
by this rating action can be found on Standard & Poor's public
Web site at http://www.standardandpoors.com;under Credit
Ratings in the left navigation bar, select Find a Rating, then
Credit Ratings Search.
CONTACT: STANDARD & POOR'S NEW YORK
Tom E Thun
Phone: 212-438-7255
E-mail: thomas_thun@standardandpoors.com
STANDARD & POOR'S LONDON
Simon Marshall
Phone: (44) 20-7176-7080
E-mail: simon_marshall@standardandpoors.com
SCALAR TECHNOLOGIES: Blair Nimmo Appointed Liquidator
-----------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Scalar Technologies Limited
(In Liquidation)
I, Blair Carnegie Nimmo, Chartered Accountant, Saltire Court, 20
Castle Terrace, Edinburgh, EH1 2EG, hereby give notice, that on
October 4, 2004, I was appointed Liquidator of the above named
Company by Resolution of the first Meeting of Creditors. No
Liquidation Committee was established.
Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-tenth
in value, of the creditors require it in terms of Section 142(3)
of the Insolvency Act 1986.
Blair C. Nimmo, Liquidator
CONTACT: KPMG LLP
Saltire Court
20 Castle Terrace
Edinburgh EH1 2EG
Phone: (0131) 222 2000
Fax: (0131) 527 6666
Web site: http://www.kpmg.co.uk
SSD SCOTLAND: Filing of Claims Ends First Week of December
----------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF SSD (Scotland) Limited
(In Liquidation)
I, Douglas B. Jackson, Chartered Accountant, 25 Bothwell Street,
Glasgow, G2 6NL, hereby give notice, pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986, that on October 5, 2004, I
was appointed Liquidator of SSD (Scotland) Limited by a
Resolution of the First Meeting of Creditors held in terms of
Section 138(3) of the Insolvency Act 1986. No Liquidation
Committee was established.
Accordingly, I do not intend to summon a further meeting for the
purpose of establishing a Liquidation Committee unless one-
tenth, in value, of the creditors require it in terms of Section
142(3) of the Insolvency Act 1986.
Creditors who have not already done so are requested to lodge
formal claims with me before December 5, 2004.
Douglas B. Jackson, Liquidator
October 5, 2004
CONTACT: MOORE STEPHENS
25 Bothwell Street
Glasgow G2 6NL
Phone: 0141 567 4500
Fax: 0141 567 4535
E-mail: info@scott-moncrieff.com
Web site: http://www.moorestephens.co.uk
STRATHEARN ABERDEEN: Hires KPMG Liquidator
------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Strathearn (Aberdeen) Limited
(In Liquidation)
We, Neil A. Armour, CA and Blair C. Nimmo, CA, KPMG, 37 Albyn
Place, Aberdeen, AB10 1JB, give notice pursuant to Rule 4.19 of
the Insolvency (Scotland) Rules 1986 that on September 30, 2004
we were appointed Joint Liquidators of Strathearn (Aberdeen)
Limited by resolution of the first meeting of creditors.
A Liquidation Committee was not established. Accordingly I give
notice that I do not intend to summon a further meeting for the
purposes of establishing a Liquidation Committee unless one
tenth in value of the creditors require me to do so in terms of
section 142(3) of the Insolvency Act 1986.
Neil A. Armour, Joint Liquidator
CONTACT: KPMG
37 Albyn Place
Aberdeen AB10 1JB
Phone: (01224) 591000
Fax: (01224) 590909
Web site: http://www.kpmg.co.uk
TIM THOMPSON: Members' Final Meeting Set
----------------------------------------
The final meeting of the members of the Tim Thompson Marketing
Limited will be on November 5, 2004 commencing at 11:00 a.m. It
will be held at Neville Hatton, 10 and 11 Lynher Building, Queen
Anne's Battery, Plymouth, Devon PL4 0LP.
The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator. Members who want to be represented at
the meeting may appoint proxies.
WRM LOGISTICS: Creditors Call in Liquidator
-------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF WRM Logistics Limited
(In Liquidation)
I, Fraser James Gray, hereby give notice, pursuant to Rule 4.19
of the Insolvency (Scotland) Act 1986 that I was appointed
Liquidator of WRM Logistics Limited, by the meeting of creditors
held under Section 138 of the Insolvency Act 1986, on October 4,
2004. A Liquidation Committee was not formed. I do not intend
to summon another meeting to establish a Liquidation Committee
unless requested to do so by one tenth in value of the Company's
creditors.
Fraser James Gray, Liquidator
October 4, 2004
CONTACT: KROLL GLASGOW
Afton House
26 West Nile Street
Glasgow G1 2PF
Phone: 44 (0) 141 248 1250
Fax: 44 (0) 141 248 1262
Web site: http://www.krollworldwide.com
* Fitch: European Telecom Equipment Market Remains Challenging
--------------------------------------------------------------
Fitch Ratings says conditions in the European telecom equipment
industry remain difficult, following a positive trading update
from recovering equipment vendor Marconi. With no outstanding
public debt, Marconi is not rated. Fitch does, however, rate
Alcatel ('BB'/Positive Outlook) and Ericsson ('BB+'/Positive
Outlook). While equipment makers, including Marconi, have
achieved significant progress in restructuring operations, the
demand environment remains weak, with little or no growth
expected in many end-markets.
"The reality is that revenues for these companies have more than
halved over the past three years, and are showing only low
single-digit growth at present," says Stuart Reid, a Director of
Fitch's corporate TMT group.
After having restructured its balance sheet in early 2003, with
a debt-for-equity swap involving a total of GBP4.8 billion of
debt and creditor liabilities, Marconi is now positioned as a
niche supplier of high-end network equipment. The company has
good market positions, primarily in fixed-line technologies, and
a loyal and high-quality customer base. While Marconi, along
with other European equipment makers, is reporting signs of
stabilization in end-markets, demand visibility, particularly in
fixed-line equipment, remains difficult.
"Given the scale of Marconi's operations today, you have to
question whether the company can maintain its independence in a
market that has yet to consolidate. With the equipment sector
in the early stages of recovery, Marconi's focused technology
portfolio and high-quality customer list could prove attractive
to anyone seeking a partner or other type of business
combination in the sector," Mr. Reid adds.
While market conditions are slowly improving, overcapacity and
pricing pressure remain a significant concern for the industry.
With equipment vendors coming out of the industry recession with
substantially improved balance sheets and much lighter cost
infrastructure, market consolidation is in prospect.
Along with the company's balance sheet restructuring, Marconi
has significantly reduced its cost base. Adjusted gross margins
in Q205 reached 33%, up from 26.2% a year ago. The company is
sticking by its target of 34% for FY05. The breakeven point had
been reduced to around GBP1,270 million by YE March 2004 while
2005 sales guidance is for low single-digit growth from its 2004
GBP1,244 million revenues. The company has fully repaid its
restructured debt and benefits from net cash balance of GBP335m
as at September 2004.
While end-market conditions remain challenging, Marconi enjoys
strong market positions in its chosen technologies. The company
has strong regional market positions in broadband access and
switching, as well as in optical transmission.
CONTACT: FITCH RATINGS
Stuart Reid
London
Phone: +44 (0)20 7417 4323
Albert Hofman
Phone: +44 (0)20 7417 4282
Media Relations:
Campbell McIlroy, London
Phone: +44 20 7417 4327
*********
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-
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Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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