/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051215.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, December 15, 2005, Vol. 6, No. 248 Headlines B U L G A R I A DOMAINE BOYAR: Stops Production in Shumen Indefinitely C Z E C H R E P U B L I C SKODA KLATOVY: Liquidation Imminent as Unpaid Workers Leave Firm UNION BANKA: Sells Invesmart Claim for less than 1% its Value F R A N C E CLUB MEDITERRANEE: Reports First ever Profit in Five Years CRISTALLERIE ROYALE: Court Okays Sale to Haviland LANSON INTERNATIONAL: Boizel Chanoine Revives Offer G E R M A N Y A&K HANDELSGESELLSCHAFT: Gera Company Goes Bust AREAL II: Augsburg Court Calls in Administrator from SKP BACCI U. SCHIERHOFER: Creditors' Claims Due Next Month BAUPROJEKT FRIEDENSSTRASSE: Succumbs to Bankruptcy CONET AG: Court to Verify Claims April DAIMLERCHRYSLER AG: Fitch Rates Thai Bonds AA(tha) FDM FREY: Proofs of Claim Due Later this Month FISCHER IMMOBILIEN: Under Bankruptcy Administration GERRESHEIMER ALPHA: S&P not in favor of Bond Offering GERRESHEIMER GROUP: Buys Danish Packaging Supplier GW KUNSTSTOFF: Creditors Meeting Set February LUCAS GMBH: Bonn Court Appoints Administrator MEDEX-IZUMI: Claims Filing Period Ends December 29 I T A L Y ITALTRACTOR ITM: Titan Europe to Acquire Biz for EUR30 Mln ITALTRACTOR ITM: Junk Rating on CreditWatch Developing N E T H E R L A N D S ROYAL SHELL: Cancels 1,200,000 'A' Shares ROYAL SHELL: Spending US$19 Bln on Upstream, Downstream Projects R U S S I A AGRO-KHIMIK: Declared Insolvent ALFA BANK: Fitch Gives Subordinated Notes Final B- Rating BANK ZENIT: Earns Upgrade from Fitch; Stable Outlook Affirmed BOGORODITSKOYE: Undergoes Bankruptcy Supervision Procedure HAYDITE: Claims Filing Period Ends December 29 IRKUTSKOYE: Irkutsk Court Brings in Insolvency Manager MOSTO-STROY-SERVICE: Insolvency Manager Takes over Firm NEREKHTA-AGRO-PROM-KHIMIYA: Names Insolvency Manager NORILSKIY: Succumbs to Bankruptcy RZHEVSKIY: Gives Creditors Until December 29 to File Claims SEVERSTROY: Declared Insolvent SIB-KOMLEKT-AUTO-TRANS: Bankruptcy Hearing Set January YUKOS OIL: Arbitration Court Reconsiders Claim Filed by Banks YUKOS OIL: Legal Unit Chief Appeals Arrest Order YUKOS OIL: TNK-BP, LukOil Urged to Increase Bids for Mazeikiu U K R A I N E AMO: Zhitomir Court Opens Bankruptcy Proceedings OJSC UZHGORODSKA: Govt Divests Shareholding SVITANOK: Creditors' Claims Due Next Week U N I T E D K I N G D O M APLE (COVENTRY): Administrator Takes over Firm ARTEECO LTD.: Goes into Liquidation ASHTEAD GROUP: Half-year Profit Improves to GBP40.2 Million BATEC LIMITED: Administrators from Begbies Traynor Enter Firm BRITISH ENERGY: Posts GBP135 Mln Half-year Operating Profit B W L MOTORS: Hires Irwin & Company as Administrator COPYCARE PARTNERSHIP: Administrators from Menzies Move in COVE CONTROL: Bridgers to Liquidate Business DOLPHIN WINDOWS: Appoints Joint Liquidators EARTHPORT PLC: Confirms GBP4 Million Debt Restructuring EMI GROUP: Joint Venture Sells Japanese CD, DVD Business FILTRONIC PLC: Closes Loss-making Aussie Operation GLOW NOLLIS: Calls in Administrators from Lovewell Blake HART LIMITED: Names Middleton Partners Administrator HT (UK): Appoints Administrator INTELLIGENT DESIGN: Liquidator from Sanderlings Moves in IWP INTERNATIONAL: First-half Results in Line with Expectations JOHN PAYNE: Names Deloitte & Touche Liquidator LIGHT BAR: Files for Liquidation MG ROVER: Nanjing to Miss Longbridge Revival Plan Deadline MOTORSAFE RESCUE: Administrators Take over Firm NTL INC.: Sir Richard Ready to Sell Virgin Stake at a Discount NYKRIS DIGITAL: Benedict Mackenzie Liquidator Moves in OBORNE AND ANDREWS: Hires Mazars as Administrator POT BLACK: Tandem Group to Close Facilities in Devon PRINCETON CHEMICALS: Administrators from Begbies Traynor Move in RIVERSIDE FABRICS: Textile Manufacturer Calls in Administrator ROYAL MAIL: Mulls GBP2 Billion Fundraising S C GORDON: Hires Mazars as Administrator SUGAR LOUNGE: Names Geoffrey Martin & Co. Administrator SUPACADDY LTD.: Joint Liquidators from Vantis Move in T J MCCARTER: Hires Administrator from O'Hara Administrator UK AUCTION: Appoints Begbies Traynor Liquidator UK NARROW: Administrators from Grant Thornton Enter Firm UNIQ PLC: Northern European Arm Has New Managing Director WATERFORD WEDGWOOD: Non-executive Director Steps down YES PRINT: Files for Liquidation ********* =============== B U L G A R I A =============== DOMAINE BOYAR: Stops Production in Shumen Indefinitely ------------------------------------------------------ Winemaker Domaine will dismiss 57 employees at its Shumen site due to the plant's poor financial condition and reduced output, Dnevnik a.m. says. In an interview with BTA News Agency, plant manager Tsanko Stanchev said production has been indefinitely stopped due mainly to bad crop of wine grapes and loss of market share. The site has already informed the local job office of the redundancies. The site, which has an annual capacity of 10,000 tons, is the second Domaine Boyar winery to suffer financial difficulties. Earlier, the plant in Sliven also announced 100 job cuts. Set up in 1991, Domaine Boyar is one of Bulgaria's leading wine producers. It exports wine to the U.K., Benelux, Canada, Scandinavia, Germany and Poland. CONTACT: DOMAINE BOYAR 1407 Sofia 20-22 Zlaten Rog Str. Phone: +359 2 96 97 980 Fax: +359 2 96 97 981 E-mail: office@domaineboyar.com Web site: http://www.domaineboyar.com =========================== C Z E C H R E P U B L I C =========================== SKODA KLATOVY: Liquidation Imminent as Unpaid Workers Leave Firm ---------------------------------------------------------------- The situation at engineering group Skoda Klatovy has turned for the worse. Receiver Jan Klima has cancelled the sale of the company to Golondrina Praha and opted to apply for liquidation. According to Czech News Agency, the move was triggered by Golondrina's failure to pay wages, leading many employees to depart. In July, creditors picked Golondrina, owned by financial group Petro Funds Group of Companies from the United Arab Emirates, because it offered to expand the company and secure enough orders. Founded in 1854 by Leopold Schifauer, Skoda Klatovy manufactures filters, furnaces, agricultural, and industrial machines for the Swedish, Italian, and French markets. Employing around 260 personnel, Skoda is considered one of the major employers in the Klatovy district. Bankrupt engineering firm Skoda Plzen previously owned the furnace maker, which went bust in late 2002. CONTACT: SKODA KLATOVY s.r.o. Domazlicka 15 339 01 Klatovy Phone: +420 376 707 111 Fax: +420 376 707 707 Web site: http://www.skodakt.cz GOLONDRINA a.s. Charkovska 135/24 Praha 10-Vrsovice 10100 UNION BANKA: Sells Invesmart Claim for less than 1% its Value ------------------------------------------------------------- Collapsed Union Banka (UB) has sold its EUR121 million (CZK3.5 billion) claim against debtors Invesmart and Union Group, Czech News Agency says. According to UB spokesman Oldrich Babicky, the bank sold the claims to Braddock Finance & Capital for only EUR10,850 (CZK315,000). The sale had the approval of UB's creditors committee. UB expects to earn another EUR1,725 (CZK50,000) from the sale of movable assets. The bank has been selling assets to repay around CZK15 billion in claims. The bank has already distributed CZK3.02 billion (EUR107 million) in proceeds to creditors. Creditors, numbering 74,946, are expected to recover only 35% of their money. Union Banka's trouble started when it took over struggling financial houses in the mid-1990s. Forced to close branches in February 2003 by a cash crunch, it declared bankruptcy shortly after. It is part of the North Moravian financial group, Union Group, and controlled by Italian financier Invesmart. At the time of its collapse, the bank had 130,000 clients and its liquidation value was estimated at between CZK8 billion and CZK11 billion. CONTACT: UNION BANKA a.s. Ul. 30 Dubna c. 35 70200 Ostrava Phone: 596108111 Fax: 596120134 E-mail: union@union.cz Web site: http://www.union.cz =========== F R A N C E =========== CLUB MEDITERRANEE: Reports First ever Profit in Five Years ---------------------------------------------------------- Club Mediterranee S.A.'s Full-year Results Figures in French GAAP Consolidated revenues for 2005 amounted to EUR1,590 million, or -0.4% like-for-like. While operations benefited from the initial success of the new positioning strategy in France, hurricanes and the tsunami led to an estimated EUR49 million loss of revenue. Operating income continued to improve, rising 28% to EUR22 million, from EUR17 million in 2004. The bottom line was positive for the first time since 2000, showing net income of EUR4 million. The balance sheet has been thoroughly overhauled and strengthened following the real estate transactions carried out during the year, notably the sale of assets in Moroccan villages and in four villages in France, as part of an active real estate management strategy. -- Gearing was lowered to 51.4% from 87.8% in 2004, -- Debt was reduced substantially to EUR150 million Financial Highlights EUR millions 2004 2005 Revenues 1.6 1.59 Operating income 17 22 Financial expense (38) (38) Net income from equity companies - 3 Net exceptional gain/(expense) (18) 43 Income tax 4 (17) Amortization of goodwill (8) (8) Minority interests (1) (1) Net income/(loss) (44) 4 Free cash flow (19) 151 Shareholders' equity and minority interests (a) 444 467 Net debt (b) (390) (240) Gearing (a/b) 87.8% 51.4% Operating income by region and business EUR millions 2004 2005 Europe-Africa 14.5 17.1 Asia 5.8 6.3 Americas (5.5) (6.2) Sub-total Villages 14.8 17.3 Jet Tours 2.9 5.0 Other businesses (1.0) (0.6) Total 16.8 21.7 The switch to IFRS Club Mediterranee's first consolidated financial statements under IFRS will be those for fiscal 2006, which commenced on 1 November 2005, and the IFRS transition date for the purpose of preparing comparative data is therefore 1 November 2004. IFRS adjustments to the 2005 statement of income in French GAAP had a positive impact of E3 million on operating income and E6 million on net income. 2005 Statement of Income (IFRS) 2005 French IFRS IFRS EUR millions GAAP adjustments reclassifications IFRS Revenues 1.59 1.59 Operating income - Leisure activities 22 3 25 Operating income - Management of assets 88 88 Other operating income and expense (22) (22) Operating income 22 3 66 91 Financial expense (38) (8) (1) (48) Share of profit of associates 4 4 Exceptional income (expense) 43 22 (65) N/A Amortization of goodwill (8) 8 0 Corporate income tax (17) (19) (36) Minority interests (1) (1) Net income 4 6 0 10 The change in presentation had a significant impact on the amounts reported in the IFRS statement of income. In addition to its Leisure business (Villages, Jet tours, Club Med Gym) Club Mediterranee decided to deploy an active strategy of managing and capturing the value of its villages. To enable readers of the financial statements to track the benefits of this strategy, operating income from the management of assets is presented separately within operating income. Under IFRS, 2005 operating income amounted to E91 million. Balance Sheet 30 November 2005 French IFRS EUR millions GAAP adjustments IFRS Land 89 224 312 Tangible assets (excluding land) 574 72 646 Intangible assets 175 12 187 Financial assets 89 -26 63 Fixed assets 927 282 1,209 Deferred taxes (net) 37 -75 -38 Total assets 964 207 1,171 Shareholders' equity and minority interests 467 77 544 Provisions 68 6 74 Working capital requirement 189 29 218 Net debt 240 95 335 Total liabilities 964 207 1,171 Net debt/Shareholders' equity (%) 51.4% 61.6% The main impact of the transition to IFRS on the balance sheet concerns the revaluation of tangible assets, which were previously carried at historical cost and thus significantly understated. Following these revaluations and the recognition of impairment losses on a few villages, all Club Mediterranee assets are now carried on the balance sheet at fair value, increasing the value of fixed assets from EUR927 million to EUR1,209 million. The recognition in the balance sheet of five finance leases added EUR93 million to debt and EUR79 million to fixed assets. Overall, IFRS adjustments improved equity and minority interests by EUR77 million. Under IFRS, gearing stood at 61.6%. Synergies with Accor In line with the plan presented on 14 December 2004, Accor and Club Mediterranee have started implementing their synergies program. The synergies dynamic is now underway, with teams cooperating closely. Sales and marketing synergies that impact revenues require the most work upstream and will therefore take longer to feed through to earnings. Nonetheless, the cooperation between the partners began to produce tangible, visible results for customers in 2005. Reciprocal promotion of the Club Med and Accor brands involved, for example, links between the two companies' Web sites enabling potential customers to view the other partner's products and services. In another development this year, Club Med Gym leveraged its expertise to design a new fitness center that has been deployed in a number of Sofitel and Novotel hotels. In the area of incentives, original joint offers were created. One of them, called Big Event, is designed to meet demand from large companies that can only be satisfied by Accor and Club Med's joint capacity and capabilities. The potential for profitable synergies in this area is promising. Optimized purchasing has helped generate gains since March, when the first contracts were signed. To date, more than 200 contracts have been renegotiated and signed. 2005 Actual 2006 Budget EUR millions Accor Club Med Accor Club Med Increased revenue 2.9 3.6 3.7 8.4 Optimized purchasing 3.1 1.0 8.1 5.0 Exchanges of experience and expertise 0.2 0.6 0.4 0.6 Total synergies 6.2 5.2 12.2 14.0 11.4 26.2 Original target (Dec. 2004) 17.0 33.0 The two groups' shared objective was to generate synergies totaling EUR17 million in 2005 (EUR6 million for Accor and EUR11 million for Club Mediterranee) and EUR33 million in 2006 (EUR12 million for Accor and EUR21 million for Club Mediterranee). Because its fiscal year ends in November, Club Mediterranee's 2005 accounts do not reflect a full twelve months' worth of benefits. Overall, more than EUR11 million in synergies were achieved this year, of which EUR5 million for Club Mediterranee and EUR6 million for Accor. A combined EUR10 million has already been locked in for 2006. The plans cover a period of three years. After the initial start-up phase, the pace at which the benefits are being realized is speeding up, with both groups achieving tangible results. Strategic Vision 2005: The First Year of Deployment for the New Brand Strategy In 2005, the focus was on repositioning and re-launching the brands, through a new advertising campaign, redefined Trident catalogues and a brand charter introducing a new visual identity consistent with Club Med's friendly, multi-cultural, upscale positioning. A strategy Confirmed by Club Med's Initial Successes The upscale strategy is in line with tourist market trends indicating a clear split, with sustained growth in vacation spending by high-income customers. This strategy was confirmed for Club Med, with: -- Summer sales volumes and revenues increasing in France for the first time since 2001, despite a sluggish tourist market; and -- Customer satisfaction rising to record highs in those villages most representative of the upscale strategy. Based on these initial positive results, deployment of the upscale strategy will accelerate in 2006 with: -- Ongoing measures to reposition the brand, including worldwide rollout of the brand's new graphic identity; -- Pursuit of the upscale strategy with the opening of Peisey- Vallandry and the upgrading and reopening of Les Boucaniers, Kani and Hammamet; -- Continued development of mutually beneficial synergies with Accor, Club Mediterranee's industry shareholder, notably in the areas of sales and purchasing; and -- A pioneering, competitively differentiating offer. For summer 2006, Club Med is inventing new upscale all-inclusive vacations for a refined, value-rich, personalized holiday experience. The new Club Med includes: -- Innovations focused on personalized offers and sophisticated services, -- Comfort a la carte, with customers free to choose from among five room categories, -- Bar and Snacking Included in all villages as of summer 2006, -- A new offer for teenagers in seven villages, -- Club Med Baby Welcome in all family villages, -- Greater flexibility in travel services and an exclusive tourism partnership with Air France for summer 2006 Considerable Potential for Profitable Growth -- A large number of potential customers in France for the upscale product of 2.2 million versus 0.5 million today, -- Significant potential for enhancing perceived value of the Club Med offer: ongoing deployment of the upscale strategy with a balanced offering of 3 and 4-Trident villages in 2008 and the extension of the Comfort "a la carte" room re- classification and Bar and Snacking Included programs to all villages beginning in summer 2006, -- Potential for increasing sales by optimizing distribution: with the expanded distribution network in France (a 51% increase in sales through new indirect networks) and the renewed partnership with Thomas Cook for Club Med and Jet tours. Worldwide, sales are also supported by Web marketing campaigns leveraging Club Med's brand identity An Active Strategy of Managing and Capturing the Value of Real Estate Assets With more than 90% of villages now in the 3 and 4-Trident category, the real estate portfolio restructuring program has largely been completed. Club Mediterranee can now focus on an active strategy of managing and capturing the value of its real estate assets, valued at nearly E1 billion in the balance sheet (IFRS). This strategy will be supported by: -- The exceptional character of the sites Club Med owns outright; and -- The potential for capturing the value of sites where Club Med has set up operations and whose market attractiveness has been enhanced considerably by the upscale strategy. The real estate transactions carried out in 2005 with Morocco's Caisse de Depot et de Gestion du Maroc, the European Investment Bank and Gecina were fully in line with this strategy Bookings for Winter 2006 Compared with Winter 2005 Like-for-like revenues Total at 10 Dec. 2005 Europe +7.6% The Americas +3.3% Asia -11.3% Total Club Med +5.2% Jet tours 0.0% As of 10 December, winter 2006 bookings expressed in revenues were up 5.2% on the prior-year date. Bookings for Europe were up 7.6%, including an 8.1% increase for France. Given the current sluggishness of the French tourist market, these encouraging figures illustrate Club Med's market share gains in the country. In discussing the full-year results, Henri Giscard d'Estaing, Chairman and Chief Executive Officer, noted: "While 2005 was the founding year of the new Club Med, with the launch of our upscale strategy, 2006 will be a year of achievement, with the creation of an outstanding all-inclusive offer: a unique formula for a refined, value-rich, 'a la carte' holiday experience. "Club Mediterranee is now ready to confirm its return to growth and profitability, supported by a wide array of competitive strengths. "All of the initiatives undertaken as part of the value-enhancement strategy have given us clearly identified levers to drive our growth, including our successful upscale repositioning, our profitable business model illustrated by a return to bottom-line profit and our high-quality real estate assets managed through an active strategy that focuses on capturing their value." CONTACT: CLUB MEDITERRANEE S.A. Analysts: Caroline Bruel Phone: 00 33 1 53 35 30 75 E-mail: caroline.bruel@clubmed.com CRISTALLERIE ROYALE: Court Okays Sale to Haviland ------------------------------------------------- The Commercial Court in Troyes has approved the sale of crystalware maker Cristallerie Royale de Champagne to porcelain group Haviland, Les Echos says. The transaction will save 37 of 50 Cristallerie employees. The company, which forecasted EUR2.5 million in turnover this year, sees the figure rising to EUR3.2 million next year, as a result of the takeover. The 339-year-old group has been under court-supervised administration since July. Cristallerie is previously owned by Patrice Gabus, who bought the company from Luxembourg-based group Regalux Investment last year. CONTACT: CRISTALLERIE ROYALE DE CHAMPAGNE S.A. B.P. 1 - La Voix Basse 10310 Bayel Phone: +33 3 25923760 Fax: +33 3 25920381 E-mail: iinfo@royaledechampagne.com Web site: http://www.royaledechampagne.com LANSON INTERNATIONAL: Boizel Chanoine Revives Offer --------------------------------------------------- Boizel Chanoine Champagne (BCC) is holding exclusive talks with debt-laden rival Lanson International after sole bidder Butler Capital withdrew its offer, Les Echos says. Butler withdrew after Lanson's owners, the Mora family and Caisse Nationale des Caisses d'Epargne et de Prevoyance, refused to open its accounts for review. In addition, grape growers have refused to guarantee supply to Lanson. BCC had bid for Lanson, offering EUR120 million, but withdrew the offer along with Jean-Claude Darmon, leaving Butler the sole bidder. Other bidders were LVMH Moet Hennessy Louis Vuitton S.A., in partnership with Alan Thienot; a consortium made up of investment bank Credit Agricole S.A. and the Rothschilds and Gardiniers families; and private equity fund Bridgepoint. Lanson is the country's second-largest champagne producer by volume. It has been up for sale since June. Set up in 1760, Lanson manufactures Champagne Lanson, Besserat de Bellefon and Gauthier. The group has annual sales of EUR220 million and debt of EUR410 million. CONTACT: LANSON INTERNATIONAL 12 Boulevard Lundy 51100 Reims Phone: +33 (0) 3 26 78 50 50 Fax: +33 (0) 3 26 78 50 99 E-mail: info@lanson.fr Web site: http://www.lanson.fr ============= G E R M A N Y ============= A&K HANDELSGESELLSCHAFT: Gera Company Goes Bust ----------------------------------------------- The district court of Gera opened bankruptcy proceedings against A&K Handelsgesellschaft mbH on November 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 13, 2006 to register their claims with court-appointed provisional administrator Gorge Scheid. Creditors and other interested parties are encouraged to attend the meeting on February 14, 2006, 10:10 a.m. at the district court of Gera, Rudolf-Diener-Str. 1, Zimmer 317, 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: A&K HANDELSGESELLSCHAFT mbH Winkel 4, 07987 Mohlsdorf/OT Reudnitz Gorge Scheid, Administrator Rudolf-Diener-Str. 9, 07545 Gera AREAL II: Augsburg Court Calls in Administrator from SKP -------------------------------------------------------- The district court of Augsburg opened bankruptcy proceedings against Areal II, Verwaltungs-GmbH on November 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 5, 2006 to register their claims with court-appointed provisional administrator Christian Plail. Creditors and other interested parties are encouraged to attend the meeting on February 7, 2006, 9:30 a.m. at the district court of Augsburg, Justizgebaude, Sitzungssaal 162, 1. Stock, Am Alten Einlass 1, 86150 Augsburg, 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: AREAL II, VERWALTUNGS-GmbH Stettenstr. 4/4 a, 86150 Augsburg Contact: Johann Stiegelmair, Manager Christian Plail c/o SKP Partnerschaftsgesellschaft Eserwallstr. 1-3, 86150 Augsburg Web site: http://www.skp-de.com BACCI U. SCHIERHOFER: Creditors' Claims Due Next Month ------------------------------------------------------ The district court of Duesseldorf opened bankruptcy proceedings against Bacci u. Schierhofer Gesellschaft fuer Betonsanierung, Korrosionsschutz und Malerarbeiten mbH on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 10, 2006 to register their claims with court-appointed provisional administrator Dr. Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting on January 31, 2006, 9:00 a.m. at the district court of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 3. OG Altbau, A 341, 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: BACCI U. SCHIERHOFER GESELLSCHAFT FUER BETONSANIERUNG, KORROSIONSSCHUTZ UND MALERARBEITEN mbH Bismarckstr. 42, 41564 Kaarst Contact: Udo Schierhofer, Manager Vinhovenweg 50, 41564 Kaarst Juergen Scholz, Manager Schwalbenstuck, 46286 Dorsten Dr. Jorg Nerlich, Administrator Louise-Dumont-Str. 25, 40211 Duesseldorf BAUPROJEKT FRIEDENSSTRASSE: Succumbs to Bankruptcy -------------------------------------------------- The district court of Hanau opened bankruptcy proceedings against Bauprojekt Friedensstrasse GmbH & Co. KG on November 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 20, 2006 to register their claims with court-appointed provisional administrator Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting on February 9, 2006, 9:00 a.m. at the district court of Hanau, Raum E03, Aussenstelle Insolvenzgericht, Engelhardstrasse 21, 63450 Hanau, 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: BAUPROJEKT FRIEDENSSTRASSE GmbH & Co. KG Romerstr. 31, 63486 Bruchkobel Contact: Ronald Barth, Manager Am Birnbaum 30, 65510 Huenstetten Ottmar Hermann, Administrator Bleichstrasse 2-4, 60313 Frankfurt/Main Phone: 069/913092-0 Fax: 069/91309281 CONET AG: Court to Verify Claims April -------------------------------------- The district court of Bonn opened bankruptcy proceedings against CONET AG on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 28, 2006 to register their claims with court-appointed provisional administrator Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting on January 16, 2006, 9:00 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, 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 April 25, 2006 at the same venue. CONTACT: CONET AG Theodor-Heuss-Allee 19, 53773 Hennef/Sieg Contact: Ruediger Zeyen, Manager Landingersberg 13, 53773 Hennef Juergen Zender, Manager Am Ordensgut 1, 53639 Konigswinter Wilfried Puetz, Manager Rockelstrasse 19, 53773 Hennef Dr. Biner Bahr, Administrator Jagerhofstrasse 29, 40479 Duesseldorf Phone: 0211-540680-192 Fax: 0211-540680199 DAIMLERCHRYSLER AG: Fitch Rates Thai Bonds AA(tha) -------------------------------------------------- Fitch Ratings (Thailand) Limited has affirmed the National Long-term rating of 'AA(tha)' on DaimlerChrysler (Thailand) Limited's (DCT) THB3.0 billion guaranteed debentures due 2006 and THB2.0 billion guaranteed debentures due 2007. The Outlook on the ratings is Stable. The ratings are based entirely on the full, irrevocable and unconditional guarantee on the debentures by DaimlerChrysler AG (DCX, rated 'BBB+'/ Stable Outlook). The International 'BBB+' rating for DCX is currently two notches below Thailand's Long-term local currency rating of 'A' with Outlook Stable. Therefore, the guaranteed debentures are rated two notches below Thailand's National 'AAA(tha)' rating. Fitch says that any changes in the International rating differential between DCX and the Thai sovereign will affect the debentures' National rating. Investors should note that a one notch change in DCX's International rating could result in greater than one notch change in the debentures' National rating. The rating of the guarantor, DCX, reflects the group's leading position as a manufacturer in the premium segment of the global automotive market and the commercial vehicle market, as well as the credit profile of the Chrysler Group (CG). DCX is the world's fifth-largest automotive manufacturer, supplying both the premium and volume segments, and is also the world's largest manufacturer of commercial vehicles. A historically high profit contribution from the Mercedes Car Group (MCG) division and the stable underlying profitability of the financial services division have continued to support the group's financial profile, although these positive aspects were partly offset by the recent weaker performance of the MCG and competitive pressures at CG. The MCG division has recently faced a number of quality issues, a restructuring and high operating losses at its Smart division, and higher expenses related to new product introductions. Fitch notes, however, that the financial profile of the group remains strong. Cash surpluses were used to pay down group debt, while exchange rate movements have lowered the book value of the US$-denominated debt. Industrial leverage improved further and reflects DCX's net cash position. Nevertheless, the agency expects that the quality offensive at Mercedes-Benz and the Smart restructuring as well as potential pricing pressures in North America are likely to affect the group's cash generation in the short to medium term. DCT is 99.99%-owned by DCX. DCT is responsible for the import and wholesale functions for Mercedes-Benz vehicles and Chrysler automobiles (after the merger of Daimler-Benz and Chrysler Group in 1998) for distribution in Thailand. Mercedes-Benz is well recognized in the premium segment in Thailand, with its relatively low after-sales service costs and the high value of its products in the second-hand market. Mercedes-Benz has maintained its leading position in the premium car segment for several decades. In addition, DCT provides hire purchase and leasing services through its 99.99% leasing subsidiary, DaimlerChrysler Leasing (Thailand) Company Limited. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com FITCH RATINGS Lertchai Kochareonrattanakul Vincent Milton, Bangkok Phone: + 662 655 4755 Media Relations Ching-Yuen Lock, Singapore Phone: +65 6238 7301 Web site: http://www.fitchratings.com FDM FREY: Proofs of Claim Due Later this Month ---------------------------------------------- The district court of Hanau opened bankruptcy proceedings against FDM Frey Dienstleistungsmanagement GmbH on November 4, 2005. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 30, 2005 to register their claims with court-appointed provisional administrator Tobias Kampf. Creditors and other interested parties are encouraged to attend the meeting on January 19, 2006, 9:30 a.m. at the district court of Hanau, Raum E09, Aussenstelle Insolvenzgericht, Engelhardstrasse 21, 63450 Hanau, 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: FDM FREY DIENSTLEISTUNGSMANAGEMENT GmbH An der Eisenbahn 3, 63584 Gruendau Contact: Friedhelm Frey, Manager Tobias Kampf, Administrator Philippsruher Allee 22, 63450 Hanau Phone: 06181/5070366 Fax: 06181/5070344 FISCHER IMMOBILIEN: Under Bankruptcy Administration --------------------------------------------------- The district court of Bielefeld opened bankruptcy proceedings against Fischer Immobilien GmbH on November 25. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 5, 2006 to register their claims with court-appointed provisional administrator Dr. Norbert Westhoff. Creditors and other interested parties are encouraged to attend the meeting on January 26, 2006, 10:30 at the district court of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal 4065, 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: FISCHER IMMOBILIEN GmbH Wertherstr. 14, 33615 Bielefeld Contact: Oliver Fischer, Manager Dr. Norbert Westhoff, Administrator Adenauerplatz 4, 33602 Bielefeld GERRESHEIMER ALPHA: S&P not in favor of Bond Offering ----------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Germany-based packaging group Gerresheimer Alpha GmbH and its fully owned subsidiary Gerresheimer Holdings GmbH to negative from stable. This follows the group's announcement that it will issue a EUR60 million ($71 million) subordinated bond to finance the acquisition of Superfos Pharma Pack, a leading producer of plastic bottles and closure systems for tablets and powders. At the same time, Standard & Poor's assigned its 'B-' rating to the proposed bond, and affirmed its 'B+' long-term corporate credit rating on Gerresheimer and Gerresheimer Holdings. "The ratings primarily reflect Gerresheimer's highly leveraged financial profile and increasingly aggressive financial policy," said Standard & Poor's credit analyst Vanessa Brathwaite. Following the acquisition of Superfos, we expect the group to have pension-adjusted net cash debt of EUR650 million, including EUR180 million of unfunded pension liabilities, excluding EUR81 million of non-cash pay vendor and shareholder loans. These factors are mitigated by the group's good geographical diversification, and leading positions in highly consolidated and growing pharmaceuticals end markets. The pharmaceuticals market is characterized by strong relationships and cooperation between suppliers and customers that provide high barriers to entry -- a situation that has positive implications for the ratings on Gerresheimer. "It will be a challenge for Gerresheimer to maintain adequate credit measures for the current ratings as a result of the increased leverage from the new bond issue," said Ms. Brathwaite. "Furthermore, the group's high capital expenditures in the next two years will put pressure on cash flows, delaying the improvement in free operating cash flow that we had been expecting." To maintain the ratings, the group will need to keep funds from operations to pension adjusted cash net debt above 10%, and pension adjusted cash net debt EBITDA below 6x. The ratings will likely be lowered if leverage increases, or if there are any operational difficulties with, or delays to, Gerresheimer's significant planned furnace rebuild program. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: GERRESHEIMER GROUP Morsenbroicher Weg 191 D-40470 Dusseldorf E-mail: info@gerresheimer.com Web site: http://www.gerresheimer.com/ Corporate PR und Marketing Burkhard Lingenberg Phone: +49 (0)211 / 6181-251 Fax: +49 (0)211 / 6181-241 E-mail: b.lingenberg@gerresheimer.com GERRESHEIMER GROUP: Buys Danish Packaging Supplier -------------------------------------------------- The Gerresheimer Group has acquired Superfos Pharma A/S in Denmark, a leading supplier of pharmaceutical packaging -- plastic containers and closure systems -- in Europe. Closure is expected this month. Following the takeover in October 2005 of the pharmaceutical packaging business with production locations in the USA and China, the new acquisition marks another important step towards further expansion of the Gerresheimer business in pharmaceutical packaging and systems, as Gerresheimer CEO Dr. Axel Herberg explained. Superfos Pharma is based in Vaerlose, Denmark. With 120 employees it achieves sales of around EUR25 million. The packaging manufacturer has two production locations in Denmark and various marketing offices in Europe. The company develops, produces and markets tailor-made plastic packaging and systems for the pharmaceutics and health market and has a leading market position in Europe. The acquisition now completed fits in with the latest activities of the Gerresheimer Group towards worldwide expansion of its business in pharmaceutics packaging and systems. Just recently in October 2005 Gerresheimer took over pharmaceutical businesses in the USA and China. CEO and President of the Gerresheimer Group, Dr. Axel Herberg, comments on the acquisition of Superfos Pharma: "We are currently experiencing a very dynamic phase of Group development. The present acquisition marks another important step on our way to become a leading worldwide supplier of pharmaceutical packaging. We are expanding our technological base and creating new growth opportunities. Through the two acquisitions we increase our pharmaceutical sales by more than EUR 70 million in just a few months and at the same time establish an important position in East Asia." Superfos Pharma provides an ideal fit with the plastic operations of the Gerresheimer subsidiaries Bunder Glas and Polfa, which are being integrated in a strong Group. The Gerresheimer Group is one of the leading international suppliers of high-quality packaging and system solutions made of glass and plastic for the market segments of pharmaceutics and cosmetics. Gerresheimer has 19 production locations in Europe, America and Asia and employs 5,100 people worldwide. It achieves worldwide sales of EUR560 million. CONTACT: GERRESHEIMER GROUP GMBH Burkhard Lingenberg Director Corporate PR & Marketing Phone: +49-(0) 211-61-81-251 Fax: +49-(0) 211-61-81-241 E-mail: b.lingenberg@gerresheimer.com Web site: http://www.gerreshimer.com GW KUNSTSTOFF: Creditors Meeting Set February --------------------------------------------- The district court of Darmstadt opened bankruptcy proceedings against GW Kunststoff-, Gummi- und Metallbearbeitungs GmbH on November 28. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 29, 2005 to register their claims with court-appointed provisional administrator Marc Schmidt-Thieme. Creditors and other interested parties are encouraged to attend the meeting on February 9, 2006, 9:30 a.m. at the district court of Darmstadt, Zimmer 4, 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: GW KUNSTSTOFF-, GUMMI- UND METALLBEARBEITUNGS GmbH Rudolf-Diesel-Strasse 7, 64711 Erbach Contact: Wolfgang Gruendel, Manager Juelicher Strasse 14, 50171 Kerpen Udo Weilemann, Manager Waldstrasse 19, 64720 Michelstadt Marc Schmidt-Thieme, Administrator Soldnerstr. 2, 68219 Mannheim Phone: 0621/87708-0 Fax: 0621/8770820 LUCAS GMBH: Bonn Court Appoints Administrator --------------------------------------------- The district court of Bonn opened bankruptcy proceedings against Lucas GmbH Druck & Veredelung on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 12, 2006 to register their claims with court-appointed provisional administrator Dr. Andreas Schulte-Beckhausen. Creditors and other interested parties are encouraged to attend the meeting on February 20, 2006, 11:00 a.m. at the district court of Bonn, Insolvenzgericht, Wilhelmstrasse 21, 53111 Bonn, 1. Stock, Saal W126, 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: LUCAS GmbH DRUCK & VEREDELUNG Drachenfelsstr. 116, 53639 Konigswinter Contact: Uwe Graneist, Manager Dr. Andreas Schulte-Beckhausen, Administrator Oxfordstr. 2, 53111 Bonn Phone: 0228 / 98 52 10 Fax: 0228 / 98 52 122 MEDEX-IZUMI: Claims Filing Period Ends December 29 -------------------------------------------------- The district court of Duesseldorf opened bankruptcy proceedings against MEDEX-IZUMI GmbH on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 29, 2005 to register their claims with court-appointed provisional administrator Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting on January 6, 2006, 9:50 a.m. at the district court of Duesseldorf Hauptstelle, Muehlenstrasse 34, 40213 Duesseldorf, 4. OG. Altbau, A 409, 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 January 20, 2006, 8:25 a.m. at the same venue. CONTACT: MEDEX-IZUMI GmbH Immermannstrasse 15, 40210 Duesseldorf Contact: Hisataka Izumi, Manager Anton-Holtz-Strasse 22, 40667 Meerbusch Bilgin Dedeoglu, Manager Necklenbroicher Strasse 90c, 40667 Meerbusch Horst Piepenburg, Administrator Heinrich-Heine-Allee 20, 40213 Duesseldorf ========= I T A L Y ========= ITALTRACTOR ITM: Titan Europe to Acquire Biz for EUR30 Mln ---------------------------------------------------------- Titan Europe Plc on Dec. 7 announced it has conditionally agreed to acquire the entire issued share capital of NewCo S.p.A. and Italtractor ITM S.p.A. NewCo is the holding company of a group of companies located in Europe, North America, South America and China which manufacture frames and components for undercarriages in both the original equipment manufacturers (OEM) and after market sales (AMK) sectors. Pursuant to the terms of the Acquisition it is proposed that the Company will acquire NewCo and ITM for a consideration of up to EUR30 million (GBP20.3 million) to be satisfied as to EUR20 million (GBP13.5 million) by the issue to the Vendor of the Initial Consideration Shares on Admission and up to EUR10 million (GBP6.8 million) by the issue to the Vendor of the Deferred Consideration Shares in 2009, based on the achievement of certain financial performance criteria. In addition, of the net ITM Group indebtedness of approximately EUR245.8 million (GBP166.1 million) as at Closing, EUR120.6 million (GBP81.5 million) of debt due to the Banks will be repaid in cash, EUR28.9 million (GBP19.5 million) of bank debt will remain outstanding and approximately EUR5.3 million (GBP3.6 million) will be written-off by the Banks. The balance of the indebtedness is the ITM Bonds and associated interest accruing which will remain with the ITM Group and form part of the Enlarged Group's net indebtedness at Closing of approximately GBP113.5 million (EUR168.0 million). Of the EUR28.9 million of bank debt assumed by Titan Europe, the Banks will have the right to convert EUR24.6 million (GBP16.6 million) into Ordinary Shares at any time at a price of 400p per share. The Acquisition is categorized as a reverse takeover under the AIM Rules and as such requires the consent of the Shareholders to be sought under the Resolutions (as set out in the Notice of EGM being posted on Dec. 7 in the Admission Document to Shareholders) at the EGM of the Company on Thursday 29 December 2005 at 11.00 a.m. Titan Raising GBP70 Million to Fund Acquisition It was also announced on Dec. 7 that the Company proposes to raise GBP70 million, before expenses, by way of the Placing. The ITM Group is being acquired from a company controlled by Cav. Ivano Passini and his family. On Admission it is intended that Cav. Ivano Passini will be appointed as a Director of the Company. The Acquisition and the Placing are conditional on the Resolutions being passed and Admission. Assuming the Resolutions are passed at the EGM, Admission and trading on AIM of the enlarged share capital of the Company is expected to occur on Friday 30 December 2005. Reasons for the Acquisition, the Placing and Admission The Directors believe that the main alternative to wheeled vehicles in the agricultural, construction and mining industries is tracked vehicles. The Directors and the Proposed Director believe that the addition of the ITM Group to Titan Europe will create the only global specialist manufacturer of wheels and components for undercarriages. Titan Europe is already a major supplier of wheels to OEMs in markets outside North America and the ITM Group is a major supplier of frames and components for undercarriages to both the OEM and AMK sectors. It is intended that, together, they will be able to service existing and potentially new customers with a comprehensive product range. In addition, the Directors and the Proposed Director believe that the combination of the two operations will provide: -- opportunities to sell wheel and or components for under carriages into existing OEM customers of both groups; -- wider coverage of major OEMs and applications; -- expansion of sales into geographic markets new to one of the groups, in particular South America, China and Turkey; -- opportunity for the Titan Europe to exploit the ITM Group's existing strength in AMK sales; -- ability to optimize and integrate production processes in existing geographic locations and low cost manufacturing economies; -- improved purchasing power with suppliers; -- cost savings by combining functions across the two groups: -- increased exposure to the growing mining and construction industries; -- access to the forging and casting production facilities of the ITM Group, which may reduce Titan Europe's costs; and -- a strong financial base for the Enlarged Group. Through the integration of Titan Europe and the ITM Group, the Directors and the Proposed Director believe that substantial incremental synergies can be achieved which, if achieved in full, could provide an EBITDA benefit to the Enlarged Group (on the basis of the Company's current accounting policies) of approximately EUR15.0 million (GBP10.1 million) in 2007, an EBITDA benefit of approximately EUR22.6 million (GBP15.3 million) in 2008 and an additional incremental EBITDA benefit of approximately EUR6.9 million (GBP4.7 million) in 2009. The Directors and Proposed Director also believe that much of the cost in achieving these synergies can be offset through asset disposals. The Enlarged Group will also have access to financing not only from normal bank finance but also from the ability to potentially issue equity for cash and/or to finance acquisitions. The Directors and the Proposed Director intend that the net proceeds of the Placing will be used to fund the costs incurred in connection with the Proposals, to part fund the redemption of certain of the ITM Group's indebtedness and to reduce the overall gearing of the Enlarged Group. Information on the ITM Group The ITM Group, established in 1969, is an international group, and is one of the world's leading independent producers of components for undercarriages and assemblers of complete undercarriage frames for crawler and agricultural machines (excavators, bulldozers, loaders and tractors), with an estimated market share of approximately 30 per cent. (excluding Caterpillar whose undercarriage products are manufactured in-house for use as part of Caterpillar vehicles and machinery). ITM Group's products are sold to the main OEM manufacturers as well as to the AMK market. The ITM Group also sells components of excavators, such as teeth and blades, principally to the spare parts market. In the six months to 30 June 2005, 62% of ITM Group's revenues were generated through sales to OEMs, while the remaining 38% derived from sales to the AMK market. Following several years of growth and international expansion at the end of 2000, the ITM Group faced a downturn in the earth moving machines business cycle. This downturn was worsened by the worldwide economic recession, the restructuring plans launched by some major OEMs' and the strong appreciation of the Euro against the U.S. dollar and other currencies in the Asia-Pacific area. The complexity inherited by the acquisitions made in the 1990s and the negative impact of the above mentioned external factors, significantly affected the ITM Group's profitability from 2001 and 2002. This highlighted the need for a significant industrial restructuring plan and a review of the sales policy aimed at lowering the breakeven point, increasing efficiency and competitiveness and improving commercial margins. In addition, the restructuring was designed to improve procurement policies, reduce the product complexity, rationalize the customer base and seek to exploit the ITM Group's potential low cost global manufacturing base. The industrial restructuring was substantially completed by December 2004. An upturn of the business cycle in 2003 and 2004 also helped to increase total revenues and to recover profitability, especially in North America. The industrial restructuring, although successful in improving the overall financial performance of the ITM Group, has placed additional strains on its working capital requirements which have hindered further investment in the business. The ITM Group's OEM customers include, inter alia, Komatsu, Terex, John Deere, CNH, Liebherr, Same-Deutz and Volvo. Financial information on the ITM Group A summary of the results for the ITM Group for the two years ended 31 December 2004 and the six months ended 30 June 2005, which has been extracted without material adjustment from the financial information on the ITM Group set out in the Admission Document, is set out: Year ended 31 December (Unaudited) 6 months to 30 June 2003 2004 2005 EUR'000 EUR'000 EUR'000 Turnover 239,192 298,550 169,595 Gross profit 19,850 54,716 28,690 Operating (loss)/profit (36,772) 17,081 13,770 Net interest payable and similar charges (23,880) (29,884) (7,544) (Loss)/profit on ordinary activities before taxation (60,652) (12,803) 6,226 Net (liabilities) (29,619) (43,097) (24,521) Information on Titan Europe Titan Europe is a leading European manufacturer of agricultural wheels, large earthmover and large construction wheels, tracked vehicle idler wheels and wet-ramp brakes for agricultural vehicles. It also sells tyres, tyre and wheel assemblies and provides logistic services for these to major agricultural OEMs. Titan Europe has facilities in Italy, U.K., France, Germany and Australia, a 35.9% shareholding in Wheels India, an Indian manufacturer quoted on the NSE and has recently announced a joint venture with JANTSA in Turkey. The shares of Titan Europe were admitted to trading on AIM on 7 April 2004. The business of Titan Europe began in 1986 and has since grown through a number of acquisitions in the agricultural, earthmover and construction wheels sectors. The Directors believe it has maintained and developed its business by creating a strong market presence based on product quality, technical competence and customer service in its chosen range of products. The customers of Titan Europe include many major OEMs in the agricultural, construction and mobile crane industries, such as AGCO, Caterpillar, CNH, John Deere, Landini, Liebherr, Renault, Same-Deutz and Volvo Construction. Financial information on Titan Europe A summary of the results for Titan Europe for the three years ended 31 December 2004 and the six months ended 30 June 2005, which has been extracted without material adjustment from the financial information on the Company set out in the Admission Document, is set out below: Year ended 31 December (Unaudited) 6 months to 30 June 2002 2003 2004 2005 GBP'000 GBP'000 GBP'000 GBP'000 Turnover 79,360 88,969 107,120 70,482 Gross profit 11,561 13,509 19,095 13,276 Operating profit 2,985 4,326 6,419 5,728 Share of operating profit of 436 1,344 1,712 808 associate Profit on ordinary activities before taxation 3,244 5,002 7,236 6,100 Net assets 45,207 49,731 53,291 56,535 The Titan Europe unaudited trading results for the nine months ended 30 September 2005 show turnover of GBP98.4 million (2004: GBP77.5 million) and profit before tax of GBP7.2 million (2004: GBP4.3 million). The Placing The Company is proposing to raise GBP70 million, before expenses, through the Placing. Under the Placing Agreement, Seymour Pierce has, as agent for Titan Europe, agreed to use its reasonable endeavors to procure subscribers for the Placing Shares at the Placing Price. The Placing Shares are being placed by Seymour Pierce with institutions and other investors. The Directors and the Proposed Director intend that the net proceeds of the Placing will be used to fund the costs incurred in connection with the Proposals, to part fund the redemption of certain of the ITM Group's indebtedness and to reduce the overall gearing of the Enlarged Group. As a demonstration of their commitment to the Company, Mike Akers and Vince Wicks will subscribe for 25,000 Placing Shares and 16,000 Placing Shares respectively in the Placing. In addition, Titan Inc. intends to subscribe for 1,000,000 Placing Shares in the Placing at the Placing Price in satisfaction of GBP2 million of an existing GBP5 million loan to Titan Europe. The Placing Shares will represent approximately 43.2% of the Enlarged Share Capital of the Company on Admission. On Admission, at the Placing Price, Titan Europe will have a market capitalization of approximately GBP162 million. Dividend Policy The Directors and the Proposed Director intend that the Company will continue to pursue a progressive dividend policy while continuing to retain a significant proportion of the Enlarged Group's earnings to facilitate the growth of the Enlarged Group, both organically and through acquisition. It is intended that the next dividend to be paid by the Company will be the final dividend in respect of the year ended 31 December 2005. The Placing Shares and the Initial Consideration Shares will not rank in full for the final dividend in respect of the year ended 31 December 2005. The Board intends to review its dividend policy as the Enlarged Group develops. Proposed Director Ivano Passini, aged 58, Proposed Director Ivano has been involved in the undercarriage industry for many years. In 1969 he established Sorefa S.p.A., a manufacturing company and supplier of the Italtractor Group. In 1992 he took over the management of the ITM Group and became the sole shareholder. Through a number of acquisitions he built up the ITM Group to be one of the world's leading independent producers of components for undercarriage and assemblers of complete undercarriage frames for tracked machinery to be used for earth moving and agricultural purposes. In 1998 he was awarded the title of Knight of Labor by the President of the Republic. In 2002 the Dean of the Modena University conferred him a honorary degree in mechanical engineering. Current trading and Prospects for the Enlarged Group Titan Europe On 27 October 2005, the Company announced its third quarter results for the nine months ended 30 September 2005, which reported a profit before tax of GBP7.5 million (2004: GBP6.2 million) excluding goodwill amortization and exceptional items. Unadjusted profit before tax was GBP7.2 million (2004: GBP4.3 million). Trading during the first half of 2005 continued the strong growth trend experienced in 2004. During the third quarter of 2005, trade stabilized to what the Directors believe is a more sustainable level of year on year growth. All core market segments showed sales growth against the corresponding period in the prior year. During 2004 significant price increases were required to counteract the higher levels of input costs incurred on steel. These price increases were generally implemented in the latter half of that same year. Consequently, year-on-year sales growth towards the end of 2005 is impacted less by the different year-on-year selling prices and more by real volume growth. The trading cycle in the Titan Group's market sector is skewed towards the first half of the year partly as a result of the August and December manufacturing shutdowns in Europe. The normal demand cycle has been even more marked in 2005 with exceptional levels in the first half. This effect was most pronounced in the agricultural market. Turnover until the end of the third quarter from Andys, (which was acquired in September 2004) was GBP5.1million. The corresponding operating profit until the end of the third quarter was GBP0.4 million. On 12 September 2005, Titan Italia signed a joint venture agreement with JANTSA to create an agricultural wheel factory in Turkey. It is anticipated that the facility will be operational in the second half of 2006 with production capacity of up to 300,000 wheels per year. The Directors and the Proposed Director believe that the combination of enhanced technology and increased capacity in Italy and the lower cost manufacture for some product ranges expected to be achieved once the Turkish facility is operational will enhance the Enlarged Group's ability to remain a key supplier for European agricultural vehicle manufacturers. The Company's share of operating profit from its associate, Wheels India, for the nine months ended 30 September 2005 is broadly in line with the prior year at approximately GBP1.1 million (2004: GBP1.2 million). The business of Wheels India continued to be buoyant in most market segments; however there has been some slackening in the demand for commercial vehicle and tractor wheels. On 11 November 2005, Titan Group announced the acquisition of the entire share capital and the patent rights of Wheel and Rims Engineering, a specialist wheel manufacturer based in Brisbane, Australia for a cash consideration of approximately GBP2.1 million. The Board continues to consider a number of possible new investments with a view to expanding the Company's operations both geographically and in terms of product range. ITM Group The interim results for the six months to 30 June 2005 for the ITM Group show a turnover of EUR169.6 million and operating profit of EUR13.8 million. In the year ended 31 December 2004, the ITM Group experienced a trend towards larger items as their OEM customers moved towards larger machines, and the benefits of some steel prices being passed on to customers. Together, these led to increasing turnover in the period in all OEM products. In the AMK market, although a similar trend towards larger, higher value-added items such as chains increased turnover of certain AMK product lines, increased competition from the Far East, particularly in the lower value-added products did lead to some erosion of market share. In the six months to 30 June 2005, higher steel prices were off-set by continued changes in the sales mix with increased sales of larger items as OEM customers moved towards larger machines. It is anticipated that for the second half of 2005 this trend will continue with average selling prices increasing, largely reflecting the move towards more complex and heavier parts with some volume decline in the AMK market. The order book as at 15 September 2005 stood at approximately EUR172.8 million (GBP116.8 million). Steel is the principal element of the raw material cost of parts manufactured by the ITM Group. In 2004, on average, steel and scrap steel prices incurred by the ITM Group increased substantially, with both raw material prices continuing to increase in the first half of 2005. In addition, with the appreciation of the Brazilian Real, to reduce raw material costs in the Brazilian operations a higher proportion of steel was purchased in Europe and shipped to ITM's Brazilian facility. As a result of the restructuring undertaken in the period from 2003 to 2004 (more fully described of the Admission Document) certain cost savings and productivity improvements, particularly in Brazil and Italy, were achieved in 2004 and it is expected that savings will continue to be enjoyed in 2005. Enlarged Group The Directors and the Proposed Director believe that the opportunities resulting from combining the two groups (as more fully set out under 'Reasons for the Acquisition, the Placing and Admission'), provides significant potential upside for the Enlarged Group going forward and based on this belief they view the future with confidence. Admission to AIM Application has been made to the London Stock Exchange for all the Enlarged Share Capital to be admitted to trading on AIM. It is expected that Admission will become effective and dealings in the Enlarged Share Capital will commence on 30 December 2005. Placing Statistics Placing Price 200p Number of Existing Ordinary Shares 39,230,000 Number of Placing Shares 35,000,000 Number of Initial Consideration Shares 6,759,000 Percentage of the Enlarged Share Capital subject to the Placing 43.2% Percentage of the Enlarged Share Capital subject to the Acquisition 8.3% Percentage of the Enlarged Share Capital subject to the Proposals 51.6% Number of Ordinary Shares in issue immediately following Admission 80,989,000 Market capitalization of the Enlarged Share Capital of the Company at the Placing Price GBP162.0 million Estimated net proceeds receivable GBP62.4 million by the Company pursuant to the Placing after expenses (excluding VAT) Expected timetable of Principal Events Publication of Admission Document 7 December 2005 Latest time and date 11:00 a.m. on 27 December 2005 for receipt of Forms of Proxy Extraordinary General Meeting 11:00 a.m. on 29 December 2005 of the Company Admission effective and dealings commence in the Enlarged Share Capital on AIM 30 December 2005 Completion of the Acquisition 30 December 2005 Expected date of delivery of the Placing Shares into 30 December 2005 CREST accounts Definitive share certificates 14 January 2006 dispatched in respect of the Placing Shares (where applicable) This announcement is not being posted to Shareholders. An Admission Document containing full details of the Acquisition and Placing including notice of the EGM is being posted to Shareholders. Further copies are available as requested from the Company Secretary at the Company's Registered Office: Titan Europe Plc, Bridge Road, Cookley, Kidderminster, Worcestershire, DY10 3SD, UK. Advisers to Titan Europe Nominated Adviser, Broker: Seymour Pierce Limited (London, U.K.) Italian Financial Adviser: Eidos Partners (Milan, Italy) Legal Advisers: Gateley Wareing LLP (Birmingham, U.K.) Italian Legal Advisers Allen & Overy LLP (Milan, Italy) Strategic Advisers Value Partners (Milan, Italy) Auditors, Reporting Accountants: PricewaterhouseCoopers LLP (Birmingham, U.K.) Financial PR Advisers: Citigate Dewe Rogerson (Birmingham, U.K.) CONTACT: TITAN EUROPE PLC Mike Akers, Chief Executive Phone: +44 (0) 1562 850561 Web site: http://www.titaneurope.com SEYMOUR PIERCE Mark Percy Phone: +44 (0) 207 107 8000 CITIGATE DEWE ROGERSON Fiona Tooley Phone: +44 (0) 121 455 8370 EIDOS PARTNERS (Italy) Simone Dragone Phone: +39 (0)2 8597 9233 ITALTRACTOR ITM: Junk Rating on CreditWatch Developing ------------------------------------------------------ Standard & Poor's Ratings Services placed its 'CCC' long-term corporate credit rating on Italy-based machinery component maker Italtractor ITM S.p.A. on CreditWatch with developing implications, following U.K.-based Titan Europe PLC's (not rated) announced takeover bid, for about EUR30 million, for the entire issued share capital of Italtractor and its holding company NewCo S.p.A. The developing implications mean that the rating could be raised, lowered, or affirmed. "The CreditWatch placement reflects our view that the proposed transaction is likely to have an impact on Italtractor's current financial profile, although we are not currently in a position to be able to evaluate whether this impact would be positive or negative," said Standard & Poor's credit analyst Barbara Castallano. "The placement also reflects uncertainty as to the enlarged group's future strategy." This acquisition is categorized as a reverse takeover and is subject to shareholder approval. It is expected to be completed by Dec. 30, 2005. We will resolve the CreditWatch status once there is a final outcome for the proposed bid and, if the bid is successful, following receipt of further details of the future capital structure and strategy of Italtractor as part of the merged group. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com It can also be found at http://www.standardandpoors.com Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: ITALTRACTOR ITM S.p.A. Via per Modena 152, Castelvetro di Modena, Italy Phone: 39 059 704111 Fax: 39 059 702426 Web site: http://www.passinigroup.com STANDARD & POOR'S RATINGS SERVICES Web site: http://www2.standardandpoors.com/ ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Cancels 1,200,000 'A' Shares ----------------------------------------- On 13 December 2005, Royal Dutch Shell plc purchased for cancellation 900,000 'A' Shares at a price of EUR26.77 per share. It further purchased for cancellation 300,000 'A' Shares at a price of 1,804.83 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,940,825,000. 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, incorporated in England and Wales, is headquartered in The Hague and 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 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 ROYAL SHELL: Spending US$19 Bln on Upstream, Downstream Projects ---------------------------------------------------------------- Royal Dutch Shell has disclosed a capital investment program for 2006 of around US$19 billion in support of its strategy of more upstream and profitable downstream. Planned 2006 Upstream investment is around US$15 billion, including approximately US$2 billion for Exploration and excluding the minority share of Sakhalin. Downstream investment is planned at over US$4 billion. Jeroen van der Veer, chief executive for Royal Dutch Shell, said: "We have a substantial pipeline of projects for development. The increase in investment will grow and mature our resource base, increase production, build on our strong position in integrated gas and unconventionals and enhance our leading position in the Downstream. Global energy needs depend on the industry's ability to sustain high levels of investment as the search for energy leads us to increasingly challenging and technically demanding environments." Highlights of the 2006 Program (a) US$10 billion - US$11 billion in Upstream growth projects; (b) 55% of the increase in Upstream investment relative to 2005 targeted to development and ramp up of new projects and increase in exploration; and (c) 20% of the increase in Upstream investment relative to 2005 to the development and redevelopment of existing fields. Upstream The 2006 capital investment contributes to bringing on stream facilities that are expected to unlock 13 billion barrel of oil equivalent (boe) of resources by end 2009 and mature 5 billion boe of resources to final investment decision by end 2009. Major projects at various stages of maturation include: (a) existing oil and material new oil: Salym, Bonga, Ehra, Kashagan, Deimos and Great White; (b) integrated gas: Qatar LNG and Pearl GTL, Nigeria LNG, Ormen Lange, and exploration, production and LNG activities in Libya, Sakhalin and Australia; and (c) unconventionals: Athabasca Oil Sands expansion. Development costs for typical major Upstream projects are in the range US$4 - US$8 per boe on a total resource basis (excluding LNG and GTL facilities costs). These metrics and related risks may vary significantly across different geographies, projects and operations. The majority of the Upstream capital investment, some US$10 billion - US$11 billion, will be dedicated to growth projects, defined as projects not yet on stream and including Sakhalin and the Athabasca expansion. This includes approximately US$2 billion in Gas & Power predominantly in LNG and approximately US$2 billion for exploration. The remainder of the US$15 billion for Upstream, some US$4 billion - US$5 billion, will be invested in ongoing field development and redevelopment, asset integrity and other activities. Of the increase in Upstream capital investment in 2006 relative to 2005 approximately 55% is attributed to initiation and/or ramp up in the construction and development phase of new projects and to increased exploration. Some 20% of this increase is for investment in the development and redevelopment of existing Upstream assets. An estimated 25% of the increase is due to price inflation, exchange rates and increase in service costs, such as drilling rig rates. Downstream The Downstream continues to focus on operational excellence, integration opportunities between Oil Products and Chemicals and expanding in growth markets for its main lines of business - Manufacturing, Supply and Distribution, Retail, Business to Business, Lubricants and Chemicals. Capital investment is distributed between attractive growth opportunities and clean fuels (combined around $1.7 billion), alternative energy, technology infrastructure opportunities, capitalized turnaround activity and base maintenance of core assets. Jeroen van der Veer said: "We will continue to exercise strict discipline to prioritize our projects for investment and assure appropriate resources, technology and project management capabilities are applied. We add to our investment in long lived, low decline, high plateau Upstream projects which will profitably contribute to the world energy needs. With strong operational performance and high prices we generate significant cash, enabling high levels of investment in these organic growth opportunities while returning cash to shareholders via dividends and buy backs. We expect to continue with our closed period buy back program in January and will provide an update on our 2006 buy back program with the full year results announcement in February." 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 =========== R U S S I A =========== AGRO-KHIMIK: Declared Insolvent ------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Agro-Khimik after finding the open joint stock company insolvent. The case is docketed as A43-9818/05-24-215. Ms. L. Ponomareva has been appointed insolvency manager. Creditors have until December 29, 2005 to submit their proofs of claim to 603000, Russia, Nizhniy Novgorod, Post User Box 600. CONTACT: AGRO-KHIMIK Russia, Uren, Mekhanizatorov Str. 35B L. PONOMAREVA Insolvency Manager 603000, Russia, Nizhniy Novgorod region, Post User Box 600 ALFA BANK: Fitch Gives Subordinated Notes Final B- Rating --------------------------------------------------------- Fitch Ratings has assigned Alfa Bond Issuance's issue of 10-year limited recourse loan participation notes a final Long-term 'B-' rating. The notes have been issued solely for financing a subordinated loan to Russia's Alfa Bank (Alfa, rated Long-term 'B+'/Stable, Short-term 'B', Support '4', Individual 'D', National Long-term 'A(rus)'/Stable). The issuer will only pay noteholders amounts (principal and interest), if any, received from Alfa under the loan agreement. Alfa is the largest privately owned bank in Russia and its parent company, ABH Financial Ltd., is ultimately owned by seven individuals. CONTACT: ALFA BANK 27 Kalanchevskaya Street Moscow 107078 Russian Federation Phone: +7 095 929-91-91 or 974-25-15 E-mail: mail@alfabank.ru Web site: http://www.alfa-bank.com Alfa Capital Markets 21st Floor, City Tower 40 Basinghall Street London EC2V 5DE United Kingdom Phone: +44 (0) 20-7588-8500 Fax: +44 (0) 20-7382-4170 E-mail: info@alfa-cm.com FITCH RATINGS James Watson, Moscow Phone: +7 095 956 99 01 Lindsey Liddell, London Phone: +44 207 417 3495 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com BANK ZENIT: Earns Upgrade from Fitch; Stable Outlook Affirmed ------------------------------------------------------------- Fitch Ratings has upgraded Russia-based Bank Zenit's (Zenit) Long-term rating to 'B' from 'B-'. At the same time, Zenit's other ratings have been affirmed at Short-term 'B', Individual 'D', Support '5' and National Long-term 'BBB-(rus)'. The Outlooks on the Long-term and National Long-term ratings remain Stable. The upgrade comes on the back of improved efficiency and a reduced reliance on operations with related parties, primarily Zenit's major shareholders, in particular as regards revenue generation and loan origination. The ratings also take into account the bank's good, to date, asset quality, reasonable liquidity and relatively strong risk management. However, they also reflect a highly concentrated loan book, the still extensive business with related parties and modest profitability, as well as certain weaknesses in the Russian operating environment. Upside potential to the ratings lies in Zenit's efforts to grow its franchise and scale of business and, as a result, further reduce its dependence on related parties and improve performance. Fitch notes, however, that rapid business growth could be challenging to achieve, and may also result in an increase in credit and operational risks. Downward pressure on the ratings could result from increased operations with shareholders, deterioration in asset quality or a substantial increase in market risk. Zenit is owned by a number of entities, the most influential of which is Tatneft (26% stake), Russia's fifth-largest oil company. Zenit is one of Russia's 20 largest banks, with around 1% of banking assets at end-H105. It concentrates on corporate and investment, as well as, to a lesser extent, private and retail banking. CONTACT: BANK ZENIT 9, Banny pereulok Moscow 129110, Russia Phone: (095) 937-07-37 Fax: (095) 937-07-36 Web site: http://eng.zenit.ru FITCH RATINGS Alexei Kechko Vladlen Kuznetsov James Watson, Moscow Phone: +7 095 956 9901 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com BOGORODITSKOYE: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Kursk region has commenced bankruptcy supervision procedure on limited liability company Bogoroditskoye (TIN 4604002488). The case is docketed as #A35-9200/05 "g". Ms. A. Snegireva has been appointed temporary insolvency manager. Creditors may submit their proofs of claim. A hearing will take place on March 1, 2006, 10:15 a.m. CONTACT: BOGORODITSKOYE Russia, Kursk region, Gorshechnyj region HAYDITE: Claims Filing Period Ends December 29 ---------------------------------------------- The Arbitration Court of Perm region commenced bankruptcy proceedings against Haydite after finding the limited liability company insolvent. The case is docketed as A50-10506/2005-B. Mr. V. Shumilov has been appointed insolvency manager. Creditors have until December 29, 2005 to submit their proofs of claim to Russia, Perm region, Zarayskaya Str. 12-1. CONTACT: HAYDITE Russia, Perm region, Chaykovskiy, Primorskiy Avenue, 32 V. SHUMILOV Insolvency Manager Russia, Perm region, Zarayskaya Str. 12-1 IRKUTSKOYE: Irkutsk Court Brings in Insolvency Manager ------------------------------------------------------ The Arbitration Court of Irkutsk region commenced bankruptcy proceedings against Irkutskoye after finding the close joint stock company insolvent. The case is docketed as A19-18467/05-37. Mr. S. Sergeyuk has been appointed insolvency manager. CONTACT: S. SERGEYUK Insolvency Manager 665360, Russia, Irkutsk region, Ziminskiy region, Ts-Khazan, Zheleznodorozhnaya Str. 35 MOSTO-STROY-SERVICE: Insolvency Manager Takes over Firm ------------------------------------------------------- The Arbitration Court of Chuvashiya republic has commenced bankruptcy supervision procedure on limited liability company Mosto-Stroy-Service. The case is docketed as A79-6781/2005. Mr. V. Alalykin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 610000, Russia, Kirov, Moskovskaya Str. 25a. CONTACT: MOSTO-STROY-SERVICE Russia, Chuvashiya republic, Shumerlya V. ALALYKIN Temporary Insolvency Manager 610000, Russia, Kirov, Moskovskaya Str. 25a NEREKHTA-AGRO-PROM-KHIMIYA: Names Insolvency Manager ---------------------------------------------------- The Arbitration Court of Kostroma region commenced bankruptcy proceedings against Nerekhta-Agro-Prom-Khimiya after finding the open joint stock company insolvent. The case is docketed as A13-4836/2005-20. Mr. O. Morozov has been appointed insolvency manager. Creditors have until December 29, 2005 to submit their proofs of claim to 153000, Russia, Ivanovo, Teatralnaya Str. 16, Office 52. CONTACT: NEREKHTA-AGRO-PROM-KHIMIYA Russia, Kostroma region, Nerekhta, Druzhby Str. 31 O. MOROZOV Insolvency Manager 153000, Russia, Ivanovo, Teatralnaya Str. 16, Office 52 NORILSKIY: Succumbs to Bankruptcy --------------------------------- The Arbitration Court of Krasnoyarsk region commenced bankruptcy proceedings against Norilskiy after finding the fish factory insolvent. The case is docketed as A33-16768/2005. Mr. A. Senotrusov has been appointed insolvency manager. CONTACT: A. SENOTRUSOV Insolvency Manager 660049, Russia, Krasnoyarsk region, Lenina Str. 62A, Office 10 RZHEVSKIY: Gives Creditors Until December 29 to File Claims ----------------------------------------------------------- The Arbitration Court of St-Petersburg and the Leningrad region commenced bankruptcy proceedings against Rzhevskiy after finding the grain products company insolvent. The case is docketed as A56-33968/2004. Mr. V. Shirokov has been appointed insolvency manager. Creditors have until December 29, 2005 to submit their proofs of claim to 172385, Russia, Tver region, Rzhev, Lugovaya Str. 2. CONTACT: RZHEVSKIY 197342, Russia, St-Petersburg, Krasnogvardeyskiy Per. 15 V. SHIROKOV Insolvency Manager 172385, Russia, Tver region, Rzhev, Lugovaya Str. 2 SEVERSTROY: Declared Insolvent ------------------------------ The Arbitration Court of Yamalo-Nenetskiy autonomous region commenced bankruptcy proceedings against Severstroy (TIN 8904008992, OGRN 1028900622904) after finding the open joint stock company insolvent. The case is docketed as A81-2442/2005. Mr. E. Aleskerov has been appointed insolvency manager. CONTACT: SEVERSTROY 629300, Russia, Yamalo-Nenetskiy autonomous region, Novyj Urengoy, North Communal Zone, 24 E. ALESKEROV Insolvency Manager 629300, Russia, Yamalo-Nenetskiy autonomous region, Novyj Urengoy, North Communal Zone, 24, Post User Box 232 SIB-KOMLEKT-AUTO-TRANS: Bankruptcy Hearing Set January ------------------------------------------------------ The Arbitration Court of Tyumen region has commenced bankruptcy supervision procedure on open joint stock company Sib-Komlekt-Auto-Trans. The case is docketed as A-70-7466/3-05. Mr. A. Ivanov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Tyumen region, Osipenko Str. 84-27. A hearing will take place on January 12, 2006. CONTACT: SIB-KOMLEKT-AUTO-TRANS Russia, Tyumen region, Zaykovo A. IVANOV Temporary Insolvency Manager Russia, Tyumen region, Osipenko Str. 84-27 YUKOS OIL: Arbitration Court Reconsiders Claim Filed by Banks ------------------------------------------------------------- The Arbitration Court of Moscow reviewed Tuesday the claim of western banks against Yukos, but suspended hearings until December 14 to sift through the voluminous case files. On Sept. 28, Moscow's arbitration court upheld the decision of the High Court in London that required Yukos to repay US$475.28 million loans from the 14 foreign banks. Yukos appealed to the arbitration court on Oct. 11 as bailiffs began to execute the ruling. On Nov. 30, the case was returned to the arbitration court for reconsideration. The debt is what remains of a US$1 billion loan granted in 2003 by the 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. 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. 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), but the case was dismissed in February. A few days after, its main production unit Yugansk was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000-2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. 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: Legal Unit Chief Appeals Arrest Order ------------------------------------------------ The defense team representing Dmitry Gololobov, head of Yukos' legal department, appealed Tuesday the issuance of a warrant for his arrest, RIA Novosti reports. Lawyer Alexander Gofstein said the warrant was "illegal and unfounded," and should be overturned. The Moscow City Court will hear the appeal on Dec. 26. The Basmanny district court issued the order against Mr. Gololobov, who is charged of embezzling US$100 million, on Nov. 30. Late last year, the Prosecutor General's Office also applied for an arrest warrant and placed him on the international wanted list after he failed to appear for questioning and went abroad instead. 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), but the case was dismissed in February. A few days after, its main production unit Yugansk was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000-2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. 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: TNK-BP, LukOil Urged to Increase Bids for Mazeikiu ------------------------------------------------------------- TNK-BP and LukOil are still in the running to acquire Yukos Oil's 53% stake in Mazeikiu nafta, but they have to increase their bids to stay in the race. Reports previously indicated the two had been stricken off the list of bidders for reportedly offering between US$600 million and US700 million, way below the others. "Two of the offers, the ones by LUKOIL/ConcoPhillips and TNK-BP, are too low. If they adjust their offer they could move on to the second stage (of bidding)," Lithuanian Economy Minister Kestutis Dauksys said. Mr. Dauksys said Yukos executives had told him the offers of LukOil and TNK were far below those of Kazakhstan's state-owned gas company KazMunaiGaz and Poland's PKN. KazMunaiGaz has reportedly offered US$1.2 billion. Yukos has said price is a key factor in the race. Lehman Brothers is advising Yukos on the sale. TNK-BP and LukOil must present new offers by Christmas, Mr. Dauksys said. He expects Yukos to recommend a buyer by mid-January. The Lithuanian government owns 40.6% of Mazeikiu, and has the final right of refusal. Analysts think TNK-BP or a joint bid from LUKOIL and U.S. refiner ConocoPhillips might eventually lead because of their potential to guarantee capital and oil supply to Mazeikiu. In addition, both have western and Moscow ties. Continued supply is specially key after production at the refinery shut down intermittently this year. Lithuania plans to buy out Yukos and resell its stake. It has already obtained permission from parliament to take out a US$1 billion loan to complete the purchase. The government is also planning to sell about 30% of its stake to sweeten the deal. Mazeikiu owns a refinery, the Butinge offshore terminal and a pipeline. It had net profit of LTL378.9 million (EUR109.6 million) in the first half on sales of LTL4.8 billion. The stake in the company is one of the last two foreign assets of Yukos that have not been seized by the Russian government. 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), but the case was dismissed in February. A few days after, its main production unit Yugansk was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000-2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. 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 ============= U K R A I N E ============= AMO: Zhitomir Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Zhitomir region commenced bankruptcy proceedings against Amo (code EDRPOU 13581010) after finding the limited liability company insolvent. The case is docketed as 4/57 'B'. Novograd-Volinskij State Tax Inspection has been appointed Liquidator. Creditors have until December 18, 2005 to submit their proofs of claim to: (a) AMO Ukraine, Zhitomir region, Novograd-Volinskij, Levanevskij Str. 13/19 (b) ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir, Putyatinski Square 3/65 OJSC UZHGORODSKA: Govt Divests Shareholding ------------------------------------------- Ukraine's State Property Fund on Dec. 6 sold a 51.355% stake in bankrupt OJSC Uzhgorodska Poultry Farm for UAH3.05 million, Interfax says. The company is being liquidated on orders of the economic court in Zakarpattia. The poultry farm has a statutory fund of UAH5.932 million and assets of UAH5.082 million. Its share has a face value of UAH0.25 each. CONTACT: STATE PROPERTY FUND OF UKRAINE 18/9 Kutuzova vul., Kyiv, Ukraine, 01133 (near metro "Pecherska") Phone: (38 044) 200-33-33 Fax: (38 044) 286-79-85 Web site: http://www.spfu.gov.ua/ SVITANOK: Creditors' Claims Due Next Week ----------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Svitanok (code EDRPOU 04259386) on October 26, 2005 after finding the limited liability company insolvent. The case is docketed as 231/11 b-05. Mr. S. Kitsula (License Number AA 487782) has been appointed liquidator/insolvency manager. Creditors have until December 18, 2005 to submit their proofs of claim to: (a) SVITANOK 09220, Ukraine, Kyiv region, Kagarlitskij district, Gorohove, Zagorujko Str. 10-A (b) S. KITSULA Liquidator/Insolvency Manager 02097, Ukraine, Kyiv region, Liskivska Str. 28/15 Phone: 8 (067) 295-08-03 (c) ECONOMIC COURT OF KYIV REGION 01032, Ukraine, Kyiv region, Komintern Str. 165 =========================== U N I T E D K I N G D O M =========================== APLE (COVENTRY): Administrator Takes over Firm ---------------------------------------------- M. C. Kienlen (IP No 9367) of Armstrong Watson was appointed administrator of Aple (Coventry) Limited (Company No 04685141) on Nov. 25. Its registered office is at Argent House, 5 Goldington Road, Bedford, Bedfordshire MK4 3JY. CONTACT: APLE (COVENTRY) LTD. Unit 9/Redland Cl Aldermans Green Industrial Est, Coventry, CV2 2NP Phone: 024 7662 1532 ARMSTRONG WATSON Central House 47 St Paul's Street Leeds LS1 2TE West Yorkshire Phone: 0113 384 3840 Fax: 0113 384 3841 E-mail: mike.lienlen@armstrongwatson.co.uk ARTEECO LTD.: Goes into Liquidation ----------------------------------- Arteeco Ltd. informs that resolutions to wind up the company were passed at an EGM held on Nov. 14 at O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ. Peter O'Hara of O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ was appointed liquidator. CONTACT: ARTEECO LTD. St. Anns Mills Commercial Road Leeds LS5 3AE West Yorkshire Phone: 0113 275 8219 Web site: http://www.arteeco.co.uk O'HARA & CO. Wesley House Huddersfield Road Birstall Batley West Yorkshire WF17 9EJ Phone: 01924 477449 Fax: 01924 475262 E-mail: insol@ohara.co.uk ASHTEAD GROUP: Half-year Profit Improves to GBP40.2 Million ----------------------------------------------------------- Ashtead Group plc has unveiled its results for the half-year and second quarter ended 31 October 2005. Highlights (a) group Q2 profit before exceptional items & tax increases from GBP13.4 million to GBP27.9 million; (b) group H1 profit before exceptional items & tax increases from GBP18.3 million to GBP40.2 million; (c) after exceptional items of GBP1.9 million, the H1 profit before tax is GBP38.3 million (2004 - GBP18.3 million); (d) sunbelt's H1 operating profit before exceptional items rises 53.7% to US$96.4 million (2004 - US$62.7 million); (e) A-Plant's H1 operating profit is up 3.5% to GBP8.9 million (2004 - GBP8.6 million); (f) market conditions in the United States expected to remain favorable; and (g) payment of dividends resumed - interim dividend of 0.5 pence per share declared. Statement of Chief Executive George Burnett Sunbelt achieved substantial first half profit growth by maintaining last year's record levels of utilization on a fleet which was on average 7% larger than a year ago and by continuing to grow its market share. Although A-Plant's profit growth was more modest, it did achieve improved return on capital year on year through rigorous cost control. Ashtead Technology took advantage of the strong offshore market to record a 67% profit increase. I am pleased that the strength of the Group's first half performance, our confidence in the outlook and the completion of the capital reorganization has enabled the Board to announce the resumption of dividend payments to shareholders for the first time since 2002. With interim profits more than double those of last year, continuing strong trading conditions at Sunbelt and Ashtead Technology and a stable position at A-Plant, the Board looks forward with confidence. A copy of the financial results is available free of charge at http://bankrupt.com/misc/AshteadGroup(H12005).pdf CONTACT: ASHTEAD GROUP PLC King's Court, 41-51 Kingston Rd. Leatherhead Surrey KT22 7AP, United Kingdom Phone: +44-1372-362-300 Fax: +44-1372-376-610 BATEC LIMITED: Administrators from Begbies Traynor Enter Firm ------------------------------------------------------------- Paul Michael Davis and Nicholas Roy Hood (IP Nos 7805, 8350) of Begbies Traynor (South) LLP were appointed administrators of Batec Limited (Company No 02560136) on Dec. 1. Its registered office is at Unit 2 Faraday Close, Watford Business Park, Watford, Hertfordshire WD18 8SA. Batec Limited -- http://www.batec.co.uk/-- was established in the United Kingdom in 1994 and is a subsidiary of ABI Malaysia Sdn Bhd, a Malaysian based automotive battery manufacturer. CONTACT: BATEC LIMITED Unit 2, Faraday Close, Watford Business Park, Watford, Hertfordshire, United Kingdom WD18 8SA Phone: 01923 218886 Fax: 01923 218848 E-mail: watford@batec.co.uk BEGBIES TRAYNOR Chiltern House, 24-30 King Street, Watford WD18 0BP Phone: 01923 812900 Fax: 01923 812999 Web site: http://www.begbies.com BRITISH ENERGY: Posts GBP135 Mln Half-year Operating Profit ----------------------------------------------------------- British Energy Group plc has reported results for the 2005/06 Half-year including second quarter to 2 October 2005. Highlights (a) British Energy has built on the positive first quarter results, delivering a good performance for the half year. Our prime focus continues to remain on improving our operational reliability; (b) operating profit* of GBP135 million for the half year, GBP58 million for the second quarter; (c) EBITDA* of GBP227 million for the half year, GBP106 million for the second quarter; (d) results reflect the benefit of higher electricity prices with an operating margin of GBP3.9/MWh at contracted summer prices; (e) total output for the half year was 33.1 TWh (nuclear 30.6 TWh, coal 2.5 TWh), up from 31.7 TWh in the first half of financial year 2004/05 (nuclear 28.7 TWh, coal 3.0 TWh); (f) total output for the current financial year to 9 December 2005 was 44.1 TWh (nuclear 40.1 TWh, coal 4.0 TWh) after total unplanned losses for the period to 9 December 2005 of 9.6 TWh; (g) as announced on 25 November 2005, due to extensive inspections at Hartlepool and Heysham 1 and the need to replace the generator stator on one unit at Hartlepool, we expect that nuclear output for the financial year 2005/06 is unlikely to exceed 61 TWh. We expect nuclear output for the financial year 2006/07 to be around 63 TWh; (h) realized price was GBP25.0/MWh for the half year, compared to GBP24.7/MWh in the first quarter; (i) as at 9 December 2005, the Company had fixed contracts in place for approximately 95% of planned output for the financial year 2005/06 at an average price of GBP32.5/MWh. Financial year 2006/07 book approximately half fixed at an average price of approximately GBP35/MWh excluding 5 TWh of capped contracts; (j) operating cash inflow from operations was GBP150 million for the half-year. Net debt decreased in the half year by GBP113 million to GBP107 million. Cash and liquid funds were GBP569 million and collateral requirements were GBP274 million. Collateral requirements as at 9 December 2005 were GBP419 million; (k) investment in plant is expected to exceed GBP250 million including extra investment in strategic spares for the financial year 2005/06; (l) the NLF Cash Sweep percentage was 64.69% as at 2 October 2005, down from 64.99% at 31 March 2005 as a result of the exercise of a number of the Company's warrants; (m) no accrual for any potential NLF Cash Sweep payment has been made in these interim financial statements in line with the Group's accounting policy. An accrual will be made at 31 March 2006 for any NLF Cash Sweep payment; and (n) in accordance with the dividend policy set out within the accounts for the period ended 31 March 2005, no dividend has been declared for the half year. Chief Executive Bill Coley said: "We continued to deliver good financial performance through the half year benefiting from higher electricity prices. We are disappointed with the recent outages at Hartlepool and Heysham 1, which have impacted our projection of output for the year, but see continuing improvements in operating metrics as a result of our performance improvement program. The British Energy team remains keenly focused on the long-term by making the investments in the plant and people to improve reliability and maximize output." - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The Group's half-year results have been prepared in accordance with International Financial Reporting Standards (IFRS) for the first time. This is the first time since completion of the restructuring of the Group on 14 January 2005 that British Energy Group plc has published half-year results. Therefore this report does not contain any comparative financial information but, where appropriate, does contain comparative non-financial information. Items marked * represent the results of operations adjusted to reflect the results before exceptional charges and other movements arising from re-measurement. During the half-year and quarter there were no exceptional charges. For the half-year and quarter the re-measurement adjustments relate solely to the re-measurement impact of IAS 39 on the results for the half-year and quarter. British Energy believes that the adjusted measures provide a better indication of the underlying business performance. A copy of the financial results is available free of charge at http://bankrupt.com/misc/BritishEnergy(H12005).pdf CONTACT: BRITISH ENERGY GROUP PLC Systems House Alba Campus Livingston EH54 7EG Phone: +44 (0) 1506 408700 Fax: +44 (0) 1506 408888 Web site: [ https://selectra.co.uk/distribution/electricity/british-energy -- updated Dec. 20, 2017] Contact: John Searles, Investor Relations Phone: 01506 408 715 B W L MOTORS: Hires Irwin & Company as Administrator ---------------------------------------------------- Gerald Irwin (IP No 8753) of Irwin & Company was appointed administrator of B W L Motors Limited (Company No 02307434) on Nov. 30. The company repairs motor vehicles. CONTACT: B W L MOTORS 450 Stoney Stanton Road, Coventry, West Midlands CV6 5DG Phone: 02476685019 IRWIN & COMPANY Station House Midland Drive Sutton Coldfield Birmingham West Midlands B72 1TU Phone: 08700 111812 Fax: 08700 111813 E-mail: mail@irwinuk.net COPYCARE PARTNERSHIP: Administrators from Menzies Move in --------------------------------------------------------- Paul David Williams and Jason James Godefroy (IP Nos 9294, 9097) of Menzies Corporate Restructuring were appointed administrators of The Copycare Partnership Limited (Company No 03343298) on Dec. 2. The company is engaged in leasing photocopiers. CONTACT: THE COPYCARE PARTNERSHIP LIMITED Unit 3, Chiltern Drive, Surbiton, Surrey KT5 8LS Phone: 020 8296 0594 MENZIES CORPORATE RESTRUCTURING 43/45 Portman Square London W1H 6LY Phone: 020 7487 7240 COVE CONTROL: Bridgers to Liquidate Business -------------------------------------------- M. Lehane, director of Cove Control Systems Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 16 at 6C Church Street, Reading, Berkshire RG1 2SB. John Arthur Kirkpatrick of Bridgers, 6C Church Street, Reading RG1 2SB was appointed liquidator. CONTACT: COVE CONTROL SYSTEMS LTD. Unit 12 Kents Avenue Hemel Hempstead HP3 9XH Hertfordshire Phone: 01442 233431 Fax: 01442 266444 Contact: Jason French, Managing Director DOLPHIN WINDOWS: Appoints Joint Liquidators ------------------------------------------- J. Hardy, chairman of Dolphin Windows & Conservatories Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 11 at Quality Hotel Royal, Ferensway, Hull HU1 3UF. Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork, Lowgate House, Lowgate, Hull HU1 1EL were appointed Joint Liquidators. CONTACT: DOLPHIN WINDOWS & CONSERVATORIES LIMITED 67-73 Courtney Street, Hull North Humberside HU8 7QF Phone: 01482306760 EARTHPORT PLC: Confirms GBP4 Million Debt Restructuring ------------------------------------------------------- The Board of earthport plc said it has placed 4,065,882 Ordinary Shares of 10p each, at prices ranging from 31.5p to 35p, raising GBP1.3 million and confirms that the debt restructuring referred to in the RNS announcement dated 17 October 2005 has now been completed. Application has been made for an aggregate of 6,242,667 ordinary shares of 10p each to be admitted to trading on AIM on 16 December 2005. 2,176,785 of theses new Ordinary Shares of 10p each represent part of the funding of GBP3.2 million reported on the RNS on 21 October 2005. The 2,176,785 new Ordinary Shares of 10p each were issued at prices between 32p and 35p for cash raising GBP715,000. A further GBP1 million remains to be drawn down under the facility announced on 21 October 2005. Following this listing the total number of earthport Ordinary Shares in issue will be 20,753,703. In addition, the Board of earthport confirms that the debt restructuring referred to in the RNS announcement dated 17 October 2005 has now been completed. Approximately GBP4 million of finance creditors have been settled for GBP1 million cash and GBP0.25 million 7% Loan Notes 2007. The GBP1 million cash has been financed with a new GBP1.25 million five-year amortizing secured debt facility provided by General Capital Venture Finance Limited (GCVF) and Michael Gerson Finance plc. The remaining GBP0.25 million of the debt facility is for general working capital purposes. GCVF is a wholly owned subsidiary of General Capital Group plc a company of which Jonathan Hill, a non-executive director of earthport, is a director and a significant shareholder. The Directors of earthport, with the exception of Jonathan Hill who is a related party, consider, having consulted with earthport's Nominated Adviser, Nabarro Wells & Co. limited, that the terms of the transaction are fair and reasonable insofar as the Company and its shareholders are concerned. CONTACT: EARTHPORT PLC Mike Harrison, Chief Executive Phone: +44 20 7220 9700 NABARRO WELLS David Nabarro/Jonathan Naess Phone: +44 20 7710 7400 EMI GROUP: Joint Venture Sells Japanese CD, DVD Business -------------------------------------------------------- Toshiba-EMI has reached an agreement to sell its CD and DVD manufacturing business in Japan to a consortium led by Memory Tech Corporation that also includes Kinyosha Printing Co. Ltd., Goldman Sachs Inc. together with Goldman Sachs (Japan) Ltd., and Aitec Co. Ltd. Memory-Tech Corporation is to take over the day-to-day operation of the manufacturing plant. This initiative represents the final major step in EMI Group plc's drive to outsource its manufacturing capability, making these costs fully variable. In March 2004, EMI announced that it was to outsource the manufacture of its CDs and DVDs in Europe and the United States, and in October 2004, EMI also announced the sale of its CD-manufacturing joint venture with Warner Music in Australia. Under the new agreement, which is subject to certain pre-closing conditions, on 26 December 2005 TOEMI will transfer its manufacturing facility, together with its associated assets and employees, to a separate new company (Newco). TOEMI will then sell all of the shares in Newco to the Memory-Tech Corporation-led consortium. Simultaneously, TOEMI will enter into a long-term supply agreement with Newco for the supply of local CDs and DVDs. The cash proceeds from the sale are expected to total JPY 2,360 million (GBP11.9 million). CONTACT: EMI GROUP PLC 27 Wrights Ln. London W8 5SW, United Kingdom Phone: +44-20-7795-7000 Fax: +44-20-7795-7296 Web site: http://www.emigroup.com MEMORY TECH CORPORATION Phone: +81-3-3405-8847 Fax: +81-3-3405-8905 E-mail: soumu@memory-tech.co.jp KINYOSHA PRINTING CO. LTD. 2-8-4 Unoki, Ota-ku Tokyo 146-8577 Phone: 03-3750-2107 Fax: 03-3750-2284 Web site: http://www.kinyosha.co.jp THE GOLDMAN SACHS GROUP, INC. 85 Broad St. New York, NY 10004 Phone: 212-902-1000 Fax: 212-902-3000 Web site: http://www.goldmansachs.com AITEC CO., LTD. 3967-74 Wada, Matsumoto City Nagano Pref. 390-1242 Japan Phone: 0263(48)1170 Fax: 0263(48)1173 Web site: http://www.a-i-tec.co.jp FILTRONIC PLC: Closes Loss-making Aussie Operation -------------------------------------------------- Following the end of the current interim period on 30 November 2005, Professor J. D. Rhodes, CBE, FRS, FREng, Chairman of Filtronic plc, a leading provider of customized microwave electronic subsystems for the wireless telecommunications and defense industries, issued the following statement on trading for this interim period: "As announced at our AGM, we have discontinued our loss-making Wireless Infrastructure operation in Australia and restructured our sales approach in merchant semiconductors, closing a sales office in the U.S. The costs of around GBP1 million associated with these decisions have been borne in the first half of this financial year. "Underlying trading performance for the six months ended 30 November 2005 of the two continuing divisions, Wireless Infrastructure and Integrated Products, is in line with expectations." CONTACT: FILTRONIC PLC Professor David Rhodes, Chairman: Phone: 01274 530622 Mobile: 07850 827280 Professor John Roulston, Group Chief Executive Officer Phone: 01274 530622 Mobile: 07800 706318 Charles Hindson, Group Finance Director Phone: 01274 530622 Mobile: 07800 706319 BINNS & CO. PR LTD. Peter Binns/Paul McManus Phone: 020 7786 9600 Mobile: 07980 541 893 GLOW NOLLIS: Calls in Administrators from Lovewell Blake -------------------------------------------------------- Christopher Robin Ashe and Andrew John Turner (IP Nos 1056, 8961) of Lovewell Blake were appointed joint administrators of Glow Nollis Limited (Company No 3395445) on Nov. 24. Its registered office is at 7 The Close, Norwich, Norfolk NR1 4DP. CONTACT: LOVEWELL BLAKE 89 Bridge Road Oulton Broad Lowestoft Suffolk NR32 3LN Phone: 01502 563921 Fax: 01502 584630 E-mail: ajt@lovewell-blake.co.uk HART LIMITED: Names Middleton Partners Administrator ---------------------------------------------------- Stephen Patrick Jens Wadsted and Peter James Yeldon (IP Nos 006064, 007253) of Middleton Partners were appointed joint administrators of Hart Limited (Company No 05233896) on Dec. 2. Its registered office is at 25 Ormside Way, Redhill, Surrey RH1 2LW. CONTACT: HART LIMITED Phone: 01444 462040 E-mail: enquiries@hart-ltd.co.uk Web site: http://www.hart-ltd.co.uk/ MIDDLETON PARTNERS 48 Langham Street London W1W 7AY Phone: 0845 061 6000 020 7908 6190 Fax: 020 7908 6111 E-mail: enquiries@middletonpartners.co.uk Web site: http://www.middletonpartners.co.uk HT (UK): Appoints Administrator ------------------------------- David Alexander Hole (IP No 9126) of Alexander Business Consulting was appointed administrator of HT (UK) Limited (Company No 05268815) on Dec. 2. The company manufactures and supplies windows and conservatories. CONTACT: HT (UK) Ltd Apollo Lichfield Road Industrial Estate Tamworth B79 7TA Staffordshire Phone: 01827 66031 Fax: 01827 66451 ALEXANDER BUSINESS CONSULTING 3000 Manchester Business Park, Aviator Way, Manchester (Airport) M22 5TG INTELLIGENT DESIGN: Liquidator from Sanderlings Moves in -------------------------------------------------------- C. Wheeler, chairman of Intelligent Design Solutions Limited, informs that a resolution to wind up the company were passed at an EGM held on Nov. 15 at Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT. Andrew Fender of Sanderlings LLP, Sanderling House, 1071 Warwick Road, Acocks Green, Birmingham B27 6QT was appointed liquidator. CONTACT: INTELLIGENT DESIGN SOLUTIONS LTD. 11 Central Chambers Cooks Alley Stratford-Upon-Avon Warwickshire CV37 6JQ Phone: 01789 414422 Fax: 01789 414411 E-mail: info@intelligent-design.co.uk Web site: http://www.intelligent-design.co.uk/ IWP INTERNATIONAL: First-half Results in Line with Expectations --------------------------------------------------------------- IWP International plc will announce its interim results for the six- month period to Sept. 30, 2005 in January 2006. Joe Moran, chairman of IWP International said the performance for this period will be broadly in line with market expectations. Report of Mr. Moran at the Firm's AGM Whilst the current trading environment continues to be difficult, particularly in our U.K. markets, the year to date trading would indicate that group operating profit, (pre exceptional and restructuring cost) is in line with market expectations. The Group's share of profits in its associate, Jeyes Holding Limited is likely to be below expectations as a consequence of the difficult retail trading environment in the U.K. and Germany coupled with higher raw material input costs. As announced on Dec. 1, 2005 the Company has concluded a non-binding indicative heads of terms with its principal secured creditors, which sets out the principles for the financial restructuring of IWP and its subsidiaries. In due course, a circular will be sent to shareholders providing further details and seeking the necessary approvals from shareholders. * * * In addition, IWP has been granted a waiver from all of the secured creditors of any existing covenant breaches to March 31, 2006. Some key points of the Restructuring are: -- The secured creditors will convert circa EUR56 million of their existing debt to equity resulting in them owning 90% of the enlarged ordinary share capital of the Company; -- The Restructuring will significantly reduce IWP's gross secured indebtedness (including swaps close out cost, make whole due under the notes and all deferred interest) from circa EUR121 million to EUR65 million; The Restructuring is targeted to be completed in the first quarter of 2006. CONTACT: IWP INTERNATIONAL Phone: +353 1 6611958 JOHN PAYNE: Names Deloitte & Touche Liquidator ---------------------------------------------- John Payne Building Contractors and Developers Limited informs that a resolution to wind up the company were passed at an EGM held on Nov. 10 at Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford, Hampshire SO53 3TZ. Angus Martin and Robin Allen of Deloitte & Touche, Abbotts House, Abbey Street, Reading, Berkshire RG1 3BD were appointed Joint Liquidators. CONTACT: JOHN PAYNE BUILDING CONTRACTORS & DEVELOPMENT Elms Glen Rd, Swanwick, SO31 7HD Phone: 01489 572473 DELOITTE & TOUCHE LLP Abbotts House, Abbey Street, Reading RG1 3BD Web site: http://www.deloitte.com LIGHT BAR: Files for Liquidation -------------------------------- S. Wilson, chairman of The Light Bar Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 15 at Ward & Co, Bank House, 7 Shaw Street, Worcester WR1 3QQ. Lyn Marie Green of Ward & Co, Bank House, 7 Shaw Street, Worcester WR1 3QQ was appointed liquidator. The appointment was confirmed at a creditors meeting held on the same day. CONTACT: THE LIGHT BAR LTD. Suite 4 Chubb Building Fryer Street, Wolverhampton West Midlands WV1 1HT Phone: 01902717108 WARD & CO. Bank House Shaw Street Worcester Worcestershire WR1 3DT Phone: 01905 25000 Fax: 01905 26555 E-mail: aws@ward-co.co.uk MG ROVER: Nanjing to Miss Longbridge Revival Plan Deadline ---------------------------------------------------------- MG Rover's new owners will not confirm its revival plans for the Longbridge site later this month as originally planned. According to Reuters, Nanjing Automobile (Group) Corporation is still in the hunt for financial backers and fresh management. The Chinese firm was earlier expected to unveil its final plans to restart production in Birmingham by year's end. In November, Nanjing inked a memorandum of understanding with GB Sports Car Company for the latter to buy the Austin- Healey brand. However, a source privy to the deal said: "The MOU is just another step along the way rather than fixing anything in concrete. The business plan needs to be fully sorted." In September, Nanjing revealed plans to revive Longbridge by 2007, creating over 1,200 jobs in the process. Nanjing Vice President Wang Qiu Jing earlier promised to issue a statement once a combined business plan was finalized. But Nanjing has refused to comment since then. "I think we have moved from a position of skepticism towards one of pessimism," said an industry source. Automotive News Europe, in another report, said Nanjing has asked importers and dealers to be patient in the run-up to the resumption of operations at Longbridge. The paper quoted the company as saying: "We believe the global sales network of former MG Rover is a valuable treasure. And to make full use of this treasure is a key factor for the success of Nanjing in the MG project." Nanjing is said to be eyeing to bring the MG TF sports car and the Rover 75-based ZT models back in the market. However, industry sources predict these cars to be built by early 2007 yet. Alan Pulham, former director of the National Franchised Dealer Association, said: "How do you hang on until they're producing cars? Nanjing will have to find a new network." Meanwhile, Richard Cort, President of the U.K. MG Rover Dealers' Council, said he is positive about the carmaker's future based on the meetings he has attended since Nanjing took over. He added: "The discussions were positive, and there was what I would call a semi-proposal." CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com NANJING AUTOMOBILE (GROUP) CORPORATION General Management Division Phone: 86-25-3432671 Fax: 86-25-3111295 3417873 E-mail: bnj3111037@jlonline.com Web site: http://www.nanqi.com.cn MOTORSAFE RESCUE: Administrators Take over Firm ----------------------------------------------- Ian J. Gould and Edward T. Kerr (Office Holder Nos 7866, 9020) of PKF (UK) LLP were appointed administrators of Motorsafe Rescue Services Limited (Company No 1752845) on Nov. 29. Motorsafe Rescue Services -- http://motorsaferescue.co.uk/-- began trading in 1979 from premises in Alum Rock Birmingham. It specializes in the recovery of disabled vehicles. The company operates across the West Midlands region and has a depot in Coventry. CONTACT: MOTORSAFE RESCUE SERVICES LIMITED Rescue House Midland Street Bordesley Green Birmingham B9 4DG Phone: 0121 333 7555 E-mail: reception@motorsaferescue.co.uk PKF New Guild House 45 Great Charles Street Queensway Birmingham West Midlands B3 2LX Phone: 0121 212 2222 Fax: 0121 212 2300 E-mail: ian.gould@uk.pkf.com NTL INC.: Sir Richard Ready to Sell Virgin Stake at a Discount -------------------------------------------------------------- The majority shareholder and founder of Virgin Mobile Holdings is ready to accept a lower offer for his stake in the mobile telephone group in exchange for higher license fee for the use of the Virgin brand. According to the Financial Times, Sir Richard Branson was last week willing to sell his 72% stake to NTL Inc. for 300 per share, below the 323p per share offered to minority investors. Virgin Mobile's board has rejected that offer. Standard & Poor's Ratings Services placed its ratings for NTL Inc., including the 'B+' corporate credit rating, on CreditWatch with developing implications, following the company's announcement of its cash and equity bid for Virgin Mobile PLC. "Potential for a negative action exists considering the cumulative risks that NTL would have to manage in integrating a business with a different customer base, product, and culture, as well as in developing a compelling quadruple-play offering," said Standard & Poor's credit analyst Simon Redmond. NTL's offer for Virgin Mobile follows its announced acquisition of Telewest Communications Networks Ltd. The combined company is negotiating to use the Virgin brand name. Total debt at NTL of GBP2.3 billion at Sept.30, 2005, could increase to about GBP6.3 billion pro forma for the Telewest acquisition and potential Virgin Mobile transaction. CONTACT: NTL INCORPORATED Bartley Wood Business Park Bartley Way Hook Hampshire R627 9UP Phone: +44-1256-75-2000 Fax: +44-1256-75-4100 Web site: http://www.ntl.com\ NYKRIS DIGITAL: Benedict Mackenzie Liquidator Moves in ------------------------------------------------------ N. A. Barton, chairman of Nykris Digital Design Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 11 at 62 Wilson Street, London EC2A 2BU. Laurence Pagden of Benedict Mackenzie LLP, of 62 Wilson Street, London EC2A 2BU was appointed liquidator. CONTACT: NYKRIS DIGITAL DESIGN LTD. 148 Curtain Road Shoreditch London UK EC2A 3AT E-mail: hello@nykris.com Phone: 020 7749 9349 Fax: 020 7729 8188 Web site: http://www.nykris.com/ BENEDICT MACKENZIE 62 Wilson Street London EC2A 2BU Phone: 020 7247 1174 Fax: 020 7247 3494 E-mail: i.williams@bmaclondon.com OBORNE AND ANDREWS: Hires Mazars as Administrator ------------------------------------------------- Timothy Colin Hamilton Ball and Lucinda Ann Field (IP Nos 8018, 9295) of Mazars LLP were appointed joint administrators of Oborne And Andrews (Plumbing And Heating Engineers) Limited (Company No 01431508) on Dec. 1. CONTACT: MAZARS LLP Clifton Down House Beaufort Buildings Clifton Down, Clifton Bristol, Avon BS8 4AN Phone: 0117 973 4481 Fax: 0117 974 5203 E-mail: tim.ball@mazars.co.uk POT BLACK: Tandem Group to Close Facilities in Devon ---------------------------------------------------- Tandem Group plc, the sports and leisure equipment manufacturer and distributor, is issuing an update on its Pot Black snooker, pool and outdoor leisure business. In our interim statement issued on 24 August 2005 we reported that the decision had been made to merge the Pot Black operations within the Group's MV Sports & Leisure business and that the assembly operations in Devon would significantly reduce or cease. The sales and administrative functions were combined at the beginning of August resulting in cost savings. The Pot Black assembly operations will cease in January 2006. At the same time the Pot Black distribution facility in Devon will be closed and moved to the West Midlands alongside the Group's MV Sports & Leisure, Dawes Cycles and Ben Sayers businesses. As a result additional costs and provisions will be incurred taking the total exceptional restructuring costs of Pot Black to around GBP1.2 million for the year. It is expected that the Group's turnover for the year to 31 January 2006 will be approximately GBP42 million with an operating loss around GBP150k, before exceptional items and goodwill amortization. * * * Tandem group said at its interim statement in August that the poor performance from Pot Black in the latter part of the previous financial year continued into this year. CONTACT: TANDEM GROUP PLC 9a South Street Crowland Peterborough PE6 0AH United Kingdom Phone: (01733) 211399 Fax: (01733) 211933 PRINCETON CHEMICALS: Administrators from Begbies Traynor Move in ---------------------------------------------------------------- Paul Michael Davis and Nicholas Roy Hood (IP Nos 7805, 8350) of Begbies Traynor (South) LLP were appointed administrators of Princeton Chemicals Ltd. (Company No 01834378) on Dec. 1. Its registered office is at 112 Midland Road, Luton LU2 0BL. CONTACT: PRINCETON CHEMICALS LIMITED 112 Midland Road, Luton, Bedfordshire, United Kingdom LU2 OBL Phone: 44 1582 722317 Fax: 44 1582 722890 Mobile: 00447831541292 BEGBIES TRAYNOR Chiltern House, 24-30 King Street, Watford WD18 0BP Phone: 01923 812900 Fax: 01923 812999 Web site: http://www.begbies.com RIVERSIDE FABRICS: Textile Manufacturer Calls in Administrator -------------------------------------------------------------- Keith Hinds and Joseph P. McLean (IP Nos 6745, 8903) of Grant Thornton UK LLP were appointed joint administrators of Riverside Fabrics Limited (Company No 04720714) on Nov. 25. Its registered office is at Riverside, Keighley Road, Silsden, West Yorkshire BD20 0EG. The company manufactures other textiles. CONTACT: RIVERSIDE FABRICS LTD. Riverside Works, Keighley Road Keighley BD20 0EG United Kingdom Phone: +44 (1535) 65 06 50 GRANT THORNTON UK LLP St Johns Centre 110 Albion Street Leeds West Yorkshire LS2 8LA Phone: 0113 245 5514 Fax: 0113 246 0828 E-mail: keith.hinds@gtuk.com ROYAL MAIL: Mulls GBP2 Billion Fundraising ------------------------------------------ The Department of Trade and Industry is talking with HSBC, Lazard and Merrill Lynch regarding a possible GBP2 billion rights issue at Royal Mail, according to The Times. The fundraising could give the government additional shares in the group. It holds only half of Royal Mail's 100,000 shares in issue despite being a sole shareholder. Royal Mail has appointed Morgan Stanley and NM Rothschild to advise it on the fundraising. Royal Mail intends to draw up detailed proposals on the issue by the middle of next month, the report said. The company needed cash to automate its postal system to better compete when the sector is opened for privatization next year. It also needed cash to fill a GBP4.25 billion deficit that threatens to increase to GBP6.2 billion The firm generates about GBP500 million cash a year, and expects to pay about GBP450 million to cover the pension shortfall. The contribution could increase to almost GBP1 billion a year on a worst case scenario as the deficit may rise to GBP6 billion to cover the costs of people living longer, according to The Guardian. The government has already ruled out providing financial help to the firm as this would breach European Union state aid laws. CONTACT: ROYAL MAIL 148 Old Street London EC1V 9HQ Web site: http://www.royalmail.com MORGAN STANLEY 1585 Broadway New York, NY 10036 Phone: (212) 761-4000 Web site: http://www.morganstanley.com/ NM ROTHSCHILD Web site: http://www.nmrothschild.com/home/ S C GORDON: Hires Mazars as Administrator ----------------------------------------- Martin Dominic Pickard (IP No 6833) of Mazars LLP was appointed administrator of S C Gordon Limited (Company No 00945527) on Dec. 1. CONTACT: MAZARS The Atrium Park Street West, Luton, Bedfordshire LU1 3BE Phone: 01582 700700 Fax: 01582 700701 Web site: http://www.mazars.co.uk SUGAR LOUNGE: Names Geoffrey Martin & Co. Administrator ------------------------------------------------------- Stephen Hull and Geoffrey Martin (IP Nos 0/008321/01, 0/002207/01) of Geoffrey Martin & Co. were appointed administrators of Sugar Lounge (UK) Limited (Company No 04723990) on Nov. 23. The company operates a bar and nightclub. CONTACT: GEOFFREY MARTIN & CO. St. James's House 28 Park Place Leeds West Yorkshire LS1 2SP Phone: 0113 244 5141 Fax: 0113 242 3851 E-mail: geoffrey.martin@geoffreymartin.co.uk SUPACADDY LTD.: Joint Liquidators from Vantis Move in ----------------------------------------------------- F. Tsui, chairman of Supacaddy Limited, informs that resolutions to wind up the company were passed at an EGM held on Nov. 15 at 67 Butts Green Road, Hornchurch, Essex RM11 2JS. J. S. French and G. Mummery of Vantis Redhead French Limited, 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX were appointed Joint Liquidators. CONTACT: SUPACADDY LTD. 23 Seax Court Basildon SS15 6SL Phone: 01268 493424 VANTIS REDHEAD FRENCH LIMITED 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX Phone: 01708 458211 Fax: 01708 442308 E-mail: jeremy.french@vantisredheadfrench.co.uk T J MCCARTER: Hires Administrator from O'Hara Administrator ----------------------------------------------------------- Peter O'Hara (IP No 6371) of O'Hara & Co was appointed administrator of T J McCarter (Plant) Limited (Company No 03468698) on Nov. 22. CONTACT: O'HARA & CO. Wesley House Huddersfield Road Birstall Batley West Yorkshire WF17 9EJ Phone: 01924 477449 Fax: 01924 475262 E-mail: insol@ohara.co.uk UK AUCTION: Appoints Begbies Traynor Liquidator ----------------------------------------------- C. G. Sutton, chairman of UK Auction Rooms Ltd., informs that resolutions to wind up the company were passed at an EGM held on Nov. 14 at 4th Floor, General Building, Brayford Wharf East, Lincoln. Peter A. Blair and Paul Finnity of Begbies Traynor, Regency House, 21 The Ropewalk, Nottingham NG1 5DU were appointed Joint Liquidators. CONTACT: UK AUCTION ROOMS LTD. Phone: 0845 230 4202 Fax: 01652650085 E-mail: auctions@ddmauctionrooms.co.uk Web site: http://www.ddmauctionrooms.co.uk/ BEGBIES TRAYNOR Regency House, 21 The Ropewalk, Nottingham NG1 5DU Phone: 0115 941 9899 Fax: 0115 945 4845 Web site: http://www.begbies.com UK NARROW: Administrators from Grant Thornton Enter Firm -------------------------------------------------------- Leslie Ross and Keith Hinds (IP Nos 7244, 6745) of Grant Thornton UK LLP were appointed administrators of UK Narrow Fabrics Limited (Company No 05241787) on Nov. 30. The company manufactures and designs narrow fabrics. CONTACT: GRANT THORNTON Heron House, Albert Square MANCHESTER M60 8GT Phone: 0161 834 5414 Fax: 0161 832 6042 Web site: http://www.grant-thornton.co.uk UNIQ PLC: Northern European Arm Has New Managing Director --------------------------------------------------------- Uniq plc has appointed Frans Rombouts (50) as Managing Director of its Northern European division. Mr. Rombouts is currently President & CEO of the Columbus Steel Group and the Saillart Stone Group. Frans Rombouts started his career as Sales Manager with Interbrew and has subsequently held numerous senior executive positions including CEO of the Belgian Post, Group Director at Campina and President & MD of McCain Frozen Foods division. Simon Atkinson, who is currently Managing Director Northern Europe, will manage a controlled handover of his responsibilities during the next 3 months. Geoff Eaton, chief executive Uniq plc, said: "Frans has extensive experience in the fresh and frozen food sector and I am confident that his leadership, combined with the excellent team already in place, will put the businesses in Northern Europe in the best position to succeed in a tough market environment. I would like to thank Simon for his contribution to the Northern European business." * * * In August, Uniq plc, the European convenience foods group, sold its Nordic Salads business to Rieber & Son A.S.A. for EUR14 million. This was in line with the Company's strategy of focusing on building stronger product category positions in each of the Group's principal geographical regions, namely the U.K., France, Spain and Germany/Benelux. About EUR13 million of the purchase price will be paid immediately, with the balance due on 30 August. The proceeds will be used to reduce Group borrowings. In July, the company admitted that U.K. sales are starting to show an improving trend versus last year's second half. The sandwich and salad businesses have performed ahead of expectations, while the fish division has successfully passed on much of the impact of higher salmon prices. However, profit contribution from the Desserts category was, however, well behind expectations. Continuing business turnover for the first three months was 0.6% down against the prior year and, as expected, operating profit was significantly lower. CONTACT: UNIQ PLC 1 Chalfont Park Gerrards Cross Buckinghamshire SL9 0UN Phone: +44-1753-276-000 Fax: +44-1753-276-071 Web site: http://www.uniq.com GAINSBOROUGH Julian Walker Phone: 020 7190 1705 WATERFORD WEDGWOOD: Non-executive Director Steps down ----------------------------------------------------- Waterford Wedgwood plc disclosed Tuesday that Gerald P. Dempsey has resigned as non-executive director of the Company. * * * Waterford Wedgwood's 7 for 11 Rights Issue of 1,691,857,115 Rights Issue Units, at EUR0.06 per unit to raise approximately EUR101 million gross of expenses, closed on 18 July 2005. The Company received valid acceptances in respect of 528,540,678 Rights Issue Units from Qualifying Stockholders, representing an aggregate take-up of approximately 31.24% of the total number of Rights Issue Units offered. Birchfield Holdings Limited (a company owned and controlled by Sir Anthony O'Reilly and Peter John Goulandris, the Chairman and Deputy Chairman respectively), which underwrote 100% of the Rights Issue, is subscribing for the balance of 1,163,316,437 Rights Issue Units in accordance with the terms of the Underwriting Agreement. The proceeds will be used to finance a major restructuring program which is expected to cost around EUR90 million, including EUR6.5 million which has already been spent. Targeted annualized cost savings from the restructuring program are EUR90 million. The proceeds of the Rights Issue will also improve the Group's liquidity. CONTACT: WATERFORD WEDGWOOD PLC Barlaston, Stoke-on-Trent Staffordshire United Kingdom Phone: +44 (0)1782 282686 Fax: +44 (0)1782 204666 E-mail: marni.shapiro@waterfordwedgwood.com Web site: http://www.waterfordwedgwood.com YES PRINT: Files for Liquidation -------------------------------- Yes Print Ltd. informs that resolutions to wind up the company were passed at an EGM held on Nov. 15 at O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ. Peter O'Hara of O'Hara & Co, Wesley House, Huddersfield Road, Birstall, Batley WF17 9EJ was appointed liquidator. CONTACT: YES PRINT LTD. 624 Bradford Road Batley West Yorkshire WF17 8HF Phone: 01924 442533 Web site: http://www.yesprint.biz O'HARA & CO. Wesley House Huddersfield Road Birstall Batley West Yorkshire WF17 9EJ Phone: 01924 477449 Fax: 01924 475262 E-mail: insol@ohara.co.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-publ ished by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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