/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051118.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 Friday, November 18, 2005, Vol. 6, No. 229 Headlines C Z E C H R E P U B L I C SLEVARNA ZETOR: Has New Owner G E R M A N Y ACONA HYDRAULIK: Aachen Court Appoints Interim Administrator AQUA-RESIDUA: Creditors' Claims Due Next Month AS+M AUTOMATISIERUNG: Succumbs to Bankruptcy AUGUSTA TECHNOLOGIE: Long-time Chairman Leaving Next Month BOHNKE BEDACHUNGEN: Creditors to Meet January DAIMLERCHRYSLER AG: Plans to Set up U.S. Bank ELEKTRO MUELLER: Under Bankruptcy Administration FREIMUTH MALERBETRIEB: Claims Filing Period Ends December 9 GUENTER HARTMANN: Declared Bankrupt JENOPTIK AG: Loss of M+W Zander Sales Pull down 9-month Results JENOPTIK AG: To Market Patented Laser Cutting Technology Soon KARSTADTQUELLE AG: Positions Mail Order Biz for eCommerce Boom SICUS HEIZUNG: Court to Verify Claims March I T A L Y PARMALAT SPA: Rewards Bankruptcy Administrator Top Post SAFILO S.P.A.: Consob Clears IPO SAFILO S.P.A.: Approval of IPO Prompts Fitch to Review Rating N E T H E R L A N D S HAGEMEYER N.V.: Appoints New CEO for British, Irish Units ROYAL SHELL: Buyback Program Progressing TBIH FINANCIAL: Austrian Insurer Acquires 40% of Parent TBIH FINANCIAL: Fitch Reviews Ratings for Possible Upgrade R U S S I A BEARING: Nizhniy Novgorod Court Brings in Insolvency Manager EAST-EUROPEAN: Claims Filing Period Ends ELECTRO-MACHINE: Public Auction of Assets Set December EVRAZ GROUP: Luxembourg Unit's US$750 Mln Bonds Rated 'BB-' INSTRUMENTAL FACTORY: Bankruptcy Supervision Procedure Begins KALININGRADSKIY: Declared Insolvent MAJOR BUILDING: Succumbs to Bankruptcy NOMOS BANK: Moody's Upgrades Ratings to Ba3 NYAGAN-GOR-TORG: Bankruptcy Hearing Set Next Year SOVIET AGRO-DOR-STROY: Insolvency Manager Takes over Firm TUYMAZINSKIY BAKERY: Undergoes Bankruptcy Supervision Procedure VAGAYSKOYE: Insolvency Manager Enters Firm YUKOS OIL: Appeals London High Court Ruling YUKOS OIL: Ruling on Mazeikiu Stake out Next Week YUKOS OIL: Main Investor Files New Case Against Government S P A I N SOL MELIA: Fitch Lowers Rating to 'BB+'; Outlook Stable S W E D E N SKANDIA INSURANCE: Posts SEK2 Billion Q3 Operating Profit U K R A I N E CENTER-PLUS: Creditors' Claims Due Next Week ESENS-PLUS: Declared Insolvent MAKARIV MILK: Proofs of Claim Deadline Nears NAFTOHIM: Gives Creditors Until Next Week to File Claims PROMETEJ: Bankruptcy Supervision Begins SENS-ALFA: Under Bankruptcy Supervision UKRGAZBUD: Court Appoints Temporary Insolvency Manager U N I T E D K I N G D O M 4OCEANS LIMITED: Calls in Liquidator from Grant Thornton ALLSEASON YACHT: Claims Filing Period Ends Next Month ARC RISK: Cuts Half-year Loss to GBP392,000 ASCIOM SOLUTIONS: Creditors Meeting Next Week BARCLAYS CLIENT: Hires Deloitte & Touche Liquidator BARNCREST NO.210: Owners Decide to Wind up Firm BCCI: Deloitte Ordered to Reimburse Bank of England ASAP BROADWAY MINERAL: Liquidators from Baker Tilly Enter Firm BYRNE EXPRESS: Administrators Move in CABLE & WIRELESS: Half-year Profit Down to GBP126 Million CLYDESDALE BANK: Delivers Stable Result Amid Shakeup COLLINS & AIKMAN: Creditors Seek Data on WL Ross' Claims DIGNITY PLC: Nine-month Profit Up 11.7% to GBP31.6 Million D J GEAR: Calls in Tenon Recovery Administrator DORSETAVON LIMITED: Administrators Take over Firm DRAX GROUP: Drax Holdings to Bare Results Monday H LYES AND SON: Files for Liquidation IRISH SEA: Ship Sale Falls Through JUICE CREATIVE: EGM Passes Winding-up Resolution KWELM: Average Payout to Creditors Increases to 88.7% LANGFORD AND THOMSON: Hires Tenon Recovery Liquidator LATHE TRAYS: Names Milner Boardman Administrator LUMINAR PLC: Cuts Net Debt by GBP40 Million MATE PRECISION: Calls in Grant Thornton METROPOLITAN VENTURE: Liquidators from PwC Take over Firm MINTON MEDICAL: Calls in Joint Liquidators MP SECURITY: Goes into Liquidation NORTHERN FOODS: Reports GBP14.4 Million Half-year Profit NORTHERN PROPERTY: Administrator from Tenon Recovery Enters Firm PETERS DOOR: Appoints Ernst & Young Administrator PHILLIP PAYNE: Hires Vantage to Wind up Business ROSSBANK TELENET: Administrators Take over Firm ROY WALKER: Calls in Liquidator from Elwell & Elwell SALSA STYLE: Liquidator Enters Firm SEARCHEXIT LTD.: In Liquidation SHILLAND LIMITED: PR Agency Files for Liquidation SJT COMPUTER: Appoints Liquidator SPEYMILL GROUP: Raising GBP2 Million via Share Offering STEPPING STONE: Natural Stone Wholesaler Winds up TOOMEY'S LIMITED: Hires Vantis Numerica Administrator TRC ENGINEERING: Names Moore Stephens Liquidator TRUE BRAND: Goes into Liquidation VEHICLE SHAPE: EGM Passes Winding-up Resolution WENTZEL, MURRAY: Calls in Liquidator from Moore Stephens YORKSHIRE WINDOWS: Files for Liquidation * DTI Seeks Liquidation of Four Birkenhead-based Firms ********* =========================== C Z E C H R E P U B L I C =========================== SLEVARNA ZETOR: Has New Owner ----------------------------- Prague-based Scuvarna has acquired bankrupt foundry Slevarna Zetor for CZK30 million, Czech News Agency says. The tender had attracted two other companies, but failed to submit final bids. Zetor succumbed to bankruptcy in March, four years after narrowly avoiding it in April 2001, when creditors agreed to a settlement. In July 2002, HTC Holding acquired the company for CZK310 million. CONTACT: SLEVARNA ZETOR A.S. Trnkova 111 632 00 Brno - Lisen Phone: +42 05 44 13 24 00 Fax: +42 05 44 21 03 44 E-mail: zetor@zetor.cz Web site: http://www.zetor.cz SCUVARNA s.r.o. Praha 4, U Habrovky 247/11 ============= G E R M A N Y ============= ACONA HYDRAULIK: Aachen Court Appoints Interim Administrator ------------------------------------------------------------ The district court of Aachen opened bankruptcy proceedings against Acona Hydraulik-Systeme GmbH on November 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 23, 2005 to register their claims with court-appointed provisional administrator Heinrich C. Friedhoff. Creditors and other interested parties are encouraged to attend the meeting on December 19, 2005, 11:00 a.m. at the district court of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070 Aachen, II. Etage, Zimmer 21, 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: ACONA HYDRAULIK-SYSTEME GmbH Industriestr. 13, D52134 Herzogenrath Contact: Manfred Scholz, Manager Heinrich C. Friedhoff, Administrator Viktoriastrasse 73-75, 52066 Aachen Phone: 0241/9491915 Fax: 0241/9491919 AQUA-RESIDUA: Creditors' Claims Due Next Month ---------------------------------------------- The district court of Aachen opened bankruptcy proceedings against AQUA-RESIDUA-TERRA POPPINGHAUS CONSULT GmbH on November 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 23, 2005 to register their claims with court-appointed provisional administrator Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting on December 20, 2005, 10:00 a.m. at the district court of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070 Aachen, II. Etage, Zimmer 21, 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: AQUA-RESIDUA-TERRA POPPINGHAUS CONSULT GmbH Kackertstr. 10, 52072 Aachen Contact: Dr. Klaus Poppinghaus, Manager Dr. Frank Kebekus, Administrator Scheibenstrasse 45, 40479 Duesseldorf Phone: 0211/ 49 76 59 0 Fax: 021149765959 AS+M AUTOMATISIERUNG: Succumbs to Bankruptcy -------------------------------------------- The district court of Hamburg opened bankruptcy proceedings against AS+M Automatisierung Schaltanlagen und Montage GmbH on October 25, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 13, 2005 to register their claims with court-appointed provisional administrator Hendrik Gittermann. Creditors and other interested parties are encouraged to attend the meeting on January 13, 2006, 10:45 a.m. at the district court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, 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: AS+M AUTOMATISIERUNG SCHALTANLAGEN UND MONTAGE GmbH Neumann-Reichardt-Strasse 27-33, 22041 Hamburg Contact: Roland Meissner, Manager Hendrik Gittermann, Administrator Palmaille 63, 22767 Hamburg Phone: 040/306969-10 AUGUSTA TECHNOLOGIE: Long-time Chairman Leaving Next Month ------------------------------------------------------------ Axel Haas, who in 1994 laid the groundwork for the business activities of AUGUSTA Technologie AG (ISIN DE000A0D6612) and who has been its Managing Board Chairman since 1995, is leaving the Company by mutual agreement with the Supervisory Board as of December 31, 2005. Following the successful restructuring of AUGUSTA Technologie AG, Axel Haas is to take up new business challenges in the private equity field, in line with his personal life planning. * * * As reported by TCR-Europe on Aug. 30, with the conclusion of the Company's restructuring, the AUGUSTA Group's balance sheet shows an equity ratio of 31.7%. Liabilities from the convertible bond, which originally amounted to EUR75 million, were reduced to EUR13.2 million, due as of November 4, 2007. A new syndicated loan agreement was also signed which matures on Oct. 30, 2007. CONTACT: AUGUSTA TECHNOLOGIE AG Wilhelm-Leuschner-Str. 9-11 60329 Frankfurt/Main, Germany Phone: 0049-(0) 69-242669-0 Web site: http://www.augusta-ag.de Lena Trautmann, Investor Relations Phone: +49-(0) 69-242669-19 Fax: +49-(0) 69-242669-40 E-mail: trautmann@augusta-ag.de BOHNKE BEDACHUNGEN: Creditors to Meet January --------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Bohnke Bedachungen GmbH on November 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 22, 2005 to register their claims with court-appointed provisional administrator Thomas Georg. Creditors and other interested parties are encouraged to attend the meeting on January 24, 2006, 10:40 a.m. at the district court of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80, 52070 Aachen, II. Etage, Zimmer 21, 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: BOHNKE BEDACHUNGEN GmbH Borsigstr. 55, 52525 Heinsberg Contact: Holger Bohnke, Manager Hochbruecker Str. 71, 52525 Heinsberg Thomas Georg, Administrator Juelicher Strasse 116, 52070 Aachen Phone: 0241/94618-0 Fax: 0241/533562 DAIMLERCHRYSLER AG: Plans to Set up U.S. Bank --------------------------------------------- DaimlerChrysler AG is considering forming its own bank in the United States to cut refinancing costs for its Financial Services business. "We have applied for a license to found an industrial bank in the U.S. and hope to get the approval in the first quarter of 2006," Dow Jones quoted DaimlerChrysler Financial Services Chief Executive Juergen Walker as saying. He said Daimler will transfer around EUR82 billion (US$96 billion) in credit contracts to the new bank, which will then refinance itself and serve as lender for DaimlerChrysler Financial Services. The bank is expected to get better credit rating than the BBB+ Fitch has for DaimlerChrysler. A better rating, he said, could translate to better refinancing conditions. "We will make a solid earnings contribution to the results of DaimlerChrysler in 2005," he said. Daimler also plans to expand car refinancing in China. "In three to four years' time, we could have some 100,000 cars with a credit contract volume of EUR2 billion (US$2.3 billion) in our Chinese portfolio," Mr. Walker said. The business, which started operating in China earlier this month, is registered as DaimlerChrysler Auto Finance (China) Ltd. It is expected to seal about 3,000 financing contracts by next year. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com ELEKTRO MUELLER: Under Bankruptcy Administration ------------------------------------------------ The district court of Darmstadt opened bankruptcy proceedings against Elektro Mueller GmbH on October 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 8, 2005 to register their claims with court-appointed provisional administrator Harald Silz. Creditors and other interested parties are encouraged to attend the meeting on January 19, 2006, 10:00 a.m. at the district court of Darmstadt, Zimmer 109, Gebaude E, Landwehrstrasse 48, 64293 Darmstadt, 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: ELEKTRO MUELLER GmbH Hasslocher Str. 53, 65428 Ruesselsheim Contact: Frank Blott, Manager Heilmannstr. 27, 60439 Frankfurt am Main Harald Silz, Administrator Adolfsallee 24, 65185 Wiesbaden Phone: 0611/1504-0 Fax: 0611/301774 FREIMUTH MALERBETRIEB: Claims Filing Period Ends December 9 ----------------------------------------------------------- The district court of Bochum opened bankruptcy proceedings against Freimuth Malerbetrieb GmbH on October 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 9, 2005 to register their claims with court-appointed provisional administrator Dr. Dirk Andres. Creditors and other interested parties are encouraged to attend the meeting on January 11, 2006, 8:30 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, 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: FREIMUTH MALERBETRIEB GmbH Schuetzenstr. 250, 44869 Bochum Contact: Gerhard Freimuth, Manager Dr. Dirk Andres, Administrator Viktoriastrasse 10, 44787 Bochum Phone: 4145023 GUENTER HARTMANN: Declared Bankrupt ----------------------------------- The district court of Bochum opened bankruptcy proceedings against Guenter Hartmann Schlacht- und Zerlegebetrieb GmbH on October 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 19, 2005 to register their claims with court-appointed provisional administrator Uwe Hueggenberg. Creditors and other interested parties are encouraged to attend the meeting on January 19, 2006, 8:15 a.m. at the district court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, 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: GUENTER HARTMANN SCHLACHT- UND ZERLEGEBETRIEB GmbH Holsterhauser Str. 25, 44652 Herne Contact: Guenter Hartmann, Manager Uwe Hueggenberg, Administrator Huestrasse 34, 44787 Bochum Phone: 964 91-0 Fax: 964 91-33 JENOPTIK AG: Loss of M+W Zander Sales Pull down 9-month Results --------------------------------------------------------------- For the first nine months of 2005, from the operating side, the Jenoptik Group reported business on a comparable basis at approximately the same level as in the previous year. In addition to the deconsolidation of M+W Zander Gebaudetechnik GmbH at the end of 2004, the result was influenced one-off effects, especially that of the comparison period 2004. Sales of the Jenoptik Group as at September 30, 2005, at EUR1,360.7 million, were below the high level achieved in the previous year (previous year EUR1,665 million). The fall is primarily attributable to the sales of M+W Zander Gebaudetechnik GmbH which are no longer included and which contributed around EUR250 million to the previous year's figures. The result from operating activities in the first nine business months was EUR28.2 million (previous year EUR57.1 million). Adjusted for one-off effects, the nine-month Group EBIT in 2005 was up on the figure in 2004 as a result of the increase in Photonics earnings as well as of the contribution towards the operating result by Gebaudetechnik, whose figures are no longer included. The main one-off effects in 2004 include, amongst other things, the income from the sale of the SC300 investment and in 2005 the one-off costs for the originally planned IPO of the M+W Zander Singapore subsidiary, already announced in the six-month report, in the sum of EUR5.2 million. Reflecting positive effects in the net investment and interest income, the financial result improved to -EUR24.5 million (previous year -EUR34.3 million). Earnings after tax, generated primarily abroad, totaled -EUR2.2 million (previous year EUR14.3 million). Slight Increase in Adjusted Group Order Intake The order intake in the first nine months of 2005 reached EUR1,609.2 million (previous year EUR1,988.3 million). The previous year's figures included the orders from Gebaudetechnik in the sum of approximately EUR410 million. After adjustment for this there was a slight increase in the order intake. The situation is similar when comparing the order backlog in the sum of EUR2,221.5 million (previous year EUR2,600.8 million), with M+W Zander Gebaudetechnik contributing around EUR330 million in the same last year. This also still included a large part of the major order of M+W Zander for the new AMD chip factory in Dresden, payment for which has since been settled. Further Increase in the Shareholders' Equity Ratio The shareholders' equity rose from EUR369.0 million at the end of 2004 to EUR389.0 million as at September 30 and also recorded a slight increase over this year's six-month report. The rise in the value of PVA TePla AG, in which Jenoptik has a minority stake, was one of the factors that had a positive effect. The shareholders' equity ratio of the Jenoptik Group once again exceeded the 25 percent mark, at 25.8 percent (31 Dec. 2004: 23.7 percent). Group current liabilities fell by EUR116.4 million, attributable in the main to sales tax payments as well as to the fall in liabilities to suppliers. The rise in net liabilities from EUR238.8 million at the end of 2004 to EUR360.4 million as at September 30, 2005 resulted from the acquisition of the remaining 30.9 percent of the shares in M+W Zander D.I.B. Facility Management GmbH, as well as an increase in the working capital in both business divisions. Outlook for the Current Fiscal Year For fiscal year 2005 the Jenoptik Group aims to generate sales of between EUR1.9 billion and EUR2.1 billion, repeating the same high level achieved in 2004, after adjustment for Gebaudetechnik. On the earnings side, the Group has a target operating EBIT of between EUR60 and EUR70 million. Income and expenses arising from a possible sale of M+W Zander or from the restructuring costs associated with the sale, have, as one-off effects, not been included in the forecast operating results. Information on the Two Business Divisions Sales and earnings of M+W Zander in 2004 and 2005 influenced by one-off effects Sales in the Clean Systems business division in the first nine business months of 2005 totaled EUR1,075.8 million (prev. year EUR1,397.8 million). The figure in the previous year included sales of EUR250 million of Gebaude-technik. For this reason sales in the Facility Engineering business area, at EUR773.8 million, were down on the high level achieved in the previous year (prev. year EUR1.103.6 million). The Facility Management business area posted a small rise in sales in the first nine business months of 2005 of 2.7 percent to EUR302.1 million (prev. year EUR294.2 million). Clean Systems result from operating activities, at EUR8.2 million, was sharply down on the figure in the same period last year (prev. year EUR34.4 million). This can be attributed to one-off effects which influenced the result in 2004 and 2005: In 2004 this was basically a positive earnings contribution resulting from the sale of the SC300 interest, in 2005 - as announced - one-off costs from the originally planned IPO in Singapore in the sum of EUR5.2 million. Adjusted for all one-off effects, the Clean Systems EBIT was slightly higher than in the previous year - in spite of approx. EUR4 million in expenditure due to a delay in a project in the area of new technologies. That the EBIT, adjusted for one-off effects, was above the previous year's level can be attributed in particular to the Gebaudetechnik result which is no longer included and a strong earnings rise in Facility Management to EUR8.2 million (prev. year EUR6.0 million). On a comparative basis the order intake and backlog were maintained at the same high level recorded in the previous year. In the first nine months M+W Zander posted an order intake of EUR1,275.9 million (prev. year EUR1,668.6 million; of which approx. EUR410 million came from Gebaudetechnik). For example, a major order for EUR130 million from Infineon Technologies AG contributed towards the figure. The order backlog as at September 30, reached EUR1,776.5 million (prev. year EUR2,181.4 million; of which around EUR330 million came from Gebaudetechnik). For the full year 2005 Clean Systems plans sales of between EUR1.5 billion and EUR1.7 billion, which on a comparable basis, reflect the same high level as in 2004. As a result of the costs arising from the delays in the above-mentioned project in the area of new technologies, the operating EBIT margin in Facility Engineering will be below the 1.8 to 2.5 percent range. The target EBIT margin in Facility Management remains between 3% and 3.5%. Photonics posts strong internal growth in sales and earnings. With sales and earnings increased and a further improvement in the order situation the Photonics business division remains on a growth path. The improvements in all the key indicators are the result purely of the strong internal growth. Photonics sales rose to EUR282.6 million (prev. year EUR257.8 million), representing a 9.6 percent increase. In addition to a strong rise in sales of plastic optics, the growth was achieved evenly across virtually all Photonics areas. The result from operating activities was 12.6 percent higher at EUR24.7 million and therefore showed slightly stronger growth than sales. Photonics posted a rise in the order intake of 6.3 percent compared with the same period in the previous year. Contributions to the order intake totaling EUR331.1 million (prev. year EUR311.3 million) came from virtually every area in the Photonics business division, in particular from ESW-Extel Systems Wedel, the traffic safety technology unit, but also from the US optics subsidiaries. The Photonics order backlog, at a total of EUR445 million, surpassed the previous year's figure by 5.8 percent (prev. year EUR420.5 million). With strategic partnerships, the internationalization of distribution, more intensive research and development, investments and acquisitions, in the current year 2005 the Photonics business division has utilized the full range of opportunities for corporate development in order to expand the basis for its further growth. This includes, in addition to the two new investments from April this year and the recently announced investment for the sale of high-performance laser diodes in the Japanese market. Over and above this, Jenoptik is currently investing in new capacities, amongst others in the plastic optics area in the Thuringen-based firm of Triptis as well as for the manufacture of opto-electronic semiconductor components for diode lasers in Berlin. In the full year 2005 Photonics intends to generate strong organic growth in sales with the target between EUR385 million and EUR400 million and an EBIT margin once again of 9 to 10 percent. * * * In June, Fitch Ratings downgraded Jenoptik AG's Senior Unsecured rating and EUR150 million senior notes to 'B' from 'B+'. The Short-term rating was affirmed at 'B'. The Senior Unsecured rating Outlook remained Stable. The downgrade is based on Fitch's concerns over Jenoptik's corporate governance practices. In October 2004, Fitch put Jenoptik on Rating Watch Negative, following the announcement to integrate caatoosee ag, an IT company with a poor operating track record and significant liquidity problems. After discussions with Jenoptik's management, the Rating Watch was removed and the ratings affirmed, since it was deemed unlikely that the transaction would progress (see announcement dated 10 December 2004 at http://www.fitchratings.com). CONTACT: JENOPTIK AG Investor Relations Cornelia Todt Phone/Fax: ++49(0) 3641-652290/2484 PR Markus Wild Phone/Fax: +49(0) 3641-652255/2484 Web site: http://www.jenoptik.com JENOPTIK AG: To Market Patented Laser Cutting Technology Soon ------------------------------------------------------------- Applied Photonics Inc. with headquarters in Scottsdale, Arizona, USA and JENOPTIK Automatisierungstechnik GmbH in Jena, Germany have signed a cooperation agreement to accelerate the commercialization of break-through laser cutting technology for flat panel display and cell phone manufacturers. Both companies believe that this cooperative effort will help move laser technology into the next generation factories world wide in a more expeditious manner. Applied Photonics has developed a patented method for making full laser cuts in attached or "laminated" display glass of 0.4 to 0.7 millimeter thickness with laser. The Jenoptik subsidiary contributes in-depth know-how of the engineering and manufacturing to respond to demand of laser machines and laser systems specifically for the flat panel display industry. Both parties intend to distribute their products worldwide with focus on the Asian market. Under their cooperation, both parties will translate the new laser technology of cutting display glass to production hardware in order to meet the high quality requirements of clean-room production in the display industry. Cutting with Laser is Faster and Provides Higher Quality The optical and electronic characteristics of glass for flat displays make this material a particular challenge for processing with laser due to the complex interaction of glass and laser energy. In comparison with conventional methods, such as scribing and mechanical breaking, cutting with laser has several important advantages: Aside from being faster and cleaner, the full cut also produces edges without microcracks which makes the panels stronger and eliminates the need to grind the edges after cutting. This makes the laser technology not only a cost-saving method for the flat display industry, it also offers higher manufacturing efficiency and improved product quality. As the trends in industry continue towards larger and thinner displays, this innovative laser cutting technology should become an essential tool for producing high quality displays. The laser system can make full cuts of single glass or laminated display glass of different sizes. It is possible to cut the top and bottom panels of a laminated display glass without turning the substrate. This is possible with two cutting heads in the system. A pilot system for tests and technology development has been installed at Applied Photonics. The first production system for customer applications is being set up in the clean room of JENOPTIK Automatisierungstechnik GmbH. Flat Panel Display Industry Invests in Most Advanced Production Equipment Global sales by flat panel manufacturers reached an all-time-high of US$37 billion in 2004, after US$23.7 billion the year before. To stem the downward drift of flat panel prices and to keep up with consumer demand, LCD producers are investing in a new production equipment at a record level. According to information from the DisplaySearch market research firm, investment in the industry amounted to about US$8 billion in 2004. Because of the increasing price competition, most investments were in more efficient production hardware. In this process, each generation of factories handles larger glass substrates. Applied Photonics Applied Photonics -- http://www.appliedphotonics.com-- is a leading supplier of laser-based solutions to the semiconductor and flat panel display industries. The company is best known for its glass cutting technology used for singulation of laminated LCD glass panels, which replaces traditional mechanical cutting equipment. The company has in-depth understanding of how lasers interact with electronic and optical materials. As a result a number of semiconductor and flat panel display applications are being pursued. Applied Photonics was formed in September 1999 in the U.S. and has several other representatives in Taiwan, Japan, Korea and China. The first two production lines will be aimed at manufacturing large HDTV screens and will be on-line by the end of 2005. JENOPTIK Automatisierungstechnik GmbH The company -- http://www.automation-jenoptik.de-- develops and supplies typical system solutions for laser processing of materials, handling and assembly systems and has specialized in the development and manufacture of systems for laser processing of brittle materials. In laser plastic cutting technology, Jenoptik Automatisierungstechnik is one of the global leaders. Jenoptik Automatisierungstechnik was instrumental in the adoption of this new technology by automotive makers and part suppliers, by which defined lines of preweakening for airbag covers are generated in plastic, textile or leather panels. Global leaders in the automotive industry, including industry suppliers, are among the customers of this company. Jenoptik Automatisierungstechnik is headquartered in Jena (Thuringia, Germany), employs 170 specialists and is a 100% subsidiary of JENOPTIK AG in the Photonics business division. * * * In June, Fitch Ratings downgraded Jenoptik AG's Senior Unsecured rating and EUR150 million senior notes to 'B' from 'B+'. The Short-term rating is affirmed at 'B'. The Senior Unsecured rating Outlook remains Stable. The downgrade is based on Fitch's concerns over Jenoptik's corporate governance practices. In October 2004, Fitch put Jenoptik on Rating Watch Negative, following the announcement to integrate caatoosee ag, an IT company with a poor operating track record and significant liquidity problems. After discussions with Jenoptik's management, the Rating Watch was removed and the ratings affirmed, since it was deemed unlikely that the transaction would progress (see announcement dated 10 December 2004 on http://www.fitchratings.com). CONTACT: JENOPTIK AG Investor Relations Cornelia Todt Phone/Fax: ++49(0) 3641-652290/2484 PR Markus Wild Phone/Fax: +49(0) 3641-652255/2484 Web site: http://www.jenoptik.com KARSTADTQUELLE AG: Positions Mail Order Biz for eCommerce Boom -------------------------------------------------------------- The KarstadtQuelle Group revealed recently its latest moves to revamp its mail order business. Alongside measures to improve cost structure to be announced in the next few weeks, the mail order division will be reorganized with a focus on eCommerce. In order to accommodate this development and to improve the market positioning of both Quelle as Germany's largest mail order company and of Neckermann, Neckermann is to focus more on home shopping ordering via the Internet and TV in the future. The first step in this direction is the name change of Neckermann Versand to neckermann.de from 1 January 2006. This will position neckermann.de as a mail order company for young, modern families. The online shop will be expanded to become an open sales platform that can also be used by external partners. "After 55 years of success with the name Neckermann, the company is now responding to new types of sales. Modern and contemporary forms of home shopping will be developed rigorously with neckermann.de. Online trade is the route to growth and profit in the future," said Thomas Middelhoff, Chairman of the Management Board of KarstadtQuelle AG in Frankfurt am Main on Tuesday. neckermann.de is a wholly owned subsidiary of the retail group and, together with Quelle, is No. 2 after eBay in terms of sales in German online retail. Sales at German online shops have increased from zero to almost EUR8 billion in the last ten years and will climb to EUR12.7 billion by 2007. neckermann.de's eCommerce business generated growth of 31% in the first nine months of 2005 compared to the previous year and is growing at twice the speed of the market and is highly profitable. The success is due to both experience in the mail order trade and the opportunities presented by the Internet. The online business accounted for 30% of total demand in the first nine months of 2005. The number of visits to neckermann.de in the first nine months of 2005 increased by over 75% compared to the previous year. The company anticipates a significant increase in this as a result of opening the platform for external partners. In future, neckermann.de will offer external partners access to over ten million visitors per month on a commission basis. neckermann.de will handle the entire ordering process and then forward the order to the partner. Together with an innovative, multiple prize-winning concept, which was voted "best Web site 2004", neckermann.de offers the benefits typical of conventional mail order services which give it considerable advantages in terms of credibility over pure online shopping: convenient part payment options, delivery service, assembly service, disposal of old appliances and a repair and guarantee service. The customer can find everything at a glance on a single Web site: all categories can be accessed around the clock, seven days a week, including special catalogues that are usually only sent to specific target groups. In the future, the catalogue will provide an overview of trends and new ranges, customers can find out the latest price changes at neckermann.de. The current catalogue also contains comprehensive information on using the Internet platform. There are also new home shopping sales channels: purchasing via mobile phone, interactive television and the latest form, neckermann.tv, the first ever German-language entertainment format for the Internet, developed by neckermann.de. A seven-part online show began on 28 October, presented by popular TV entertainer Thomas Gottschalk. "We are developing with our customers," said Thomas Middelhoff, Chairman of the Management Board of KarstadtQuelle AG. "With eCommerce becoming increasingly more important, it was a logical step to change Neckermann Versand into neckermann.de. It is the first time that a traditional brand such as Neckermann has documented the road into the future in its name." Background Josef Neckermann founded Neckermann Versand KG (slogan: "Neckermann macht's moglich" -- Neckermann makes it possible) on April 1, 1950. With a winning range of services comprising 24 hour delivery, disposal of old appliances, assembly service for furniture, technical support, part-payment offers, goods advice and customer support, Neckermann became the third largest mail order company in Germany. The company is particularly successful with special catalogues and business abroad. The neckermann.de online presence was established in 1995 and broke even five years later. Mail order at KarstadtQuelle AG will consist of neckermann.de (Frankfurt/Main) and Quelle (Furth) in future. Marc Sommer, 43, Member of the Group Management Board and previously Head of domestic and international club business at Bertelsmann AG, will be responsible for the KarstadtQuelle mail order segment from January 1, 2006. Harald Gutschi and Bernd Oppenrieder will be the future Managing Directors of neckermann.de GmbH. CONTACT: KARSTADTQUELLE AG Theodor-Althoff-Str. 2 D-45133 Essen Phone: +49-201-727-1 Fax: +49-201-727-5216 Web site: http://www.karstadtquelle.com Corporate Communications Joerg Howe Phone: + 49 (0) 201/727-25 38 Fax: + 49 (0) 201/727-37 09 E-mail: joerg.howe@karstadtquelle.com SICUS HEIZUNG: Court to Verify Claims March ------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against SICUS Heizung & Lufttechnik GmbH on October 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 24, 2006 to register their claims with court-appointed provisional administrator Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting on December 14, 2005, 9:45 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 March 22, 2006, 9:00 a.m. at the same venue. CONTACT: SICUS HEIZUNG & LUFTTECHNIK GmbH Wachtelstr. 1,12526 Berlin Ruediger Wienberg, Administrator Giesebrechtstr. 1, 10629 Berlin ========= I T A L Y ========= PARMALAT SPA: Rewards Bankruptcy Administrator Top Post ------------------------------------------------------- The new Parmalat board has officially appointed bankruptcy administrator Enrico Bondi managing director, Il Sole 24 Ore says. The board also confirmed Tuesday Raffaele Picella's appointment as chairman and decided to create a committee to advise Mr. Bondi on remaining lawsuits related to its insolvency. Parmalat still faces EUR7.5 billion in claims from creditors. Mr. Bondi has said he will pursue claims against local and foreign banks, most of which are now shareholders of Parmalat. From the outset, he has been relentless in going after these banks, which he has accused of helping the previous management issue bonds using falsified financial documents. The board is currently composed of Mr. Bondi, Mr. Picella, Carlo Secchi, Marzio Saa, Vittorio Mincato, Marco de Benedetti, Andrea Guerra, Piergiorgio Alberti, Massimo Confortini, Erder Mingoli and Ferdinando Superti Furga. CONTACT: PARMALAT S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net SAFILO S.P.A.: Consob Clears IPO -------------------------------- Italian Stock Exchange regulator Consob has given its approval to the publication of the Official Prospectus relating to the Public Offer of Ordinary shares of Safilo S.p.A. The Offer will take place between Monday, 21 November, and Friday, 2 December 2005. Banca IMI S.p.A. and UBM S.p.A. are leading the Public Offer. The Public Offer forms part of a Global Offer that will involve a Placing with Italian and international institutional investors for which the Joint Global Coordinators are Merrill Lynch International, Banca IMI and UBM. Safilo is the leader in premium eyewear and in a leadership position in the sector of prescription, sunglasses, fashion and sports eyewear. Present in the international market through exclusive distributors and 28 subsidiaries in the U.S., Europe and Far East, Safilo distributes its own brand collections, Safilo, Carrera, Smith, Oxydo, Blue Bay, as well as licensed branded collections, Alexander McQueen, Bottega Veneta, Boucheron, Christian Dior, Diesel, 55DSL, Emporio Armani, Giorgio Armani, Gucci, Imatra, Marc Jacobs, Max Mara, Oliver, Pierre Cardin, Polo Ralph Lauren, Stella McCartney, Valentino, Yves Saint Laurent. In addition to the above, the following brands are exclusive to the American market: Fossil, Juicy Couture, Nine West, Kate Spade, Saks Fifth Avenue, Liz Claiborne and J.Lo by Jennifer Lopez. CONTACT: SAFILO S.P.A. Zona Industriale, VII Strada, 15 35129 Padua Italy Phone: +39-049-698-5111 Fax: +39-049-698-5354 Web site: http://www.safilo.com SAFILO S.P.A.: Approval of IPO Prompts Fitch to Review Rating ------------------------------------------------------------- Fitch Ratings has placed the ratings of Italy-based Safilo S.p.A.'s on Rating Watch Positive (RWP), following the announcement that Consob, the Italian Stock Exchange regulator, has approved its proposed Initial Public Offering. The following ratings are affected: Safilo Capital International S.A. EUR300 million senior notes: 'CCC+' Safilo S.p.A. Senior Unsecured: 'B' Safilo S.p.A.'s senior secured debt: 'B+' The RWP on Safilo will be resolved once the proposed IPO has been completed and there is clarity as to how proceeds will be utilized. Safilo expects to launch a primary and secondary public offer in the next few weeks. Fitch expects funds from the primary offering will be used to pay down debt, and up to 35% of the senior note could be redeemed. Fitch estimates that debt prepayment from IPO proceeds could reduce total gross leverage to as low as 2.5x from 4.8x at the end of September 2005, and this may result in a rating upgrade of more than one notch. Stefano Podesta, Director in Fitch's Leveraged Finance Group, said: "Despite the consistent improvement in operating and financial results in 2004 and 2005, the group's high financial leverage and related debt servicing requirements have to date constrained free cash flow generation and consequently Safilo's rating profile." Safilo's ratings reflect the company's market leading positions in eyewear and, in particular, the very strong portfolio of high-end licensing agreements with global fashion brands. Headquartered in Padua, Italy, Safilo is the world's second largest manufacturer and wholesaler of eyewear products sold primarily under a number of licensed brand names including Armani, Gucci, Dior, Yves Saint Laurent and Polo Ralph Lauren. CONTACT: SAFILO S.P.A. Zona Industriale, VII Strada, 15 35129 Padua Italy Phone: +39-049-698-5111 Fax: +39-049-698-5354 Web site: http://www.safilo.com FITCH RATINGS Stefano Podesta, London Phone: +44 (0) 20 7417 4316 Kirsten O'Byrne Phone: +44 (0) 207417 6297 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com ===================== N E T H E R L A N D S ===================== HAGEMEYER N.V.: Appoints New CEO for British, Irish Units --------------------------------------------------------- Hagemeyer N.V. has hired John Hogan, 44, as new CEO for Hagemeyer U.K. and Ireland. His mission is to complete the Hagemeyer U.K. turnaround and realize the growth potential of the Hagemeyer U.K. business. His appointment as CEO of Hagemeyer U.K. and Ireland and as a member of the Hagemeyer PPS Executive Committee will take effect from November 21, 2005. John Hogan is an experienced chief executive with an impressive track record in international parcel, freight and logistics businesses. His most recent position was Managing Director for the U.K. and Ireland at DHL Express. Rudi de Becker, CEO of Hagemeyer, stated: "We are delighted to be able to bring on board an experienced CEO with a successful track record in a related business where customer service and operational efficiency are key to success." Mr. Hogan joined Securicor, a leading U.K. parcels and logistics company, in London in 1987 and carried out a number of operational roles before taking on the overall management of the company's operation in his native Ireland, going on to become CEO of Securicor Omega Express U.K. in 1999. In 2001 he was promoted to CEO of Securicor Omega Holdings, a joint venture between Securicor plc and Deutsche Post World Net. He was selected in 2003 to lead the new DHL express parcel, freight and logistics businesses in the U.K. and Ireland, created as a result of acquisitions by Deutsche Post. John Hogan said: "Hagemeyer U.K. is a dynamic company with tremendous potential. I am really looking forward to leading the company towards a very successful and profitable future." Naarden, 15 November 2005 HAGEMEYER N.V. Board of Management * * * Hagemeyer had net revenues of EUR4.1 billion in the first nine months of 2005 (full year 2004: EUR5.4 billion) and employs approximately 17,200 employees. Its core Professional Products and Services (PPS) business generates more than 90% of total revenue. The Hagemeyer Group has its head office in Naarden, the Netherlands. Hagemeyer said in June it reached agreement in principle with a bank consortium of ABN AMRO Bank, ING Bank, Rabobank and NIB Capital Bank to refinance and improve existing senior secured credit facility. These banks will jointly increase their share in the credit facility to approximately EUR240 million, allowing Hagemeyer to pay down all other 26 lenders in its current senior credit facility. In April, the Group reported that total net interest bearing debt increased from EUR476 million at year-end 2004 to EUR535 million at March 31, 2005. Apart from the impact of foreign exchange movements, the increase in net debt in Q1 2005 is mainly due to seasonal influences. CONTACT: HAGEMEYER N.V. Rijksweg 69, P.O. Box 5111, 1410 AC Naarden The Netherlands Phone: + 31 (0) 35 6957676 Fax: + 31 (0) 35 6944396 Web site: http://www.hagemeyer.com Contact: Emilie de Wolf Phone: +31 (0)35 6957676 ROYAL SHELL: Buyback Program Progressing ---------------------------------------- On 16 November 2005, Royal Dutch Shell plc purchased for cancellation 1,200,000 'A' Shares at a price of EUR25.77 per share. It further purchased for cancellation 400,000 'A' Shares at a price of 1,745.33 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,970,359,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell admitted overstating proved reserves by almost 6.0 billion barrels between January 2004 and February this year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com TBIH FINANCIAL: Austrian Insurer Acquires 40% of Parent ------------------------------------------------------- Following the press release of 10 November 2005, Kardan N.V. has signed an agreement with Wiener Stadtische Allgemeine Versicherung Aktiengesellschaft (WS) for an equity investment in its financial services sector. WS will acquire a 40% stake in Kardan Financial Services B.V. (KFS) for EUR112.6 million. KFS holds a 58.18% stake in TBIH Financial Services Group N.V. Kardan currently anticipates that its capital gain from the transaction will amount to approximately US$33 million (EUR28 million). WS will inject EUR105.6 million of capital into KFS, in exchange for newly issued shares, and will purchase 4% of KFS (pre-issuance) from minority shareholders for a purchase price of EUR7 million. After the transaction, Kardan will hold approximately 55% of KFS. WS is the leading Austrian insurance group in Central and Eastern Europe. Among the international insurance companies, WS has an excellent second rank in the region. WS is traded in the prime market segment of the Vienna Stock Exchange and included in the Austrian Traded Index with a market capitalization of over EUR4 billion. As of 31 December 2004 WS had total premium of EUR4.1 billion, total assets of EUR12.7 billion and 12,347 employees. WS is rated A+ by Standard & Poor. This agreement will further strengthen the relationship between TBIH and WS, which already exists through a partnership in Omniasig Life, a life insurance company in Romania. Kardan and WS intend to cooperate in pursuing financial services opportunities in the CEE countries. Under the terms of the transaction, the parties intend to use the proceeds from WS capital investment to (i) repay EUR21.8 million of KFS debt, and to (ii) subject to certain conditions including the approval of TBIH minority shareholders, increase KFS' holdings in TBIH through a capital increase of at least EUR35 million. If feasible, additional amounts will be used to purchase additional TBIH shares currently held by minority shareholders. After such capital increase, TBIH shareholders' equity would exceed EUR200 million. In addition, WS has committed to provide loans to KFS, under certain conditions, to enable KFS to acquire additional shares in TBIH. Within five years from the date of the transaction, WS may increase its percentage shareholding in KFS to 50%, through the purchase of additional shares and through capital increases. Completion of the transaction is subject to certain conditions, including due diligence and receipt of regulatory approvals. KFS (former name Herfstzon Beheer) is a holding company through which Kardan holds its interests in TBIH. TBIH is a leading retail financial services provider (including insurance, pension fund management, asset management, leasing, consumer finance and mortgages) in several CEE countries. CONTACT: TBIH FINANCIAL SERVICES GROUP N.V. Prins Hendriklaan 52 1075 BE Amsterdam The Netherlands Phone: +31 20 6648884 Fax: +31 20 6648861 E-mail: shalom@tbih.com Web site: http://www.tbih.com TBIH FINANCIAL: Fitch Reviews Ratings for Possible Upgrade ---------------------------------------------------------- Fitch Ratings has placed TBIH Financial Services Group N.V.'s (TBIH) Long-term 'B-' rating on Rating Watch Positive (RWP) after Wiener Stadtische Allgemeine Versicherung Aktiengesellschaft (WS), a major Austrian insurer, signed an agreement to purchase a 40% stake in Kardan Financial Services B.V. (KFS). KFS is currently the majority shareholder of TBIH. At the same time, Fitch has also placed the Expected Long-term 'B' rating of TBIH's proposed senior debt on RWP. The RWP reflects the improved financial flexibility that is potentially available from ownership links with an established insurer such as WS and an expected improvement in market profile following the acquisition. Fitch also notes the potential benefits to TBIH's competitive position, an expected capital injection to TBIH of at least EUR35 million and the possibility of a reduced risk appetite following the transaction. The transaction is subject to certain conditions, including due diligence and regulatory approval. The RWP is expected to be resolved following completion of the transaction and discussions with management. Under the terms of the agreement, WS will acquire a 40% stake in KFS, which is currently the majority shareholder in TBIH with a 58.18% stake. Kardan and WS intend to cooperate in pursuing financial services opportunities in Central and Eastern Europe (CEE). It is understood that within five years from the date of the transaction, WS may increase its percentage shareholding in KFS to 50%. TBIH is a joint stock company based in the Netherlands and acts as a holding company for a number of operating units based throughout CEE. The group was set up in 1998 to take advantage of the relatively undeveloped financial services provision in the region. The focus of the group's operations remains on financial services operations in CEE, especially in the retail and small- and medium-sized enterprise (SME) sectors. TBIH has operations in non-life and life insurance, pensions and asset management as well as lending. The group had unaudited equity (including minority interests) of EUR110 million at 30 June 2005 and unaudited revenues (gross premiums, interest and fees) of EUR148 million for the six months to 30 June 2005. CONTACT: TBIH FINANCIAL SERVICES GROUP N.V. Prins Hendriklaan 52 1075 BE Amsterdam The Netherlands Phone: +31 20 6648884 Fax: +31 20 6648861 E-mail: shalom@tbih.com Web site: http://www.tbih.com FITCH RATINGS Andrew Murray, London Phone: +44 (0)20 7417 4303 Damir Bettini Phone: +44 (0)20 7862 4095 Alison Leveridge Phone: +44 (0)20 7417 4305 Web site: http://www.fitchratings.com Media Relations Jon Laycock, London Phone: +44 20 7417 4327 =========== R U S S I A =========== BEARING: Nizhniy Novgorod Court Brings in Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision procedure on limited liability company Bearing. The case is docketed as A43-27529/2005-18-475. Mr. Y. Shishkov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 606403, Russia, Nizhniy Novgorod region, Balakhninskiy region, B. Kozino, 8th Matra Str. 42. A hearing will take place on January 24, 2006, 3:30 p.m. at the Arbitration Court of Nizhniy Novgorod region. CONTACT: BEARING Russia, Nizhniy Novgorod region, Lukoyanov, Pushkina Str. 59 Y. SHISHKOV Temporary Insolvency Manager 606403, Russia, Nizhniy Novgorod region, Balakhninskiy region, B. Kozino, 8th Matra Str. 42 EAST-EUROPEAN: Claims Filing Period Ends ---------------------------------------- The Arbitration Court of Udmurtiya republic commenced bankruptcy proceedings against East-European after finding the trust company insolvent. The case is docketed as A71-8/2005-G21. Mr. V. Abramov has been appointed insolvency manager. Creditors have until December 8, 2005 to submit their proofs of claim to 426063, Russia, Udmurtiya republic, Izhevsk, K. Libknekhta Str. 65. CONTACT: EAST-EUROPEAN Russia, Udmurtiya republic, Izhevsk, Voroshilova Str. 111 V. ABRAMOV Insolvency Manager 426063, Russia, Udmurtiya republic, Izhevsk, K. Libknekhta Str. 65 ELECTRO-MACHINE: Public Auction of Assets Set December ------------------------------------------------------ The bidding organizer of Electro-Machine' will sell its assets on December 21, 2005, 12 noon. The public auction will take place at 670000, Russia, Buryatiya republic, Ulan-Ude, Borsoeva Str. 105. Up for sale are 10 immovable properties for a starting price of RUB14,116,758. Preliminary examination and reception of bids are done every day from 8:00 a.m. to 5:00 p.m. until December 15, 2005. The list of documentary requirements is available at 670000, Russia, Buryatiya republic, Ulan-Ude, Borsoeva Str. 105. To participate, bidders must deposit an amount equivalent to 20% of the starting price to the correspondent account 40702810509160102411 in Buryatskiy OSB #8601, Ulan-Ude, correspondent account 30101810400000000604, BIC 048142604 on or before December 20, 2005. CONTACT: ELECTRO-MACHINE 670000, Russia, Buryatiya republic, Ulan-Ude, Borsoeva Str. 105 N. TETERIN Bidding Organizer 670000, Russia, Buryatiya republic, Ulan-Ude, Borsoeva Str. 105 Phone: (3012) 21-96-33 EVRAZ GROUP: Luxembourg Unit's US$750 Mln Bonds Rated 'BB-' ----------------------------------------------------------- Fitch Ratings has assigned Luxembourg-based Evraz Group S.A.'s (Evraz) US$750 million senior unsecured notes a Final Senior Unsecured 'BB-' rating. This rating action follows a review of the final offer documents confirming information already received when Fitch assigned the Expected rating of 'BB-' on 19 October 2005. The notes carry a coupon of 8.25% and have a 10-year maturity. Evraz completed the issue of the notes on 7 November 2005. As expected, the bond documentation allows the proceeds to be used to finance the acquisition of additional mining assets in Russia and the CIS, to repay existing debt and for general corporate purposes. This new issue is in line with Evraz's financial policy to centralize cash and funding management at the Evraz parent company level. As previously noted, many of the terms of the new unsecured notes are in line with those in Evraz Securities S.A.'s US$150 million unsecured notes due 2009 ('BB-') except for new clauses covering subsidiary debt and dividend payments. Fitch acknowledges that should the credit profiles of Evraz's main subsidiary Cyprus-based Mastercroft Ltd.('BB-'/'B'/Stable) and Evraz diverge materially and/or there is evidence of a material change in dividend policies between Mastercroft and Evraz, a rating review may be warranted. Evraz is Russia's largest vertically integrated steel producer in output and ranks 15th in the world. It specializes in production of long-steel products, operates three steel plants and iron ore and coal mines. CONTACT: EVRAZ GROUP S.A. Corporate Affairs and Communications Irina Kibina Alexander Karlashov Phone: +7 095 234 4629 E-mail: IR@eam.ru FITCH RATINGS Sonya Dilova, London Phone: +44 20 7417 3485 Nikolai Lukashevich, Moscow Phone: +7 095 956 9901 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com INSTRUMENTAL FACTORY: Bankruptcy Supervision Procedure Begins ------------------------------------------------------------- The Arbitration Court of Udmurtiya republic has commenced bankruptcy supervision procedure on open joint stock company Instrumental Factory (TIN/KPP 1832022311/183201001). The case is docketed as A71-47/2005-G21. Mr. V. Kuzhelov has been appointed temporary insolvency manager. CONTACT: INSTRUMENTAL FACTORY 427057, Russia, Udmurtiya republic, Izhevsk, Gorkogo Str. 90 Legal address: 427000, Russia, Izhevsk region, Novo-Azhimova Str. 12 V. KUZHELOV Temporary Insolvency Manager 426008, Russia, Udmurtiya republic, Izhevsk region, Post User Box 119A The Arbitration Court of Udmurtiya republic 426057, Russia, Udmurtiya republic, Izhevsk region, Lomonosova Str. 5 KALININGRADSKIY: Declared Insolvent ----------------------------------- The Arbitration Court of Kaliningrad region commenced bankruptcy proceedings against Kaliningradskiy (TIN3905010402, KPP 390501001) after finding the wood processing plant insolvent. The case is docketed as #A21-3161/05-S2. Mr. I. Melnikov has been appointed insolvency manager. Creditors may submit their proofs of claim to 236010, Russia, Kaliningrad region, Pobedy Pr. 137. CONTACT: KALININGRADSKIY 236010, Russia, Kaliningrad region, Pobedy Pr. 137 Mr. I. Melnikov Insolvency Manager 236010, Russia, Kaliningrad region, Pobedy Pr. 137 MAJOR BUILDING: Succumbs to Bankruptcy -------------------------------------- The Arbitration Court of Kirov region commenced bankruptcy proceedings against Major Building and Repairs (TIN 4303004259) after finding the open joint stock company insolvent. The case is docketed as A28-211/05-213/20. Mr. G. Storozhuk has been appointed insolvency manager. CONTACT: MAJOR BUILDING AND REPAIRS 613200, Russia, Kirov region, Belaya Kholunitsa, Yubileynaya Str. 47 G. STOROZHUK Insolvency Manager 610000, Russia, Kirov region, Stepana Khalturina Str. 2, Office 10 NOMOS BANK: Moody's Upgrades Ratings to Ba3 ------------------------------------------- Moody's Investors Service has upgraded to D- from E+ the Financial Strength Rating (FSR) of Russia's Nomos Bank (NB), and has raised the bank's long-term foreign currency deposit and long-term foreign currency debt ratings to Ba3 from B1. The bank's short-term deposit rating remains unchanged at Not-Prime. The outlook for the ratings is stable. At the same time, Moody's Interfax Rating Agency has assigned a Aa3.ru long-term national scale credit rating (NSR) to NB. Moscow-based Moody's Interfax is majority owned by Moody's, a leading global rating agency. According to Moody's and Moody's Interfax, the Ba3/NP/D- global scale ratings reflect NB's global default and loss expectation, while the Aa3.ru national scale rating reflects the standing of the bank's credit quality relative to its domestic peers. According to Moody's, this rating upgrade reflects: (a) The bank's strengthening position in the market, based on its experience in working with major clients in a number of sectors of the Russian economy, including gold-mining, defense and heavy machinery; (b) A reduction in sectoral concentrations that existed in the loan book several years ago; (c) Strengthening of the risk management function by creating a separate unit independent of risk-taking; (d) Sound asset quality maintained despite rapid expansion, with a significant provisioning cushion allowing for some possible deterioration; and (e) a well thought-out and cost-conscious approach towards regional expansion. Moody's notes that NB's balance sheet still displays some degree of borrower and deposit concentrations, which are compatible with the current Ba3/NP/D- ratings. Nevertheless, further diversification without compromising the bank's specialization would be essential to achieve higher ratings. The future direction of the bank's ratings will also depend on: (a) Greater diversification of stable earnings; (b) Striking a balance between wholesale and retail funding without undue dependence on either of these sources; and (c) Continued capital support from the bank's shareholders to fuel its rapid growth; together with (d) steps towards improvement in transparency of the bank's ownership structure. Nomos Bank is headquartered in Moscow, Russian Federation, and reported total assets of US$2.5 billion under IFRS (unaudited) as of 30 September 2005. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Dmitry Polyakov, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 NYAGAN-GOR-TORG: Bankruptcy Hearing Set Next Year ------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region has commenced bankruptcy supervision procedure on open joint stock c company Nyagan-Gor-Torg. The case is docketed as A75-7530/2005. Mr. A. Shuravin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) NYAGAN-GOR-TORG 628183, Russia, Khanty-Mansiyskiy autonomous region, Nyagan, Sibirskaya Str. 19 (b) Insolvency Manager 625003, Russia, Tyumen region, Krasina Str. 7a, Office 500 (c) The Arbitration Court of Khanty-Mansiyskiy autonomous region 628012, Russia, Tyumen region, Khanty-Mansiysk, Lenina Str. 54/1 A hearing will take place on January 30, 2006. SOVIET AGRO-DOR-STROY: Insolvency Manager Takes over Firm --------------------------------------------------------- The Arbitration Court of Mariy El has commenced bankruptcy supervision procedure on open joint stock company Soviet Agro-Dor-Stroy. The case is docketed as A-38-2165-11/48-2005. Mr. S. Dyuzhilov has been appointed temporary insolvency manager. CONTACT: SOVIET AGRO-DOR-STROY 425400, Russia, Mariy El region, Sovetskiy, Zelenaya Str. 11 S. DYUZHILOV Temporary Insolvency Manager 425400, Russia, Mariy El region, Sovetskiy, Zelenaya Str. 11 TUYMAZINSKIY BAKERY: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on open joint stock company Tuymazinskiy Bakery. The case is docketed as A07-12381, 05-G-ADM. Mr. S. Trofimov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 450057, Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 65, Room 14. CONTACT: S. TROFIMOV Temporary Insolvency Manager 450057, Russia, Bashkortostan republic, Ufa, Oktyabrskoy Revolyutsii Str. 65, Room 14 VAGAYSKOYE: Insolvency Manager Enters Firm ------------------------------------------ The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on auto-transport enterprise Vagayskoye. The case is docketed as A-70-5763/3-2005. Ms. S. Shkarovskaya has been appointed temporary insolvency manager. A hearing will take place on December 29, 2005. CONTACT: VAGAYSKOYE Russia, Tyumen region, Vagayskiy region, Vagay, Lenina Str. 5 Ms. S. Shkarovskaya Temporary Insolvency Manager 625026, Russia, Tyumen region, Melnikayte Str. 90A, Room 10 Phone/Fax: (3452) 20-98-07 YUKOS OIL: Appeals London High Court Ruling ------------------------------------------- Moscow's Federal Court of Arbitration will hear on Nov. 30 a Yukos appeal of the ruling ordering it to pay US$475 million to a group of Western banks. In September, Moscow's arbitration court upheld the decision of the High Court in London that required Yukos to repay the outstanding loan. The amount is what remains of a US$1 billion loan granted in 2003 by a pool of 14 banks led by France's Societe Generale, Citigroup Inc., Deutsche Bank AG, Commerzbank AG, BNP Paribas S.A., ING Bank N.V., Credit Lyonnais, and HSBC. The case is docketed as HC05CO1219 BNP Paribas and ors v. Yukos Oil Co. Yukos availed of the loan to pre-finance sale of oil and for general corporate purposes. It includes a three-year US$500 million loan facility and a five-year US$500 million loan facility. The lenders claim Yukos missed interest payments due in March and April 2005. In July, Yukos admitted receiving a notification of default of payment on the loan. The loan was secured against Yukos' production subsidiaries, including Yugansk, which is now owned by state-owned company Rosneft. Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection in December 2004 (Bankr. S.D. Tex. Case No. 04-47742). A few days after, its main production unit Yugansk was sold by the government to a little-known firm OOO Baikalfinansgroup for US$9.35 billion. The sale was aimed at paying for a US$27.5 billion tax bill for 2000-2003. Its bankruptcy case was dismissed in February. Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed $12,276,000,000 in total assets and $30,790,000,000 in total debt. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Ruling on Mazeikiu Stake out Next Week ------------------------------------------------- The court in Amsterdam will hear Monday the joint claim filed by Yuganskneftegaz, Group Menatep and 14 Western banks and rule on the matter on November 24. Originally filed separately, the court consolidated the claims on November 10. The three parties all want to levy Yukos' stake in Mazeikiu nafta, an oil refinery in Lithuania, as payment for their multi-billion-dollar claims. Rosneft is claiming EUR2.34 billion representing Yukos debt to Yuganskneftegaz. Rosneft bought Yuganks in December last year at a public auction initiated by the government. The bank syndicate, made up of BNP Paribas, Citigroup, Deutsche Bank, Societe Generale, and 10 others, seeks payment for US$475 million in export loans obtained by Yukos. Yukos has failed to pay interest on these loans since March and in June the High Court in London recognized the banks' claim, as did the Arbitration Court in Moscow in September. Yukos majority shareholder, Group Menatep, is claiming US$650 million in outstanding loan to Yuganskneftegaz. Meanwhile, the Lithuanian government has started talks with Yukos over the future of their stakes in Mazeikiu; this as the battle among Yukos creditors to corner the asset rages on. It plans to hire Dutch lawyers to help find a solution to the legal wrangle, according to The Baltic Times. The state's special negotiating commission is led by Economic Minister Kestutis Dauksys, and includes Deputy Minister Nerijus Eidukevicius and an advisor to prime minister, Saulius Specius. Interested Parties Parties which submitted bids for the Mazeikiu stake to Lehman Brothers, the U.S. investment bank representing Yukos, are: -- Russia's Lukoil with ConocoPhillips; -- TNK-BP; -- Poland's PKN Orlen; and -- KazMunayGaz, a state-run oil and gas company in Kazakhstan TNK-BP is reportedly the favorite to acquire the property. Mr. Eidukevicius said there were no meetings scheduled with TNK-BP this week. About the Company Yukos is an oil-and-gas company headquartered in Moscow, Russia. It filed for chapter 11 protection in December 2004 (Bankr. S.D. Tex. Case No. 04-47742). A few days after, its main production unit Yugansk was sold by the government to a little-known firm OOO Baikalfinansgroup for US$9.35 billion. The sale was aimed at paying for a US$27.5 billion tax bill for 2000-2003. Its bankruptcy case was dismissed in February. Yukos has only paid US$11 billion so far, according to tax authorities. Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery, Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R. Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed US$12,276,000,000 in total assets and US$30,790,000,000 in total debt. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru YUKOS OIL: Main Investor Files New Case Against Government ---------------------------------------------------------- Group Menatep is funding a new lawsuit that asserts frivolous objections to the Russian government's tax enforcement measures against Yukos Oil. "This lawsuit is nothing more than another attempt to harass a friendly foreign sovereign for enforcing its domestic tax laws," Michael Goldberg, a Baker Botts lawyer representing the government, said. Earlier this year, the Texas federal courts dismissed a bankruptcy petition filed by Yukos Oil Company, Menatep's majority controlled subsidiary, because disputes about the Russian government's enforcement actions against Russian tax evaders do not belong in the U.S. courts. Yukos' lawyer later reported admitting that the action was brought without any realistic expectation of winning. "This time," Mr. Goldberg added, "Group Menatep apparently hopes for greater harassment value by improperly naming high Russian government officials as defendants along with the Russian government." "We note that minority shareholders of Yukos long ago recognized the true wrongdoers, since they have been pursuing legal claims against Group Menatep and Yukos' management," Mr. Goldberg added. "We are confident that the D.C. federal court, like the Texas federal court, will promptly dispose of this latest abuse of the U.S. judicial system." CONTACT: BAKER BOTTS Michael A. Cinelli, Public Relations Specialist Phone: +1-713-229-1764 E-mail: mike.cinelli@bakerbotts.com Web site: http://www.bakerbotts.com/ YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ========= S P A I N ========= SOL MELIA: Fitch Lowers Rating to 'BB+'; Outlook Stable ------------------------------------------------------- Fitch Ratings has downgraded Sol Melia S.A.'s ratings to Senior Unsecured 'BB+' from 'BBB-' and Short-term 'B' from 'F3', respectively. Following the downgrade, the Outlook is now Stable. Frederic Gits, Director in Fitch's European Corporate Department, said: "Given a Spanish hotel market that is plagued by oversupply and the economic difficulties in the British and German feeder markets, Sol Melia's underlying profitability is unlikely to improve significantly this year. "Although asset sales have helped reduce leverage, subdued underlying performance in the core hotel operations is unlikely to push Sol Melia's credit profile back to a level consistent with investment-grade peers in the near-term." In its rating action commentary dated 30 June 2004, Fitch set clear ratio guidelines which would trigger the conversion of the Outlook Negative to a downgrade: "In order to maintain its 'BBB-' rating, Fitch would expect Sol Melia's lease-adjusted net debt/EBITDAR ratio to be less than 5.0x for FY04 (FY03: 5.7x). For FY05, when the hotel cycle is expected to recover more fully, leverage of about 4.0x would be anticipated to maintain the rating." At FYE04, Sol Melia's leverage was 5.1x under Spanish GAAP. Furthermore, Fitch expects the company's lease-adjusted leverage to reach about 4.1x under Spanish GAAP and 4.3x under IFRS by FYE05. These FYE05 expected ratios exclude EUR59.6 million of capital gains. Two issues need explaining to put this statement in context. Firstly, Sol Melia has produced its FY04 figures under IFRS, showing a FYE04 leverage ratio of 5.4x (as calculated by Fitch, consistent with other hotel groups). Whereas other European hotel groups had few adjustments to their debt figures when converting to IFRS, auditors increased Sol Melia's attributable debt (due to the reclassification of operating leases). Thus when comparing European hotel companies, under the uniform IFRS treatment, Sol Melia will remain higher leveraged than peers, as reflected in the 'BB+' rating. Secondly, Fitch does not include profits from capital realizations in EBITDA. Sol Melia's profits include capital profits from realizing assets, time shares, and selling of condominiums. This recently increased activity is considered by management as recurring and core, leveraging off its brand and realizing capital from within the group. Fitch does not include this capital "profit" in its core ratios, other than the effect of net proceeds received on reducing net debt. In Sol Melia's case, the profit attributed to the income statement is the "profit" above the book value of its assets, rather than the recent Richard Ellis open market value of the group's assets. Consequently, the attributed income statement "profit" of, for example, a GBP100 million asset realization, can be anything between zero (realized at the balance sheet value) or higher if the historical book value had been lower than GBP100 million. While management makes the case that these capital profits are expected to be recurring, Fitch regards the activity as having a higher risk profile and thus separate from the more stable, core hotel room rate-derived profitability of the group. Furthermore, in rating investment-grade European hotel groups Fitch does not include capital profits in its comparative ratios. Sol Melia's nine months to September 2005 figures, excluding EUR42 million capital profits versus EUR14 million in 9M04, show EBITDA slightly down at EUR193 million versus EUR194 million a year ago, mainly due to the continuing difficult operating environment in Spain. The 0.4% room rate decline in the European City division indicates that competitive pressure remains strong. Concerning Sole Melia's February 2006 EUR340 million bond maturity, a EUR175 million committed syndicated facility, EUR145 million of FY05 asset sales, and the arrangement of other bilateral bank lines are expected to cover maturing bond obligations. The group also benefits from a currently large unencumbered asset base. Given the prime location of many of its hotels, it is likely that even in difficult times for the industry Sol Melia would be able to access funding whether shorter-term or secured debt - the latter being more detrimental to unsecured bondholders. Sol Melia is the world's 10th largest hotel company and ranks number one in its core markets of Spain, Latin America and the Caribbean with a portfolio of 328 hotels and 80,834 rooms at YE04. It is also the leading resort hotel chain globally. In room number terms, some 46% of the hotel portfolio is owned/leased and 54% is under management/franchise contracts. However, Sol Melia derives 86% of its FY04 revenues from owned or leased hotels in which European cities accounted for 48%, European resorts for 32% and Latin America & Caribbean for the remaining 20%. Sol Melia is controlled by the founding Escarrer family. CONTACT: SOL MELIA Gremio Toneleros, 24 Poligono Industrial Son Castello 07009 Palma de Mallorca Spain Phone: (34) 971 22 44 00 Fax: (34) 971 22 44 08 Web site: http://www.solmelia.com FITCH RATINGS Frederic Gits, Paris Phone: +33 1 44 29 91 34 Erwin van Lumich, Barcelona Phone: +34 93 323 8403 Media Relations Alex Clelland, London Phone: +44 20 7862 4084 Web site: http://www.fitchratings.com =========== S W E D E N =========== SKANDIA INSURANCE: Posts SEK2 Billion Q3 Operating Profit --------------------------------------------------------- Skandia Insurance Co. Ltd. has reported results for the third quarter and nine months ended September 2005. Third quarter Highlights (a) strong growth in all divisions; (b) revenues rose 16% and expenses by 12%. Excluding structural and restructuring costs, expenses increased by 7%. In total, the result before tax according to IFRS improved to SEK398 million (235). Structural costs increased to -SEK119 million (-22) as a result of the ongoing bid process; (c) the result for mutual fund savings products increased to SEK20 million (-2); (d) the calculated profit margin for unit-linked assurance increased to 17.3%, compared with 14.9% for the second quarter, and the present value of new business amounted to SEK505 million (416); (e) the operating result increased to SEK2,277 million (655). The underlying operational return increased to 10% (7%); (f) operative cash flow was positive, at SEK0.1 billion (-0.2); and (g) net asset value per share increased during the quarter by SEK1.35 to SEK32.54. Nine-month Highlights (a) the result for the period according to IFRS, including the result of discontinued operations and goodwill write-down, was -SEK715 million (1,603); (b) the underlying result before tax improved, to SEK1,432 million (647); (c) revenues rose 15% to SEK12,067 million (10,472). Expenses rose 10% -- excluding the write-down of goodwill and structural and restructuring costs -- and amounted to -SEK10,793 million (9,825); (d) earnings per share before dilution were -SEK0.70 (1.58), of which -SEK0.47 (0.81) pertained to discontinued operations and -SEK1.11 (-) to the goodwill write-down. The return on shareholders' equity was -SEK3% (8%); and (e) cash flow from operating activities was -SEK0.1 billion (-1.8). Report of President and CEO Hans-Erik Andersson Skandia is presenting a very strong interim report. No matter what result metric you look at, all divisions and essentially all business segments are making significant contributions to the strong result improvement. What's even more gratifying is that we are growing in a controlled manner. Despite strong growth, cash flow is improving at the same time that Skandia is creating value-added both for our customers and our shareholders. Results are exceeding all our recently published forecasts for sales, funds under management, value of new business, underlying IFRS profit and the result of operations according to the embedded value method, and net asset value. Many of our businesses are reaching critical mass, which is driving our business results: Our mutual funds business is reaching profitability ahead of plan, and the underlying IFRS result beat our forecasts substantially. Following a prolonged slump and a difficult point of departure, the Swedish operation has made impressive progress through the adaptation of products and its organization to the customers' needs, which has led to strong growth in new sales for the fourth consecutive quarter and, even more important, to result improvements and a decline in policy conversions to paid-up status. During the fourth quarter we are carrying out additional improvements in our fund offering in the Swedish market. The integration of SkandiaBanken's Internet platform has been carried out. This is now a major portal for Skandia's entire product offering and is considered to be central to the strategic development of our business in the Nordic region. In the U.K., the restructuring of Bankhall has now been carried out through a decision to discontinue certain unprofitable parts of the business. This gave rise to an earnings charge during the third quarter. At the same time, however, the continuing operations, under new management, are positioned well for the current market scenario, and we look forward to improved performance in 2006. In the U.K. market we have been steadily improving our market position in unit-linked assurance for quite some time. New pension product initiatives have been successful, which strengthens our position ahead of coming changes in the pensions market in 2006. The pricing of certain products has been changed, leading to higher profitability and improved capital utilization. In the offshore businesses, significant, continued sales successes were achieved. The Europe & Latin America division has developed to become a profitable and increasingly important part of the group at an impressively rapid pace. The division is showing its ability to adapt to difficult and widely shifting market conditions. What's more, we have made important breakthroughs in new markets in a short period of time. The German market is an example of how Skandia has fully capitalized on local market conditions. Like the market in general, the second quarter was very weak for Skandia's German operation. But already a quarter later we have succeeded in restoring the profitability of new sales to a satisfactory level, and we have good reason to believe in continued improvements. Another example is the successful entry into the French market, which is otherwise dominated by bancassurance. Our adaptation to radically changed market conditions in Italy is yet another example, as was our sales success in Spain. Initiatives in new markets in the Czech Republic and Hungary are being taken in a collaborative effort between Skandia's German and Austrian operations. By virtue of our business concept, this is being done primarily with the help of existing resources and capital. We have begun the implementation of the Turbo Plan where possible. For instance, the Europe & Latin America division has recently carried out organizational changes in accordance with the proposed measures laid out in the Turbo Plan. As a step in this direction, the Swiss unit is now organizationally a part of the Europe & Latin America division (with result impact starting in 2006), which will strengthen collaboration with Skandia's units in Germany, Austria and Poland in the Central Europe sub-region. Switzerland is a prime example of collabo�ration in product development and marketing between our various divisions. The new "kapitalpension" product that was developed in Sweden is the prime factor behind the 77% rise in new sales in Switzerland. We hope to proceed with implementing other elements of our plans during the fourth quarter, depending on our ongoing corporate activity, which continues to divert management attention. In my view, our strong focus on a business model that is unique in many respects is the key explanation for our success. It is in a cohesive business model that we find the industrial logic that enables us to improve and develop shared platforms and further bring down our costs - where we all speak the same business language and can transfer innovations from one market to another. It is this philosophy that is the core of the Turbo Plan. We are now in the process of formalizing this project to enable us to report our progress to the shareholders in a clear manner. We have long asserted our positive view of Skandia's future, but it has taken time to leave our legacy issues behind us. Step by step we have made our way back on track to success and profitability. Our strengthened position is a result of a concerted and consistently applied strategy, our focus on a well thought out business model, and a management team that is determined to execute our plans. We are delivering on the ambitious targets that we set for ourselves - and exceeding them. This set of results I believe proves that this management team can deliver on its goals, and I am excited by the opportunities ahead for this strong business in the coming year. Our excellent result performance further strengthens our conviction that Skandia as a standalone company is a very attractive investment proposition for our shareholders. A copy of the financial results is available free of charge at http://bankrupt.com/misc/SkandiaInsurance(9M2005).pdf CONTACT: SKANDIA INSURANCE COMPANY LTD. Sveavagen 44 S-103 50 Stockholm, Sweden Phone: +46-8-788-1000 Fax: +46-8-788-3080 Web site: http://www.skandia.com Bjorn Bjornsson Vice Chairman Phone: +46-8-788 25 00 Jan-Mikael Bexhed General Counsel Phone: +46-8-788 25 00 ============= U K R A I N E ============= CENTER-PLUS: Creditors' Claims Due Next Week -------------------------------------------- The Economic Court of Dnipropetrovsk region commenced bankruptcy supervision procedure on LLC Center-Plus (code EDRPOU 31044755) on September 13, 2005. The case is docketed as B 15/134/05. Mr. Valerij Sidelnikov (License Number AB 216706) has been appointed temporary insolvency manager. Creditors have until November 21, 2005 to submit their proofs of claim to: (a) CENTER-PLUS 51911, Ukraine, Dnipropetrovsk region, Dniprodzerzhinsk, Dolmatov Str. 11 (b) VALERIJ SIDELNIKOV Temporary Insolvency Manager Ukraine, Donetsk region, Hartsizk, Spartakivskij Avenue 5/77 (c) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a ESENS-PLUS: Declared Insolvent ------------------------------ The Economic Court of Dnipropetrovsk region commenced bankruptcy proceedings against Esens-Plus (code EDRPOU 33116234) on October 4, 2005 after finding the limited liability company insolvent. The case is docketed as B 26/134/05. Mr. Sorokin Oleksij has been appointed liquidator/insolvency manager. Creditors have until November 21, 2005 to submit their proofs of claim to: (a) ESENS-PLUS 49000, Ukraine, Dnipropetrovsk region, Tolstoj Str. 13/2 (b) ECONOMIC COURT OF DNIPROPETROVSK REGION 49600, Ukraine, Dnipropetrovsk region, Kujbishev Str. 1a MAKARIV MILK: Proofs of Claim Deadline Nears -------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Makariv Milk Plant (code EDRPOU 00445894) on October 4, 2005 after finding the close joint stock company insolvent. The case is docketed as 164-2 b-2005. Mr. I. Omelchenko (License Number AA 783142) has been appointed liquidator/insolvency manager. The company holds account number 2660473106 at Oshadbank, Makarivske branch 3033, MFO 320070. Creditors have until November 21, 2005 to submit their proofs of claim to: (a) MAKARIV MILK PLANT 08100, Ukraine, Kyiv region, Makarivskij district, Kalinivka, Kiyivska Str. 43 (b) I. OMELCHENKO Liquidator/Insolvency Manager 02121, Ukraine, Kyiv region, M. Bazhan Avenue 9-b/4 (c) ECONOMIC COURT OF KYIV REGION 01032, Ukraine, Kyiv region, Komintern Str. 165 NAFTOHIM: Gives Creditors Until Next Week to File Claims -------------------------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure on LLC Trade House Naftohim (code EDRPOU 30496946) on August 22, 2005. The case is docketed as B-11/203. Mr. Oleg Yashishin has been appointed temporary insolvency manager. The company holds account number 26007252334001 at CB Privatbank, Ivano-Frankivsk branch, MFO 336677. Creditors have until November 21, 2005 to submit their proofs of claim to: (a) NAFTOHIM 78400, Ukraine, Ivano-Frankivsk region, Nadvirna, Majdanska Str. 5 (b) OLEG YASHISHIN Temporary Insolvency Manager 76000, Ukraine, Ivano-Frankivsk region, Getman Mazepa Str. 7/17-B (c) ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a PROMETEJ: Bankruptcy Supervision Begins --------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on LLC Prometej (code EDRPOU 30920483) on September 5, 2005. The case is docketed as 7/83-05. Mr. Boris Krivenko (License Number AB 116043) has been appointed temporary insolvency manager. The company holds account number 26002552700000 at JSCIB Ukrsibbank, MFO 351641. Creditors have until November 21, 2005 to submit their proofs of claim to: (a) PROMETEJ 41107, Ukraine, Sumi region, Shostka district, Pirogivka, Zavodska Str. 1 (b) BORIS KRIVENKO Temporary Insolvency Manager 40000, Ukraine, Sumi region, Nezalezhnosti Square 1, Office 408 Phone: (0542) 21-98-37 (c) ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Shevchenko Avenue 18/1 SENS-ALFA: Under Bankruptcy Supervision --------------------------------------- The Economic Court of Volinska region commenced bankruptcy supervision procedure on Private Firm Sens-Alfa (code EDRPOU 13362892). The case is docketed as 1/72-B. Mr. Volodimir Temchishin (License Number AA 630072) has been appointed temporary insolvency manager. The company holds account number 26002301000072 at JSCB Mriya, Lutsk branch, MFO 303473. Creditors have until November 21, 2005 to submit their proofs of claim to: (a) SENS-ALFA 43000, Ukraine, Lutsk region, Shopen Str. 12 (b) VOLODIMIR TEMCHISHIN Temporary Insolvency Manager 43025, Ukraine, Lutsk region, Svitla Str. 5/3 (c) ECONOMIC COURT OF VOLINSKA REGION 43010, Ukraine, Lutsk region, Voli Avenue 54-a UKRGAZBUD: Court Appoints Temporary Insolvency Manager ------------------------------------------------------ The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on JSC Ukrgazbud (code EDRPOU 14277604). The case is docketed as 23/668-15/518-b. Mr. Anatolij Vyazovchenko (License Number AB 116239) has been appointed temporary insolvency manager. The company holds account number 26002301231920 at Prominvestbank, Kyiv region branch, MFO 322067. Creditors have until November 22, 2005 to submit their proofs of claim to: (a) UKRGAZBUD 03110, Ukraine, Kyiv region, O. Pirogovskij Str. 19 (b) ANATOLIJ VYAZOVCHENKO Temporary Insolvency Manager 02140, Ukraine, Kyiv region, B. Gmiri Str. 11/28 (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 =========================== 4OCEANS LIMITED: Calls in Liquidator from Grant Thornton -------------------------------------------------------- G. Wilson, director of 4Oceans Limited, informs that the special resolution to wind up the company was passed at a meeting held on Oct. 31. Roy Welsby of Grant Thornton UK LLP, 1 Westminster Way, Oxford OX2 0PZ was appointed liquidator. Creditors are required on or before December 31, 2005, to send in their full forenames and surnames, addresses and descriptions, full particulars of debt or claims and the names and addresses of Solicitors (if any), to Roy Welsby and, if so required by notice in writing their debt or claims. CONTACT: 4OCEANS LIMITED 7 Goodson Mews, Wellington Street, Thame, Oxfordshire OX9 3BX Phone: 01844252000 GRANT THORNTON 1 Westminster Way, Oxford OX2 0PZ Phone: 01865 799899 Fax: 01865 724420 Web site: http://www.grant-thornton.co.uk ALLSEASON YACHT: Claims Filing Period Ends Next Month ----------------------------------------------------- Allseason Yacht Ltd. informs that the subjoined special resolution to wind up the company was passed at an EGM held on Oct. 31 at B&A Secserv. Ltd., 10-11 Dacre Street, London SW1H 0DJ. Melvyn L. Rose, of Elliot, Woolfe & Rose, 1st Floor, Equity House, 128-136 High Street, Edgware, Middlesex HA8 7TT was appointed liquidator. Creditors are required on or before December 31, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Melvyn L. Rose, of Elliot, Woolfe & Rose, 1st Floor, Equity House, 128-136 High Street, Edgware, Middlesex HA8 7TT, the Liquidator of the Company, and, if so required by notice in writing their debt or claims. CONTACT: ELLIOT WOOLFE & ROSE 1st Floor Equity House 128/136 High Street Edgware Middlesex HA8 7TT Phone: 020 8952 0707 Fax: 020 8952 2332 E-mail: mlr@ewr.co.uk ARC RISK: Cuts Half-year Loss to GBP392,000 ------------------------------------------- ARC Risk Management Group plc has reported interim results for the six months ended 30 September 2005. Highlights (a) loss before tax reduced to GBP392,000 compared with GBP560,000 in the first half of 2004; (b) loss before tax down to GBP98,000 in second quarter; (c) turnover up 68% to GBP893,000 compared with GBP532,000 in the first half of 2004; (d) new distribution agreements with HSBC and AIG; (e) Red24 sales are more than five times that of the corresponding period last year and now comprise over 50% of Group revenues; and (f) investment in product development will result in further new product launches in the second half of the year. Report of Chairman Simon Richards I am pleased to report that the strong customer growth, to which I referred in the share placing announcement on 3 June, has been maintained and is being translated into an improved financial performance. The benefits of the new structure where each division has become a separate subsidiary with its own managing director are also apparent. Financial Overview Turnover demonstrated a healthy 68% period on period growth to GBP893,000, while the loss before tax of GBP392,000 for the half year compares favorably with the loss of GBP560,000 incurred in the same period last year. It is worth noting that GBP294,000 of this loss was incurred in the first three months and only GBP98,000 was lost in the second three months. Immediately after the publication of the results for the year to 31 March 2005, we successfully raised GBP320,000. However, the growth in turnover inevitably requires additional working capital, and this, coupled with extra funding for our marketing activities, means that it is likely, depending on market conditions, that the Board may still decide to raise additional capital before the financial year end. Red24TM Red24 is a global security service providing preventative and reactive advice to help individuals avoid and manage personal risks to themselves and their families. Last June we entered into an agreement with HSBC Bank plc to incorporate red24's personal security service as part of HSBC's Premier banking offering and ID imposter into their HSBC Plus banking offering. These are two significant contracts, which have taken the total number of customers of red24 to well over 500,000. Each month several thousand new customers are added and the English language service of red24 now has sufficient mass to cover its costs on a monthly basis. Red24's Japanese service has taken longer to develop but is now being sold in Japan through AIG's network of agents. At present the product is offered as a discretionary sale and take up is not as high as we had hoped. This is, however, consistent with our early experience in the U.K. and critical mass is unlikely to be achieved until red24 is incorporated in a major financial product offering on a mandatory basis. This is expected to occur in the not too distant future. Significant investment in product development continues to be made and in the next half-year we expect to launch two new offerings - a corporate care product and a gap year product. Essentially we have developed a modular approach to the management of security risk advice which enables us to tailor the core red24 product to meet the needs of particular markets quite readily. The modular approach then gives an opportunity to our distributors to purchase product upgrades appropriate to their client needs and budgets. It is pleasing to note that as contracts come up for renewal, our distributors are tending to take the opportunity to upgrade the product they are taking and that feedback from their clients when using the red24 service has been positive. In the half-year under review red24 sales were more than five times that of the corresponding period last year and now comprise over 50% of group revenues. Consultancy The Consultancy business has achieved a greater income, from a smaller cost base, than in 2004 when much of the division's time was taken up developing and testing the response procedures for red24. Training The Training business has not enjoyed the same buoyant start to the year as it did in 2004 and revenues in the first half were down some 20% period on period. Nonetheless there is a busy autumn program with additional courses on offer and over the year as a whole this revenue shortfall should be made up. Outlook ARC Risk Management is strongly positioned as a leading provider of security risk management services which are meeting the growing requirement for greater protection for those traveling, whether on business or for pleasure, markets which, at present, remain largely untapped. We continue to grow our relationships with existing and new partners in the financial service and insurance industries and envisage increasing growth in the adoption worldwide of red24. A copy of the financial results are available free of charge at http://bankrupt.com/misc/ARCRisk(H12005).pdf CONTACT: ARC RISK MANAGEMENT GROUP PLC 73 Watling St., 4th Fl. London EC4M 9BL, United Kingdom Phone: +44-207-332-5600 Fax: +44-207-236-3918 Web site: http://www.arcrisk.com ASCIOM SOLUTIONS: Creditors Meeting Next Week --------------------------------------------- Creditors of Asciom Solutions Limited will meet on November 22, 2005, 3 p.m. at Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to N. Wood of Grant Thornton UK LLP, Grant Thornton House, Melton Street, Euston Square, London NW1 2EP not later than 12 noon, November 21, 2005. CONTACT: GRANT THORNTON U.K. LLP Grant Thornton House Melton Street Euston Square London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk BARCLAYS CLIENT: Hires Deloitte & Touche Liquidator --------------------------------------------------- Barclays Bank PLC, a shareholder of Barclays Client Credit Limited, informs that the special and ordinary resolutions to wind up the company were passed and Mr. J. R. D. Smith and Mr. N. J. Dargan of Deloitte and Touche, Athene Place, 66 Shoe Lane, London EC4A 3WA were appointed joint liquidators. Creditors are required on or before December 7, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims and the names and addresses of their Solicitors (if any), to J. R. D. Smith of Deloitte and Touche, PO Box 810, Athene Place, 66 Shoe Lane, London EC4A 3WA, the liquidator of the company, and, if so required by notice in writing their debt or claims. 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 BARNCREST NO.210: Owners Decide to Wind up Firm ----------------------------------------------- Barncrest No.210 Limited informs that the special resolutions to wind up the company were passed on Oct. 31 and Mr. Stephen Hobson of Francis Clark, Southernhay House, 36 Southernhay East, Exeter, Devon EX1 1NX was appointed liquidator. Creditors are required on or before December 9, 2005, to send in their full names and addresses, full particulars of their debt or claims, and the names and addresses of their Solicitors (if any), to Stephen James Hobson of Francis Clark, Southernhay House, 36 Southernhay East, Exeter EX1 1NX, the Liquidator of the Company, and, if so required by notice in writing their debt or claims. CONTACT: FRANCIS CLARK Southernhay House 36 Southernhay East Exeter Devon EX1 1NX Phone: 01392 667000 Fax: 01392 662751 E-mail: SJH@francisclark.co.uk BCCI: Deloitte Ordered to Reimburse Bank of England ASAP -------------------------------------------------------- The High Court rejected on Nov. 11 a request by Bank of Credit and Commerce International S.A.'s liquidators to freeze for two weeks the Bank of England's legal costs while it seeks a settlement. Justice Stephen Tomlinson said there is an overwhelming public demand to resolve the case as quickly as possible. Deloitte Touche Tohmatsu, liquidator of BCCI, withdrew on Nov. 2 an GBP850 million lawsuit against Bank of England following an advice by the High Court. Bank of England is claiming more than GBP70 million (US$122 million) in costs for a 12-year legal battle with liquidators, who claimed it failed to protect depositors of the collapsed firm. Its legal bill is estimated at around twice of Deloitte's GBP38 million. By freezing the cost for two weeks, Deloitte had expected to save as much as GBP1 million, based on the rate at which Bank of England previously accrued the expenses. At a hearing on Nov. 11, Bank of England lawyer Nicholas Stadlen told the court his client would seek interim payment of the GBP32 million currently being held in a joint bank account to cover part of the bill. The bank is seeking payment on an indemnity basis plus interest. The parties are due in court for a four-day hearing on Jan. 30, 2006. BCCI, incorporated in Luxembourg and ran from London, collapsed in 1991 with as much as US$16 billion in debt. The failure affected 80,000 depositors. Christopher Grierson of Lovells is Deloitte's counsel. Nicholas Stadlen QC is Bank of England's lawyer. BCCI's creditors include Channel 4, American Express, Bury Council and The Western Isles Council, which is owed GBP24 million. CONTACT: DELOITTE & TOUCHE LLP 1 Woodborough Road, Nottingham NG1 3FG Phone: +44 (0) 115 950 0511 Fax: +44 (0) 115 959 0060 Web site: http://www.deloitte.com LOVELLS Web site: http://www.lovells.com/ BROADWAY MINERAL: Liquidators from Baker Tilly Enter Firm --------------------------------------------------------- E. P. A. Jones, chairman of Broadway Mineral Resources Plc, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 4 at Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF. Richard Paul Rendle and Guy Edward Brooke Mander of Baker Tilly, City Plaza, Temple Row, Birmingham B2 5AF was appointed joint liquidators. CONTACT: BAKER TILLY City Plaza Temple Row Birmingham West Midlands B2 5AF Phone: 0121 214 3100 Fax: 0121 214 3101 BYRNE EXPRESS: Administrators Move in ------------------------------------- Lloyd Biscoe and Mark Robert Fry (IP Nos 009141, 008588) of Begbies Traynor were appointed joint administrators of Byrne Express Steel Today Limited (Company No 03728771) on Oct. 28. Its registered office is at Lakeview House, 4 Woodbrook Crescent, Billericay, Essex CM12 0EQ. The company sells metal and metal ores. CONTACT: BYRNE EXPRESS STEEL TODAY LIMITED Mermaid House, Wrexham Road, Basildon, Essex SS15 6PX Phone: 01268418899 BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com CABLE & WIRELESS: Half-year Profit Down to GBP126 Million --------------------------------------------------------- Cable & Wireless plc has reported results for the six months ended 30 September 2005. Highlights (a) group revenue of GBP1,481 million - up by 1% over prior year at constant currency; (b) operating profit before joint ventures, associates, exceptional items and excluding Bulldog, of GBP136 million. Operating profit before joint ventures, associates, exceptional items, including Bulldog, of GBP87 million; (c) profit before tax and exceptional items from continuing operations, excluding Bulldog, of GBP185 million. Profit before tax and exceptional items from continuing operations, including Bulldog of GBP134 million; (d) profit before tax of GBP126 million; (e) National Telco revenue of GBP595 million - up 11% against prior year at constant currency, driven primarily by mobile and broadband; (f) National Telco operating margins and free cash flow stable against prior year; (g) U.K. profitability adversely affected by shift to IP services from higher margin legacy products and shift in revenue mix to wholesale services; (h) disposed of Spanish retail and Sakhalin fixed and mobile businesses and announced the disposal of the Group's stake in MobileOne for a total consideration of approximately GBP75 million; and (i) announced acquisition of Energis for approximately GBP630 million cash and up to GBP80 million deferred consideration. Transaction approved by Office of Fair Trading on 25 October 2005. Report of Chairman Richard Lapthorne The company is continuing to manage its way through a series of steps to create a sustainable future both in its overseas business and in the changing U.K. environment. In June 2003, I reported that, following the Chief Executive's strategic review, the Board had agreed that the Group should withdraw from the U.S., improve operations in the U.K. business and build on our National Telco businesses. I said then that, on the basis of implementing those plans, our expectation was to create a business with a turnover of around GBP3.5 billion producing double digit operating margins. As a reminder, the results for the year 2002/3 reported an operating loss from continuing businesses of GBP6 billion on a turnover of GBP4.2 billion. That same year, 2002/3, the U.K. business reported an operating loss of GBP303 million from a turnover of GBP1.7 billion. Since then we have made considerable progress both in designing and executing a strategy to create a sustainable competitive model for the U.K. business. In the U.K., the company's objective in the voice market is to continue to maximize profitable revenue while retaining and developing relationships with customers as they migrate to IP-based telecommunications, and to continue to reduce costs in line with revenue declines and re-shape the organization to reflect future requirements. Our model reflects the needs of our customers, the reality of the competitive landscape and the need to seize the one-time technological opportunity available to us. It also reflects Ofcom's view that the U.K. is best served by competition at the deepest level of infrastructure. Thus, our model is built around three pillars: IP - through our next generation network (NGN); access - through our plan to unbundle 800 exchanges reaching half of the U.K. market; and scale - which has materially increased through the acquisition of Energis, which will further reduce the risk around the U.K. strategy. We are pleased that clearance from the OFT has now removed any doubts that it would proceed. As a result of the de-risking of the U.K. strategy we are now able to resume the share buy back program. We do not want to over promise but, from the visibility we have at the moment, we believe that what we are heading for in the U.K., post NGN implementation, is a business that will be producing revenue somewhere over GBP2 billion with an operating margin in double digits. We see the improvement coming from a combination of the lower cost base that we are working on, together with the revenue generated from the new telecoms landscape, which we are now positioning our business to exploit. This is an early sight of where we are headed and it is our intention, over time, both to report on progress in achieving this goal and to share our milestones with you as they are more clearly defined. The next step in this process will be when the combined Cable & Wireless and Energis management team shares the details of the integration plan with you in February. Our dividend continues to be underpinned by the satisfactory performance of our overseas businesses. Our Group strategy is supported by a number of solid initiatives which are already being implemented. The path is clear, although the rapid rate of change in the U.K. may well lead to some short term volatility in reported profits, which could well be exacerbated by timing decisions and the detail of the Energis integration. Our medium term vision is clear. We will manage the business with a view to delivering the value we believe can be achieved, accepting, in some cases, that this may have an impact on short-term reported profits. A copy of the financial results is available free of charge at http://bankrupt.com/misc/Cable&Wireless(H12005).pdf CONTACT: CABLE & WIRELESS PLC 124 Theobalds Rd. London WC1X 8RX, United Kingdom Phone: +44-20-7315-4000 Fax: +44-20-7315-5198 Web site: http://www.cw.com/new/ CLYDESDALE BANK: Delivers Stable Result Amid Shakeup ---------------------------------------------------- The National Australia Bank Group on Nov. 9 released the full year results for its U.K. banking and wealth management operations, announcing cash earnings before tax of GBP297 million for the 12 months to 30 September 2005, stable on the previous year. Report of Lynne Peacock, Chief Executive Officer of NAG U.K. We have stabilized profits, while conducting a major restructure to make the business more competitive, are managing margins down to bring them more into line with the U.K. market and invested in an expansion program for future growth. We have taken the hard decisions that were needed for our business to be efficient, nimble and competitive and to develop an offering that is distinctive and strongly differentiates us from our competitors. We are getting costs under control and have made great progress in re-engineering processes, simplifying management structures and improving our efficiency. We have delivered more competitive products and invested in our brands, technology and compliance. We have pressed ahead with building our integrated financial services business and third party distribution of our mortgage products, building a unique offering that is already showing results. We have also almost completed the reconfiguration of our retail branch network across the U.K. We are now seeing strong results from our key areas of investment and believe we are generating the momentum we need to see sustained growth. Mortgage volumes have increased substantially, with Clydesdale Bank writing an additional 40%, which now includes the sale of Clydesdale mortgages through mortgage brokers, while Yorkshire Bank was up 15% on the previous year. Business lending volumes have also increased, with Clydesdale Bank up 19% and Yorkshire Bank up 40%. There is still a great deal to do to complete our turnaround. However, to have delivered this result in a period of such enormous change is an impressive achievement. Operational Milestones Key operational milestones included: (a) The sale of National Irish Bank and Northern Bank to the Danske Bank Group; (b) The completion of the "build" phase of a network of Financial Solutions Centres offering integrated business and premium banking services to small-medium sized business customers. By 30 September 2005, there were 32 Financial Solutions Centres in the south of England, 28 centres in the north of England and 18 centres in Scotland; (c) The expansion of the third party distribution channel which added GBP989 million of mortgage completions by 30 September 2005. The business now has relationships with more than 300 of the U.K.'s leading brokers; (d) A review of the distribution strategy and branch network, which resulted in a decision to close 64 Clydesdale Bank branches and 38 Yorkshire Bank branches over a 6-12 month period. This decision reflected the changing needs of our customers and the different ways in which they are banking; (e) A GBP7 million investment to upgrade the Internet banking platform, a GBP3 million upgrade to ATM software as well as continued expansion of the ATM network, including the introduction of the U.K.'s first ATMs for the hearing impaired, and upgraded telephone banking services; and (f) Further advances in integration of Clydesdale Bank and Yorkshire Bank, including: (i) the merger of the legal entities of the two banks; (ii) a single management structure; (iii) the consolidation of call centre services and back office processing and administration; and (iv) the ongoing development of a single product set supporting multiple brands and distribution channels, including a new current account and an offset mortgage. Financial Highlights (12 month comparisons) Net interest income has increased 0.9% with growing momentum as Financial Solutions Centres and Third Party Distribution impact on the results. Strong underlying volume growth is being offset by the managed effects of margin contraction and changing portfolio mix. Lending volumes increased 21.1% on the previous year with major increases in variable and fixed rate mortgages, term lending and overdrafts. Retail deposits increased 7.8% driven by pricing initiatives on existing products and the launch of Current Account Plus designed to attract 'new to bank' customers. Other operating income has increased 18.4% reflecting: (a) an increase in origination fees of GBP12.1 million driven by the volume growth of the Integrated Financial Solutions Centres and third party propositions; (b) higher annual management charges on Funds Under Management of GBP3.1 million driven by strengthening investment market performance in the current year; (c) the profit on property transactions of GBP21 million; and (d) new income from Danske Bank A/S of GBP19 million in respect of transitional services (offset by an increase in expenses). Operating expenses have increased 9.8% driven by: (a) increase of GBP19 million due to costs associated with transitional services provided to Danske Bank A/S; (b) costs associated with the transformation of the business have grown by GBP50 million including the costs of approximately 260 new staff in Financial Solutions Centres; (c) additional property associated costs, advertising and marketing costs, additional brokerage commission costs as a result of 4,810 more mortgage completions through the third party channel and a self-sustaining incentive scheme aimed at rewarding strong income performance; and (d) overhead costs previously internally charged to the Ireland operation of GBP24 million, and targeted to be managed out the business over 18 months from the date of sale. CONTACT: CLYDESDALE BANK London Tim Pie or Yolande Stratford Phone: 020 7710 2100 Glasgow Lynn Hunter Phone: 0141 242 4357 Leeds Peter Brown Phone: 0113 247 2510 COLLINS & AIKMAN: Creditors Seek Data on WL Ross' Claims -------------------------------------------------------- The Official Committee of Unsecured Creditors of Collins & Aikman Corporation and its debtor affiliates seeks authority from the U.S. Bankruptcy Court for the Eastern District of Michigan to conduct examinations and obtain documents from WL Ross & Co., LLC, pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure. The Committee, as the statutory fiduciary representative of the U.S. Debtors' unsecured creditors, wants to obtain information from Ross regarding: -- the claims and interests it holds against the U.S. Debtors and the European Debtors; -- the establishment of the Joint Venture; and -- certain communications Ross has had with the U.S. Debtors' and European Debtors' competitors and customers, in each circumstance as it pertains to the U.S. Debtors and the European Debtors. Ross Acquisition Plan Since the early stages of the Debtors' Chapter 11 cases, Ross has been outspoken in expressing its interest in Collins & Aikman. Similarly, shortly after the Petition Date, Lear Corporation, a competitor, expressed its interest in a transaction with Collins & Aikman. On October 17, 2005, Ross and Lear announced the creation of a joint venture for the primary purpose of exploring an acquisition of Collins & Aikman. As reported by the Troubled Company Reporter on Oct. 24, 2005, the proposed joint venture would involve Lear's Interior Systems business segment, but not its seating and electrical & electronics businesses. WLR would contribute capital to fund acquisitions. Franklin Mutual Advisers, LLC, which is also a party to the framework agreement, has agreed to co-invest in the proposed joint venture with WLR. Establishment of the joint venture entity is subject to the negotiation and execution of a definitive joint venture agreement between the parties. Thomas B. Radom, Esq., at Butzel Long, in Bloomfield Hills, Michigan, reports that Ross has also expressed interest in purchasing the businesses of certain of Collins & Aikman's foreign subsidiaries, which are the subject of insolvency proceedings in the United Kingdom and elsewhere in Europe. Ross, which is providing financing to the European Debtors in connection with the European Insolvency Proceedings, has had direct communications with Collins & Aikman's customers in connection with a potential acquisition of its foreign operations. Panel Need Information The Committee wants information to ensure that there have not been any inappropriate communications, which could negatively impact the administration of these cases, compromise the value of the U.S. Debtors' estates or impede the U.S. Debtors' reorganization efforts. The Committee also wants to determine whether there exist any causes of action against Ross based on those communications. As a holder of a substantial amount of the U.S. Debtors' bank debt, a lender to the European Debtors in connection with the European Insolvency Proceedings and a bidder for the European Debtors' assets, Mr. Radom asserts that Ross is in possession of proprietary and confidential information regarding the U.S. Debtors and the European Debtors. The Committee needs to determine whether that information has been and continues to be properly guarded. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debt. (Collins & Aikman Bankruptcy News, Issue No. 18; Bankruptcy Creditors' Service, Inc., 215/945-7000) * * * Collin's U.K. operation, which accounts for 25% of total global business, obtained a group-wide Administration order pursuant to the jurisdiction of the English High Court in London in July 2005. Kroll U.K.'s Simon Appell and Alastair Beveridge, among others, have been appointed joint administrators of each of the companies. The companies included in the filing are located in the U.K., Austria, Belgium, Czech Republic, Italy, Germany, Luxembourg, Netherlands, Spain and Sweden and have approximately 4,000 employees in 24 facilities. Collins & Aikman has 4,000 employees in 26 plants in nine countries in Europe. Collins & Aikman's European operations are expected to continue in the normal course of business without interruption while the Administrators assess appropriate options. Additional information regarding the European group-wide Administration is available at http://www.collinsaikmaneurope.com/and information regarding the Chapter 11 reorganization at http://www.collinsaikman.com For more information, call the Company's toll-free Reorganization Information Line at 1-866-795-7641; for international callers +1 310-432-4170. CONTACT: FINANCIAL DYNAMICS Phone: +44 (0) 20 7269 7167 Lucy Thom Phone: +44 (0) 7712 174690 Nigel O'Connor Phone: +44 (0) 7968 095770 E-mail: collinsandaikman@fd.com KROLL EUROPE, MIDDLE EAST & AFRICA 10 Fleet Place London EC4M 7RB United Kingdom Phone: 44 (0) 207 029 5000 Fax: 44 (0) 207 029 5001 Web site: http://www.krollworldwide.com DIGNITY PLC: Nine-month Profit Up 11.7% to GBP31.6 Million ---------------------------------------------------------- Dignity plc has revealed its unaudited trading statement for the 39-week period ended 30 September 2005. Group revenue for the 39-week period ended 30 September 2005 increased by 7.3% to GBP107.7 million (2004: GBP100.4 million). Operating profit for the same period increased by 11.7% to GBP31.6 million (2004: GBP28.3 million). Chief Executive Peter Hindley said: "The Group continues to trade well notwithstanding that deaths in the third quarter are estimated to be approximately 2.5% lower than last year. However, we remain on track to achieve our expectations for the full year." All numbers are reported in accordance with International Financial Reporting Standards (IFRS). In accordance with the terms of the securitization carried out in April 2003, Dignity (2002) Limited (the holding company of those companies subject to the securitization) has issued reports to the Rating Agencies (Fitch and Standard & Poor's), the Security Trustee and the holders of notes issued in connection with the securitization confirming compliance with the covenants established under the securitization. CONTACT: DIGNITY PLC Plantsbrook House 94 The Parade Sutton Coldfield West Midlands B72 1PH Phone: 0121 354 1557 Fax: 0121 321 5644 E-mail: enquiries@dignityuk.co.uk Web site: http://www.dignityfunerals.co.uk D J GEAR: Calls in Tenon Recovery Administrator ----------------------------------------------- T. J. Binyon and S. R. Thomas (IP Nos 9285 and 8920), both of Tenon Recovery D J Gear Limited (Company No 03956226) on Nov. 4. DJ Gear Ltd. -- http://www.djgear.co.uk-- was established in the 1970s. It offers a wide range of DJ and PA equipment for hire from small lighting systems for children parties to a large rig for raves. CONTACT: TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Phone: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com DORSETAVON LIMITED: Administrators Take over Firm ------------------------------------------------- P. Stanley and D. Bailey (IP Nos 008123, 006739) of Begbies Traynor were appointed administrators of real estate developer Dorsetavon Limited (Company No 02221839) on Nov. 7. The company's registered office is located at 56 Bradshawgate, Bolton BL1 1DW. CONTACT: BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com DRAX GROUP: Drax Holdings to Bare Results Monday ------------------------------------------------ Drax Group Limited will present consolidated results for the nine months ended 30 September 2005 of its principal subsidiary, Drax Holdings Limited, at 3:00 p.m. (U.K. time) on Monday, 21 November 2005 at The City Presentation Centre, 4 Chiswell Street, London, EC1Y 4UP, United Kingdom. Those wishing to attend the presentation should register their intention to attend with Ann Gray at Drax Power Limited on +44-(0)-1757-612933 or write to ann.gray@draxpower.com The meeting can also be accessed remotely via a dial-in conference call. After the meeting, recordings of the dial-in call will be made available. A copy of the presentation will be made available from 12:00 p.m. (U.K. time) on 21 November 2005 for download at http://www.draxpower.com U.K. Call In Number: 020-7162-0125 International Call In Number: +44-20-7162-0125 U.S. Call In Number: +1-334-323-6203 U.K. Instant Replay Start Date: 21 November 2005 Delete Date: 21 December 2005 Dial In Number: +44-(0)-20-7031-4064 Freephone number (U.K. only): 0800-358-1860 Passcode: 683365 U.S. Instant Replay Start Date: 21 November 200 Delete Date: 21 December 2005 Dial In Number: +1-954-334-0342 Freephone number: +1-888-365-0240 Passcode: 683365 About the Company Headquartered in Selby, North Yorkshire, United Kingdom, Drax Group operates the largest coal-fire power plant in Europe. Its primary subsidiary, Drax Power, operates the Drax Power Station in North Yorkshire England. Drax Group underwent a financial restructuring in 2003 after its largest customer, TXU Europe, filed for administrative protection. Its former project creditors took control of the firm from owner U.S. energy generator AES. In December, it secured an agreement for a GBP348 million claim from TXU. It received a first distribution of some GBP214 million at the end of March. Succeeding payments are expected in 2005 and 2006. The company is using its money to discharge B debt. Drax Group Limited has appointed Deutsche Bank AG London as lead adviser and sponsor for the proposed refinancing and listing. It has retained Dresdner Kleinwort Wasserstein Limited as financial adviser. CONTACT: DRAX GROUP LIMITED PO BOX 3 Selby North Yorkshire YO8 8PQ Phone: +44 (0) 1757 618381 Fax: +44 (0) 1757 618504 H LYES AND SON: Files for Liquidation ------------------------------------- G. Bennett, chairman of H Lyes and Son Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 25 at One Redcliff Street, Bristol BS1 6NP. Timothy Alexander Close of Milsted Langdon, One Redcliff Street, Bristol BS1 6NP was appointed liquidator. CONTACT: H LYES AND SON LIMITED Wholesale Butchers, Tje Abattor, Gloucester, Gloucestershire GL2 8JX Phone: 01452750454 IRISH SEA: Ship Sale Falls Through ---------------------------------- Ordinary creditors of Irish Sea Express.com are unlikely to receive repayment after the sale of the firm's chartered vessel ended in failure, the recovery specialist managing the business said. David Moore of recovery specialists Begbies Traynor had hoped to sell the catamaran used on the route for more than GBP2.6 million to exercise an option to buy the vessel from its owner Man Steam Packet Company. But the offer failed to generate enough interest, and Mr. Moore ran out of time. Irish Sea went into administration last month with more than GBP300,000 in debt only about five months after it started operations. It was severely affected by soaring fuel costs and competition. It started with a seven-days-a week trip between Liverpool and Dublin, but had to reduce this to five days a week. It carried 60,000 passengers and 20,000 cars from May until October. Its administration made redundant eight staff based at its Birkenhead base, and forces the return of 140 people employed through a specialist crewing agency. The company received more than GBP2.5 million capital from shareholders, the latest of which is a GBP650,000 capital injection. A refit of the vessel costs GBP1 million. One of its investors is John Stafford, the former boss of collapsed Cammell Laird shipyard. CONTACT: BEGBIES TRAYNOR Chiltern House, 24-30 King Street, Watford WD18 0BP Phone: 01923 812900 Fax: 01923 812999 Web site: http://www.begbies.com JUICE CREATIVE: EGM Passes Winding-up Resolution ------------------------------------------------ Juice Creative Services Ltd. informs that a resolution to wind up the company was passed at an EGM held on Oct. 27 at Elwell Watchorn & Saxton LLP, 41 Welbeck Street, London W1G 8EA. Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn & Saxton LLP, 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR were appointed Joint Liquidators. CONTACT: JUICE CREATIVE SERVICES LTD. 135A Goldhawk Road, Hammersmith London W12 8EN Phone: 020 7637 9497 ELWELL WATCHORN & SAXTON 2 Axon, Commerce Road, Lynchwood, Peterborough PE2 6LR Phone: (+44) 01733 235253 Fax: (+44) 01733 236391 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk KWELM: Average Payout to Creditors Increases to 88.7% ----------------------------------------------------- Creditors of the five insolvent London market insurance companies collectively known as KWELM will receive payment of a further US$770 million in December 2005. The average payment to creditors is increased from 64% in May of this year to 88.7%. That compares with the average return of around 40% expected when the original scheme of arrangement was launched late in 1993. Creditors of the largest of the companies, Walbrook Insurance, representing approximately 45% of the total liabilities of US$3 billion, will be paid in full. The increased distribution follows the successful implementation of an Amending Scheme of Arrangement which introduced an earlier closure process including a claims bar date and was approved by creditors of the companies and the courts in 2004. Joint Scheme Administrators Chris Hughes and Ian Bond commented: "The run off commenced in 1992 against a background of great uncertainty, particularly in respect of pollution and asbestos claims, limited expectations of the ultimate pay out and a timescale which extended beyond 2015. We are very pleased that progress and payouts have been more rapid and higher than expected. "Our run off services company - KWELM Management Services Limited (KMS) - has conducted a text book bar date process. The staff have maintained excellent working relationships with creditors, operated proactively, managed realistic expectations, and agreed submitted claims to the value of US$240 million. The KMS capability has contributed significantly to the outcome." The KWELM companies are subsidiaries of the failed London United Investments plc. They comprise Kingscroft Insurance, Walbrook Insurance, El Paso Insurance, Lime Street Insurance and Mutual Reinsurance. They specialized in U.S. casualty, professional indemnity and other liability insurance business. Over 90% of the KWELM assets and liabilities are in US dollars and most of the policyholders are based in the United States. The revised payouts for the five companies, effective from the 15 December 2005 payment date are: Company Revised payment percentage Kingscroft 81 Walbrook 100 El Paso 95 Lime Street 83 Mutual 72 Weighted average 88.7 The administrators expect to make a further small distribution of between one and three per cent within the next three years as the run off team collects residual reinsurance and concludes the run off. * * * The major proportion of insurance cover provided by the KWELM companies was written between 1972 and 1990. The companies and their creditors entered into a court approved Scheme of Arrangement in 1993, the objective of which was to pay out to valid creditors the maximum sum in the minimum timescale. An Amending Scheme of Arrangement approved by creditors and the courts in 2004 introduced an earlier closure process including a bar date for claims of 29 September 2004, methodologies for ascertaining and quantifying contingent claims, and the prospect of achieving closure of the run off in a reduced timescale and at lower cost. All annual reports to creditors (1993-2004), press releases, full texts of the Amending Scheme of Arrangement, and related information, are available at http://www.kwelm.com CONTACT: KWELM John Stow House 18 Bevis Marks London EC3A 7JB Phone: +44 (0) 20 7645 4700 Fax: +44 (0) 20 7645 4777 Chris Hughes Phone: +44 (0) 20 7029 5421 E-mail: chughes@krollworldwide.com Chris Reynolds Phone: +44 (0) 20 7645 4990 E-mail: chris.reynolds@kwelm.com CAROLINE CECIL ASSOCIATES Caroline Cecil Phone: +44 (0) 20 7610 4110 E-mail: ccecil@carolinececil.co.uk Web site: http://www.kwelm.com LANGFORD AND THOMSON: Hires Tenon Recovery Liquidator ----------------------------------------------------- D. Langford, the chairman of Langford And Thomson Limited, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 4 at Tenon Recovery, Arkwright House, Parsonage Gardens, Manchester M3 2LF. Christopher Ratten was appointed liquidator. Creditors are required on or before December 16, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims and the names and addresses of their Solicitors (if any), to Christopher Rattenof Tenon Recovery, Arkwright House, Parsonage Gardens, Manchester M3 2LF, the liquidator of the company, and, if so required by notice in writing their debt or claims. CONTACT: TENON RECOVERY Arkwright House, Parsonage Gardens, Manchester M3 2LF Phone: 0161 834 3313 Fax: 0161 827 8402 E-mail: manchester@tenongroup.com Web site: http://www.tenongroup.com LATHE TRAYS: Names Milner Boardman Administrator ------------------------------------------------ Colin Burke and Gary J. Corbett (IP Nos 8803, 9018) of Milner Boardman & Partners were appointed administrators of Lathe Trays Fabrications Limited (Company No 04342430) on Nov. 3. Its registered office is at Station Road, Rowley Regis, Warley, West Midlands B65 0JX. Lathe Trays specializes in components and assemblies including the supply of complete kits of parts, for specialist road vehicles, railway carriages, the nuclear power industry and machine tool and electronic rotating machine industry. CONTACT: LATHE TRAYS FABRICATIONS LTD. Station Road Rowley, Warley West Midlands B65 0JX United Kingdom Phone: 0121 559 1115 Fax: 0870 420 2912 MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk LUMINAR PLC: Cuts Net Debt by GBP40 Million ------------------------------------------- Luminar plc has reported results for the half-year to 1 September 2005 for the first time under IFRS. Highlights (a) performance in line with the Company's plans, with like for like sales for core businesses flat on prior year; (b) continued good progress towards re-focusing the Company following the disposal of the Enterprise division; (c) pre-tax profit on continuing operations pre-exceptional items up GBP1 million to GBP20 million (2004 - GBP19 million); (d) seven re-branded units opened in the first half performing well; (e) EPS from continuing operations pre-exceptional items up 7% to 17.7 pence, (2004 - 16.5 pence); (f) net debt reduced by GBP40 million in 12 months to GBP140 million, (2004 - GBP180 million), with net debt reduced by GBP25 million during the first half; (g) 10% increase in level of the proposed interim dividend to 4.44 pence; (h) current trading: like for like sales for the nine weeks since 1 September - 0.5% (year to date like for like sales are flat). Chief Executive Stephen Thomas said: "Despite a difficult trading environment, which has continued into the second half, the Company has made significant progress in its transformation. Our Branded units are performing well. "The impact of licensing reform remains unpredictable, but the Company is operationally prepared to meet this challenge. We are cautiously optimistic about the balance of the financial year." The market in which the Company trades has remained difficult and highly competitive. Against this background the Company's performance has been in line with its plans. The Company is continuing to make encouraging progress in the execution of its strategy of refocusing the business around a high quality brand and market led business with good and stable long-term cash returns on capital. The successful disposal of the 49 units comprising the Enterprise division for consideration of GBP27 million was completed during June 2005. Financial Turnover from continuing operations for the half-year to 1 September 2005 was GBP154.4 million, (2004 - GBP158.8 million). The half-year to 1 September 2005 contains GBP1.8 million (2004 - GBP8.9 million) of sales relating to single sites which have been closed pending sale or refurbishment. Excluding these sites closed pending disposal or refurbishment turnover from continuing operations is up GBP2.7 million. Despite the difficult market conditions like for like sales for core businesses remained flat on prior year. The gross margin has been maintained at 82% (2004 - 82%) as a result of a combination of better buying and more targeted drinks promotions. Operating profit pre-exceptional items on continuing operations is GBP24.6 million (2004 - GBP26.1 million), with operating margin maintained at 16%. The reduction in profits is due to a reduced contribution from the Entertainment segment and the impact of the re-branding program on units undergoing refurbishment. Total administrative expenses before exceptional items were GBP102.4 million, (2004 - GBP103.7 million) down 1% on the prior year. Included within administrative expenses before exceptional items are corporate costs of GBP10.7 million (2004 - GBP10.3 million) including one off costs of GBP0.3 million. Earnings before interest, tax, depreciation and amortization (EBITDA) from continuing operations pre-exceptional items is down GBP0.6 million to GBP41.4 million (2004 - GBP42.0 million), although EBITDA margin has increased to 27% (2004 - 26%). Net finance costs have reduced to GBP4.7 million (2004 - GBP7.2 million), from the prior year levels, as a result of lower average net debt levels during the first half of 2005. Profit before tax on continuing operations pre-exceptional items is up GBP1.0 million to GBP19.9 million, (2004 - GBP18.9 million). With the effective tax rate on continuing operations pre-exceptional items at 35%, (2004 - 36%), earnings per share from continuing operations are up 7% to 17.7 pence, (2004 - 16.5 pence). Exceptional items before tax relating to continuing operations were income of GBP3.5 million, (2004 - GBP5.3 million charge). These exceptional items primarily arise from the decision to exit from selected single sites, a realized profit on the sale and leaseback of the Company's Hemel Hempstead complex, together with expenses associated with the strategic re-organization of the group. Profit before tax on continuing operations post exceptional items is up GBP9.8 million to GBP23.4 million (2004 - GBP13.6 million). Cash flow and Net Debt The Company continues to reduce its net debt through operational cash flow and disposal of non-core assets. Net debt at the end of the period totaled GBP140.3 million, (2004 - GBP180.4 million). Cash flow from operations at GBP33.2 million, (2004 - GBP33.4 million), was maintained at prior year levels, including exceptional cash flows of GBP1.1 million (2004 - GBPnil). Cash flow from operations before cash flows in respect of exceptional items was GBP34.3 million, (2004 - GBP33.4 million). Capital expenditure during the first half totaled GBP24.6 million, (2004 - GBP15.1 million), the increase resulting from acceleration of the re-branding and refurbishment program during 2005/6. Two single sites were disposed of in the first half for proceeds of GBP2.0 million. Proceeds of GBP22.3 million were received on completion of the sale of the Enterprise division in the first half. Cash costs associated with the disposal totaled GBP2.0 million. Cash proceeds of GBP17.0 million relating to the sale and leaseback of the Hemel Hempstead complex have been received since the half-year end. Agreement has been reached to sell a further five properties for proceeds of GBP2.5 million - the proceeds on these disposals were slightly above net book value. Additional proceeds from the disposal of the Enterprise division of GBP2.3 million have been received since the half-year end, and a further GBP0.9 million is due to be received during the second half. Dividend The Board has declared an increase of 10% in the interim dividend to 4.44 pence (2004 - 4.04 pence), which will be paid on 6 January 2006 to shareholders on the register at 9 December 2005. The level of increase in the dividend reflects the Board's confidence in the current re-branding strategy and the future performance of the Company. Management Nick Beighton joined the Board as Finance Director in August from Matalan plc. David Crabtree also joined the business as Managing Director of the Entertainment Division in July. Work is continuing to strengthen the management teams and to improve management processes. The business is currently moving its Admin center premises to Milton Keynes enabling it to centralize most of its head office and back office activities. Current Trading Trading in October was below previous trends. Like for like sales from core businesses for the nine weeks since the half-year were down 0.5% - like for likes sales from core businesses for the year to date including the 9 weeks since the half-year end remain flat on prior year. The market remains highly competitive, and it is expected that trading conditions will remain difficult. Throughout this period the Board has continued to be encouraged with the performance of the branded dancing units, although the unbranded units have been under greater pressure through a lack of a clear proposition. The initial impact of the forthcoming licensing reform presents one of the biggest changes to the market place for many years, and it is difficult to predict its impact. The Board is confident that the Company has put in place sound operational plans to deal with the forthcoming changes, and remains cautiously optimistic about the balance of the financial year. A copy of the financial results is available free of charge at http://bankrupt.com/misc/Luminarplc(H12005).pdf CONTACT: LUMINAR PLC Registered Office 41 King Street Luton Bedfordshire United Kingdom LU1 2DW Phone: +44 1582 589 400 Fax: +44 1582 589 667 Web site: http://www.luminar.co.uk MATE PRECISION: Calls in Grant Thornton --------------------------------------- D. Vandenberghe, the director of Mate Precision Tooling Limited, informs that the special resolution to wind up the company was passed on Oct. 20. Samantha Keen of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton SO15 2EW was appointed liquidator. Creditors are required on or before December 31, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims and the names and addresses of their Solicitors (if any), to Samantha Keen, of Grant Thornton UK LLP, 31 Carlton Crescent, Southampton SO15 2EW, and, if so required by notice in writing their debt or claims. CONTACT: GRANT THORNTON U.K. LLP 31 Carlton Crescent Southampton SO15 2EW Phone: 023 8022 1231 Fax: 023 8022 4017 Web site: http://www.grant-thornton.co.uk METROPOLITAN VENTURE: Liquidators from PwC Take over Firm --------------------------------------------------------- H. A. McGrath, a member of Metropolitan Venture Partners Limited, informs that the special and ordinary resolutions were passed at a meeting held on Oct. 31. Jonathan Sisson and Tim Walsh of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT were appointed joint liquidators. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Phone: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 Web site: http://www.pwc.com MINTON MEDICAL: Calls in Joint Liquidators ------------------------------------------ S. Minton, the chairman of Minton Medical Centres Limited, informs that the special and extraordinary resolutions to wind up the company were passed at an EGM held on Oct. 31 at the Ground Floor, Minton Chambers, 12 Heatons Court, Leeds LS1 4LJ. Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork, 33 George Street, Wakefield WF1 1LX were appointed joint liquidators. Creditors are required on or before December 2, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims and the names and addresses of their Solicitors (if any), to Matthew Colin Bowker and David Antony Willis, of Jacksons Joliffe Cork, 33 George Street, Wakefield WF1 1LX, the joint liquidators of the company, and, if so required, by notice in writing their debt or claims. CONTACT: MINTON MEDICAL CENTRES LTD. Minton Chambers 12 Heatons Court Leeds LS1 4LJ Phone: 0113 234 1900 Fax: 0113 234 3399 JACKSON JOLLIFFE CORK 33 George Street, Wakefield WF1 1LX Phone: 01904 652100 Fax: 01904 635349 Web site: http://www.jjcork.co.uk MP SECURITY: Goes into Liquidation ---------------------------------- M. Powell, chairman of MP Security Systems Ltd. (t/a Advance Systems), informs that resolutions to wind up the company were passed at an EGM held on Oct. 21 at 20 Cornhill, Lincoln LN5 7HB. Stephen P. J. White, Suite 508 Daisyfield Business Centre, Appleby Street, Blackburn BB1 3BL was appointed liquidator. CONTACT: SECURIT SECURITY SYSTEMS LTD. Unit 1 Sleaford Road Sleaford Industrial Estate Bracebridge Heath Lincoln Lincolnshire LN4 2ND Phone: 01522 569960 NORTHERN FOODS: Reports GBP14.4 Million Half-year Profit -------------------------------------------------------- Northern Foods plc has unveiled interim results for the 26 weeks ended 1 October 2005. Financial Highlights (a) continuing sales GBP700.0 million (2004: GBP680.7 million); underlying sales growth 3.4%; (b) satisfactory profit performance in difficult trading environment - profit from continuing operations up 7.0% at GBP38.4 million (2004: GBP35.9 million); profit before tax up 5.8% at GBP25.7 million (2004: GBP24.3 million); (c) profit for the period GBP14.4 million (2004: loss GBP7.9 million); and (d) interim dividend increased to 3.40 pence per share (2004: 3.35 pence per share). Operational Highlights (a) market share gains in key brands - Goodfella's, Fox's, Pork Farms; (b) significant new business wins with major retailers; (c) GBP10.7 million benefit delivered from efficiency programs, net of upfront program investment, largely offsetting inflationary cost pressures; and (d) restructuring of chilled businesses initiated. Report of Chief Executive Pat O'Driscoll During the first half of 2005/06, Northern Foods continued to make good progress in driving sales growth, while delivering efficiency savings and operational improvements through our GET FIT program. Our three year plan to transform the company into an integrated "One Northern" business continues at pace and the recently strengthened management team is now fully operational an d focused on strategic delivery. The retail market remained extremely competitive and there are signs that consumers are becoming increasingly cautious. Nevertheless, we have delivered underlying sales growth within our target range of 3 to 4% and we are maintaining and improving our operating margins. Our determination to be the leader in our chosen markets has been reinforced through strong brand performance in the first half and our success in winning important own label business. Earnings per share before exceptional items from continuing operations rose 5.5%. Accordingly, the board is recommending an increase in the interim dividend to 3.40 pence per share (2004: 3.35 pence per share). Profit and Dividends Profit from operations before exceptional items for continuing operations was 7.0% higher at GBP38.4 million (2004: GBP35.9 million). Profit before tax and exceptional items was 5.8% higher at GBP25.7 million (2004: GBP24.3 million). The Bakery and Frozen divisions performed well; however, profitability in the Chilled division is not at an acceptable level. Net finance costs increased by GBP1.6 million to GBP12.7 million (2004: GBP11.1 million), due to higher levels of debt resulting from special pension contributions by the company of GBP40 million over the past 12 months. Pre-tax exceptional items from continuing operations totaled GBP8.8 million (2004: GBP34.8 million). This comprised GBP3.7 million to complete factory and head office rationalization started in 2004/05, together with GBP5.1 million to implement new manufacturing structures and to consolidate the chilled businesses into a single division. We continue to present items, which are both material and non-recurring as exceptional items within their relevant consolidated income statement category. The separate reporting of exceptional items helps provide a better indication of the company's underlying business performance as we go through this period of major business transformation. The full year effective tax rate is expected to be 20% (2004: 19%), with the company benefiting from the successful resolution of prior year taxation matters and lower Irish tax rates. Profit for the period from continuing operations was GBP14.4 million (2004: loss GBP4.0 million). There were no discontinued operations in 2005/06 (2004: loss GBP3.9 million). Profit for the period was GBP14.4 million, compared with a loss of GBP7.9 million in the prior period. Earnings per share before exceptional items from continuing operations rose 5.5% to 4.24 pence (2004: 4.02 pence). Basic earnings per share from continuing and discontinued operations was 2.96 pence (2004: loss 1.60 pence). The board is recommending an interim dividend of 3.40 pence per share (2004: 3.35 pence per share) payable on 31 March 2006 to shareholders on the register at 27 January 2006. Cash Generation and Balance Sheet To drive shareholder value creation, we place a strong focus on cash management and selective capital investment. Despite a seasonal increase in working capital ahead of Christmas shipments, free cash flow was an outflow of only GBP7.9 million (2004: outflow GBP12.3 million). Capital expenditure remained tightly controlled at GBP30.2 million (2004: GBP29.6 million), with targeted expansion in the growth areas of biscuits, frozen pizza and ready meals, complemented by a sharp focus on driving efficiency improvements in the Chilled division. The first half saw the commissioning of the GBP16 million stone-bake pizza line in Ireland to support the launch of Solos. With cash spend on exceptional items at GBP17.0 million and a special pension contribution of GBP20.0 million, net debt increased to GBP399.2 million (2004: GBP379.7 million). Net assets at the balance sheet date were GBP142.6 million (2004: GBP113.1 million). Pensions In the last financial year we announced action to address the deficit on the principal pension scheme. Over the past 12 months the after tax pension deficit has decreased by over one-third to GBP104.7 million (2004: GBP160.2 million). This excludes any gain or loss on actuarial experience since 2 April 2005, which is calculated only at each yearend. Two special contribution payments of GBP20 million each have been made to the scheme, one in the second half of 2004/05 and one in the first half of 2005/06. A further GBP10 million special contribution is committed for 2006/07. The scheme trustees are currently undertaking their periodic actuarial valuation as at 31 March 2005 and the company expects shortly to agree a new contribution rate for 2006/07 onwards. Outlook Our program for the transformation of Northern Foods is well underway. We have made encouraging progress in the last 12 months. The trading environment remains difficult. Against a background of rising input costs, particularly for energy, we expect the recent period of price deflation to end. We are negotiating with our retail customers to recover input cost inflation. With our GET FIT program continuing to drive efficiencies, we expect progressively to improve our operating margin over the next 18 months. A copy of the financial results is available free of charge at http://bankrupt.com/misc/NorthernFoods(H12005).pdf CONTACT: NORTHERN FOODS PLC 2180 Century Way, Thorpe Park Leeds LS15 8ZB, United Kingdom Phone: +44-113-390-0110 Fax: +44-113-390-0211 Web site: http://www.northern-foods.co.uk NORTHERN PROPERTY: Administrator from Tenon Recovery Enters Firm ---------------------------------------------------------------- Ian William Kings (IP No 7232) of Tenon Recovery was appointed administrator of Northern Property Developments (Jesmond) Limited (Company No 04854228) on Nov. 4. CONTACT: TENON RECOVERY Tenon House, Ferryboat Lane, Sunderland SR5 3JN Phone: 0191 511 5000 Fax: 0191 511 5001 Web site: http://www.tenongroup.com PETERS DOOR: Appoints Ernst & Young Administrator ------------------------------------------------- G. Wilson (IP No 9062) and A. M. Hudson (IP No 9200) of Ernst and Young were appointed joint administrators of Peters Door Systems Limited (Company No 05222884) on Oct. 26. Its registered office is at Shawbank Road, Lakeside, Redditch, Worcestershire B98 8YN. The company manufactures bus doors. CONTACT: PETERS DOOR SYSTEMS Bradbury Drive Springwood Industrial Estate Braintree CM7 2ET Essex Phone: 01376 555277 Fax: 01376 555292 ERNST & YOUNG PO Box 61, Cloth Hall Court 14 King Street, Leeds LS1 2JN Phone: +44 [0] 113 298 2200 Fax: +44 [0] 113 298 2201 Web site: http://www.ey.com ERNST & YOUNG LLP 1 More London Place London SE1 2AF Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com PHILLIP PAYNE: Hires Vantage to Wind up Business ------------------------------------------------ C. Morjaria, director of Phillip Payne Limited (formerly Mortex Enterprises Limited), informs that resolutions to wind up the company were passed at an EGM held on Oct. 24 at Coventry Courtyard, London Road, Ryton on Dunsmore, Coventry CV8 3DY. Robert P. J. Allen of Vantage Corporate Restructuring, 20-24 Kirby Street, London EC1N 8TS. was appointed liquidator. CONTACT: PHILLIP PAYNE LTD. Phone: 0121 7052384 VANTAGE 20-24 Kirby Street London EC1N 8TS Phone: 0845 225 5801 Fax: 0845 225 5802 E-mail: Rallen_vantage@hotmail.com ROSSBANK TELENET: Administrators Take over Firm ----------------------------------------------- Nicholas Stewart Wood and Martin Gilbert Ellis (IP Nos 9064, 8687) of Grant Thornton UK LLP were appointed joint administrators of Rossbank Telenet Services Limited (Company No 04179823) on Nov. 2. The company's registered office is at St James House, St James Square, Cheltenham Gloucestershire GL50 3WD. CONTACT: GRANT THORNTON U.K. LLP Grant Thornton House Melton Street Euston Square London NW1 2EP Phone: 020 7383 5100 Fax: 020 7383 4715 Web site: http://www.grant-thornton.co.uk ROY WALKER: Calls in Liquidator from Elwell & Elwell ---------------------------------------------------- Roy Walker Pine Limited informs that a resolution to wind up the company was passed at an EGM held on Oct. 27 at Elwell Watchorn & Saxton LLP, Cumberland House, 35 Park Row, Nottingham NG1 6EE. Ronald Stanley Harding and Richard John Elwell of Elwell Watchorn & Saxton LLP, Cumberland House, 35 Park Row, Nottingham NG1 6EE were appointed Joint Liquidators. CONTACT: ROY WALKER PINE LTD. Lindens Farm, North Road Sutton on Trent Newark NG23 6QL Nottinghamshire Phone: 01636 822173 Fax: 01636 822229 Web site: http://www.roywalkerpine.com ELWELL WATCHORN & SAXTON Cumberland House, 35 Park Row, Nottingham NG1 6EE Phone: (+44) 0115 988 6035 Fax: (+44) 0115 988 6135 815121 E-mail: office@ews-insolvency.co.uk Web site: http://www.ews-insolvency.co.uk SALSA STYLE: Liquidator Enters Firm ----------------------------------- D. Langford, the chairman of Salsa Style Limited, informs that the special resolution to wind up the company was passed at an EGM held on Nov. 4 at Tenon Recovery, Arkwright House, Parsonage Gardens, Manchester M3 2LF. Christopher Ratten was appointed liquidator. Creditors are required on or before December 16, 2005, to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debt or claims and the names and addresses of their Solicitors (if any), to Christopher Ratten of Tenon Recovery, Arkwright House, Parsonage Gardens, Manchester M3 2LF, the liquidator of the company, and, if so required by notice in writing their debt or claims. CONTACT: TENON RECOVERY Arkwright House, Parsonage Gardens, Manchester M3 2LF Phone: 0161 834 3313 Fax: 0161 827 8402 E-mail: manchester@tenongroup.com Web site: http://www.tenongroup.com SEARCHEXIT LTD.: In Liquidation ------------------------------- G. M. Crowe, chairman of Searchexit Limited (t/a The Hazelthorpe Residential Home), informs that resolutions to wind up the company were passed at an EGM held on Oct. 27 at Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL. Alan H. Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL was appointed liquidator. The resolution and appointment were confirmed at a creditors meeting held on the same day. CONTACT: SEARCHEXIT LIMITED No 5153 Great Ducie Street Manchester M3 1FB Phone: 01706-365274 TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk SHILLAND LIMITED: PR Agency Files for Liquidation ------------------------------------------------- Peter I. Shilland, chairman of Shilland Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 28 at Bankside House, 107-112 Leadenhall Street, London EC3A 4AH. Jeremiah O'Sullivan of Bishop Fleming, Bankside House, 107-112 Leadenhall Street, London EC3A 4AH was appointed liquidator. Shilland -- http://www.shilland.co.uk/-- has provided PR solutions since 1985. CONTACT: SHILLAND LIMITED 55 Poland Street, London W1F 7NN Phone: 020 7439 2559 Fax: 020 7734 6388 E-mail: info@shilland.co.uk\ SJT COMPUTER: Appoints Liquidator --------------------------------- S. J. Tonks, chairman of SJT Computer Technology Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 25 at No. 1 St Swithin Street, Worcester WR1 2PY. Neil Francis Hickling of Smith & Williamson Limited, No 1 St Swithin Street, Worcester WR1 2PY was appointed liquidator. The appointment was confirmed at a creditors meeting held the same day. CONTACT: SJT COMPUTER TECHNOLOGY LIMITED Bordesley Hall, The Holloway, Birmingham, West Midlands B48 7QA Phone: 01527405300 SMITH & WILLIAMSON 1 St Swithin Street Worcester Worcestershire WR1 2PY Phone: 01905 730100 Fax: 01905 723502 E-mail: nfh@smith.williamson.co.uk SPEYMILL GROUP: Raising GBP2 Million via Share Offering ------------------------------------------------------- Speymill Group plc, through Lewis Charles Securities Limited, has placed 3,400,000 new ordinary shares at a placing price of 59 pence per share representing approximately 6.47% of the enlarged share capital of the Company, to raise approximately GBP2 million before expenses. The Company is raising additional working capital the majority of which will be used to support and expand its fund management business, to develop business initiatives in connection with the launch of new funds as well as supporting the existing Speymill Contracts Limited business. Application will be made for the 3,400,000 new ordinary shares to be admitted to trading on AIM and dealings are expected to commence on 25 November 2005. Appointment of Broker The company has appointed Lewis Charles Securities Limited as its sole broker. Nabarro Wells will continue to act as the Company's Nominated Adviser. Chairman Bob MacDonald said: "The appetite for this placing has been very encouraging and we are delighted to welcome new share holders who have recognized the significant potential for Speymill within its chosen markets. Due to the successful launch of our first fund, the Epicure Berlin Property Fund, and the growing order pipeline in the construction business the Board views the future with confidence." About the Company The Speymill Group plc (formerly known as Wigmore Group plc) serves as contractors to the hotel and leisure industries. In June, Chairman Paul Doona said: "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). "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." CONTACT: THE SPEYMILL GROUP PLC (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 LEWIS CHARLES SECURITIES LTD. David Scott, Director Phone: 020 7065 1150 NABARRO WELLS & CO. LIMITED Robert Lo / Jonathan Naess Phone: 020 7710 7400 STEPPING STONE: Natural Stone Wholesaler Winds up ------------------------------------------------- S. Mienczakowski, chairman of Stepping Stone Tiles Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 26 at Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP. Richard Frank Simms and Martin Richard Buttriss of Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP were appointed Joint Liquidators. Stepping Stone -- http://www.steppingstonetiles.co.uk-- sells natural stone tiles including travertine tiles, marble tiles and mosaic tiles from Mexico, Spain and Italy. It has a showroom in Coventry. CONTACT: STEPPING STONE TILES LIMITED 1 Crampers Field Coventry CV6 1HP United Kingdom Phone: (024) 7659 2500 Fax: (024) 7659 2510 TOOMEY'S LIMITED: Hires Vantis Numerica Administrator ----------------------------------------------------- Colin Ian Vickers (IP No 008953) of Vantis Numerica was appointed administrator of Toomey's Limited (Company No 00521434) on Nov. 2. CONTACT: TOOMEYS LTD. 67 Preston Street Brighton BN1 2HU East Sussex Phone: 01273 244800 Fax: 01273 328271 Web site: http://www.toomeys.co.uk VANTIS NUMERICA 4th Floor, Southfield House, 11 Liverpool Gardens, Worthing, West Sussex Phone: 01903 222500 Fax: 01903 207009 Web site: http://www.vantisnumerica.com TRC ENGINEERING: Names Moore Stephens Liquidator ------------------------------------------------ T. Eaves, director of TRC Engineering Limited, informs that resolutions to wind up the company were passed at an EGM held on Aug. 2 at 6 Ridge House, Ridgehouse Drive, Festival Park, Stoke on Trent ST1 5TL. M. H. Adbulali of Moore Stephens, 6 Ridge House, Ridgehouse Drive, Festival Park, Stoke on Trent ST1 5TL was appointed liquidator. CONTACT: TRC ENGINEERING LTD. Unit 1, 209 Torrington Avenue Coventry CV4 9GY West Midlands Phone: 024 7646 6119 Fax: 024 7646 5225 Web site: http://www.trcengineeringltd.co.uk MOORE STEPHENS 6 Ridge House Ridge House Drive Festival Park Stoke on Trent Staffordshire ST1 5TL E-mail: mustafa.abdulali@uk.pkf.com Phone: 01782 201120 Fax: 01782 201599 TRUE BRAND: Goes into Liquidation --------------------------------- M. Armstrong, director of True Brand International Limited, informs that a resolution to wind up the company was passed at an EGM held on Oct. 26 at Hodgsons, George House, 48 George Street, Manchester M1 4HF. Lawrence Ian Freedman of Hodgsons, George House, 48 George Street, Manchester M1 4HF was appointed liquidator. CONTACT: HODGSONS George House 48 George Street Manchester Greater Manchester M1 4HF Phone: 0161 228 7444 Fax: 0161 228 735 E-mail: dmond@hodgsons.co.uk VEHICLE SHAPE: EGM Passes Winding-up Resolution ----------------------------------------------- S. Sofocleous, director of Vehicle Shape Up Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 21 at Mountview Court, 1148 High Road, Whetstone, London N20 0RA. Kikis Kallis, Kallis & Co, Mountview Court, 1148 High Road, Whetstone, London N20 0RA was appointed liquidator. CONTACT: VEHICLE SHAPE UP LTD. 236 Princes Avenue, London, NW9 9QU Phone: 020 8931 0177 KALLIS & CO. Mountview Court 1148 High Road Whetstone London N20 0RA Phone: 020 8446 6699 Fax: 020 8492 6099 WENTZEL, MURRAY: Calls in Liquidator from Moore Stephens -------------------------------------------------------- G. Whatmough, director of Wentzel, Murray and Co. Limited, informs that the special and ordinary resolutions to wind up the company were passed at an EGM held on Nov. 2. David Rolph and Jeremy Willmont of Moore Stephens LLP, 1 Snow Hill, London EC1A 2DH were appointed joint liquidators. CONTACT: MOORE STEPHENS 1 Snow Hill, London EC1A 2EN Phone: 020 7334 9191 Fax: 020 7248 3408 Web site: http://www.moorestephens.co.uk YORKSHIRE WINDOWS: Files for Liquidation ---------------------------------------- L. Leach, chairman of Yorkshire Windows East Anglia Limited, informs that resolutions to wind up the company were passed at an EGM held on Oct. 27 at Burley House, 12 Clarendon Road, Leeds LS2 9NF. Gerald Maurice Krasner of Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF was appointed liquidator. The resolution and appointment were confirmed at a subsequent creditors meeting. CONTACT: YORKSHIRE WINDOWS EAST ANGLIA LIMITED 122 New Road Side, Horsforth, Leeds West Yorkshire LS18 4QB Phone: 01223505710 BARTFIELDS (UK) LIMITED Burley House 12 Clarendon Road Leeds West Yorkshire LS2 9NF Phone: 0113 244 9051 Fax: 0113 234 3208 E-mail: gerald.krasner@bartfield.co.uk * DTI Seeks Liquidation of Four Birkenhead-based Firms ------------------------------------------------------ Four Birkenhead-based companies are now being liquidated following inquiries by the Department of Trade and Industry's Company Investigation Branch, said Creditman. The Official Receiver has been appointed as provisional liquidator to McAllister Stone Limited, Cavendish Black Limited, Debt Enforcement Agency Limited and Hamilton Black Limited. McAllister Stone Limited and Cavendish Black Limited sold advertising space in a series of publications intended for off-duty emergency service personnel. Meanwhile, Debt Enforcement Agency acted as debt collector on behalf of Cavendish Black. DTI filed the winding-up petitions on November 8 under section 124a of the Insolvency 1986. Hearing of the petitions will be on December 12, 2005 at 10:00 a.m. in Manchester. The registered office of Cavendish Black Limited and Hamilton Black Limited is at 2nd Floor, 145 -147 St John Street, London EC1V 4PY. McAllister Stone Limited is located at Bridge House, 181 Queen Victoria Street, London EC4V 4DZ. The registered office of Debt Enforcement Agency Limited is at Suite B, 29 Harley Street, London W1G 9QR. CONTACT: THE INSOLVENCY SERVICE Public Interest Unit North PO Box 326 Boulton House 17 - 21 Chorlton Street Manchester M60 3ZZ Phone: 0161 934 4182 DEPARTMENT OF TRADE AND INDUSTRY 7th Floor 1 Victoria Street London SW1H 0ET Phone: +44 (0)20 7215 5000 Textphone: +44 (0)20 7215 6740 Web site: http://www.dti.gov.uk ********* 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. 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