/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050613.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, June 13, 2005, Vol. 6, No. 115 Headlines C Z E C H R E P U B L I C TELESYSTEM INTERNATIONAL: Converts ClearWave Proceeds to CA$ G E R M A N Y BETONKNACKER BOHREN: Calls in Provisional Administrator BOG BETEILIGUNGSPARTNER: Applies for Bankruptcy Proceedings DASO IMMOBILIENGESELLSCHAFT: Last Day for Filing Claims Thursday GERHARDT WOHNUNGSBAUGESELLSCHAFT: Files for Bankruptcy IHR PLATZ: Goldman Sachs Backs Proposed Restructuring Plan INDOOR BAU: First Creditors Meeting Set July 20 ITK ENGINEERING: Kleve Court Launches Bankruptcy Proceedings MG TECHNOLOGIES: Secures EUR500 Mln Credit Facility OBG OPPERMANN: Court to Verify Claims July PROBATUS BAUBETREUUNGSGESELLSCHAFT: Declared Insolvent S.G. IMMOBILIENHANDEL: Real Estate Firm Succumbs to Insolvency THOMAS COOK: Sale Imminent, Says Report TURA AKTIENGESELLSCHAFT: Proofs of Claim Due July I T A L Y ALITALIA SPA: Lufthansa Plans to Mount Legal Challenge L A T V I A PAREX BANKA: EUR100 Million Eurobond Gets 'BB+' Rating N E T H E R L A N D S NUMICO N.V.: Concludes Asset Sales in China P O L A N D NETIA SA: PZU Reduces Shareholding R O M A N I A ROMPETROL GROUP: Fitch Keeps 'B-' Rating R U S S I A ALFA MTN: Proposed Eurobond Rated 'B+' BREAD: Undergoes Bankruptcy Supervision Procedure EUROPEAN FRUIT-VEGETABLES: Under Bankruptcy Supervision GORODISHENSKAYA: Proofs of Claim Deadline Expires July 7 KOSTROMSKOY: Succumbs to Bankruptcy KRYLOVSKOYE: Krasnodar Court Names V. Bondar Insolvency Manager LESNOY WOOD-PROM-KHOZ: Tver Court Opens Bankruptcy Proceedings PLAVIKOSHOATOVSKIY MINE: Declared Insolvent SAMARSKIY: Succumbs to Bankruptcy STIFF AND DANA: Declared Insolvent STROY-DOR-INDUSTRY: Undergoes Bankruptcy Supervision Procedure T U R K E Y CUKUROVA GROUP: TeliaSonera Resorts to Arbitration to Settle Row U K R A I N E CONCERN UVENTA: Declared Insolvent KATERINOPIL' AGROSERVICE: Names Anatolij Prihodko Liquidator KERCH' AUTO 14364: Declares Insolvency LIDER: Bankruptcy Proceedings Start ORBITA PLUS: Liquidator Takes over Operations SUMIRESTAVRATSIYA: Under Bankruptcy Supervision TRADE PLUS: Succumbs to Insolvency UKRAVTORUS: Court Appoints Insolvency Manager UKRPAK: Bankruptcy Supervision Begins UKRPASAVTO: Kyiv Court Opens Bankruptcy Proceedings U N I T E D K I N G D O M BAMFORD ELECTRONICS: Members Final Meeting July 11 BARCLAYS UNIT: Hires Deloitte & Touche to Liquidate Assets BEFRIENDERS INTERNATIONAL: Final General Meeting Set July BOO.COM GROUP: Winding-up Report Out Next Month BRITANNIC ASSET: Dissolving Healthcare, Technology Funds EVANS AND PRICE: Machine Tools Maker Calls in Ernst & Young FEDERAL-MOGUL: U.K. Court Keeps Cross-border Protocol for Now FKI PLC: Full-year Loss Balloons to GBP79.9 Million GRA HOLDINGS: Calls in Liquidators from KPMG HENDERSON GROUP: Amendment to Restricted Share Plan Rules Passed HENDERSON GROUP: Books GBP41 Million Profit INVERESK PLC: Carrongrove Mill Closure to Affect 150 Jobs ISHARES LIMITED: Names Deloitte & Touche Liquidator JEWELLINK LIMITED: Hires BDO Stoy Hayward as Administrator MANGIARE LIMITED: Calls in Administrators MASTERLOCK LIMITED: Vantis Business Administrators Move in PROJEX (SOUTHERN): Administrator from Singla & Co. Moves in STEWART ESTATES: Creditors Meeting Set Later this Month TELTRON LIMITED: Meeting of Creditors Set Wednesday T.MULLINS BUILDERS: Appoints Administrator from Houghton Stone VANMAN (UK): Hires F A Simms & Partners Administrator WHEEL (UK): Creditors Meeting Set Next Week WHITEHEAD MANN: Appoints Group Finance Director W.H. KEYS: Sets Creditors Meeting Next Week WIGMORE GROUP: Full-year Pre-tax Loss Up to GBP6.79 Million ********* =========================== C Z E C H R E P U B L I C =========================== TELESYSTEM INTERNATIONAL: Converts ClearWave Proceeds to CA$ ------------------------------------------------------------ Telesystem International Wireless Inc. completed the conversion into Canadian dollars of the cash consideration of US$3,472 million received from the sale of its indirect interests in ClearWave N.V. to Vodafone International Holdings B.V. The volume weighted average rate achieved during the conversion process was 1.24759 Canadian dollars (C$) per U.S. dollar ($). As a result, the target return as defined in the framework agreement between TIW and Vodafone and as referred to in the information circular dated April 18, 2005, is C$19.9614 per common share, representing an amount of $16.00 times the exchange rate of 1.24759 About TIW TIW currently operates under a court-supervised Plan of Arrangement, which governs its liquidation, including the claims process and distribution of net cash to shareholders, cancellation of common shares and final distribution of proceeds. TIW's shares are listed on NASDAQ (TIWI) and on the Toronto Stock Exchange (TIW). CONTACT: TELESYSTEM INTERNATIONAL WIRELESS INC. Jacques Lacroix Investors Phone: (514) 673-8466 E-mail: jlacroix@tiw.ca ============= G E R M A N Y ============= BETONKNACKER BOHREN: Calls in Provisional Administrator ------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against Betonknacker Bohren und Sagen mit Diamantwerkzeugen GmbH Dresden i.L. on May 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 27, 2005 to register their claims with court- appointed provisional administrator Ulrich Kraft. Creditors and other interested parties are encouraged to attend the meeting on August 9, 2005, 10:00 a.m. at the district court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, 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. Betonknacker specializes in the use of modern diamond boring and cutting tools for doors and windows, columns and supports; and electrical, heating and ventilation installations. CONTACT: BETONKNACKER BOHREN UND SAGEN MIT DIAMANTWERKZEUGEN GMBH DRESDEN I.L. Bosewitzer Str. 22 in 01259 Dresden Phone: (0351) 2024116 E-mail: betonknackerdresden@t-online.de Web site: http://www.betonknacker.de Contact: Rainer Stolle Comeniusstr. 34a, 01309 Dresden Ulrich Kraft, Administrator Wasastr. 15, 01219 Dresden Web site: http://www.hww-kanzlei.de BOG BETEILIGUNGSPARTNER: Applies for Bankruptcy Proceedings ----------------------------------------------------------- The district court of Muenster opened bankruptcy proceedings against BOG Beteiligungspartner GmbH on May 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 20, 2005 to register their claims with court-appointed provisional administrator Norbert Kruse. Creditors and other interested parties are encouraged to attend the meeting on Aug. 25, 2005, 10:00 a.m. at the district court of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Muenster, EG, Saal 13 B 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: BOG BETEILIGUNGSPARTNER GMBH Siemensstrasse 57-59, 48153 Muenster Contact: Dr. Kay Michel Thomas Dillenseger Phone: 0251/7604-0 Norbert Kruse, Administrator Bonhoefferstr. 10, 48282 Emsdetten Phone: 02572/875-0 Fax: +49257287533 DASO IMMOBILIENGESELLSCHAFT: Last Day for Filing Claims Thursday ---------------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against DASO Immobiliengesellschaft mbH on May 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 16, 2005 to register their claims with court-appointed provisional administrator Jorg Spies. Creditors and other interested parties are encouraged to attend the meeting on July 19, 2005, 10:30 a.m. at the district court of Dresden, Saal D 132, Olbrichtplatz 1, 01099 Dresden, 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: DASO IMMOBILIENGESELLSCHAFT MBH Dresdner Strasse 9 01465 Langebr…k Contact: Volker Burkhardt, Manager Jorg Spies, Administrator Lockwitzer Str. 17, 01219 Dresden E-mail: insolvenz@pkl.com Web site: http://www.pkl.com GERHARDT WOHNUNGSBAUGESELLSCHAFT: Files for Bankruptcy ------------------------------------------------------ The district court of Muenster opened bankruptcy proceedings against Gerhardt Wohnungsbaugesellschaft mbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Aug. 1, 2005 to register their claims with court-appointed provisional administrator Dr. Frank Kreuznacht. Creditors and other interested parties are encouraged to attend the meeting on Aug. 22, 2005, 9:00 a.m. at Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149 Muenster, EG, Saal 13 B 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: GERHARDT WOHNUNGSBAUGESELLSCHAFT MBH Hammerstrasse 46, 59227 Ahlen Contact: Susanne Gerhardt Dr. Frank Kreuznacht, Administrator Wolbecker Windmuehle 15 a, 48167 Muenster Phone: 02506/821-0 Fax: +492506821100 IHR PLATZ: Goldman Sachs Backs Proposed Restructuring Plan ---------------------------------------------------------- Insolvent health and beauty products retailer Ihr Platz recently bared its six-month recovery plan. The plan, which aims to nearly 9,000 jobs, has the backing of main creditor, Goldman Sachs, according to management board member, Michael Keppel. It calls for the streamlining of the administrative procedures, the operating of one main depot and focusing only on profitable operations. The plan needs the approval of the group's insolvency administrator as well as other creditors and suppliers. The group recently availed of a EUR7.5 million loan from Goldman Sachs, which also plans to convert EUR120 million of debt into equity. Ihr Platz is also expected to receive insolvency funding from private bank, Lampe. Ihr Platz has reportedly struck a long-term deal with majority of its suppliers. The deal puts the group a step closer to recovery, management says. The company retails cosmetics, body care products and domestic goods in 681 branches and 143 franchised stores. It posted EUR1.24 billion in sales in 2003. CONTACT: IHR PLATZ GMBH + CO. KG Personalwesen Parkstrasse 32 49080 Osnabruck Phone: 49 541 98 55 0 Fax: 49 541 98 55 267 E-mail: info@ihrplatz.de Web site: http://www.ihrplatz.de BANKHAUS LAMPE Alter Markt 3 D - 33602 Bielefeld Phone: 05 21 / 582 - 0 Fax: 05 21 / 17 51 78 Web site: https://www.lampebank.de INDOOR BAU: First Creditors Meeting Set July 20 ----------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Indoor Bau & Dienstleistungs GmbH on May 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 19, 2005 to register their claims with court-appointed provisional administrator Christian Kohler-Ma. Creditors and other interested parties are encouraged to attend the meeting on July 20, 2005, 10:35 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, 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 on October 19, 2005, 10:35 a.m. at the same venue. CONTACT: INDOOR BAU & DIENSTLEISTUNGS GMBH Samariterstr. 19/20,10247 Berlin Phone: 030 / 772032-0 Fax: 030 / 772032-37 E-mail: info@gruppestettner.de Web site: http://www.gruppestettner.de Christian Kohler-Ma, Administrator Kurfuerstendamm 212, 10719 Berlin ITK ENGINEERING: Kleve Court Launches Bankruptcy Proceedings ------------------------------------------------------------ The district court of Kleve opened bankruptcy proceedings against ITK Engineering D. R. Tiepoldt GmbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 23, 2005 to register their claims with court-appointed provisional administrator Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting on July 14, 2005, 11:15 a.m. at the district court of Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss, C 58 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: ITK ENGINEERING D. R. TIEPOLDT GMBH Spyckstrasse 14-16, 47533 Kleve Contact: Dipl.-Ing. Werner Welbers Wildgehege 33, 47533 Kleve Dirk Hammes, Administrator Wilhelmshofallee 75, 47800 Krefeld Phone: 02151 - 5813 - 160 Fax: 02151 - 5813133 MG TECHNOLOGIES: Secures EUR500 Mln Credit Facility --------------------------------------------------- Mg technologies AG has taken out a 5-year syndicated EUR500 million credit facility. The facility will be used for general corporate purposes, minor acquisitions and the repayment of outstanding EUR139.1 million under mg's Eurobond. The mandated lead arrangers of the credit facility oversubscribed by 75% are BayernLB, Commerzbank and Dresdner Kleinwort Wasserstein. The syndicate comprises twenty international banks. Mg technologies is an international technology group that focuses on specialty mechanical engineering -- especially process engineering and equipment -- and plant engineering. Mg currently employs 17,000 people and generated sales of EUR4.1 billion in 2004. It is among the world's market and technology leaders in 90% of its businesses. CONTACT: MG TECHNOLOGIES AG Communications Phone: +49 (0)234 980 1081 Fax: +49 (0)234 980 1087 Web site: http://www.mg-technologies.com OBG OPPERMANN: Court to Verify Claims July ------------------------------------------ The district court of Braunschweig opened bankruptcy proceedings against OBG Oppermann Bau GmbH on May 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 29, 2005 to register their claims with court-appointed provisional administrator Jorg Trittermann. Creditors and other interested parties are encouraged to attend the meeting on July 27, 2005, 9:15 a.m. at the district court of Braunschweig, An der Martinikirche 8, 38100 Braunschweig, 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: OBG OPPERMANN BAU GMBH Zollkamp 5, 38122 Braunschweig Phone: (0531) 2884873 Fax: (0531) 2884874 Contact: Johanna Oppermann, Manager Jorg Trittermann, Administrator Lessingplatz 9, D-38100 Braunschweig Phone: 0531/1206875 Fax: 0531/1206880 PROBATUS BAUBETREUUNGSGESELLSCHAFT: Declared Insolvent ------------------------------------------------------ The district court of Potsdam opened bankruptcy proceedings against PROBATUS Baubetreuungsgesellschaft mbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 29, 2005 to register their claims with court-appointed provisional administrator Bert Buske. Creditors and other interested parties are encouraged to attend the meeting on July 27, 2005, 10:35 a.m. at the district court of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004 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: PROBATUS BAUBETREUUNGSGESELLSCHAFT MBH Oderstr. 23 14513 Teltow Deutschland Phone: (03328) 309237 Bert Buske, Administrator Alt Nowawes 67, 14482 Potsdam S.G. IMMOBILIENHANDEL: Real Estate Firm Succumbs to Insolvency -------------------------------------------------------------- The district court of Koln opened bankruptcy proceedings against S.G. Immobilienhandel GmbH on May 13. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 30, 2005 to register their claims with court-appointed provisional administrator Andreas Mueller-Stein. Creditors and other interested parties are encouraged to attend the meeting on Aug. 11, 2005, 9:05 a.m. at the district court of Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1. Etage, Saal 142 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: S.G. IMMOBILIENHANDEL GMBH Hohe Str. 130, 50129 Bergheim Contact: Sandra Garrelts, Manager Hohe Str. 130, 50129 Bergheim Andreas Mueller-Stein, Administrator Schuetzenstr. 5, 50126 Bergheim Phone: 02271-7691-0 Fax: +492271769110' THOMAS COOK: Sale Imminent, Says Report --------------------------------------- German airline Lufthansa and retailer KarstadtQuelle are now close to an agreement over the sale of their 50:50 joint venture Thomas Cook, according to Financial Times Deutschland. Potential buyers for the country's second-biggest tour operator include Hamburg entrepreneur and former Tchibo shareholder, Guenter Herz. The sale is expected to raise EUR1-1.5 billion (US$1.2-1.8 billion). Thomas Cook's huge losses in recent years have weighed down its owners' finances. It might be floated on the stock exchange if the sale fails. Morgan Stanley is managing the sale. CONTACT: MORGAN STANLEY 1585 Broadway New York, NY 10036 Phone: (212) 761-4000 Web site: http://www.morganstanley.com/ THOMAS COOK AG Corporate Communications Phone: +49(0) 61 71 65-1700 Fax: +49(0) 61 71) 65-1060 E-mail: konzernkommunikation@thomascookag.com Web site: http://www.thomascook.info TURA AKTIENGESELLSCHAFT: Proofs of Claim Due July ------------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Tura Aktiengesellschaft Fabrik fotografischer Filme und Papiere on May 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 29, 2005 to register their claims with court- appointed provisional administrator Dr. Rolf-Dieter Monning. Creditors and other interested parties are encouraged to attend the meeting on August 29, 2005, 9:20 a.m. at the district court of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070 Aachen, I. Etage, Saal 14, 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. Founded in 1901, Tura Aktiengesellschaft manufactures, prepares and distributes photo and film products, film paper and other related products. In 2001, it expanded to the United States with the establishment of TURA U.S.A, Inc. based in Seattle. CONTACT: TURA AKTIENGESELLSCHAFT FABRIK FOTOGRAFISCHER FILME UND PAPIERE An Gut Nazareth 20-24, 52353 Dueren Phone: 02421/ 8007-0 Fax: 02421/ 880725 E-mail: info@tura-film.de Web site: http://www.tura-film.de Contact: Wolfgang Werner Heinrich Leiss, Hohenstaufenring 78, 50674 Koln Sales Germany Phone: 02421/ 8007-11 Fax: 02421/ 88363 Export Phone: +49 (0) 2421/ 8007-20 Fax: +49 (0) 2421/ 8808-22 Prof. Dr. Rolf-Dieter Monning, Administrator Juelicher Strasse 116, 52070 Aachen Phone: 0241/94618-0 Fax: 0241/533562 ========= I T A L Y ========= ALITALIA SPA: Lufthansa Plans to Mount Legal Challenge ------------------------------------------------------ German national carrier Deutsche Lufthansa plans to challenge the recent approval of the European Commission of Alitalia's restructuring plan, Die Welt says. Lufthansa said it would start reviewing legal options as soon as the regulator makes the decision official. The carrier is optimistic that other European airlines will rally behind the legal action. Carriers opposed to Alitalia's recovery plan remain firm in their claim that it contains traces of illegal state aid. The European Commission gave third parties two months to challenge its ruling. The EC approved Alitalia's restructuring plan, saying it did not find any trace of illegal state aid. The regulator, however, attached certain conditions, which includes equal pricing provisions for both state and private investors. CONTACT: Alitalia S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://corporate.alitalia.com =========== L A T V I A =========== PAREX BANKA: EUR100 Million Eurobond Gets 'BB+' Rating ------------------------------------------------------ Fitch Ratings assigned Latvia-based Parex banka's EUR100 million bond issue a final 'BB+' rating. Parex banka is rated Long-term 'BB+' with a Stable Outlook, Short-term 'B', Individual 'C/D' and Support '3'. The notes are to rank pari passu among themselves and at least pari passu with all other present and future unsecured obligations of Parex banka, save for such obligations as may be preferred by law. Parex banka is the largest bank in Latvia by total assets, and the fourth largest in the Baltics. It is privately owned, with two individuals collectively owning over 85% of the bank. CONTACT: FITCH RATINGS Tim Beck, London Phone: +44 20 7417 3460 Claudia Nelson Phone: +44 20 7417 4269 Media Relations: Jon Laycock, London Phone: +44 20 7417 4327 ===================== N E T H E R L A N D S ===================== NUMICO N.V.: Concludes Asset Sales in China ------------------------------------------- American Dairy, Inc., which produces and distributes milk powder and soybean products in China, has agreed with Royal Numico N.V. on the purchase of its milk powder processing plant and equipment in China to Heilongjiang Feihe Dairy Industry Co., Ltd. -- a subsidiary of American Dairy, Inc. -- for a total consideration of US$7.3 million (EUR5.97 million). This milk processing plant acquisition also includes 19 raw milk collection stations. American Dairy believes that the production capabilities of this plant will increase its daily milk powder production capacity by approximately 60%, or 270 tons of raw milk per day. The company expects to realize US$7 million (EUR5.72 million) in sale revenues and US$1.5 million (EUR1.23 million) in net profits from the Numico plant during FY 2005. The asset acquisition was formally closed on Wednesday, June 8, 2005, and American Dairy took over all of the operations of the former milk powder plant of Nutricia Nutrionals Co., Ltd., a wholly owned subsidiary of Royal Numico N.V., a publicly traded company in Europe. About American Dairy, Inc. American Dairy, Inc. conducts operations in The People's Republic of China through its wholly owned subsidiary, Feihe Dairy. Founded in 1962, Feihe Dairy is one of the leading producers and distributors of milk powder and soybean products in China. Feihe Dairy is located in Kedong County, China, and has been in operation since 2001. American Dairy also has a milk powder processing plant, BaiQuan Feihe Dairy in Kedong County, and also has a milk powder processing plant in the city of QiQiHaEr, Heilongjiang Province. Royal Numico is a high-growth, high-margin specialized nutrition company with leading positions in Baby Food and Clinical Nutrition and brings products to the market under the brand names Nutricia, Milupa and Cow & Gate, among others. The company serves customers in over 100 countries and employs approximately 11,000 people (see also http://www.numico.com). CONTACT: ROYAL NUMICO N.V. P.O. Box 75538, 1118 ZN Schiphol Airport The Netherlands Phone: +31 20 456 9000 Fax: +31 20 456 8000 Corporate Communications Phone: +31 20 456 9077 Investor Relations Phone: +31 20 456 9003 =========== P O L A N D =========== NETIA SA: PZU Reduces Shareholding ---------------------------------- Netia S.A. was notified by Powszechny Zakad Ubezpieczen Spoka Akcyjna (PZU S.A.) that, as a result of the sale of Netia's shares by PZU on May 31, 2005, PZU and its subsidiary PZU ycie S.A., jointly hold 19,531,358 of Netia's shares. The holding constitutes 4.98% of Netia's share capital, and entitles the holders thereof to exercise 19,531,358 votes at Netia's General Meeting of Shareholders, constituting 4.98% of the total number of votes at Netia's General Meeting of Shareholders. According to the notification, prior to this transaction, PZU and its subsidiary PZU ycie jointly held shares entitling to 5.01% of the total number of votes at Netia's General Meeting of Shareholders. Netia (WSE: NET) is Poland's largest alternative provider of fixed-line telecommunications services. CONTACT: NETIA S.A. 02-822 Warszawa ul. Poleczki 13 Phone: [48] (22) 330 2000 Fax: [48] (22) 330 2323 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 O M A N I A ============= ROMPETROL GROUP: Fitch Keeps 'B-' Rating ---------------------------------------- Fitch Ratings says the ongoing investigation of Romania's General Prosecutor regarding employees of The Rompetrol Group N.V. (TRG, rated 'B-')/Stable Outlook) remains a key credit concern for the company. One of the main charges relates to the privatisation of TRG's main asset, the Romanian Petromidia refinery. The criminal investigation relates to TRG group's key managers, including the CEO and majority shareholder of TRG, Dinu Patriciu, who was temporarily detained for 24 hours by the General Prosecutor in late May 2005. A Romanian court and subsequently an appellate court rejected the prosecutors' request to arrest the CEO. Fitch notes that although these events have tarnished the company's reputation, its business and financial profile remains consistent with the 'B-' rating. Fitch deems TRG's liquidity position and continued ownership of Petromidia as key to maintaining the current level of rating. The agency understands that the investigation is not expected to lead to lending banks demanding early repayment of loans extended to the TRG group, given security in place on its assets and the group's improved financial results on the back of high refining margins. Nevertheless, the agency will continue to monitor TRG's liquidity position. A significant deterioration of the company's liquidity (for example driven by cash outflows (penalty payment) on a negative outcome of the investigation or early repayment of loans demanded by banks) may put pressure on the rating. The refinery is the key asset of TRG group (it generated 86% of the group's 2004 EBITDA). Debt continues to be largely represented by short-term bank loans, pointing to relatively high refinancing risk. However, bank facilities due in June 2005 are modest at US$10 million (or 7% of TRG's total bank debt), while maturities in July and August are US$4 million (3%). Against this, available liquidity in the form of committed unused credit lines is US$42 million with cash of US$17 million as of end-May. Additionally, the company is expected to generate net free cash flow in the coming months -- monthly net free cash flow generation is expected to average US$12 million for May-June 2005 (similar to 1Q05). More significant maturities become due in September (coupon payment of EUR22 million under the hybrid instrument). The investigation has been recently extended to three more current and former key employees of TRG group, including the Deputy CEO and minority shareholder of TRG (a U.S. citizen). Fitch is concerned that the ongoing investigation and recent developments may distract the management team from strategy implementation and day-to-day operation of the company. In an attempt to address these concerns management has decided to put all expansion projects on hold and focus on 'stay-in- business' investments. Fitch believes this approach is understandable in the current situation and will preserve short- term liquidity, although if sustained it may affect the group's future business profile. The company has also set up a 12- member operations committee to ensure business continuity in all circumstances. CONTACT: FITCH RATINGS Arkadiusz Wicik, Warsaw Phone: +48 22 338 62 86 Josef Pospisil, London Phone: +44 (0) 20 7417 4266 Andrew Steel Phone: +44 (0) 20 7862 4086 Media Relations: Alex Clelland, London Phone: +44 20 7862 4084 =========== R U S S I A =========== ALFA MTN: Proposed Eurobond Rated 'B+' -------------------------------------- Fitch Ratings assigned Alfa MTN Invest Limited's upcoming issue of medium-term notes an expected Long-term 'B+' rating. The assignment of the final rating is contingent on receipt of final documentation conforming materially to information already received. The notes are unconditionally and irrevocably guaranteed jointly and severally by Alfa-Bank, (rated Long-term 'B+', Short-term 'B', National Long-term 'A(rus)', Individual 'D' and Support '4'/Stable Outlook) and ABH Financial Limited. The proceeds from the issue will be on-lent to Alfa Bank or ABH Financial Limited. The issue is the third under the US$1 billion (increased from the original US$400 million) euro medium-term note program of Alfa MTN Issuance Ltd., Alfa MTN Markets Ltd. and Alfa MTN Invest Ltd. (rated Long-term 'B+' for notes with maturities in excess of one year and Short-term 'B' for notes with maturities of less than one year). Further details on the structure of the program can be found in Fitch's announcement dated 20 October 2004 on http://www.fitchratings.com. Alfa Bank is the 100%-owned principal subsidiary of ABH Financial Limited and the largest privately owned bank in Russia, engaged in corporate, retail and investment banking, trade finance, insurance and asset management. ABH Financial Limited also owns Alfa Capital Holdings Limited, which is active in corporate finance, securities (mainly equity) brokerage, asset management and private equity, as well as undertaking proprietary trading. CONTACT: FITCH RATINGS James Watson, Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 BREAD: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------- The Arbitration Court of Buryatiya republic has commenced bankruptcy supervision procedure on open joint stock company Bread (TIN 03230041195). The case is docketed as A10-1148/05. Mr. N. Teterin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) BREAD Mr. V. Lagerov General Director 670002, Russia, Buryatiya republic, Ulan-Ude, Limonova Str. 3 Phone: 44-52-12 Fax: (3012) 44-52-12 (b) Mr. N. Teterin Temporary Insolvency Manager 670000, Russia, Buryatiya republic, Ulan-Ude, Borsoeva Str. 105 Phone: 21-99-85, 21-97-56 Fax: 21-67-94 Reception: 21-96-33 (c) The Arbitration Court of Buryatiya republic Judge O. Burkova 670000, Buryatiya republic, Ulan-Ude, Kommunisticheskaya Str. 51 EUROPEAN FRUIT-VEGETABLES: Under Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of Rostov region has commenced bankruptcy supervision procedure on limited liability company European Fruit-Vegetables Company (TIN 6143050787, KPP 614301001). The case is docketed as A53-4371/2005-S2-30. Ms. Y. Galadzhaeva has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: 344002, Russia, Rostov-na-Donu, Shaumyana Str. 78. A hearing will take place on June 29, 2005, 2:20 p.m. at Russia, Rostov-na-Donu, Stanislavskogo Str. 8 a. CONTACT: EUROPEAN FRUIT-VEGETABLES COMPANY 347380, Russia, Rostov region, Volgodonsk, Rostovskoye Shosse, 23 Ms. Y. Galadzhaeva Temporary Insolvency Manager 344002, Russia, Rostov-na-Donu, Shaumyana Str. 78 GORODISHENSKAYA: Proofs of Claim Deadline Expires July 7 -------------------------------------------------------- The Arbitration Court of Volgograd region commenced bankruptcy proceedings against Gorodishenskaya after finding the open joint stock company insolvent. The case is docketed as A12-31872/04- s49. Mr. A. Serbinenko has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to 400005, Russia, Volgograd, Post User Box 251. CONTACT: GORODISHENSKAYA Russia, Volgograd region Mr. A. Serbinenko Insolvency Manager 400005, Russia, Volgograd region, Post User Box 251 KOSTROMSKOY: Succumbs to Bankruptcy ----------------------------------- The Arbitration Court of Kostroma region commenced bankruptcy proceedings against Kostromskoy after finding the electro- mechanical plant insolvent. The case is docketed as A31- 9459/18. Mr. V. Markov has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to 156961, Russia, Kostroma, Petra Sherbiny Str. 23. CONTACT: KOSTROMSKOY 156961, Russia, Kostroma region, Petra Sherbiny Str. 23 Mr. V. Markov Insolvency Manager 156961, Russia, Kostroma region, Petra Sherbiny Str. 23 KRYLOVSKOYE: Krasnodar Court Names V. Bondar Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Krylovskoye after finding the open joint stock company insolvent. The case is docketed as 32-19919/2004- 37/146-B. Mr. V. Bondar has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to 353117, Russia, Krasnodar region, Vyselkovskiy region, Novomalorossiyskaya St., Ukrainskaya Str. 3a. CONTACT: KRYLOVSKOYE 353764, Russia, Krasnodar region, Leningradskiy region, Krylovskaya St., Yubileynaya Str. 14 Mr. V. Bondar Insolvency Manager 353117, Russia, Krasnodar region, Vyselkovskiy region, Novomalorossiyskaya St., Ukrainskaya Str. 3a LESNOY WOOD-PROM-KHOZ: Tver Court Opens Bankruptcy Proceedings -------------------------------------------------------------- The Arbitration Court of Tver region has commenced bankruptcy supervision procedure on open joint stock company Lesnoy Wood- Prom-Khoz. The case is docketed as A66-1312/2005. Mr. I. Peshekhonov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 170100, Russia, Tver, Main Post Office, Post User Box 39A. CONTACT: LESNOY WOOD-PROM-KHOZ Russia, Tver region, Lesnoy region, Medvedkovo Mr. I. Peshekhonov Temporary Insolvency Manager 170100, Russia, Tver region, Main Post Office, Post User Box 39A Phone: (0822) 35-32-55 PLAVIKOSHOATOVSKIY MINE: Declared Insolvent ------------------------------------------- The Arbitration Court of Chita region commenced bankruptcy proceedings against Plavikoshoatovskiy Mine Usugli after finding the open joint stock company insolvent. The case is docketed as A-78-5019/02-B-1939. Mr. G. Konstantinov has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to 672051, Russia, Chita, Post User Box 836. CONTACT: Mr. G. Konstantinov Insolvency Manager 672051, Russia, Chita region, Post User Box 836 SAMARSKIY: Succumbs to Bankruptcy --------------------------------- The Arbitration Court of Samara region commenced bankruptcy proceedings against Samarskiy after finding the flour mill #2 insolvent. The case is docketed as A55-13072/2004-38. Mr. V. Rabchenko has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to 443015, Russia, Samara, Khalilovskaya Str. 2. CONTACT: SAMARSKIY 443015, Russia, Samara region, Khalilovskaya Str. 2 Mr. V. Rabchenko Insolvency Manager 443015, Russia, Samara region, Khalilovskaya Str. 2 STIFF AND DANA: Declared Insolvent ---------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Stiff And Dana (TIN 3123072836) after finding the financial investment company insolvent. The case is docketed as A40-60948/04-71-54B. Mr. V. Bashmakov has been appointed insolvency manager. Creditors have until July 7, 2005 to submit their proofs of claim to 123242, Russia, Moscow, Barrikadnaya Str. 19, Building 2. For more information about the bankruptcy hearing call: (095) 254-87-83. CONTACT: STIFF AND DANA 129090, Russia, Moscow region, Mira Pr. 13 Mr. V. Bashmakov Insolvency Manager 123242, Russia, Moscow region, Barrikadnaya Str. 19, Building 2 Phone: (095) 254-87-83 STROY-DOR-INDUSTRY: Undergoes Bankruptcy Supervision Procedure -------------------------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy supervision procedure on limited liability company Stroy-Dor- Industry (TIN/KPP 5004013480/50000401001). The case is docketed as A41-K2-5870/05. Ms. E. Mukhina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: 119311, Russia, Moscow, Stroiteley Str. 7, Room 1, Office 1. CONTACT: STROY-DOR-INDUSTRY 143600, Russia, Moscow region, Volokolamsk, Severnoye Shosse, 12 Ms. E. Mukhina Temporary Insolvency Manager 119311, Russia, Moscow region, Stroiteley Str. 7, Room 1, Office 1 =========== T U R K E Y =========== CUKUROVA GROUP: TeliaSonera Resorts to Arbitration to Settle Row ---------------------------------------------------------------- TeliaSonera revealed Tuesday it has asked the International Court of Arbitration for protection of its interest in a planned purchase of a stake in Turkcell Iletisim Hizmetleri A.S. The telecommunications company signed in March an agreement to purchase an additional 27.2% stake in Turkcell from Cukurova Group. But despite approval of Turkcell shareholders, Cukurova Group has not signed the final share transfer accord, according to Ihlas News Agency. "As we declared before we believe that Turkcell still has the obligation to finalize our planned transaction with goodwill," TeliaSonera said. The purchase would increase TeliaSonera's interest to 64.3%. Meanwhile, Russian rival Alfa Group is reportedly planning to challenge TeliaSonera's US$3.1 billion bid. TeliaSonera Chief Executive Anders Igel had warned Cukurova about entertaining talks with third parties regarding the sale of the stake. Cukorova is selling the shares to help pay obligations under a debt-restructuring plan with banking regulators. It fell into trouble after the seizure of one of its banks by the Turkish banking watchdog. Turkcell is Europe's seventh-largest operator of global system for mobile communications, or GSM, a leading cellular wireless standard, with 23.4 million subscribers and a 70% local market share. Cukurova Group is a diversified conglomerate with core businesses in banking and financial services, telecommunications, media, tourism, steel, paper products, textiles, commercial vehicle manufacturing and construction. It posted total consolidated sales of US$7.1 billion and assets of US$16.5 billion in 1998. It is based in Istanbul, Turkey, holding a majority stake in 96 companies and employs 32,000 people. ============= U K R A I N E ============= CONCERN UVENTA: Declared Insolvent ---------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against Concern Uventa (code EDRPOU 24032660) on April 21, 2005 after finding the limited liability company insolvent. The case is docketed as 2-26/5198.1-2005. Ms. Sharmonova Viktoriya (License Number AA 630104) has been appointed liquidator/insolvency manager. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) CONCERN UVENTA 96570, Ukraine, AR Krym region, Yevpatoriya, Pushkin Str. 62 (b) Ms. Sharmonova Viktoriya Liquidator/Insolvency Manager 95048, Ukraine, AR Krym region, Simferopol, a/b 2769 (c) THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 KATERINOPIL' AGROSERVICE: Names Anatolij Prihodko Liquidator ------------------------------------------------------------ The Economic Court of Cherkassy region commenced bankruptcy proceedings against Katerinopil' Company Agroservice (code EDRPOU 25207009) on April 11, 2005 after finding the limited liability company insolvent. Mr. Anatolij Prihodko (License Number AA 250342) has been appointed liquidator/insolvency manager. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) KATERINOPIL' COMPANY AGROSERVICE Ukraine, Cherkassy region, Katerinopil, Lenin Str. 55 (b) Mr. Anatolij Prihodko Liquidator/Insolvency Manager Ukraine, Cherkassy region, Katerinopil district, Yerki, Sinna Str. 7 (c) ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 KERCH' AUTO 14364: Declares Insolvency -------------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against Kerch' Auto Transport Association 14364 (code EDRPOU 03117561) on April 14, 2005 after finding the limited liability company insolvent. The case is docketed as 2- 6/1317-2005. Ms. O. Dubrovska (License Number AA 669689) has been appointed liquidator/insolvency manager. The company holds account number 26007301390500 at JSCB Prominvestbank, Kerch branch, MFO. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) KERCH' AUTO TRANSPORT ASSOCIATION 14364 98329, Ukraine, AR Krym region, Kerch, Shose Geroiv Stalingradu Str. 23 (b) Ms. O. Dubrovska Liquidator/Insolvency Manager 98306, Ukraine, AR Krym region, Kerch, Pershogo Travnya Str. 10/4 (c) THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 LIDER: Bankruptcy Proceedings Start ----------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy proceedings against Lider (code EDRPOU 22122198) on April 8, 2005 after finding the limited liability company insolvent. The case is docketed as 25/1. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) LIDER Ukraine, Zaporizhya region, Vasilivskij district, Stepnogirsk (b) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 ORBITA PLUS: Liquidator Takes over Operations --------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against LLC ORBITA PLUS (code EDRPOU 31214510) on April 25, 2005 after finding the limited liability company insolvent. The case is docketed as B-19/46-05. Ms. Irina Stahova (License Number AA 779138) has been appointed liquidator/insolvency manager. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) ORBITA PLUS Ukraine, Harkiv region, Harkiv district, Visokij, Oshepkova Str. 52 (b) Ms. Irina Stahova, Liquidator/Insolvency Manager Ukraine, Harkiv region, Lenin Avenue, 5 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th Entrance SUMIRESTAVRATSIYA: Under Bankruptcy Supervision ----------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on CJSC Sumirestavratsiya (code EDRPOU 05509582) on March 28, 2005. The case is docketed as 6/40-05. Mr. Roman Udovenko (License Number AA 719777) has been appointed temporary insolvency manager. The company holds account number 26004301701125 at Prominvestbank, Sumi central branch, MFO 337278. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) SUMIRESTAVRATSIYA Ukraine, Sumi region, Cherkaska Str. 7 (b) Mr. Roman Udovenko Temporary Insolvency Manager 40030, Ukraine, Sumi region, Kirov Str. 25, 4-th floor (c) ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Shevchenko Avenue, 18/1 TRADE PLUS: Succumbs to Insolvency ---------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Trade Plus (code EDRPOU 31958041) on April 25, 2005 after finding the limited liability company insolvent. The case is docketed as 24/174-b. Mr. Igor Varhatskij (License Number AA 216712) has been appointed liquidator/insolvency manager. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) TRADE PLUS Ukraine, Kyiv region, Prorizna Str. 4 (b) Mr. Igor Varhatskij, Liquidator/Insolvency Manager 01024, Ukraine, Kyiv region, Shovkovichna Str. 16/38 Phone: (044) 490-88-79 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B UKRAVTORUS: Court Appoints Insolvency Manager --------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Ukravtorus (code EDRPOU 31405053) on April 19, 2005 after finding the close joint stock company insolvent. The case is docketed as 24/235-b. Mr. Igor Varhatskij (License Number AA 216712) has been appointed liquidator/insolvency manager. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) UKRAVTORUS Ukraine, Kyiv region, Prorizna Str. 4 (b) Mr. Igor Varhatskij Liquidator/Insolvency Manager 01024, Ukraine, Kyiv region, Shovkovichna Str. 16/38 Phone: (044) 490-88-79 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B UKRPAK: Bankruptcy Supervision Begins ------------------------------------- The Economic Court of Kyiv region commenced bankruptcy supervision procedure on LLC Ukrpak (code EDRPOU 30518649) on April 18, 2005. The case is docketed as 24/234-b. Mr. I. Gusak (License Number AA 630109) has been appointed temporary insolvency manager. The company holds account number 26006028191991 at JSCB Ukrsocbank, Kyiv region branch, MFO 322012. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) UKRPAK 03127, Ukraine, Kyiv region, 40-Richya Zhovtnya Avenue, 120, Body 1 (b) Mr. I. Gusak Temporary Insolvency Manager 04080, Ukraine, Kyiv region, Novokostyantinivska Str. 8 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B UKRPASAVTO: Kyiv Court Opens Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against CJSC UKRPASAVTO (code EDRPOU 31841331) on April 26, 2005 after finding the limited liability company insolvent. The case is docketed as 24/217-b. Mr. Igor Varhatskij (License Number AA 216712) has been appointed liquidator/insolvency manager. Creditors had until June 12, 2005 to submit their proofs of claim to: (a) UKRPASAVTO Ukraine, Kyiv region, Prorizna Str. 4 (b) Mr. Igor Varhatskij, Liquidator/Insolvency Manager 01024, Ukraine, Kyiv region, Shovkovichna Str. 16/38 Phone: (044) 490-88-79 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B =========================== U N I T E D K I N G D O M =========================== BAMFORD ELECTRONICS: Members Final Meeting July 11 -------------------------------------------------- The final meeting of the members of Bamford Electronics Limited will be on July 11, 2005 at 11:00 a.m. It will be held at the offices of Benedict Mackenzie, CityPoint, Temple Gate, Bristol BS1 6PL. 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. CONTACT: BENEDICT MACKENZIE City Point Temple Gate Bristol Avon BS1 6PL Tel: 0117 373 6222 Fax: 0117 373 6223 E-mail: bristol@benemack.com BARCLAYS UNIT: Hires Deloitte & Touche to Liquidate Assets ---------------------------------------------------------- At the general meeting of Barclays Unit Trust Services Limited, the special and ordinary resolutions to wind up the company were passed. J. R. D. Smith and N. J. Dargan of Deloitte & Touche LLP, Athene Place, P.O. Box 810, 66 Shoe Lane, London EC4A 3WA have been appointed joint liquidators of the company. CONTACT: DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com BEFRIENDERS INTERNATIONAL: Final General Meeting Set July --------------------------------------------------------- The final general meeting of the members of Befrienders International will be on July 14, 2005 at 10:00 a.m. It will be held at 62 Wilson Street, London EC2A 2BU. 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 Benedict Mackenzie, 62 Wilson Street, London EC2A 2BU, not later than 12:00 noon, July 13, 2005. CONTACT: BENEDICT MACKENZIE 62 Wilson Street London EC2A 2BU Phone: 020 7247 1174 Fax: 020 7247 3494 E-mail: i.williams@bmaclondon.com BOO.COM GROUP: Winding-up Report Out Next Month ----------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Boo.Com Group Limited Notice is hereby given, pursuant to section 146 of the Insolvency Act 1986, that a Meeting of the Creditors of the above-named Company will be held at KPMG, 8 Salisbury Square, London EC4Y 8BB, on July 8, 2005, at 10:30 a.m. for the purposes of receiving the report of the Joint Liquidators of the winding- up and determining whether the Joint Liquidators should have release under section 174 of the Insolvency Act 1986. Proxy forms, if applicable, must be lodged at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB through fax, +44 (0) 20 7694 3533, not later than 12:00 noon on July 7, 2005. M. V. McLoughlin, Joint Liquidator June 1, 2005 * * * Boo.Com filed for bankruptcy in 2000 after vaporizing US$130 million in just one year. Despite an emergency capital injection of US$30 million, the online retailer failed to recover. The group's case set tone for the present online retailing system. CONTACT: KPMG LLP 8 Salisbury Square London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk BRITANNIC ASSET: Dissolving Healthcare, Technology Funds -------------------------------------------------------- Britannic Asset Management will close two underperfoming funds worth a total of GBP8.4 million, according to Citywire. The funds are Global Healthcare fund (Britannic Global Healthcare Acc) valued at GBP4.9 million, and Global Technology fund (Britannic Global Technology Acc) worth GBP3.5 million. The Healthcare fund lost more than 40% since its launch in February 2001; in contrast, during the same period, FTSE AW/IT only lost 35.9%. The Technology Fund, launched during the same period, lost more than 23% while the MSCI World/Healthcare index rose by 4.1%. Britannic will also close a GBP1.2 million Cash fund. The closures are set for June 15 pending approval from unit holders. A spokesman says the funds are no longer economical to keep given their small size. Demand for such specialist funds from investor has also gone down. Britannic has been reviewing its fund range since last summer when CEO Gavin Stewart took over the firm. The company assured no further closures are planned. Ian Tabberer, manager of the Healthcare fund, has transferred to rivals Scottish Widows Investment Partnership. Alison Porter, manager of the Technology fund, will stay on as manager of the group's GBP70 million American Growth fund. Cash fund manager John McNeill will remain on the fixed income desk. CONTACT: Britannic Asset Management Limited Britannic Court 50 Bothwell Street Glasgow G2 6HR Tel: 0141 222 8000 Fax: 0141 222 8300 Web site: http://www.britannicasset.com/ EVANS AND PRICE: Machine Tools Maker Calls in Ernst & Young ----------------------------------------------------------- Ian Best and David Duggins of Ernst & Young (IP Nos 8631, 8324) have been appointed administrators for Evans And Price Limited. The appointment was made June 3, 2005. Its registered office is located at Silica Road, Amington Industrial Estate, Tamworth, Staffordshire B77 4DT. * * * Evans And Price Ltd. was formed in 1976 and has over 25 years experience in the manufacture, rebuild and servicing of quality machine tools. From its headquarters in Tamworth, it services the U.K. and European market place. It currently occupy a 22,000 sq. ft. (2,043 sq. m.) custom built factory using a state-of-the-art, multi-screen CAD system for mechanical, hydro-pneumatic and electronic design. These facilities support the high quality design and build of both new and remanufactured quality machine tools. Modern day customer requirements demand that quality machine tools must be produced to the most exacting standards. Evans And Price has attained the quality standard ISO9001 to ensure the highest level of quality control are maintained. Its machines are delivered to U.K., Germany, Portugal, China, Poland, U.S.A., Hungary, Italy, Thailand, France, Spain, Sweden and Mexico. CONTACT: EVANS AND PRICE LIMITED Silica Road Amington Industrial Estate Tamworth Staffordshire B77 4DT United Kingdom Phone: +44 (0) 1827 54472 Fax: +44 (0) 1827 60906 E-mails: enquiries@evans-price.co.uk sales@evans-price.co.uk Web site: http://www.evans-price.co.uk ERNST & YOUNG LLP No.1 Colmore Square Birmingham B4 6HQ Phone: +44 [0] 121 535 2000 Fax: +44 [0] 121 535 2001 Web site: http://www.ey.com FEDERAL-MOGUL: U.K. Court Keeps Cross-border Protocol for Now ------------------------------------------------------------- Simon Freakley, James Gleave and the other partners at Kroll Limited Corporate Advisory and Restructuring Group, as Joint Administrators of Federal-Mogul Corporation's U.K. debtor- affiliates, inform Judge Lyons of the outcome of the hearing to terminate the Cross-Border Insolvency Protocol. The hearing was held on May 13, 2005, before Justice David Richards in the High Court of Justice, Chancery Division, Companies Court, in England. The U.K. Administrators previously asked the London Court to terminate the Cross-Border Insolvency Protocol. In a letter sent to the Bankruptcy Court, the Administrators told Judge Lyons that the application to terminate is necessary for them to "begin an orderly realization of the U.K. Debtors' businesses and assets." The termination, according to the Administrators, will ensure that the U.K. Debtors' employees are clear about who they are responsible to and prospective purchasers are clear that the Administrators are -- under English law -- in sole control of the process, thereby facilitating smooth and advantageous sales. James L. Garrity, Jr., Esq., at Shearman & Sterling LLP, in New York, tells the Court: "Mr. Justice Richards was not prepared to direct the Administrators to terminate the Protocol at this time. Instead, the U.K. Court directed the Administrators to vary or revoke, at such time as they think fit, their consent given pursuant to s.14(4) of the English Insolvency Act 1986 to the continued exercise by the directors of the U.K. Debtors of their powers (as given in Clause 3.3 of the Protocol)." Pursuant to Mr. Justice Richards' direction, the Administrators have, by service of notice, revoked their consent to the directors of the U.K. Debtors continuing to exercise any of their powers. Notwithstanding the revocation, Mr. Garrity tells the Court that "the Administrators are, for the time being (and subject to regular review), content for the directors to continue fulfilling the role and obligations of the Debtor in Possession in the Chapter 11 proceedings relating to the U.K. Debtors." Mr. Garrity informs Judge Lyons that the Administrators are communicating with the U.K. resident directors and management about the way in which day-to-day operational matters concerning the U.K. Debtors will be handled going forward. Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some US$6 billion. The Company filed for chapter 11 protection on October 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., of Sidley Austin Brown & Wood; and Laura Davis Jones Esq., of Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. At Dec. 31, 2004, Federal-Mogul's balance sheet showed a US$1.925 billion stockholders' deficit. At Mar. 31, 2005, Federal-Mogul's balance sheet showed a US$2.048 billion stockholders' deficit. (Federal-Mogul Bankruptcy News, Issue No. 80; Bankruptcy Creditors' Service, Inc., 215/945-7000) FKI PLC: Full-year Loss Balloons to GBP79.9 Million --------------------------------------------------- Highlights (a) overall trading in line with expectations; (b) strong performance in Lifting Products offsetting reduction in Hardware; (c) constant currency underlying operating profits up 5.0%; (d) maintained strong cash flow from ongoing operations; (e) poor performing businesses closed or sold; (f) dividend maintained at 4.5p per share; and (g) group positioned for further improvement in 2005/6. Chief Executive Paul Heiden says: "The Group achieved its major objectives for the year, returning to underlying profit growth at constant currency, maintaining strong cash flow from ongoing operations and taking actions to address poor performing businesses. "On a constant currency basis, overall underlying operating profits improved year-on-year, with particularly strong performance from Lifting Products and Services offsetting reductions in Hardware which had a disappointing end to the year. Encouragingly, markets also improved for both of the longer lead-time businesses of FKI Logistex and Brush Turbogenerators. "The Group enters the new year positioned for further underlying operating profit growth. Performance in Lifting Products and Services, FKI Logistex and Energy Technology should be underpinned respectively by the increased activity levels seen in extractive industries, positive order trends and demand for power generation equipment. In the Hardware businesses, where lead times are short, the U.S. markets for housing and retail are more difficult to predict. If demand remains at current levels, however, a stable performance should be seen. "The year will see continued reshaping of the business portfolio with further disposals and some small acquisitions. The net cash impact of these activities, together with cash flow from ongoing operations, is expected to reduce net debt during the year." Financial and Operating Review Total turnover was GBP1,290.5 million (2004: GBP1,345.1 million), which included GBP82.5 million (2004: GBP150.3 million) from discontinued operations. The overall reduction in turnover included a GBP67.8 million trading improvement, offset by GBP66.1 million reduction due to business disposals and GBP54.6 million reduction as a result of adverse currency translation, mainly due to the weaker U.S. dollar. The operating profit before exceptional items and goodwill amortization amounted to GBP95.8 million (2004 restated: GBP96.5 million). In constant currency terms, underlying profit improved by GBP4.8 million or 5.0%. The underlying operating margin of 7.4% reflects a small improvement on last year. The underlying profit includes GBP5.4 million (2004: GBP7.6 million) of losses in discontinued businesses, relating to trading in closing or closed operations and businesses sold during the year. The Group's net interest expense increased slightly to GBP23.6 million (2004: GBP23.3 million) as a result of higher interest rates on the floating rate portion of the Group's debt, offset by reduced average net debt and a beneficial currency translation impact. Net interest expense was 4.1 times covered (2004: 4.1 times) by profit before interest, exceptional items and goodwill amortization, and represented a rate of 5.3% (2004: 4.5%) on the average weekly net debt of GBP448 million (2004: GBP513 million) during the year. Other net finance charges of GBP1.8 million (2004: GBP6.4 million) represent the FRS17 interest charge on the total liabilities of the pension schemes offset by the expected return on the pension schemes' assets. The underlying profit before tax amounted to GBP70.4 million (2004 restated: GBP66.8 million). After charging exceptional items and goodwill amortization, there was a loss before taxation of GBP61.6 million (2004: restated loss GBP17.7 million). The Group's effective tax charge on profits before goodwill amortization and exceptional items was 25.7% (2004 restated: 25.3%). The return on invested capital was 7.7% (2004 restated: 6.7%). The loss after tax amounted to GBP79.9 million (2004 restated: loss of GBP20.9 million) and basic loss per share was 13.7p (2004 restated: basic loss per share 3.6p). Adjusted earnings per share, calculated by excluding exceptional items and goodwill amortization, were 9.0p (2004 restated: 8.6p). Net Debt and Cash flow Net debt at 31 March 2005 of GBP350.7 million represented a decrease of GBP26.4 million from 30 September 2004 but a marginal increase of GBP1.6 million from 31 March 2004. Cash flow was negatively impacted by approximately GBP15.0 million due to the effect of higher steel prices resulting in an increase in working capital, the cash outflow of the wind turbine business of GBP25.0 million and GBP12.2 million spent on closure costs previously identified in the 2004 Strategic Review. Capital expenditure increased to GBP32.1 million after adjusting for assets acquired under finance leases, representing 87.7% of depreciation. Proceeds from the sale of fixed assets, largely surplus properties, amounted to GBP11.0 million. Outlook Forecast sustained high demand levels in the oil & gas and mining sectors should provide for modest volume growth in the ongoing Lifting Products and Services businesses with some further margin improvement. Although the significant steel price escalation did not materially impact profitability during the reported year, it is uncertain how future rises would impact performance in 2005/6. In Energy Technology, the improved demand for power generation equipment will continue to benefit Turbogenerators and further turnover growth is expected. Material costs will be adversely impacted by increases in commodity prices, which will not be fully recoverable in sales prices under long term pricing agreements. However, volume driven margin improvements are anticipated. Performance in other businesses in the group is expected to be satisfactory. The outlook for Hardware is less clear, with a forecast decline in U.S. housing starts of 3.8% and uncertain retail sales demand. However, housing statistics for 2005 are holding firm and at this level Truth should have another good but stable year. General hardware demand also looks to have settled and with the new business model in place, a more consistent picture should emerge. If market demand remains at current levels, full year performance for the group should be similar or a little improved on last year. Order intake trends remain positive for FKI Logistex in U.S. Airports and Post & Parcel markets. This, together with robust U.K. demand but no improvement in other markets, should result in turnover for 2005/6 increasing by c. 10%. Cost efficiencies and more effective project management are set to benefit margins and an improved performance is expected in the year. The phasing of orders weights these improvements towards the second half of the year. Interest costs are likely to increase significantly on the back of steady rises in U.S. dollar interest rates over the last six months. The FRS17 finance charge is expected to be GBP1 million. There are no exceptional charges planned for the year but GBP2.0 million is earmarked for further reorganizations/restructurings in the Group. This will be charged to operating profit as incurred. The Group is well positioned to improve its underlying performance again in 2005/6 but will continue to be impacted by fluctuations in foreign exchange and interest rates. A copy of these results is available free of charge at http://bankrupt.com/misc/FKIplc(Q12005).mht CONTACT: FKI PLC Falcon Works P.O. Box 7713 Meadow Lane Loughborough Leicestershire LE11 1ZF Phone: +44 (0) 20 7832 0000 Fax: +44 (0) 20 7832 0001 Web site: http://www.fki.co.uk GRA HOLDINGS: Calls in Liquidators from KPMG -------------------------------------------- At the meeting of GRA Holdings Limited on May 24, 2005, the special and ordinary resolutions to wind up the company were passed. Jeremy Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed joint liquidators of the company. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk HENDERSON GROUP: Amendment to Restricted Share Plan Rules Passed ---------------------------------------------------------------- In accordance with ASX Listing Rule 3.13.2 and U.K. LA Listing Rule 9.32, Henderson Group plc reports that the resolutions contained in the Notice of Annual General Meeting (dated 25 April 2005 and lodged with the ASX and the U.K. LA Document Viewing Facility on 3 and 16 May 2005, respectively) were each passed by the requisite majority of shareholders. Resolutions 1 to 10 were decided on a show of hands at the meeting. Resolution 11 was decided on a poll. No resolutions were amended or withdrawn. The full text of each resolution is contained in the Notice of Annual General Meeting. Capitalized terms used below have the same meaning as in the Notice of Annual General Meeting. It was resolved, as ordinary resolutions, to: (a) receive the Directors' Report and Accounts; (b) approve the Directors' Remuneration Report; (c) appoint as directors Mr. R. L. Pennant-Rea, Mr. G. P. Aherne, and Mr. D. Ferguson, and reappoint Mr. A. C. Hotson as director; (d) reappoint Ernst & Young as auditors; (e) authorize the Directors to determine the auditors' remuneration; (f) to give limited authority to make political donations; and (g) to amend the Rules of the Restricted Share Plan. * * * The company obtained court approval in April for the cancellation of shares under the Reduction of Investor Base transaction. As a result, the total issued ordinary capital of Henderson Group plc has been reduced from 1,301,200,560 ordinary shares to 1,152,431,079 ordinary shares of 10 pence each. Under the Reduction of Investor Base transaction, approximately 698,000 holdings have been cashed out, leaving Henderson Group with approximately 157,000 holders on its register. Around 39,000 holders elected to opt out of the Reduction of Investor Base transaction. Following the Return of Cash and Reduction of Investor Base transactions, approximately GBP871 million will be paid to shareholders. CONTACT: HENDERSON GROUP PLC 4 Broadgate London EC2M 2DA, United Kingdom Phone: +44-20-7454-9779 Fax: +44-20-7818-1820 Web site: http://www.henderson.com Investor Inquiries Gail Williamson Director of Investor Relations Phone: +44 20 7818 5168 E-mail: investor.relations@henderson.com Phone: +61 2 9252 0622 HENDERSON GROUP: Books GBP41 Million Profit ------------------------------------------- At the Annual General Meeting of Henderson Group plc, Chairman Rupert Pennant-Rea said: "Our first year as a dual-listed company was challenging and rewarding. We have built a strong independent Group, and the financial results show a big improvement. "For the year to 31 December 2004, the Group made a profit before tax of GBP41 million, compared with a loss of GBP864 million in 2003. The change was helped by good growth in profits in Henderson Global Investors and a turnaround in Life Services, where we improved efficiency, embedded value and capital strength. "We took various steps during 2004 to improve the capital position and operational structure of the company. We moved out of non-core or non-performing businesses, selling our investment in Virgin Money and closing Towry Law International to new business. "We used the proceeds from another placing of ordinary shares to buy out the Pearl holding in HHG Invest, and this allowed us to take full control of Henderson Global Investors and also strengthen the balance sheet. "The big event of the year, though, happened at the end -- the proposed sale of the Life Services business -- which was overwhelmingly approved at the Extraordinary General Meeting in February this year. After completing the Sale in mid-April and getting Court approval for the share cancellation, the Group returned GBP871 million to shareholders. "We did this through two transactions, one that we called the Return of Cash and the other the Reduction of Investor Base. Under the Return of Cash, all shareholders had 52% of their holdings cancelled in return for a cash payment of 55 pence per share. Under the second transaction, the Reduction of Investor Base, unless a shareholder opted out, up to 499 shares of each remaining holding was cancelled at 64 pence per share. "The combined effect of this was that almost 700,000 shareholders had their entire holding cashed out at an average price of 59.3 pence per share. By way of comparison, the average share price over the month immediately before the announcement of the proposed Sale was 49 pence on the London Stock Exchange and AUD1.19 on the Australian Stock Exchange. "All this was a complicated exercise, but it went very smoothly. It produced a shareholder register that, although still large, is more or less consistent with the size of the new Henderson Group. We now have about 155,000 shareholders, of whom almost 143,000 are in Australia or New Zealand. Nearly 154,000 of our shareholders own 10,000 shares or fewer, and together they hold 11% of the Company's issued share capital. "With such major changes to the Company's structure, it made sense to change its name. The Henderson Group now properly reflects the strategic focus that we place on developing Henderson Global Investors as a leading fund manager. "The Group is well capitalized and has no debt. We will be disciplined and prudent in the way we use capital, ensuring that we have the assets needed to meet regulatory and working capital requirements and to back provisions and contingencies. Capital not required to develop the business will be returned to where it belongs, with the shareholders. "Before the Demerger, the Board took the view that dividends should only be paid out of any cash earnings above and beyond what the business needs for operational purposes. We expect to pay a final dividend in early 2006, in respect of the financial year 2005. "To do this, we will shortly be contacting shareholders to get bank account details so that dividends can be paid by direct credit. This is a secure, convenient and economical way for shareholders to receive their dividends. It minimizes the risk of loss, fraud or theft - and it saves the company some money, so it benefits all shareholders. If any shareholders do not provide account details, their dividends will be retained by the company until we do have the relevant details. If that sounds a bit draconian, I can only say that an electronic transfer is better than sending off a dividend cheque without the certainty that it will reach the right person. "I receive a fair amount of correspondence and feedback from shareholders directly, and I welcome that. It gives me a sense of the issues that matter to you, so I thought it would be helpful to touch on some that have come up recently. "First, how did we set the share price at which capital was returned to shareholders, and how did we calculate the number of shares to be cancelled? "The answer is that we aimed to return GBP775 million to shareholders with the Return of Cash transaction, and the only way we could fix that amount was by setting a price per share in December 2004, so that the proposal documents could be printed and posted to shareholders. At that time, the share price was, in round numbers, 55 pence. This automatically determined that 52% of shares would be cancelled so as to hit our target of GBP775 million going back to shareholders. "The second transaction, the Reduction of Investor Base, was designed to cash-out holders with a remaining holding of fewer than 500 shares. This was expected to return around GBP100 million to shareholders - and here the Board was happy to be less precise, because the amount of cash involved was much smaller than the GBP775 million I described a moment ago. We set the price for this second transaction using the average closing price on the London Stock Exchange over the 20 business days immediately before the Record Date, plus a 5% premium. As you would expect, this price was higher than the price before the sale of Life Services was announced - and in fact it was 64 pence. "Another question, leading on from that: why was it necessary to reduce the number of shareholdings on the register? "When HHG demerged from AMP in December 2003, we inherited almost 974,000 shareholders. A year later this had come down slightly, but it was still 875,000. The costs of servicing this number of holders, including the production and posting of the annual report and Annual General Meeting documents, would be completely disproportionate to the size of the new Group. By way of comparison, BP, one of the largest companies in the world with a market capitalization of about GBP117 billion, has around 1.3 million shareholders, not many more than we had. As a result of reducing our number of shareholders, we expect to make savings of up to GBP4 million a year, roughly 10% of the pro- forma profits for the new Group. "We didn't actually compel small shareholders to sell their shares. Everybody could choose to opt out of the plan -- and out of the 5% premium -- and roughly 25,000 chose to do just that. Fair enough: we are flattered they have decided to stay. "It's time for me to shut up, but I do want to conclude by saying that your Board believes that much has been achieved in the past year. The Group has moved from having complicated structures, non-core assets and problematic inter-company ownership to today's Henderson, with a healthy asset manager, a simple corporate structure and a stronger balance sheet. "I am pleased that the new Henderson has the approval of our shareholders, and I would like to thank you for your support and encouragement during the year." Chief Executive Roger Yates said: "With the sale of Life Services complete, Henderson Group now has a much simpler and straightforward corporate structure. It comprises principally Henderson Global Investors, the fund management business, but also the much smaller financial advisor, Towry Law. Henderson Global Investors is a well-diversified fund manager, both in terms of asset class and client type, operating principally in the U.K. and Europe, with assets under management of approximately GBP69 billion at 31 December 2004. The business is financially strong and has some good market positions within it. "As we have said before, our objective now is to grow Henderson Global Investors into a more profitable and valuable business, capitalizing on the inheritance we have. In doing this, there will be a number of important building blocks. "First, and most obviously, we need to deliver strong and consistent investment results to our clients. In 2004 our investment results were mixed. We had strong results in property, hedge funds and some specialist equity and fixed income areas but disappointing results in core equity and fixed income. As a result we have made some important management changes. In particular we appointed new heads of Fixed Income and Equities, being David Jacob and Andrew Formica respectively. Both have a mandate to review all aspects of process, structure and people to ensure that we consistently deliver to our clients across our product range. "Second, we intend to remain a diversified business. In the turbulent markets of recent years, this diversification has been a source of great strength for Henderson, enabling us to report consistent financial results and to invest steadily in our business across the cycle. Thus, whereas in 2000 and 2001 our institutional business acted as the growth engine of the group, today property, hedge funds and some of our mutual fund businesses have taken up the running. Of course, we have to be careful not to spread ourselves too thinly and find ourselves in the trap of having a series of sub-scale businesses. This point aside, however, our diversity will remain an important feature of our business model. "Third, we need to continue to drive revenue margins higher. In 2004 we made good progress on this front, with the underlying management fee margin moving up from 25bps in 2003 to 28bps in 2004. Including transaction and performance fees, the revenue margin moved from 28bps in 2003 to 34bps in 2004. Given the relative scale of management fees, such an approach demands that we grow our higher margin activities such as property, private capital, hedge funds and mutual funds. Besides offering healthy margins, these areas are also growing quickly in terms of client appetite. It is this combination of high margins and growth, which makes them highly attractive areas of opportunity for us. "In the current year, as in 2004, the revenue gains from expansion in these areas should offset the revenues lost from the steady run-down of assets in the closed life books now owned by Pearl Group (as LCIG is now known) and the continuing attrition in our institutional book of business. The former is reducing at circa GBP2 billion per annum -- a consequence of the books being closed to new business -- while the latter is likely to see a considerably greater outflow in 2005 than seen in 2004. This is due to the continuing trend among clients to move assets away from balanced to specialist mandates and to continuing pedestrian investment performance in this business. The overall position in 2005 therefore is likely to be one where assets under management fall, but revenue margins rise. This reflects our business, where revenues, margins and profit trends are more important than the absolute levels of assets under management. "Fourth, we continue to focus on cost control as a building block of improved profitability. In 2004, Henderson Global Investors delivered operating profits up 63% to GBP52 million from GBP32 million in the prior year. This growth ensured an improvement in the cost to income ratio, despite increases in some components of the cost base. The ratio improved from 84% in 2003 to 79% in 2004. We have made good progress in controlling costs so far this year and we are on track to reach our goal of 75% for Henderson Global Investors in the short to medium-term. "The smaller U.K. business of Towry Law reported a breakeven position for 2004. The management of Towry Law has worked hard on reducing costs to create a platform for an improved business unit result in 2005, albeit one which will remain modest in a Group context. In addition, Towry Law International was closed to new business in May of last year following a strategic review. In the full year results, we announced additional provisions in respect of Towry Law International to cover potential claims arising from legacy products sold by this business. We are continuing to work with the relevant regulators to settle these matters but believe that our existing provisions are adequate. "The balance sheet of the Group remains strong with significant net cash balances, though some of these are held against potential warranty and indemnity claims which might arise following the sale of Life Services. No such claims have been made as yet. If this cash is not needed for these purposes or other business needs, we will return it to shareholders, in the most efficient way possible. "We adopted IFRS from 1 January 2005 and will provide information to the market later this month about the impact that the new standards will have on our accounts by providing restatements in relation to the full year 2004 for the Group. The main adjustments relevant to the Group post the sale of Life Services include accounting for pensions and goodwill, leasehold incentives, commissions, investments and, in some instances, the timing of recognition of performance fees. It should be noted that there is no IFRS impact on business fundamentals and cash flows, the development of our business strategy, or capital management policies. "As regards 2005, the year has started reasonably well and Henderson Group is on track to meet its targets for the year. Assets under management are likely to be lower, reflecting the outflows of Pearl's closed life books and our institutional business. Offsetting this, revenue margins should be at least maintained and we have made some progress on cost control. Elsewhere, Towry Law should make a small positive contribution for the year. Corporate costs, net of investment return, will be considerably lower than last year. "When we look back at the last 18 months, we do so with a sense of achievement. Both the improvement in profits in Henderson Global Investors and the disposal of Life Services to Pearl Group created significant value for our shareholders. Following the Sale, we now have a solid platform on which to build further value for our shareholders. Henderson Global Investors is a growth business and if it can deliver superior investment results to its clients, the medium and long-term prospects for the business are good." CONTACT: HENDERSON GROUP PLC 4 Broadgate London EC2M 2DA, United Kingdom Phone: +44-20-7454-9779 Fax: +44-20-7818-1820 Web site: http://www.henderson.com Investor Inquiries Gail Williamson Director of Investor Relations Phone: +44 20 7818 5168 E-mail: investor.relations@henderson.com INVERESK PLC: Carrongrove Mill Closure to Affect 150 Jobs --------------------------------------------------------- Inveresk Plc has agreed to sell its Gemini paperboard brand to Scottish paper producer Tullis Russell Papermakers Ltd. for a maximum total consideration of GBP7 million with a further GBP8 million being payable to Inveresk in respect of services provided to Tullis Russell between now and November 2005. Inveresk will sell their Gemini brand name and order book to Tullis Russell, also based in Scotland at Markinch, Glenrothes in Fife. Gemini is a well-established brand within the U.K. and mainland Europe in the coated board market where Tullis Russell are also already represented with their Trucard product. Both products are used in high quality cards, covers and packaging applications. Tullis Russell intends to take advantage of recent productivity increases to absorb much of the current Gemini sales into its own operation and will continue to invest strongly in the brand in the future. The move will help Tullis Russell to secure its future by strengthening its competitive position and improving the mill's product mix. Production is planned to transfer fully to the Markinch operation by early November. The consideration for the sale of the Intellectual Property is GBP5 million in cash on completion. A further GBP2 million will become payable in cash dependent upon the level of sales tons made between November 2005 and November 2006. This consideration will become payable in early December 2006. A further GBP8 million will be payable in cash on a monthly basis between June and November 2005 in respect of Inveresk maintaining the continuity of Carrongrove's production, sales and marketing. The proceeds generated from these transactions of between GBP13 million and GBP15 million will be used to substantially eliminate bank borrowings, which at 31 December 2004 stood at GBP15.7 million. In the year ended 31 December 2004, the Carrongrove mill generated sales revenue of GBP26.2 million and operating profits of GBP1.62 million struck before central costs, exceptional costs and financial interest. The assets being sold have a nominal value within the books of Inveresk. Inveresk's other mill at St Cuthberts in Somerset is unaffected by the sale and will continue to operate in its specialty fields of artist and inkjet papers in addition to its pre-impregnated resin based papers for the decor and furniture industries. Indeed, the company has recently appointed a new General Manager for the business in the shape of David Doorbar who has joined Inveresk after a distinguished 26 year career with Arjo Wiggins and has exciting plans for the development of the site's range of specialty products. Inveresk's real estate portfolio is likely to play a more prominent role in the future strategic development of the Company's activities. Inveresk Chief Executive Alan Walker said: "This is a day of mixed emotions in the long history of Carrongrove where papermaking has taken place for more than 200 years. The mill enjoys an excellent reputation for the quality of its products and its people and we have made excellent progress in improving customer service levels, internal efficiencies and growing international sales. "However the harsh reality is that the business is operating in very challenging market conditions and I have long spoken of the need for consolidation within the industry. We are facing escalating costs, particularly in energy and in raw materials, which we are simply unable to pass on to our customers in a market, which is resistant to sales price increases. This, allied to the significant investment costs the business is facing in terms of safety, energy, environment and new equipment, together with the mill's dependency on international markets for its sales and therefore its exposure to the extreme volatility of the Euro and U.S. dollar, has convinced us that shareholders' interests would be best served by finding a suitably like minded producer to whom we have now sold our brands resulting in the significant enhancement of shareholder value. "The closure of the Carrongrove Mill is anticipated to take place in November of this year with the potential loss of around 150 jobs. We obviously regret enormously the impact on the people involved and on the local Stirlingshire community and will be doing all we can to help and support our employees through what will clearly be a difficult and emotional time. We feel confident that our brand is passing into safe hands at Tullis Russell who will protect the integrity of the products and service the needs of our loyal customers around the world." Tullis Russell Chief Executive Fred Bowden said: "While we feel greatly for all impacted by the Carrongrove closure later this year, for Tullis Russell it represents an enormous opportunity to improve our performance and secure the future of papermaking jobs in Markinch. "It also ensures the enhancement of the Gemini brand and safeguards supply for its many customers around the world." CONTACT: INVERESK PLC Carrongrove Paperboard Mill Denny Falkirk FK6 5HJ, United Kingdom Phone: +44-1324-827-200 Fax: +44-1324-826-248 Web site: http://www.inveresk.co.uk TULLIS RUSSELL PAPERMAKERS LTD. Markinch Glenrothes Fife KY7 6PB, United Kingdom Phone: +44-1592-753-311 Fax: +44-1592-610-872 Web site: http://www.tullis-russell.co.uk ISHARES LIMITED: Names Deloitte & Touche Liquidator --------------------------------------------------- At the general meeting of Ishares Limited, the special and ordinary resolutions to wind up the company were passed. J. R. D. Smith and N. J. Dargan of Deloitte & Touche LLP, Athene Place, PO Box 810, 66 Shoe Lane, London EC4A 3WA have been appointed joint liquidators of the company. CONTACT: DELOITTE & TOUCHE LLP Athene Place 66 Shoe Lane London EC4A 3BQ Phone: 00 44 (0) 207 936 3000 Fax: 00 44 (0) 207 779 4001 Web site: http://www.deloitte.com JEWELLINK LIMITED: Hires BDO Stoy Hayward as Administrator ---------------------------------------------------------- Malcolm Cohen and Shay Bannon (IP Nos 6825/01, 8777/01) have been appointed administrators for Jewellink Limited. The appointment was made May 31, 2005. The company manufactures and sells jewelry. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk MANGIARE LIMITED: Calls in Administrators ----------------------------------------- A. Clifton and A. Poxon (IP Nos 8766, 8620) have been appointed joint administrators for Mangiare Limited. The appointment was made June 1, 2005. Its registered office is located at 145 Minories, London EC3N 1LS. * * * Mangiare, which sells Italian food, opened its first outlet in Theobalds Road in June 2000 and currently has three branches. CONTACT: MANGIARE LIMITED 145 Minories London EC3N 1LS Phone: 020 7264 0355 John Cronk Managing Director E-mail: john@mangiare.co.uk Web site: http://www.mangiare.co.uk/ DTE LEONARD CURTIS 50-52 Newhall Street Birmingham West Midlands B3 3QE Phone: 0121 236 7274 Fax: 0121 236 7556 E-mail: AClifton@dte-leonardcurtis.com MASTERLOCK LIMITED: Vantis Business Administrators Move in ---------------------------------------------------------- Nigel Hamilton-Smith and Peter Wastell (IP Nos 2093, 9119) have been appointed joint administrators for Masterlock Limited. The appointment was made June 1, 2005. The company handles recruitment consultancy. CONTACT: VANTIS BUSINESS RECOVERY Torrington House, 47 Holywell Hill, St Albans, Hertfordshire AL1 1HD Phone: 01727 811111 Fax: 01727 810057 E-mail: nhamiltons@aol.com Web site: http://www.vantismt.com PROJEX (SOUTHERN): Administrator from Singla & Co. Moves in ----------------------------------------------------------- S. K. Singla (IP No 2521) has been appointed administrator for Projex (Southern) Limited. The appointment was made June 1, 2005. The company manages project and develops property. Its registered office is located at 12 Devereux Court, London WC2R 3JL. CONTACT: PROJEX (SOUTHERN) LTD. Priory Chambers/6 Church St Christchurch BH23 1BW Phone: 01202 496222 SINGLA & CO 12 Devereax Court Strand London WC2R 3JL Phone: 020 7353 6922 Fax: 020 7583 4126 STEWART ESTATES: Creditors Meeting Set Later this Month ------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF STEWART ESTATES LIMITED (In Receivership) Notice is hereby given pursuant to Section 67(2) of the Insolvency Act 1986 that a meeting of Creditors of the above named company will be held at 32 Albyn Place, Aberdeen on June 24, 2005 at 10:30 a.m. for the purposes of presenting the report of the Joint Receivers and, if thought fit, appointing a creditors' committee. Creditors, whose claims are unsecured either in whole or in part, are entitled to attend in person or by proxy, and a resolution will be passed by a majority of those voting. Only creditors whose claims and proxies have been submitted and accepted at or before the meeting may vote. Pursuant to section 67(2)(b) of the Insolvency Act 1986, notice is hereby given that any unsecured creditor wishing to obtain, free of charge, a copy of the Report prepared by the Joint Receivers should write to the address below. G. H. Martin, Joint Receiver June 2, 2005 * * * Founded five years ago as a family-run business, Stewart Estates specializes in residential sales and lettings. The group provides wide coverage of area around Thames Ditton including The Dittons, Surbiton, Kingston-upon-Thames, Claygate and Esher. CONTACT: STEWART ESTATES 25/27 High Street Thames Ditton Surrey KT7 0SD Phone: 020 8224 6568 020 8873 1945 Fax: 020 8224 6568 E-mail: stew.estates@mcmail.com http://www.elmbridge-online.co.uk/stewart-estates PRICEWATERHOUSECOOPERS LLP 32 Albyn Place Aberdeen AB10 1YL Phone: [44] (1224) 210100 Fax: [44] (1224) 253318 Web site: http://www.pwcglobal.com TELTRON LIMITED: Meeting of Creditors Set Wednesday --------------------------------------------------- The creditors of Teltron Limited will meet on June 15, 2005 at 2:00 p.m. It will be held at One Great Cumberland Place, Marble Arch, London W1H 7LW. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to One Great Cumberland Place, Marble Arch, London W1H 7LW not later than 12:00 noon, June 14, 2005. CONTACT: LEONARD CURTIS & CO One Great Cumberland Place, Marble Arch, London W1H 7LW Phone: 020 7535 7000 Fax: 020 7723 6059 E-mail: solutions@leonardcurtis.co.uk Web site: http://www.leonardcurtis.co.uk T.MULLINS BUILDERS: Appoints Administrator from Houghton Stone -------------------------------------------------------------- Simon Thornton (IP No 9031) has been appointed administrator for T. Mullins Builders Limited. The appointment was made May 13, 2005. The company is engaged in general construction. CONTACT: HOUGHTON STONE BUSINESS RECOVERY The Conifers, Filton Road, Hambrook, Bristol BS16 1QG Phone: 0117 957 9009 VANMAN (UK): Hires F A Simms & Partners Administrator ----------------------------------------------------- Richard Frank Simms (IP No 9252) has been appointed administrator for Vanman (UK) Limited. The appointment was made May 27, 2005. * * * Vanman offers a wide range of new vans for sale at cheap prices. Its competitive pricing structure has made it one of the largest independent van dealers in the U.K. CONTACT: VANMAN (UK) LTD. Arena House 9 Nimrod Way Ferndown Industrial Estate Ferndown Dorset BH21 7SH Phone: 0870 609 4031 Fax: 01202 862 686 Web site: http://www.vanman.co.uk/ F A SIMMS & PARTNERS PLC Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP Phone: 01455 557111 Fax: 01455 552572 E-mail: rsimms@fasimms.com WHEEL (UK): Creditors Meeting Set Next Week ------------------------------------------- The creditors of Wheel (UK) Limited will meet on June 21, 2005 at 10:30 a.m. It will be held at the offices of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF not later than 12:00 noon, June 20, 2005. CONTACT: BEGBIES TRAYNOR No 1 Old Hall Street, Liverpool L3 9HF Phone: 0151 227 4010 Fax: 0151 227 4009 Web site: http://www.begbies.com WHITEHEAD MANN: Appoints Group Finance Director ----------------------------------------------- Mark Ground is joining the Board of Whitehead Mann Group plc as Group Finance Director. Mr. Ground, 34, is currently Head of Finance and Company Secretary. He joined Whitehead Mann in July 2001. He qualified as a chartered accountant with Binder Hamlyn in 1996 and worked as a management consultant from 1997 until joining Whitehead Mann. Sir Colin Southgate, Chairman, said: "I am delighted to welcome Mark to the Board, he has a sound knowledge of our business and is highly respected by our people. He will be an excellent addition to the team." * * * In March, Whitehead Mann Inc., the U.S.-based unit of Whitehead Mann Group Plc -- the sixth largest executive search firm in the world -- filed a prepackaged chapter 11 plan of liquidation in the U.S. Bankruptcy Court for the Southern District of New York. The British-based parent is shuttering its offices in New York, Boston and Colorado Springs, and wants to wind up its existing U.S. businesses. The U.S. company reports in its bankruptcy papers that it has US$546,000 in assets and US$7.8 million of liabilities. Whitehead Mann Inc. merged with three other search firms (Baines Gwinner (North America), Inc.; Pendletom James Associates, Inc.; and Summit Leadership Solutions Corp.) between 2000 and 2002. In 2002, as a result of a general slowdown in the U.S. economy, Peter A. Clarke, the company's sole officer relates, the U.S. executive search market, highly sensitive to macroeconomic trends, has declined significantly. By the end of 2002, the Company reduced its staff. In 2003, senior search partners jumped ship. Rent and other overhead costs became unmanageable as revenues declined. As a result, the Company couldn't meet its financial obligations. CONTACT: WHITEHEAD MANN GROUP PLC 14 Hay's Mews London United Kingdom W1J 5PT Phone: +44 20 7290 2000 Fax: +44 20 7290 2050 Web site: http://www.wmann.com W.H. KEYS: Sets Creditors Meeting Next Week ------------------------------------------- The creditors of W.H. Keys Limited will meet on June 21, 2005 at 10:00 a.m. It will be held at The Institute of Directors, 1 Victoria Square, Birmingham B1 1BD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham B3 3SD not later than 12:00 noon, June 20, 2005. * * * W.H. Keys was established to produce blended oils and greases from tar in 1886 by Major William Hall Keys. The business became a limited company in 1908 and has been operating continuously on the current 5-acre site in Church Lane, West Bromwich. The founder died in 1945, since which time the family involvement has continued. Today the modern West Bromwich site houses a manufacturing plant which has extensive production facilities for a wide range of bituminous products and research facilities, which enable it to produce products to individual customer requirements. W.H. Keys Limited is represented on the technical committees of various National Trade Associations and employs the latest quality control practices to ensure that our products can be used with the highest level of confidence, even in the most extreme situations. CONTACT: W.H. KEYS LIMITED Web site: http://www.wh-keys.com BDO STOY HAYWARD LLP 125 Colmore Row, Birmingham, B3 3SD Phone: 0121 200 4600 Fax: 0121 200 4650 E-mail: birmingham@bdo.co.uk Web site: http://www.bdo.co.uk WIGMORE GROUP: Full-year Pre-tax Loss Up to GBP6.79 Million ----------------------------------------------------------- The Wigmore Group plc, contractors to the hotel and leisure industries, released its preliminary results for the year ended 31 December 2004 along with a business review and appointments to the board. Highlights: (a) the Group made a pre-tax loss of GBP6.79 million (2003: loss of GBP0.36 million) after exceptional costs of GBP4.43 million (2003: GBPnil); (b) loss per share 0.75p (2003: loss 0.26p); (c) new experienced board appointed; (d) Andrew Latham appointed as Chief Executive; (e) Keith Lees FCA, appointed as Finance Director; (f) business reorganized around Speymill's core hotel and leisure markets; (g) central overheads reduced; (h) current order prospects at over GBP30 million; (i) new property management division formed to take advantage of Real Estate Investment Trust (REIT) legislation; (j) proposal to rename the Company 'Speymill Group plc'; and (k) proposed share structure rationalization with a 1-for-100 share consolidation. Chairman Paul Doona said: "The figures reflect an appalling year for the Group and root and branch restructuring has been necessary since the financial rescue by our majority shareholder Burnbrae. I am, however, confident that the Group is now on a firm financial footing and that the long tried patience of our shareholders will ultimately be rewarded. "The year to December 2004 was a very poor one for the Group resulting in a loss after tax of GBP6.71 million (2003: loss GBP0.36 million) which comprised pre-exceptional losses of GBP2.28 million (2003: loss GBP0.36 million) and exceptional costs of GBP4.43 million (2003: GBPnil). "I was appointed as Chairman in November 2004 and in my first statement, I am pleased to have the opportunity to describe significant changes in the financing, management, core business and, most importantly, the prospects of the Company. Radical changes, made in the second half of 2004 and since the year-end, have put the Company on the right track towards health and profitability, and far removed from its parlous state last year. Board and Management "First of all I am pleased to introduce a new board: Andrew Latham, the new Chief Executive, has most recently served as interim Managing Director of Speymill Contracts Limited during the start of the reconstruction of the Group and has significant experience in the hotel and leisure industries. Keith Lees, the new Finance Director, has 25 years' experience in industry, including considerable involvement in contracting companies. I also welcome to the Company four Non-Executive Directors, each of whom brings a wealth of relevant experience. "These are Sir James Mellon KCMG, who after a distinguished career as a diplomat has valuable experience of the sector in which we operate, most notably as former Executive Chairman of Thamesmead Urban Development Corporation and as former Chairman of the housing agency, Scottish Homes; Denham Eke, Managing Director of Burnbrae Group Ltd., your Company's largest shareholder, which has considerable property interests; Ilyas Khan, the Managing Director of Crosby Capital Partners, the AIM- listed investment banking and asset management company; and Anthony Baillieu, Chairman of Regent Pacific Group, the Hong Kong-listed asset management group. "The team beneath main board level has also been re-shaped and strengthened and the benefits of these changes are already being felt. Overview and Strategy "The Company's survival during 2004 and the early months of 2005 depended on significant additional finances, mostly provided through Burnbrae, which is a private investment company whose portfolio includes an expanding brand, Sleepwell Hotels. Not only is Burnbrae the majority shareholder in your Company but, as a major client in the hotel and leisure construction and refurbishment sector, it intends to provide a stream of opportunities to the Group as it pursues its own expansion plans in the U.K. and the Isle of Man, where it is based. "The hotel and leisure sector has always been the specialist focus of Speymill Contracts, and is now the core of the Group's business. Accordingly, your board proposes to rename the Company Speymill Group plc. A resolution to that effect will be tabled at the forthcoming AGM. "Along with Burnbrae I am delighted to also welcome a number of other new shareholders. Your board is determined to ensure that there is a rewarding future for all its shareholders, old and new. "We were also supported throughout the period by our bankers, Bank of Scotland. Your board is most appreciative of the confidence demonstrated by the bank in the Company and is also encouraged by the constructive way in which our recovery plans have been received. "Other parts of an all-embracing recovery program have included rationalizing costs by closing the Crawley offices and the consolidation of all of the Group's activities at Speymill Contracts' premises in Huntingdon. To improve the focus on core activities in the hotel and leisure sector, we also recently announced the disposal of D.F. Blanchard Ltd., which incorporated the business of First National Property Maintenance. "We also plan to amend the share structure and will propose a resolution at the AGM to approve a 1-for-100 share consolidation. The Financial Review that follows describes other mechanisms that have already strengthened our position. As a means of fully aligning shareholder and employee interests, we intend to use share incentive schemes to encourage and reward management performance. "Your Company's fortunes are therefore being revived and the outlook has significantly improved. Speymill's order prospects currently total over GBP30 million. We expect that this figure will grow substantially in 2006 and 2007 as the impact of the new management team is felt and as a result of demand from Burnbrae's hotel and leisure operations in the U.K. and Isle of Man. "We also intend to capitalize on our core competencies through other initiatives in property development and facilities management. One initiative is the creation of a new business division, which will investigate the potential of U.K. Real Estate Investment Trusts, or their equivalent. These would offer a tax advantage under expected forthcoming legislation. Appreciation and Outlook "In closing I wish to thank all our employees for their continued support and to offer encouragement particularly to those forming the new core of the business at Speymill. I also wish to thank our suppliers and sub-contractors and the professional advisers that have helped in the restructuring and new direction of the Group. There is considerable work to be done at all levels, but I am confident of fruitful results." A copy of these results is available free of charge at http://bankrupt.com/misc/WigmoreGroup(Q12005).mht CONTACT: THE WIGMORE GROUP PLC Arundel House, Amberley Ct., County Oak Way Crawley West Sussex RH11 7XL, United Kingdom Phone: +44-845-070-1200 Fax: +44-845-070-2300 Web site: http://www.wigmoregroup.com Paul Doona Executive Chairman Phone: 01624 698131 Tim Blackstone Britton Financial PR Phone: 0207 251 2544 Jonathan Naess Nabarro Wells & Co Ltd. Phone: 0207 710 7400 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. 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