/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000810.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, August 10, 2000, Vol. 1, No. 67 Headlines B E L G I U M VLAAMSE MILIEUHOLDING: Belgian Venture Capitalists Seek Partners G R E E C E OLYMPIC AIRWAYS: Greece Moves To Privatize Airline OLYMPIC AIRWAYS: PricewaterhouseCoopers to Take Over Management I R E L A N D HIBERNIA FOODS: Posts ?10.4m Net Loss ULSTER BANK: Reports ?4.2 Million Settlement ULSTER BANK : To Make I?4.2m (?3.2m)in Tax Settlement I T A L Y TELEMONTECARLO: Seat Buys 75% Stake N O R W A Y SYNNOVE FINDEN: Post NOK 2.1 million Q2 loss R U S S I A ALTAIGAZPROM: Reports Deficiency in Funds GAZPROM: EBRD Intends to Grant USD 250 Mln Credit VARYEGANNEFTEGAZ: Sidanko Losing Control Over Varyeganneftegaz S L O V A K I A (S L O V A K R E P U B L I C) VSZ STEEL: Troubled Steel Mill Ready for U.S. Takover VSZ STEEL: U.S. Steel to Assume USD 325 Million Debts S W E D E N DRESSMART: Sells Assets Ahead of Restructuring Announcement U N I T E D K I N G D O M ALLIED DUNBAR: Sues Ex-employee Fraud Suspect for ?1.7m AMBISHUS : Prepares to Privatize BREAKCHOOSE LTD: Notice of creditors meeting BRINKSHELF 209 LTD: Notice of creditors meeting BRITISH AIRWAYS: Seeks Revival CLICKMANGO.COM: Ailing Health E-Tailer Wins Reprieve COLT: Misfires on Leadership Blow CRESTPLAZA LTD: Notice of creditors meeting DENCORA: Cargill Buys in a ?74.6m Deal ET 2000 LTD: Notice of creditors meeting ELMORE PROJECTS LTD: Notice of creditors meeting EQUITABLE LIFE: Action Group Explores Options EQUITABLE LIFE: Sale Windfalls May Exceed ?6,000 ESSEX LOFT CONVERSIONS LTD: Notice of creditors meeting GO: Ryanair won't rule out acquiring troubled Go HYDER: Nomura Seeks Sealed Bids HYDER PLC: WPD to Buy Back Bonds if Bid Succeeds LLOYD: To Sell Former Head Office LONDON DAMAGE CONTROL LTD: Notice of creditors meeting M D DESIGNS LTD: Notice of creditors meeting METPOWER LTD: Notice of creditors meeting NATIONAL AIR TRAFFIC SERVICES (NATS): IAA Group Vie for Stake NEATLOOK LTD: Notice of creditors meeting NOBILITY BUILDERS LTD: Notice of creditors meeting POLAR THERMAL PRODUCTS LTD: Notice of creditors meeting S P MANUFACTURING CO LTD: Notice of creditors meeting SEAFEVER LTD: Notice of creditors meeting SENSIBLE MOTORING LTD: Notice of creditors meeting SMITH SOUTHALL SOLUTIONS LTD: Notice of creditors meeting SUNDANCER LTD: Notice of creditors meeting TELEWEST: To Cut Net Access Fee TELEWEST: Speculation Grows Over Takeover TRINITY CAR CO LTD: Notice of creditors meeting SWALEC: Scottish and Southern Energy PLC Buys Swalec for ?210m ZINCWAY DEVELOPMENTS LTD: Notice of creditors meeting ============= B E L G I U M ============= VLAAMSE MILIEUHOLDING: Belgian Venture Capitalists Seek Partners -------------------------- August 8,2000 The Financial Times report that Vlaamse Milieuholding (VMH), an environmental venture capital agency backed by the government of Flanders, is looking for partners to set up a venture capital fund dedicated to renewables. VMH has enlisted the help of Artesia Bank to organise a private placement of shares in the fund. It hopes to raise EUR15m backed by commitments for another EUR35m. It is looking for investors to put in EUR1-2m each. The new fund, called Sustainable Energy Ventures, would be an extension of VMH's existing activity, as it is already a shareholder in Turbowinds. With Belgium virtually certain to set renewables quotas within the next year, VMH feels certain it will find the necessary capital. =========== G R E E C E =========== OLYMPIC AIRWAYS: Greece Moves To Privatize Airline ------------------------ ASSOCIATED PRESS August 8, 2000 The government will seek European Union permission to cover growing debts at Olympic Airways, in a bid to privatize the troubled state-run carrier, Greece's transport minister said yesterday. ``It will be the last time, because after that (the airline) will be sold to the private sector'' Christos Verelis said in an interview with the daily Ta Nea. The government is seeking to sell up to 65 percent of Olympic, which has accumulated debt worth $111 million (40 billion drachmas). Verelis said Olympic's management would be handed to financial consultants until a buyer is found. Olympic has been seeking an international airline partner since June, when British Airways abandoned plans to purchase a stake in the Greek carrier. B.A.'s subsidiary, Speedwing, gave up Olympic's management after the decision was announced. Critics have described Speedwing's handling of the airline as disastrous, arguing that the airline's losses increased. Greece's government, which has on several occasions poured money into Olympic, must be made exempt from European Union competition regulations to cover its current debts. OLYMPIC AIRWAYS: PricewaterhouseCoopers to Take Over Management ---------------------- ATHENS NEWS August 8, 2000 "The next six months will be trying for Olympic Airways," Transport Minister Christos Verelis told daily Ta Nea in an interview yesterday, but added that if the ailing national carrier manages to survive and overcome its difficulties, then there may be some hope of drawing up a positive plan and finding a buyer interested in acquiring a majority stake in the company. The government yesterday assigned Price Waterhouse Coopers with the airline's financial management. With an accumulated debt of over 40 billion drachmas, OA faces financial collapse if there is no proper management until its sale. The move aims to bring some financial health to the carrier before the sale of up to 65 percent of its shares, however, there has still not been any essentially interested buyer. Verelis pointed out that Olympic will only attract investor interest when it manages to be on a par with its European counterparts. Which means, he continued, that there must be flexibility as far as personnel issues are concerned. British Airways subsidiary Speedwing won an $8.85 million 20- month contract to manage Olympic last year, but decided in June to opt out of buying a 20 percent stake in the carrier. The government decided to ditch Speedwing this past June and has since been on the lookout for a new partner. Speedwing's management of the airline has been sharply criticised as being "disastrous", leading to heavy losses. Olympic has been profitless for the past 20 years and the state can no longer subsidise it in line with EU rules. The government must be made exempt from EU competition regulations if it is to cover its current debts. The outgoing British managing team reported over $59 million in losses in 1999, while profits seem unlikely before the end of 2001. Verelis predicted that the new Spata airport and the 2004 Olympics in Athens are two positive factors that will contribute to the national carrier's improved financial health. OA's relocation to the new airport is being carried out as planned and the European Union has agreed to raise it funds for this purpose by an additional 10 billion drachmas. ============= I R E L A N D ============= HIBERNIA FOODS: Posts ?10.4m Net Loss ------------------------- IRISH INDEPENDENT August 8, 2000 Hibernia Foods, the Nasdaq-quoted manufacturer of branded cakes and ready-meals, has reported a 31.5pc rise in net losses for the year. The Dublin company, whose chairman and chief executive is Oliver Murphy, said yesterday that net losses for the year to March 31 amounted to ?10.4m. After deducting interest and other charges of ?7.78m, the net loss jumped from ?7.91m in 1999. The net loss figure meant losses per share were 11pc higher at ?1.22. Sales for last year jumped 40pc to ?90m as the group divided its business into three separate divisions: frozen desserts, frozen ready-meals and Entenmann's branded cakes. As part of the restructuring, Hibernia appointed the former chief executive of Glanbia UK, Paul Simmonds, as its British chief executive. Operating losses for the year were 18.6pc higher at ?2.61m, but the company said this figure included one-off set-up and commissioning costs. Hibernia Foods said it had completed a major financing which would result in annual interest savings of around ?5.3m from April 2001 and would improve the balance sheet. The company explained that last year there was greater expenditure on senior personnel and higher costs associated with the new ready-meals facility. The balance sheet shows the group has total current liabilities of ?42.6m, up from ?23.1m in 1999. The company also released results for the three months to June 30. In a more upbeat statement, Hibernia Foods said the net loss for the first quarter was 31.7pc lower at ?2.5m, before extraordinary items were accounted for. Revenues rose 27pc to ?22.44m, with all divisions showing double digit growth. The company said it had completed a ?2m capital investment and Entenmann's was now the UK's fastest growing cake brand. And the goal was organic revenues of $150m and there was potential for acquisitions. For the fourth quarter, sales rose 12pc to ?21.38m. However for the three months to last March, operating losses rose 284pc to ?3.61m. The net loss in the last quarter was 67.6pc higher at ?6m. Commenting on the annual results, Mr Murphy said in a statement the company had invested heavily in production and personnel resources to lay the foundation for future growth. In the last quarter, Hibernia Foods had $33m invested in it by a group of European institutional investors led by Pan European Food Fund. The funds were used to fully prepay a $40m of loan notes. ULSTER BANK: Reports ?4.2 Million Settlement --------------------- THE IRISH TIMES August 9, 2000 The chairman of the Ulster Bank group, Sir George Quigley, told the D il Public Accounts Committee hearings last year that the bank's liability for unpaid DIRT was likely to be "very, very considerably less" than ?900,000 (euro 1.14 million). The Revenue and the group yesterday announced a settlement of ?4.2 million, comprising a liability of ?1.7 million and interest and penalties of ?2.5 million. Sir George told the committee last December that discussions with the Revenue would establish the precise figure but that it would be "a lot less" than a ?900,000 estimate which have been given "quite a lot of currency". The Comptroller and Auditor General, Mr John Purcell, in his report for the PAC hearings, said the Ulster Bank group's financial controller had come up with a potential DIRT liability of ?900,000. The controller had said that this was his "most pessimistic calculation" and one which the executive considered "excessive". The PAC inquiry heard that the bank found "five or six" bogus accounts since Sir George had become chairman in 1989. However, a review of documentation in 1991 had found that in only 25 per cent of cases was it satisfactory. Following this review, a memo was sent to all branches, stating that any breaches of the rules would be considered a serious matter. Mr Oliver Lynas, the head of group compliance, told the hearings that the six bogus accounts discovered since 1989 had been closed and the money returned to the depositors. The business was not wanted, he said. The bank was under great pressure because it was expanding in a buoyant economy, he said, but tackling the bogus non-resident account issue was "very much at the top of our agenda". In his evidence to the September hearings, the group's chief executive, Mr Martin Wilson, expressed doubt that persons wanting to evade tax would purposely complete inadequate declaration of non-residency forms. However, he agreed with the PAC chairman, Mr Jim Mitchell, that the law on DIRT compliance was precise and that where the paperwork was incomplete, the bank was obliged to deduct DIRT from non-resident accounts. Mr Purcell's report stated that the Ulster Bank group had 3.46 per cent of the non-resident deposit market on November 30th, 1998, and that in 1998 non-resident accounts made up 8.9 per cent of the value of the group's deposit book. ULSTER BANK : To Make I?4.2m (?3.2m)in Tax Settlement ----------------------------- August 8,2000 Financial Times reports that the Ulster Bank, the Royal Bank of Scotland's Irish subsidiary, is to make a I?4.2m (?3.2m) settlement with the Irish tax authorities after a parliamentary probe into the misuse of non-resident bank accounts. The settlement represents another important victory for the parliamentary public accounts committee after its investigation into the consequences of a tax scheme introduced in the 1980s. ========= I T A L Y ========= TELEMONTECARLO: Seat Buys 75% Stake ------------------ August 8,2000 Seat Pagine Gialle, Italy's leading directories publisher, has reached a deal to buy 75 per cent of Telemontecarlo, an Italian broadcaster with two national stations, for L750bn ($352m), according to Financial Times. Seat, which is being acquired by Telecom Italia through its Tin.it internet arm, said it would pay for 25 per cent of the purchase through a L250bn capital increase, and the rest with the issue of new Seat shares. The Cecchi Gori media group, which owns Telemontecarlo, will retain 25 per cent of the company and join Seat's board. Under the terms of the deal, Seat and Cecchi Gori will also form a joint venture, 75 per cent controlled by Cecchi Gori, to develop digital broadcasting services. Seat shares, which rose 5 per cent in anticipation of the deal, were down 0.87 per cent at E3.87 in early afternoon trade on Tuesday. The acquisition, which the two parties began negotiating in mid- July, has aroused political controversy. Such a competitive strategy proved unsuccessful for Telemontecarlo's previous three owners. Telemontecarlo is thought to be losing about L60bn (E31m, $28m) annually on turnover of L140bn. Seat will try to exploit synergies between the TV networks and its existing internet business, using the channels to promote the Virgilio website, The takeover of Telemontecarlo followed last weeks announcement by Telecom Italia that it had increased its stake in Seat to 29.9 per cent and would be launching an offer for the directories publisher. Italy's competition authority gave its go-ahead to the takeover on 27 July. Telecom Italia's shareholders will meet to approve the operation, which will be followed by the spin-off of the telecommunications group's Tin.it internet subsidiary and its merger with Seat, on 10 August, accordingly. =========== N O R W A Y =========== SYNNOVE FINDEN: Post NOK 2.1 million Q2 loss --------------------- THE NORWAY POST August 8, 2000 Synnove Finden, the dairy company which dares to challenge the gigantic Tine dairy system, reports lower losses than earlier, but is having big problems with its new line of brown goat milk cheese. Synnove Finden's second quarter operating result was a loss of NOK 2.1m, compared with a loss of NOK 8.4m in the same quarter last year. The result improved from a loss of NOK 7.8m to a loss of NOK 4.1m. Sales increased from NOK 98.8m last year to NOK 111.9m in the second quarter this year. In the second quarter this year, the dairy producer had a significant negative result effect because of introduction problems with its new line of brown goat milk cheese. Measures are reportedly being taken. At the same time, Synnove has improved its market position for its line of ordinary yellow cheese. This has been done with the introduction of a pre-sliced variety and new packaging, reports the company. =========== R U S S I A =========== ALTAIGAZPROM: Reports Deficiency in Funds -------------------- SKRIN ISSUER August 8, 2000 Altaigazprom debts due to Vostockgazprom amounts to RUR 16,315,000. This may hamper preparation to the heating season and create deficiency in funds for financing installation of gas services in Altai Territory. GAZPROM: EBRD Intends to Grant USD 250 Mln Credit ---------------- SKRIN Issuer August 8, 2000 European Bank for Reconstruction and Development intends to grant a USD 250 mln credit to Gazprom to upgrade Gazprom business accounting. This will allow gas giant to make its activities more transparent. Since August 1998, Gazprom is the first Russian company to be granted such a sizeable credit. In May, EBRD allotted USD 150 credit to LUKOIL. VARYEGANNEFTEGAZ: Sidanko Losing Control Over Varyeganneftegaz ------------------------- THE MOSCOW TIMES August 9, 2000 Oil major Sidanko's production subsidiary Varyeganneftegaz slipped further from Sidanko's grasp Monday after its major creditor Alyans Group won a court case to install its manager at Varyeganneftegaz. Varyeganneftegaz, which produces 2.5 million tons of oil a year, came under bankruptcy proceedings in April 1999 when a regional medical insurance fund brought a law suit against it over unpaid mandatory contributions. Alyans' subsidiary Alyans Capital now holds 70 percent of Varyeganneftegaz creditors' debt. External management was introduced in July last year, with managers supported by Alyans or Sidanko put in charge of the western Siberian company at different times. The Khanty-Mansiisk arbitration court on Monday installed Leonid Borzunov as the external manager at Varyeganneftegaz. Recommended by the local administration, a creditors' meeting July 19 approved Borzunov's appointment. Sidanko says it had expected the bankruptcy process to end because it had paid in full its debts to the budget and creditors amounting to 400.9 million rubles ($14.5 million) and 358 million rubles, respectively. Alyans refuses to recognize the debt payment, which it says was illegal. Alyans argues that Sidanko as a creditor should have had an agreement with Varyeganneftegaz on debt payment and that the agreement should then have been approved at a creditors' meeting. Sidanko made no agreement nor did a creditors' meeting approve an agreement, Alyans spokesman Sergei Vakunov said Tuesday. He added that "neither the creditors nor the budget organizations have received anything, Sidanko's payment of debts is nothing but a declaration." Vakunov also said that should a creditors' meeting decide to auction Varyeganneftegaz to cover the debts, Alyans will take part in the bidding. Sidanko spokesman Denis Davydov said Tuesday that Sidanko intends to appeal Monday's court ruling. He had no further comment. Dmitry Avdeyev, oil analyst at United Financial Group, said it was hard to say what the outcome of litigation between Alyans and Sidanko will be. He said that Varyeganneftegaz should be earning at least $150 million a year, which is much greater than the production unit's debts. "Sidanko has sufficient cash flows to pay the debts of Varyeganneftegaz, but Alyans does not want to accept this payment," Avdeyev said. "The bankruptcy proceedings are being manipulated by Alyans. It is obvious that its [Alyans'] task is not getting the debt payment, but to get control of the enterprise." ================================================ S L O V A K I A (S L O V A K R E P U B L I C) ================================================ VSZ STEEL: Troubled Steel Mill Ready for U.S. Takover -------------------- CENTRAL EUROPE INVESTOR ONLINE & REUTERS August 8, 2000 Gabriel Eichler, president of the troubled VSZ steel mill in Kosice, eastern Slovakia, said on Tuesday the firm is back in shape and ready for an expected takeover by U.S. Steel in September. The takeover has been on the cards since Eichler was appointed the head of the steelmaker in 1999, following negotiations with creditor banks after VSZ failed to repay a USD 35 Million syndicated loan arranged by Merril Lynch. Before the financial crisis, VSZ accounted for seven percent of Slovakia's gross domestic product and ten percent of exports, but it was overtaken last year by a Volkswagen unit in Bratislava as the country's biggest exporter. However, Eichler told Reuters in an interview that the steelmaker's worst times are over. "Many people considered our plan on the basis of which we were trying to sell the company (to a strategic investor) as too ambitious," said Eichler. He said the company managed to cut costs by discontinuing exclusive agreements with some suppliers and selling off some VSZ assets. "Also, steel prices are now back to the (pre-crisis) 1998 level," Eichler said. "However, we - the management - were conservative in our (sales) plan...we were hoping for more, and we were right," said Eichler, referring to the VSZ core company's first half of 2000 net profit of SKK 1.9 Billion (USD 41 Million). In this period, VSZ produced 1,588,000 tons of rolled steel, which makes up for 90 percent of VSZ sales. VSZ STEEL: U.S. Steel to Assume USD 325 Million Debts ------------------ CENTRAL EUROPE INVESTOR ONLINE & REUTERS August 8, 2000 In May, VZS shareholders gave management the green light to negotiate U.S. Steel's entry into VSZ's steel making operations. The takeover is expected to be finally approved by a VSZ shareholders' meeting due by the end of September. U.S. Steel offered an up front payment of USD 60 Million, and pledged to assume debts of USD 325 Million, to pay tax arrears and invest USD 700 Million in the steel plant. Eichler said the management was finishing with sales of firms that U.S. Steel was not interested in, such as selling a ceramics plant this week to a Belgian investor. Banks, state pensions and health care agencies have been repaid from these sell-offs. "We have managed to repay the debts from our own cash flow...we have not asked the state for privileges," he said. He also said a scheme for the payment of tax arrears was now "basically agreed on" with the finance ministry. But he did not agree that VSZ owes the state tax payments in the area of ten billion crowns, as finance minister Brigita Schmognerova had said in July. "The sum is much lower," Eichler said. He also said VSZ plans to invest SKK 2.0 Billion into modernization in 2000. Other investments should be made later by U.S. Steel to help capture the lucrative car industry market. =========== S W E D E N =========== DRESSMART: Sells Assets Ahead of Restructuring Announcement ------------------------------ DAGENS INDUSTRI & WORLD REPORTER August 5, 2000 Dressmart, the Swedish internet retailer, is now trying to sell its offices in Stockholm, in order to reduce costs as much as possible before the company's fate is decided on Tuesday this week. The offices are located in the city of Stockholm, and cost Dressmart about SKr4m per year to rent for 1,300 square metres. The Swedish company has also recently reduced its work force from 80 to about 60 employees. Dressmart is in the process of trying to find an acquirer for the company, and, on Tuesday, will present a plan of restructuring within the organisation. If the Swedish district court decides that the new plan is financially realistic, Dressmart will survive, but if the plan is considered unrealistic, the Swedish company will be declared insolvent. =========================== U N I T E D K I N G D O M =========================== ALLIED DUNBAR: Sues Ex-employee Fraud Suspect for ?1.7m --------------------------- August 8,2000 The UK financial services group, on Tuesday confirmed it had begun civil proceedings to recover ?1.7m from an employee being investigated for suspected fraud, Financial Times reported. Beryl Rowlands, who worked for Dunbar Bank of Swindon, a subsidiary specialising in corporate and personal loans, was suspended in June after routine checks uncovered the apparent misappropriation of the money. A High Court writ alleges breach of contract, breach of fiduciary duty and trespass to goods by Mrs Rowlands. It seeks to recover the money from her and her husband Paul Rowlands and asks for freezing orders of their assets. Mrs Rowlands, of Blunsdon near Swindon, a city in the south west of England, was questioned by police in June. Police inquiries continue but no charges have yet been laid ,Financial Times said. AMBISHUS : Prepares to Privatize --------------------- August 9,2000 The News Unlimted reports that the Ambishus Pub Company set to go private because they feel unfairly valued by the stock market. The Ambishus Pub Company, which listed in May 1998, is being targeted by a management buyout team led by Philip Snook, its non-executive chairman. Mr Snook has set up a bid vehicle, called Jodsal, for Ambishus together with Mike Mills, another non- executive director, and Donaldson Lufkin & Jenrette, the US investment bank. Mr Snook said it was frustrating that despite beating market expectations, Ambishus's share price has "consistently lagged". One analyst said the shares were worth "150p to 160p top whack". Yesterday they closed down 1p at 139p, valuing the group at ?11.7m. Mr Snook and Mr Mills together own 11 per cent of the company, accordingly. BREAKCHOOSE LTD: Notice of creditors meeting ------------------------ Company Name: Breakchoose Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: The Roslyn Court Hotel 180 Psalter Lane Meeting City Code: Sheffield S11 8US Authorised by: M J Waterfall Director 13/07/00 Last day for proxy: Proxy address: Liquidators: Tracy A Taylor Firm Name: BDO Stoy Hayward Address: The Manor House 260 Eccleshall Road South Sheffield S11 9AT BRINKSHELF 209 LTD: Notice of creditors meeting ------------------------ Company Name: Brinkshelf 209 Ltd Other name: The Midland Motor Museum IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: The Chace Hotel London Road Toll Bar End Meeting City Code: Coventry CV3 4EQ Authorised by: K H Partridge Director Last day for proxy: 02/08/00 Proxy address: Milford House 43-45 Milford Street Salisbury SP1 2BP Liquidators: Barry P Knights Firm Name: Knights & Co Address: Milford House 43-45 Milford Street Salisbury SP1 2BP BRITISH AIRWAYS: Seeks Revival -------------------------- August 7,2000 Acxcording to BBC News the British Airways claimed signs of revival as it said improved staff morale and a focus on high paying passengers were beginning to pay-off. The airline reported an ?8m pre-tax profit in the three months to the end of June, excluding a one-off ?58m loss. Greater competition on North Atlantic routes, higher fuel costs and competition from low-cost carriers caused BA's profitability to plunge last year, when the airline lost ?244m before one-off items. "These results reflect the scale of the challenge we face in a highly competitive and price-sensitive market," said Mr Eddington. BA has made a series of changes in its attempts to return to profitability, including reducing its overall number of passengers and instead increasing its focus on having more premium - business class - passengers per flight. Lord Marshall, BA chairman, said the airline was still in talks with Dutch rival KLM regarding a possible merger or alliance of some sort, per BBC News. CLICKMANGO.COM: Ailing Health E-Tailer Wins Reprieve ---------------------- NEWS UNLIMITED August 7, 2000 Hopes of an 11th-hour rescue for clickmango.com, the online health and beauty products retailer, rose yesterday when the company said it would continue trading beyond its planned closure date at the end of the month. After announcing last week that it was ceasing trading, Clickmango said the attitude of its main creditors and the loyalty of its 20 staff allowed it a stay of execution. The company said it had the resources to operate into September, giving it more time to attract for a rescue bid. "We're feeling cautiously optimistic that an extra month of operation might give us enough time to conclude negotiations with one of the many blue-chip white knights who have made approaches this week," co-founder Robert Norton said in a written statement. The company said traffic on the site, which was begun in April 2000, had quadrupled over the past week and sales had increased by 20%. With investors taking a more hard-nosed view of internet stocks following the share price mania at the end of last year, Clickmango became the latest victim of the new mood when it said it was winding down its business in order to pay staff and creditors in full. Atlas Venture, which last September provided the bulk of the ?3m Clickmango needed to set up and operate for a year, decided to pull the plug at a time when prospects for e-retailers are looking exceedingly grim. Mr Norton said the company had been unable to raise some ?300,000 in bridging finance. Clickmango's woes are the latest in a series of blows to confidence in Britain's internet sector, with business-to- consumer firms facing particular uncertainty after the collapse earlier this year of high-spending fashion retailer Boo.com. The company hired actress Joanna Lumley, who plays Patsy Stone in television comedy Absolutely Fabulous, to endorse its site. Mr Norton founded the company with Toby Rowland, son of the late tycoon "Tiny" Rowland. COLT: Misfires on Leadership Blow ---------------------- August 8,2000 BBC News reports that the share price of Colt Telecom Group has tumbled after chief executive Paul Chisholm announced that he will step down next year. The news overshadowed strong results for the firm, which Mr Chisholm transformed into one of Europe's leading network operators. Colt shares plunged nearly 9% to ?19.65. Mr Chisholm, a US citizen, said he wanted to leave London and spend more time with his family in Boston. However, the firm said he would stay on the company board where he would play an "influential" role. Colt's earnings before interest, tax, depreciation and amortisation were in the black for the fourth quarter running, rising to ?1.6m. Most analysts had expected the firm to plunge back into loss again, possible by as much as ?700,000. A year ago, the firm had made a loss of ?1.4m. Colt's chairman Jim Curvey said: "Strong demand for our range of high bandwidth data, internet and voice services, and expanding product and service portfolio and extended market reach have all contributed to an excellent second quarter performance." However, because of its rapid growth, the firm is still making an operating loss, while cash flow is negative, and Colt executives warned share holders that the situation was likely to get worse. Pre-tax losses amounted to ?33.7m, up from ?26.4m a year earlier. Colt was one of the first challengers of the established players in Europe's telecoms industry. CRESTPLAZA LTD: Notice of creditors meeting ------------------------ Company Name: Crestplaza Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: 63 Walter Road Meeting City Code: Swansea SA1 4PT Authorised by: M J White Director 21/07/00 Last day for proxy: 02/08/00 Proxy address: 63 Walter Road Swansea SA1 4PT Liquidators: Firm Name: Stones & Co Address: 63 Walter Road Swansea SA1 4PT DENCORA: Cargill Buys in a ?74.6m Deal ----------------------- August 8,2000 Dencora became the latest casualty of investor defection from the UK quoted property sector, after agreeing to be bought by Cargill, a US-based investor, in a ?74.6m deal, Financial Times reported. Investors will receive 307p a share, a 65 per cent premium to the closing price on March 27, the day before Dencora announced it was in preliminary discussions with prospective buyers. It joins a string of property companies whose directors have announced full or partial liquidations, or which have agreed to be bought or taken private in recent months. The expected bid activity has helped the property sector outperform the FTSE All-Share Index over the past three months. Last year, it was one of the worst performing sectors. Investors are seeking higher returns from property companies than most have been able to deliver. Roughly 40 per cent of Dencora on a fully diluted basis is in the hands of two directors, while a third shareholder, Schroder Investment Management, with 7.7 per cent, has given irrevocable undertakings to tender its shares. The offer price compares with net asset value of 348p at the company's last balance sheet date, although deferred tax not provided for in the accounts would reduce that by 30p a share. Other potential bidders said the price was higher than they would have offered, with most considering an offer above 300p too high to be feasible. Under the terms of the deal, Sandy Lane, a wholly-owned subsidiary of Cargill, will hold a 97.5 per cent stake in a special-purpose company, Knowle Hill, which will acquire Dencora. The remaining 2.5 per cent of Knowle Hill will be held by Stockbourne, a listed property company whose speciality is asset management. Dencora's shares closed on Tuesday 18p higher at 300�p. ET 2000 LTD: Notice of creditors meeting ------------------------ Company Name: ET 2000 Ltd Other name: Erste Technonik Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.30 am Meeting date: 03/08/00 Meeting address: The Stage Hotel Gregory Boulevard Meeting City Code: Nottingham Authorised by: T Woodward Director 20/07/00 Liquidators: Firm Name: Deliotte & Touche Address: 1 Woodborough Road Nottingham NG1 3FG ELMORE PROJECTS LTD: Notice of creditors meeting ------------------------ Company Name: Elmore Projects Ltd IA 1986 Section: 48 Creditors Meeting Time: 03.00 pm Meeting date: 03/08/00 Meeting address: The Avon Gorge Hotel Sion Hill Meeting City Code: Bristol BS8 4LD Authorised by: T C H Ball Joint Administrative Receiver 14/07/00 Last day for proxy: 02/08/00 Proxy address: Clifton Down House Beaufort Buildings Bristol BS8 4AN Liquidators: Firm Name: Mazars Neville Russell Address: Clifton EQUITABLE LIFE: Action Group Explores Options -------------------- FINANCIAL NEWS August 8, 2000 A small number of members of Equitable Life, the mutual life assurer that put itself up for sale last month, have formed an action group to explore the possibility of salvaging its mutual status. Some 20-30 members of Equitable, which has over 600,000 high value customers, have formed the Equitable Members' Action Group and set-up a website. The group planned to write to Equitable's management this week, and was seeking a meeting to discuss its objectives. EMAG said its principle aim was to obtain and disseminate information on Equitable's position. It has held one meeting since the House of Lords ruled that Equitable directors acted unlawfully in reducing final bonuses paid to 90,000 holders of guaranteed annuity policies, and plans another this week. Secondly, it wants to ensure that the Equitable board evaluates the option of staying mutual, either by remaining independent, or merging with another mutual. Finally, the group is investigating whether any further legal action can be taken to protect the interests of members, particularly the option of ring-fencing funds relating to guaranteed annuity policies. EQUITABLE LIFE: Sale Windfalls May Exceed ?6,000 ---------------------- IRISH INDEPENDENT August 9, 2000 Strong interest in Equitable Life from at least 10 suitors has increased the prospects of a substantial windfall for members. Estimates of the likely price tag for the UK's oldest insurer have increased to stg?4bn-?5bn (IR?5bn-?6bn). Less than IR?2bn of that is required to meet the society's liabilities, although there may also be other costs arising from the sale. But that would still leave a surplus - probably in excess of ?3bn - to be divided among the society's 450,000 with-profits policy- holders. And that would give them an average windfall of well over ?6,000, although some will get more than others. When Equitable was first put up for sale, estimates of its value were as low as ?2.5bn and there was a question mark as to whether a buyer could be found at all. However, a high premium has been placed on the society's low expenses, upmarket customer base and positive, if tarnished, image. The Prudential group has been consistently tipped as the top suitor. However, one commentator noted: ``The Pru sells through brokers. I don't see how that fits in with Equitable's direct sales approach.'' He suggested that one of the large European insurers could make a better fit. Meanwhile, in the UK, an action group has been formed to prevent the Equitable from demutualising - although this has little hope of success, given the society's financial predicament. A court ruling forcing it to meet guarantees on annuities to 90,000 pensioners effectively prevents it from giving decent returns to its other customers for years, unless a buyer with deep pockets is found. Despite the controversy, few Irish customers have cashed in their policies, according to Padraic O'Goilleann, group pensions manager. With-profits policies include a Market Value Adjustment clause which allows insurers to pay out less during a markets downturn if a large number of policyholders attempt to cash in. The MVA has been applied in the UK following a sustained downturn in share values, but it has not been applied in Ireland. ``There hasn't been any run on Equitable Policies. The typical Irish reaction is to ask how much it is worth. We have been trying to manage expectations of a windfall,'' he said, admitting that a sizeable payout should be forthcoming if the forecasts on Equitable's value prove correct. Last year, Equitable wrote 9pc of the Irish pensions market and sold ?75m worth of single premium business, including bonds and annuities. With a direct sales staff of just 25, it notched up a new effective income figure of ?11.8m for last year - almost half that of Standard Life, which has ten times as many staff and a massive broker network to sell through. Those low costs help explain why Equitable is valued so highly as a juicy takeover target. ESSEX LOFT CONVERSIONS LTD: Notice of creditors meeting ------------------------ Company Name: Essex Loft Conversions Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 03/08/00 Meeting address: Langley House Park Road East Finchley Meeting City Code: London N2 8EX Authorised by: Director 19/07/00 Last day for proxy: 02/08/00 Proxy address: Langley House Park Road East Finchley London N2 8EX Liquidators: Firm Name: Langley & Partners Address: Langley House Park Road East Finchley London N2 8EX GO: Ryanair won't rule out acquiring troubled Go -------------- IRISH INDEPENDENT August 9, 2000 Ryanair, the low fares airline headed by Michael O'Leary, said yesterday it would not rule out acquiring British Airways' low fares subsidiary Go if it comes on the market. Ryanair finance director Michael Cawley said, however, that talk of Go coming on the market was ``speculative.'' The speculation followed comments from BA chief executive Rod Eddington on Monday that the success or failure of BA's merger talks with Dutch airline KLM would have implications for Go. UK aviation analysts believe BA will come under pressure from regulators to offload assets such as Go to win approval from the EU for a tie-up with the Dutch national flag carrier. Mr Cawley added that while BA had not yet offered Go for sale, he thought it would be ``hard to sell'' as it was losing money. However, he added: ``We never rule anything out or in.'' Go is a direct competitor of Ryanair's in Europe. HYDER: Nomura Seeks Sealed Bids ---------------------- August 8,2000 The Financial Times reports that the Takeover Panel is considering a request from Nomura, the Japanese investment bank, to settle the long-running battle for control of Hyder, the Welsh utility, by sealed bids. Nomura and Western Power Distribution, a US energy joint venture, have until midnight on Friday to submit final offers for the utility. WPD, owned jointly by Southern Company and Philadelphia Power and Light, last week raised its cash offer to 340p a share, worth ?526m ($794m) topping Nomura's offer of 320p a share, worth ?495m. Nomura is understood to have drawn the panel's attention to the possibility that a buyer could wait until the last minute to table an offer in order to frustrate its rival. The panel last ordered sealed bids to be made in a contested takeover two years ago, when TXU bid ?4.5bn to beat US energy group PacifiCorp for control of Energy Group, owner of Eastern Electricity. Alistair Defriez, the panel's then director-general, had ordered the companies to state the maximum price they were prepared to pay, and the premium they were ready to offer above their rival's best bid. Mr Defriez claimed the procedure would prevent an unseemly rush ahead of the deadline for final offers. A similar procedure is likely if the panel decides that sealed bids are required in Hyder's case. WPD on Tuesday strengthened its bid by announcing that it had reached a deal with Hyder bondholders under which they will forego any say in how the company is restructured. The deal would give investors about ?120m compensation. This could allow WPD to break up Hyder, potentially allowing it to extract more value. The deal reached with bondholders, agreed between Schroder Salomon Smith Barney and four big UK institutional investors, would give investors less than the ?200m they would be legally entitled to under the original terms of their bonds. But bondholders have been keen to reach agreement fearing that a takeover by Nomura, under the present terms, could reduce Hyder's debt rating below investment grade , Financial Times said. HYDER PLC: WPD to Buy Back Bonds if Bid Succeeds ------------------- EUROPEAN INVESTOR & REUTERS August 8, 2000 U.S.-owned WPD Ltd offered on Tuesday to buy back Hyder Plc's bonds if its bid for the company succeeds, cheering bondholders but increasing the likelihood the troubled Welsh multi-utility will be broken up after it is sold. WPD is one of two overseas bidders for Hyder which owns regulated utilities Welsh Water and electricity distributor South Wales Electricity (Swalec). It made a revised offer of 526 million pounds ($792.3 million) last Wednesday, trumping a 495 million pound offer by Japanese investment bank Nomura Securities the previous day. WPD's offer to buy back four sterling bonds issued by Hyder and two issued by Welsh Water Utilities Finance followed negotiations with major bondholders, who are keen to limit potential losses whichever of the two leveraged bids succeeds. Credit rating agencies Moody's Investors Service and Standard & Poor's said last week they expected to slash Hyder group's ratings -- currently single-A -- following its sale, possibly to below investment-grade. The two declined any further statement on Tuesday. WPD said in a statement that holders of around 60 percent of Hyder's 2020 bonds, 34 percent of its 2016 bonds and 14 percent of its 2006 bonds had agreed to back the offer, which requires approval by 75 percent of bondholders. The offer, which is being co-ordinated by investment bank Schroder Salomon Smith Barney, closes at 5 p.m. London time on Thursday. Depending on their maturity, the bonds will be bought back at premiums of between 100 basis points (one percentage point) and 217 basis points over Gilts. That represents a pick-up of around around 200 basis points over where the bonds currently trade, but is substantially less than bondholders would have received had protective covenants providing for a buyback in the event of Hyder's break-up been triggered. "This is a compromise in terms of the covenants but it gives bond investors a way out and allows WPD greater flexibility with regard to Hyder's assets," said Fran Hutchinson, utilities analyst at HSBC Markets in London. LLOYD: To Sell Former Head Office ------------------ August 9,2000 The News Now said that LLOYD'S of London has put 51 Lime Street, its headquarters until 1986, up for sale. The insurance market has hired estate agent DTZ to sell the building for at least ?40m. The proceeds will go towards offsetting the ?2 billion of losses the market is estimated to have made between 1997 and 1999. No.51 Lime Street was built in 1958, and now houses 200 of Lloyd's legal, regulatory and back office workers. A spokeswoman said they will move a few hundred yards down the road to its current headquarters, the Richard Rogers-designed No 1 Lime Street: "After that I think the plan is to knock down the site and redevelop it." Lloyd's sold No 1 Lime Street in 1996 to German property company DESPA, raising ?180m, and now leases it back. The sale of No 51 should be completed by the first quarter of 2001, accordingly. LONDON DAMAGE CONTROL LTD: Notice of creditors meeting ------------------------ Company Name: London Damage Control Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: Avco House 6 Albert Road Meeting City Code: Barnet EN4 9SH Authorised by: P Benson Director Liquidators: Firm Name: Kelmanson Partnership Address: Avco House 6 Albert Road Barnet EN4 9SH M D DESIGNS LTD: Notice of creditors meeting ------------------------ Company Name: M D Designs Ltd IA 1986 Section: 138 Creditors Meeting Time: 12.00 pm Meeting date: 03/08/00 Meeting address: Merchants House of Glasgow 7 West George Street Meeting City Code: Glasgow G2 1BA Authorised by: J Douglas Anderson Interim Liquidator 13/07/00 Last day for proxy: 02/08/00 Proxy address: 50 Darnley Street Pollokshields Glasgow G41 2SE Liquidators: Firm Name: Findlay Anderson Address: 50 Darnley Street Pollokshields Glasgow G41 2SE METPOWER LTD: Notice of creditors meeting ------------------------ Company Name: Metpower Ltd IA 1986 Section: 138 Creditors Meeting Time: 12.00 pm Meeting date: 03/08/00 Meeting address: Allan House 25 Bothwell Street Meeting City Code: Glasgow G2 6NL Authorised by: Douglas B Jackson Interim Liquidator 30/06/00 Last day for proxy: 02/08/00 Proxy address: Allan House 25 Bothwell Street Glasgow G2 6NL Liquidators: Firm Name: Moore Stephens Booth White Address: Allan House 25 Bothwell Street Glasgow G2 6NL NATIONAL AIR TRAFFIC SERVICES (NATS): IAA Group Vie for Stake ------------------------------------------ THE IRISH TIMES August 8, 2000 A group involving the Irish Aviation Authority (IAA) remains in the race to acquire a 46 per cent stake in Britain's national air traffic services (NATS) body after two consortiums were eliminated in the first round of the competition. Known as the Airline Group, it is one of seven invited late last month by Britain's Department of Environment, Transport and the Regions to make formal bids in September, according to an informed source. Nine formal expressions of interest were received by the department in the first round. A department spokesman in London would say only that a "substantial" number of bids had been received, although he confirmed that groups had been invited to submit formal bids. The process is likely to value the 46 per cent stake in NATS at ?1 billion sterling (euro1.66 billion) over 10 years. Its outcome will not be known until early next year. As well as the State-owned IAA, the group's other members include eight British airlines - among them British Airways, British Midland and Virgin Atlantic - and telecoms group BT. The department spokesman declined to name groups who expressed interest in the stake. Yet reports suggest that five leading international aerospace and defence groups submitted expressions of interest. These were: BAe Systems of Britain; Thomson-CSF of France; and US groups Lockheed Martin, Boeing and Raytheon. Submissions were also received from a British facilities management company, Serco, and from two financial groups, reports said. The IAA would not take an equity stake in NATS if the bid by the Airline Group is successful. It would, however, take responsibility for the management of non-military air traffic control services in Britain. Technology services would be provided by BT. The British state will retain a 49 per cent "golden share" in NATS when the sale is complete. Workers at NATS will take 5 per cent of the company and the remaining 46 per cent will go to the successful bidder. The British government first proposed operating NATS as a public/private partnership just over a year ago. However, the plan has been opposed in parliament and by trade unions representing air traffic controllers and pilots. For the IAA, the initiative signals its intention to remain active in any restructuring of the air traffic control business in the EU. Observers believe that, if it does not move now to expand its business, the IAA might itself become a takeover target for a larger group when change comes. Britain is the first EU state to partly privatise its air traffic services, though Blair government hopes that NATS will take a leading role in a general shake-out of the business. Such a shake-out is likely, particularly after comments last year by the president of the European Commission, Mr Romano Prodi. "Europe's airports are in a state of near-permanent chaos due to the ever-increasing volumes of traffic and the lack of co- ordination between air traffic controllers," he said. "The problem transcends national borders - we need to look for European-level solutions that actually work." While some 49 groups currently control European airspace, one analysis suggests that this could be reduced to four or five major groups. The Airline Group has said it will not seek a "commercial return" if its bid is successful. Britain's civil aviation authority will continue to regulate safety after the change in ownership, scheduled for April 4th, 2001. - NEATLOOK LTD: Notice of creditors meeting ------------------------ Company Name: Neatlook Ltd Other name: Mad Design & Merchandising IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: 6 Coldbath Square Meeting City Code: London EC1R 5HL Authorised by: M A Bates 19/07/00 Liquidators: Geoffrey Pollard Firm Name: Geoffrey Pollard & Co Address: 5 Coldbath Square London EC1R 5HL NOBILITY BUILDERS LTD: Notice of creditors meeting ------------------------ Company Name: Nobility Builders Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: 6 Bloomsbury Square Meeting City Code: London WC1A 2LP Authorised by: A O'Brien Director 10/07/00 Liquidators: Firm Name: Panos Eliades Franklin & Co Address: 6 Bloomsbury Square London WC1A 2LP POLAR THERMAL PRODUCTS LTD: Notice of creditors meeting ------------------------ Company Name: Polar Thermal Products Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: 62 High Street Meeting City Code: Bristol BS15 3DR Authorised by: P Harrison Director 11/07/00 Last day for proxy: 02/08/00 Proxy address: 62 High Street Bristol BS15 3DR Liquidators: Firm Name: J W Lewis & Co Address: 62 High Street Bristol BS15 3DR S P MANUFACTURING CO LTD: Notice of creditors meeting ------------------------ Company Name: S P Manufacturing Co Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.00 pm Meeting date: 03/08/00 Meeting address: Church Steps House Queensway Meeting City Code: Halesowen B63 4AB Authorised by: S Pal 10/07/00 Liquidators: David T Greensill Firm Name: Mayfields Address: Church Steps House Queensway Halesowen B63 4AB SEAFEVER LTD: Notice of creditors meeting ------------------------ Company Name: Seafever Ltd Other name: Stone Monkey IA 1986 Section: 98 Creditors Meeting Time: 12.00 pm Meeting date: 03/08/00 Meeting address: 6 Coldbath Square Meeting City Code: London EC1R 5HL Authorised by: 14/07/00 Liquidators: Geoffrey Pollard Firm Name: Geoffrey Pollard & Co Address: 5 Coldbath Square London EC1R 5HL SENSIBLE MOTORING LTD: Notice of creditors meeting ------------------------ Company Name: Sensible Motoring Ltd IA 1986 Section: 48 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: Arlington Business Park Meeting City Code: Reading RG7 4SD Authorised by: J B Dare Joint Administrative Receiver 14/07/00 Last day for proxy: 02/08/00 Proxy address: Arlington Business Park Reading RG7 4SD Liquidators: Firm Name: KPMG Address: Arlington Business Park Reading RG7 4SD SMITH SOUTHALL SOLUTIONS LTD: Notice of creditors meeting ------------------------ Company Name: Smith Southall Solutions Ltd IA 1986 Section: 98 Creditors Meeting Time: 11.00 am Meeting date: 03/08/00 Meeting address: The Avon Gorge Hotel Sion Hill Meeting City Code: Bristol BS8 4LD Authorised by: S J Smith Director 14/07/00 Liquidators: Firm Name: Mazars Neville Russell Address: Clifton Down House Beaufort Buildings Bristol BS8 4AN SUNDANCER LTD: Notice of creditors meeting ------------------------ Company Name: Sundancer Ltd IA 1986 Section: 98 Creditors Meeting Time: 12.30 pm Meeting date: 03/08/00 Meeting address: 35 Ballards Lane Meeting City Code: London N3 1XW Authorised by: J Taylor Director 24/07/00 Last day for proxy: 02/08/00 Proxy address: 35 Ballards Lane London N3 1XW Liquidators: Stewart T Bennett Firm Name: Berg Kaprow Lewis Address: 35 Ballards Lane London N3 1XW TELEWEST: To Cut Net Access Fee -------------------- August 8 2000 The Financial Times reports that Telewest, the cable group that has experienced problems rolling out digital television, is cutting the price of its high-speed internet access service in its battle for customers with British Telecommunications. The company said it was cutting the monthly cost of Blue Yonder, its high-speed service, from ?50 to ?33. The cut makes its service cheaper than BT's high-speed package, which costs about ?40 a month. The deal is also Telewest's attempt to revive the fortunes of Blue Yonder, which was launched in March but had to be put on hold following technical problems. Last week, the company admitted it had signed up just 1,000 subscribers for the service. The move follows delays to the rollout of Telewest's digital TV service. Shares in the company fell sharply last week after it admitted the package had been delayed by equipment shortages. The shares edged up �p to 170�p on Tuesday, down from a high of 563p earlier this year. Telewest is now expected to relaunch Blue Yonder in the autumn in an attempt to sign as many customers as possible before BT, which has also suffered technical problems, can respond. Blue Yonder claims to provide users with internet access at up to nine times the speed of a modem using a normal telephone line. The connection is also always on, which means users do not have to dial up to gain access to the service. It remains unclear how willing internet users are to pay a large premium for a high-speed connection. Telewest is expected to try to lure users by offering access to a broadband portal that will offer content designed for viewing on a high-speed connection. TELEWEST: Speculation Grows Over Takeover ----------------- NEWS UNLIMITED August 7, 2000 Telewest faces further stock market turbulence today amid takeover speculation prompted by last week's frosty reception of its interim profits figures. The rumours about the future ownership of the cable television and telephony group were so intense over the weekend that one potential bidder, Callahan Associates, was last night moved to deny an interest in the group. That means investors looking for some respite for Telewest's shares may need to rely on NTL, the group's closest rival, as being a more credible bidder. The slippery slope for Telewest, formed by the merger of Telewest and Flextech, began two weeks ago when the group announced difficulties with its planned roll out of digital television services. The shares have fallen 10% since the original announcement which has followed a strong performance from BSkyB in winning more digital television customers. Shares in Telewest closed at 160p on Friday. Yesterday Dick Callahan, head of Callahan Associates which already owns a range of cable interests across Europe, said a report that he had made a ?6bn offer for the group was "absolutely not true". NTL is regarded by the City as the preferred partner for Telewest and they have some shareholders in common. Microsoft is one, with a 23% stake in Telewest and 5% of NTL. But industry sources say that while Telewest's shares have been heading south - they hit a 20 month low on Thursday - NTL is also having a difficult time with investors. Both companies are saddled with large debts which might also make a merger difficult to finance even though Telewest is regarded as being prepared to engage in merger talks. Talk that Telewest is vulnerable to a takeover may be wide of the mark, however, as 50% of its shares are in the hands of two investors, US software firm Microsoft and Liberty Media. Telewest had been hoping to attract 500,000 customers for its digital television services by the end of the year but its technical problems have forced it to push that back to the first quarter of 2001. Last week, it reported a 35% rise in revenues to ?514m for the six months to July but worsening pre-tax losses of ?296m. Through a merger with NTL, Telewest is regarded as having more clout to squeeze the position of BSkyB which announced recently that it had taken 1m subscribers last year. TRINITY CAR CO LTD: Notice of creditors meeting ------------------------ Company Name: Trinity Car Co Ltd IA 1986 Section: 98 Creditors Meeting Time: 03.00 pm Meeting date: 03/08/00 Meeting address: 43 Blackstock Road Meeting City Code: London N4 2JF Authorised by: S Stepsky Director 20/07/00 Last day for proxy: 02/08/00 Proxy address: 43 Blackstock Road London N4 2JF Liquidators: A G Kakouris Firm Name: Kakouris & Michaelides Address: 43 Blackstock Road London N4 2JF SWALEC: Scottish and Southern Energy PLC Buys Swalec for ?210m ----------------- August 7,2000 Scottish and Southern Energy PLC said it has agreed to purchase the Swalec energy supply business from British Energy PLC for a total of ?210m. The purchase of Swalec - which supplies electricity to homes in south Wales - consists of cash and the repayment of inter-company debt, BBC News said. British Energy said the move was part of its revised supply strategy, securing in turn higher electricity contract volumes ahead of the new electricity trading arrangements, due to be introduced later this year. Scottish and Southern has pledged that it will be "business as usual" for Swalec customers. A spokeswoman for Scottish and Southern said the company could not promise lower bills immediately. She said there would be a "few" job losses at senior management level, but there would be no compulsory staff redundancies. British Energy has decided to switch from domestic retail sales to concentrate on wholesale contracting and direct sales to industrial and commercial customers. British Energy said it has also agreed with Scottish and Southern a 10-year electricity off-take contract for 10 TWh per annum for the first five years, reducing to 7.5 TWh per annum thereafter. Scottish and Southern said the transaction will also allow Scottish and Southern Energy to enhance the value of its customer base by offering additional products and services.The off-take contract is in addition to the existing trading alliance between the two companies, British Energy said.Scottish and Southern added that the supply prices in the contract would by linked to existing wholesale prices keeping Scottish and Southern neutral to power generation prices. ZINCWAY DEVELOPMENTS LTD: Notice of creditors meeting ------------------------ Company Name: Zincway Developments Ltd IA 1986 Section: 98 Creditors Meeting Time: 02.00 pm Meeting date: 03/08/00 Meeting address: 4 Dancastle Court 14 Arcadia Avenue Meeting City Code: London N3 2HS Authorised by: H Chittell Director 13/07/00 Liquidators: Firm Name: Valentine & Co Address: 4 Dancastle Court 14 Arcadia Avenue London N3 2HS S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lexy Mueller, Mercy Villacastin and Cristina Pernites Editors. Copyright 2000. 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 $575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *