/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/000811.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, August 11, 2000, Vol. 1, No. 68 Headlines D E N M A R K CARLSBERG: To Sell Subsidiaries' Majority Stake F I N L A N D ELISA COMMUNICATIONS: To Seek Partner F R A N C E NOOS: NTL Agrees To Pay $1.22 Billion for Cable Unit SEAGRAM: Diageo Vies with Domecq for Spirits G E R M A N Y OPENSHOP HOLDING AG: Posts 3 Million Euros H1 Loss TELESENS AG: Posts DM31.3 Million H1 Loss I R E L A N D SMARTFORCE: Posts $7.6m Q2 Net Loss N O R W A Y STATOIL: Chief Warns Norway about Privatisation Plan R U S S I A ONAKO: Firms to Bid for Onako Stake S W E D E N DRESSMART: Court Approves Sale of Fashion Retailer S W I T Z E R L A N D CICOREL: Posts $2.04 Million Net Loss of Fy99 DATACOLOR: Eichhof Delays Flotation U N I T E D K I N G D O M ADVANSYS SOLUTIONS LTD: Liquidation proceedings AIRTOURS: Faces German Takeover AIRTOURS: Takeover Talks Break Down AIRTOURS: Struggles to Overcome Losses AIRTOURS: Posts ?74.6 Million Loss in Q3 BARFAB ENGINEERING LTD: Liquidation proceedings BOOKHAM TECHNOLOGY: Posts ?14.2 Million Pre-Tax Loss BRITISH AIRWAYS: Posts $75 Million First-Quarter Loss CHARLIE BROWN: Debts of GBP42million Force a Receivership COLT TELECOM GROUP PLC: Posts 33.6 Million Pounds Q2 Loss COLT TELECOM: Telecom Group Shares Plummet CONTRAST MARKETING LTD: Liquidation proceedings DEMANA LTD: Liquidation proceedings ELA CONSULTANTS LTD: Liquidation proceedings FIRTH HOLDINGS: Recast as Techmaster in Broker Deal GILCREST TRADING LTD: Liquidation proceedings GREENBROOK (SOMERCOTES) PLC: Liquidation proceedings HENDRICK LTD: Liquidation proceedings HYDER: Guy Hands Aims to Takeover HYDER: Nomura to Increase Bid to ?557million I T S LOGISTICS LTD: Liquidation proceedings INFOBANK: To Incur Heavy Losses INFOBANK INTERNATIONAL: Reports Loss of ?10m LIFFEYDALE LTD: Liquidation proceedings MAXPLAY (EUROPE) LTD: Liquidation proceedings METRO LEISURE (UK) LTD: Liquidation proceedings MONARCH LAUNDRY LTD: Liquidation proceedings MOORE BROS (WILTON) LTD: Liquidation proceedings MOORE BROS (WILTON) MANAGEMENT LTD: Liquidation proceedings NORTHGALE LTD: Liquidation proceedings NURSING HOME PROPERTIES: Funds Seek Changes at the Top NUTRETECH LTD: Liquidation proceedings OXFORD MOLECULAR: Directors Proposes Voluntary Liquidation OXFORD MOLECULAR: To Sell Loss-Making Software Division P A EQUIPMENT HIRE LTD: Liquidation proceedings POWERGEN: Five Groups on Shortlist to Buy ?1bn Stations REED ELSEVIER: Shake-up on Target SOMERFIELD: Two Go in Somerfield Shake-Up T K L LTD: Liquidation proceedings TREVOR WIGLEY & SON LTD: Liquidation proceedings U S P ESTATES LTD: Liquidation proceedings VITALIS (INTERNATIONAL) LTD: Liquidation proceedings VITALIS LTD: Liquidation proceedings WOOLWICH: Barclays Make a ?5.5 Billion Takeover WOOLWICH: Mixed Reaction to Takeover Proposal ============= D E N M A R K ============= CARLSBERG: To Sell Subsidiaries' Majority Stake ------------------------------------- August 9 2000 Financial Times reports that Carlsberg, the Danish brewer, has agreed to sell a majority stake in a Shanghai brewery to Tsingtao Brewery, the Chinese market leader. The sale of 75 per cent of Carlsberg Brewery Shanghai for the equivalent of DKr154m ($18.5m) is the latest sign that foreign companies are having difficulties in breaking into the Chinese market. This brewery, an ultra-modern high-capacity facility in China's second city, was opened in October 1998 after an investment of DKr300m by the Danish brewer. Carlsberg officials declined on Wednesday to specify either the amount the group has invested in China or the size of the losses it has sustained there since it entered the market in 1991. However, its most recent earnings report, in June, referred to "difficult conditions in the loss- making Chinese market". According to industry insiders, Tsingtao is poised to become the major beneficiary of foreign brewers' difficulties. Tsingtao has reportedly spent upwards of $58m on 15 breweries across China in recent months. Carlsberg, however, said on Wednesday that it did not intend to retreat from China and that, unlike other foreign brewers, it remained committed to the market. Under the terms of Wednesday's deal, the 25 per cent stake in the Shanghai brewery not held by Tsingtao will be transferred to the Danish parent company from another Carlsberg subsidiary in China. "We only want to be in China if we can make money and we can do this through our joint venture with Tsingtao," said Jorn P. Jensen, group managing director, Financial Times said. ============= F I N L A N D ============= ELISA COMMUNICATIONS: To Seek Partner -------------------------- August 9,2000 According to Financial Times that Elisa Communications, Finland second largest telecoms operator, said it was looking for a partner to help develop services but that the partnership would fall short of a full merger. "Our thinking is not to merge but to get a partner," said Matti Matheiszen chief executive. However he added that if someone was to offer "a good price" for the company it would be up to shareholders to decide. Analysts see Elisa as a prime target for Sweden's Telia, Norway's Telenor or Denmark's TeleDanmark all of which are determined to established a strong pan-Nordic position. Sonera, Finland's largest telecoms operator, is also expected to merge. However, it is seen as looking for an non-Nordic partner with an international network, accordingly. =========== F R A N C E =========== NOOS: NTL Agrees To Pay $1.22 Billion for Cable Unit --------------- The International Herald Tribune August 9, 2000 NTL Inc. and a unit of Morgan Stanley Dean Witter & Co. said Monday that they had agreed to pay U1.35 billion ($1.22 billion) for 49.9 percent of Noos, the cable unit of Suez Lyonnaise des Eaux SA. Morgan Stanley Dean Witter Private Equity and NTL, which are buying their stake from France Telecom SA, said the deal would be finalized by the end of the year. Noos, France's biggest cable operator, has 736,000 subscribers. Suez Lyonnaise will remain the major shareholder of Noos with a 50.1 percent stake. NTL, a British cable operator, will hold 27 percent of Noos, while Morgan Stanley is taking 22.9 percent. Suez Lyonnaise said the deal would allow Noos to double the service's penetration rate and adapt it to broadband networks. ''Morgan Stanley and NTL are better positioned to invest in upgrading the network to offer broadband or telephony,'' said Patrick Foulis, an analyst at UBS Warburg in London. ''It's a good way for France Telecom to raise money but still retain some link.'' France Telecom will make a pretax gain of U534 million on the sale, and will keep an interest in the business through the close to 20 percent stake it owns in NTL. The French phone company also owns convertible bonds that would bring the stake to 25 percent. Since the 1980s, the former state monopoly invested $3.2 billion building much of the country's cable system under a government program that allowed competitors to operate portions of the network and earn part of the revenue. France Telecom has been trying to sell the parts of the network it does not operate to stem losses from the business. Noos represents about a third of the whole. ''This allows France Telecom to focus on their mobile, Internet and Global One businesses,'' said Antoine Joly, an analyst at Aurel-Leven. SEAGRAM: Diageo Vies with Domecq for Spirits ------------------ IRISH INDEPENDENT August 10, 2000 A Battle between Guinness parent Diageo and its rival Allied Domecq to buy Seagram's spirits business is looking likely as Diageo approaches potential bidding partners. Although Allied had been seen as the forerunner in the bid for Seagram's $7bn wine and spirits business, Diageo has also confirmed its interest in Seagram. Reports yesterday that Diageo was in preliminary discussions with Bacardi with a view to making a joint bid for the Seagram's spirits business were played down by a Diageo spokesperson. Yesterday she described such reports as misleading and said that Diageo was making contact with all potential interested parties to explore all options. Seagram's spirits business is the third largest in the world and labels include Scotch whisky, Absolut Vodka and Martell cognac. Diageo, the largest drinks company in the world, is known to have a good relationship with Bacardi which bought Dewars whisky and Bombay gin two years ago. Diageo was also reported to have been in preliminary talks with France's Pernod Ricard. ============= G E R M A N Y ============= OPENSHOP HOLDING AG: Posts 3 Million Euros H1 Loss ---------------------------------------------- HANDELSBLATT August 10, 2000 Openshop Holding AG posted a first-half loss of around 3 million euros, or 0.35 euros per share, and sales of around 3.2 million euros, already about twice as high as the full-year sales in 1999. Full-year sales in 2000 are expected to be 6.5 million euros, up 400%, but investments for expansion are forecast to lead to a loss of around 8 million euros. TELESENS AG: Posts DM31.3 Million H1 Loss -------------------- HANDELSBLATT August 10, 2000 Neuer Markt-listed Telesens AG, a specialist in telecommunications billing, posted a first-half loss of DM31.3 million, largely due to DM26.6 million in costs for its March listing. Sales totaled DM16.5 million, more than 50% higher than full-year 1999 sales. New orders totaled DM25.5 million. ============= I R E L A N D ============= SMARTFORCE: Posts $7.6m Q2 Net Loss ------------------- IRISH INDEPENDENT August 10, 2000 Bill McCabe, the founder of e-learning firm Smartforce, is to step down from his current position as chairman of the company within the next six months in a restructuring of the board of directors. According to sources close to the company, Mr McCabe will continue to serve as a special adviser to SmartForce, and the current chief executive officer Greg Priest will take on the additional role of chairman. The moves are a bid to increase the level of technology and internet savvy on the board going forward, and a number of other appointments are expected in the coming months. Mr McCabe will stay on and oversee the new appointments. However, analysts were a bit taken aback by the news and said they were surprised about Mr McCabe's move before the board had been beefed up. SmartForce, formerly known as CBT, is no stranger to shocking the market, and the last time Mr McCabe stepped down in 1998 the share price collapsed from the $60 level down to $6. The turmoil that ensued prompted a management shake-up which saw Mr McCabe return as chairman. Shortly after his return, the company issued a profit warning based on the failure to win a number of significant contracts. The result was the same and $50 was wiped off SmartForce shares. Later, in November 1999, the share price took another battering when it lost 33pc after the announcement of the name change from CBT to SmartForce, and a change in the business model generating income from internet subscriptions as opposed to software licences. But the change in direction has paid dividends in the long run, and SmartForce's share price now sits at the $54 level, up over 20pc in the last two weeks on Nasdaq. For the second quarter ended June 30, SmartForce reported a net loss of $7.6m, or 15 cents per share, beating the consensus estimate of 17 cents. =========== N O R W A Y =========== STATOIL: Chief Warns Norway about Privatisation Plan ------------------------------ August 9,2000 The financial times reports that Statoil's chief executive on Wednesday warned the Norwegian government that the state-owned oil group could miss out on global consolidation because of political bickering over a planned sell-off. He said the partial sale of Statoil, which has been valued at about NKr140bn ($15.5bn), could go ahead without the consolidation of the state's direct financial interests (SDFI) in offshore licences, which account for 40 per cent of reserves. Olav Fjell, chief executive, said: "A privatisation is positive in its own right, even without [the interests]. "Over the last four years, the biggest oil companies have grown three times in market value, and that process is continuing." "Unless the privatisation goes through now, we will not be part of that." Norway is debating the politically sensitive question of whether to commercialise the licence stakes, and partially privatise Statoil. Any further delay in the privatisation process would further jeopardise Statoil's chances of joining strategic alliances, Mr Fjell told the Financial Times. The company's resolve to privatise - with or without the SDFI - underscores its eagerness to get fresh capital and invest abroad. The number and size of petroleum finds on the Norwegian shelf have dwindled, pushing Statoil to explore more outside its domestic market. The company on Wednesday announced the appointment of Richard Hubbard, head of BP Amoco's operations in Brazil, to be the spearhead of its new international efforts. He replaces Rolf Magne Larsen, who will be moving to Azerbaijan in September to a new post as regional manager for Statoil's operations in the Caspian, its most promising core area. Statoil originally argued for merging all of SDFI with Statoil to create the world's sixth largest quoted oil company. Since then other oil companies have signalled they too want the chance to buy part of the SDFI assets, if the government decides to sell. Oil analysts at Deutsche Bank believe the oil majors and others such as Enterprise would also want to bid for the prize SDFI assets. The bank sees an exciting potential for partnerships and assets swaps with Statoil and Norsk Hydro, as well as link-ups involving Total, Eni-Snam, Repsol-Gas Natural, BP and Shell, the US majors, or perhaps even the European utilities. Statoil's warning came as the company reported a trebling of first-half pre-tax profit to NKr16.8bn, its best-ever, buoyed by higher oil prices and production, accordingly. =========== R U S S I A =========== ONAKO: Firms to Bid for Onako Stake ------------- THE MOSCOW TIMES August 10, 2000 The nation's secondlargest oil producer, Yukos, the sixth largest, Sibneft, and pipeline builder Stroitransgas said Wednesday they would jointly bid for 85 percent of oil firm Onako. Onako is one of the last oil firms in state hands, and its privatization has sparked interest from a number of major firms, including the largest oil producer, LUKoil. "The three companies will jointly organize financing for the bid and will be represented in the tender by the Profit House investment company," they said in a statement. A Sibneft spokesman said the companies did not wish to comment on their plans for Onako until after the tender. The State Property Fund, the official seller of the state's stake in Onako, is accepting bids until Sept. 14 at a starting price of $425.25 million. The results of the tender are expected to be announced on Sept. 19. Onako, the country's 14th-largest oil producer, produced around 8 million metric tons (around 160,000 barrels per day) of crude last year. LUKoil had preliminarily announced its intention to participate in the tender, but a spokesman declined to comment Tuesday. =========== S W E D E N =========== DRESSMART: Court Approves Sale of Fashion Retailer ------------------------- THE GUARDIAN August 9, 2000 Stockholm online fashion retailer Dressmart.com has gone into administration. A local city court yesterday approved an administrator's plan to sell much of Dressmart's operations to a new owner. Swedish fashion firm New Wave wants to buy its trading system but is not interested in its internet focus. The case has eerie similarities to Boo.com - the London- headquartered internet fashion firm founded by two Swedes - which found its assets sold off for a fraction of the ?80m-plus that investors had pumped into the company. Analysts say that Dressmart was a much more prudent operation than Boo.com, which was criticised for its extravagant spending and lack of financial controls. However, the former has found the latter's legacy a hindrance when it came to raising new funds, and with debts of ?2m it is close to bankruptcy. It is thought that New Wave, a well established bricks and mortar retailer, could buy the assets it wants from Dressmart for around ?1m. Dressmart expanded rapidly, opening operations in Scandinavia, Britain, France, Germany and the Netherlands. Its 60 remaining staff now face dismissal. Investors who stand to lose money are thought to include the King of Sweden and a former Swedish prime minister. The company was founded just 16 months ago by two 20-something entrepreneurs to sell smart clothing online. Comedian John Cleese was the celebrity face of the launch and fundraising passed the ?13m mark. ===================== S W I T Z E R L A N D ===================== CICOREL: Posts $2.04 Million Net Loss of Fy99 --------------------- EUROPEAN INVESTOR & REUTERS August 8, 2000 Swiss microelectronics group Cicorel Holding SA withdrew on Tuesday its forecast in May that sales would rise and it would post a profit this year and said it now saw sales and an operating loss around 1999 levels. "The delay in moving from Crissier (Switzerland) to the new technology centre in Boudry is hindering production in an unexpectedly strong way and had led to increased delays in filling orders despite satisfactory new order inflow," it said in a statement. "The management assumes production will be running normally again from the autumn and that capacity of the new production site can be fully utilised," it said. It gave no new forecast, but said it would give first-half results and a new outlook in early September. Cicorel swung to a 1999 net loss of 3.46 million Swiss francs ($2.04 million) and an operating loss of 3.48 million on sales of 34.1 million, down from 40.0 million. Its shares closed down one franc at 200 before the profit warning came out. DATACOLOR: Eichhof Delays Flotation ----------------- August9, 2000 Financial Times said that Eichhof, the Swiss brewer, has indefinitely postponed the flotation of Datacolor, its colour technolgy division, blaming volatile conditions on NMX, the Swiss high-tech market. Werner Dubach, chairman, said the downturn in the primary market for IT companies meant Eichhof would not get a fair valuation for Datacolor, which has moved heavily into web-based technology, despite the fact that it made a profit (EBIT) of SFr3.8m ($2.2m) in the six months to March 31. "When we announced the IPO in July we did not realise the reluctance of the investment community towards new companies," he said, adding that postponing the IPO would give management more time to integrate four recent acquisitions. Mr Dubach denied the delayed flotation of Datacolor would affect Eichhof's plans to bid for Feldschl"sschen, Switzerland's largest drinks manufacturer. However, he said the company would need to bring other investors on board to finance a bid. Eichhof shares, which had risen to SFr1,700 when the Datacolor flotation was announced, fell SFr155 or 9.5 per cent, to SFr1,470,according to FT. =========================== U N I T E D K I N G D O M =========================== ADVANSYS SOLUTIONS LTD: Liquidation proceedings ----------------------------- Company Name: Advansys Solutions Ltd Company No: 3871072 Com. Business: Provision of Computer Hardware Appointed on: 17/07/00 Type: Members Appointed by: Members Liquidators: Peter M Levy IPno: 4723 Firm Name: Levy & Partners Address: 86-88 South Ealing Road City Postcode: London W5 4QB AIRTOURS: Faces German Takeover ------------------ THE GUARDIAN August 10, 2000 Airtours, Britain's largest tour operator, has run up losses of ?75m in the first nine months of the year, leaving it extremely vulnerable to a takeover. By contrast Ryanair, Europe's largest budget airline, saw its first-quarter profits soar 26% boosted by new routes and passengers getting cheap fares via the internet. Airtours, which also operates a fleet of aircraft and offers holidays through Saga and Tradewinds, refused to comment on speculation that it is holding talks with C&N Touristic of Germany. Thomson Travel, another major British travel group was bought by Pressag of Germany earlier this year. Ironically, one of the biggest drains on Airtours' profitability is a newly bought German company Frosch Touristik (FTi). Losses at FTi forced Airtours to issue a profits warning last month. Airtours chairman David Crossland expressed disappointment that third quarter profits before tax, one-off costs and goodwill amortisation fell to ?6.2m from ?23.6m at the same period in 1999. Third quarter sales rose 19% to ?1.2bn. Losses in the North American division almost doubled to ?15.2m, while the European arm was ?17.9m in the red. Britain was the one bright spot, with Airtours notching up a 16% increase in summer bookings this year. Airtours shares were up 25p at 300p last night showing relief that earnings were in line with expectations. Finance director David Jardine said 2000 had to be the year of restructuring, the benefits of which would show next year. "We have spent the year getting the right focus and getting out of peripheral businesses. All the indications are now positive," he said. Airtours plans to downsize its troubled Belgian operation, reorganise in Holland and quit France. It remains determined to expand the German operation through FTi but refused to comment on speculation about any talks with Germany's C&N Touristic. Julian Easthope, leisure analyst at UBS Warburg, said it was hard to assess whether the company could pull round its US and continental businesses or would sell up to a predator such as C&N. Meanwhile Ryanair was working hard to damp down City expectations that it can increase its spectacular growth rate and further increase the value of its shares. Chief executive Michael O'Leary said that the pre-tax profits in the first three months, which were up from €18m (?10.7m) to €22.7m (?13.6m), were helped by a strong pound and a successful fuel hedging policy. The Dublin-based airline said it was amazed by the rapid take-up of online ticket sales, which had allowed Ryanair to cut commissions to travel agents by up to 7%. KLM chairman Leo van Wijk yesterday said the company will probably present a plan for its merger with British Airways PLC to European and US competition authorities in September. "Not everything is ready, but if I were to make a forecast, I think the conditions will be in place for everything to be ready in September," he said. He expects European competition commissioner Mario Monti to agree to the merger. "He knows that consolidation is a given on the European market," he said, adding that the two companies could be asked to reduce capacity on the Amsterdam-London route. AIRTOURS: Takeover Talks Break Down ------------------- FINANACIAL TIMES August 9 2000 Financial Times reports that Airtours takeover talks with Germany's LTU have foundered as a result of the UK tour operator's poor performance in Germany which led to a profits warning and a tumbling share price last month. Airtours said yesterday its priority was to stem the losses at FTi, the German tour operator in which it has a 36 per cent stake and which it is buying out. It promised to halve FTi's losses next year - expected to total ?85m ($128m) this year - and make the business break even by the end of the following year. Cost- cutting measures will include reducing the number of German airports from which FTi departs from 16 to 6. In May, Airtours confirmed it was in talks with LTU to combine their tour operating businesses but Tim Byrne, Airtours' managing director, said yesterday: "It's unlikely we'll do a corporate transaction with LTU. It's probably not the best time to combine the businesses when FTi is losing money and LTU is losing even more." Airtours said it was still talking to LTU about being supplied by the German tour operator with third-party flying. LTU, in which SairGroup, the Swiss aviation conglomerate holds a 49.9 stake, is Germany's fourth-biggest operator. SairGroup has been looking for a partner for the lossmaking business for many months. Airtours' shares closed 25p higher at 300p on relief that its third-quarter results were no worse than signalled last month. Pre-tax profits fell sharply from ?20.5m to ?700,000 in the three months to June 30, which included goodwill amortisation of ?5m and one-off e-commerce investment of ?500,000. Depressed trading in Europe, apart from the UK, contributed to increased pre-tax losses of ?74.6m in the nine months to June 30 against losses of ?7m last time. AIRTOURS: Struggles to Overcome Losses ---------------- YORKSHIRE POST August 10, 2000 Profits at Britain's second biggest holiday operator Airtours slumped drastically in the last quarter as the group struggled to overcome losses on the Continent and North America. In the three months to June 30 Airtours made only ?700,000 in profits before tax compared with ?20.5m in the same period last year. This was despite a 16 per cent surge in UK holiday bookings. Last month the group warned that profits this year would be hit by the underperformance of its German operation Frosch Touristik (FTi) and continuing poor trading at its North American operation. Chairman David Crossland said: "The result for the quarter reflects good underlying trading in the UK operations offset by increased losses in FTi together with disappointing results from our businesses in Belgium, France and Holland. "We have taken the opportunity this year to make significant strategic changes to our group to strengthen our competitive position, including investments in new businesses, prime hotel accommodation and e-commerce." The group expected to see "significant benefits" from rationalisation next year. Its U.S. acquisition Travel Services International continued to perform ahead of expectations and Airtours was in discussion with Hoteur, a Spanish hotel group, to form a joint venture involving its 18 hotels. Airtours is also considering converting part of its freehold property portfolio to long-term leaseholds for a "significant one-off profit". Turnover in the three months to June 30 was ?1.16bn against ?970m at the same stage last year. AIRTOURS: Posts ?74.6 Million Loss in Q3 --------------- THE TIMES August 10, 2000 Shares in Airtours, which last month fell 17 per cent on a profits warning, yesterday rebounded 9 per cent on renewed hopes that C&N Touristic of Germany might make a takeover offer. Last month's warning of poor trading in Europe, particularly Germany, meant that there was little new disappointment in yesterday's third-quarter figures. Losses for the first nine months grew to ?74.6 million, against a ?7 million loss for the same period last year. Airtours shares rose 25p to 300p as investors focused on suggestions that C&N and Airtours had held talks. Analysts said Airtours remained vulnerable to a bid from C&N, although Airtours declined to comment. Despite the mounting losses, David Jardine, finance director, remained upbeat. He said the current year was one "of change", and the company was still on track to meet analysts' revised expectations of ?120 million in profits by the end of the year. Airtours said bookings in the UK were up 16 per cent, with profit for the quarter in the UK up from ?16.8 million to ?19.9 million. But heavy losses continued in Europe, where the holiday market was still suffering from overcapacity and heavy discounting. BARFAB ENGINEERING LTD: Liquidation proceedings ----------------------------- Company Name: Barfab Engineering Ltd Company No: SC Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors Liquidators: Blair C Nimmo IPno: 8208 Firm Name: KPMG Address: 37 Albyn Place City Postcode: Aberdeen AB10 1JB BOOKHAM TECHNOLOGY: Posts ?14.2 Million Pre-Tax Loss ------------------------------------------- THE TIMES August 10, 2000 Bookham Technology reported interim pre-tax losses of ?14.2 million (?7.3 million loss). There is no dividend. BRITISH AIRWAYS: Posts $75 Million First-Quarter Loss --------------------------- August 10,2000 The MSNBC & Wall Street Journal said that LONDON British Airways PLC reported a first-quarter loss of $75 million Monday as it continued to struggle with high fuel costs and intense competition. The airline company said a slowdown in the growth of seating capacity for many airlines made it cautiously optimistic about results for the summer. "These results reflect the scale of the challenge we face in a highly competitive and price-sensitive market. However, we are also beginning to see the benefits of the investment we made in every section of the aircraft," said chief executive Rod Eddington. Company shares were trading 1 percent lower at midday from Friday's close. Chairman Lord Colin Marshall said increased demand in business and leisure travel continues to benefit BA's profit margins. Sales of premium-price tickets were up 8.1 percent, reflecting BA's increasing emphasis on business-class and first-class passengers. BA's loss of 50 million pounds in the first quarter compared with a profit of 200 million pounds during assets. The latest quarterly result followed BA's worst year since the British government privatized the airline. During the quarter ending March 31, BA posted a pretax loss of 175 million pounds ($263 million), more than double its pretax loss of 85 million pounds for the same period a year ago. BA said little new about its discussions with KLM Royal Dutch Airlines about a possible merger except that both companies were discussing the feasibility of such a combination, accordingly. BA confirmed in June that it was in talks with KLM. The talks were continuing on an exclusive basis, Eddington said. CHARLIE BROWN: Debts of GBP42million Force a Receivership ------------------------ August 9,2000 The Express reports that Charlie Brown's, one of Britain's best-known fast-fit tyre and exhaust chains, has been brought to its knees by over-expansion and debts of GBP42million, forcing a receiver to be called in. The failure threatens almost 1,000 jobs across Britain, but the receiver hopes to sell Charlie Brown's and its sister companies as going concerns. Other companies in the group include Northway Tyres of North London, which has 85 staff, and Malvern Tyres in Gloucestershire, with 25. FTM, a supplier of tyres and services to fleet managers, is the only division of Montinex not in receivership but it is up for sale. "We are optimistic about selling the businesses as going concerns," said receiver Hunter Kelly of Ernst & Young yesterday. "We have already had several serious expressions of interest. We hope any deal would safeguard as many jobs as possible." COLT TELECOM GROUP PLC: Posts 33.6 Million Pounds Q2 Loss ---------------------------------- DOW JONES NEWSWIRES August 8, 2000 Colt Telecom Group PLC on Tuesday reported a second-quarter loss of 33.6 million pounds (56 million euros or $50.8 million), narrower than expected but still wider than last year's 26.43 million pounds. The wider loss reflected the group's ongoing investment in its network. Analysts expected a second-quarter loss of 39.73 million pounds. Losses per share decreased to 4 pence, from 5 pence in the second quarter last year. Colt reported second-quarter sales of 151.05 million pounds, up 60% from 94.25 million pounds in the year-earlier period. This brought sales for the first half to 283.69 million pounds, up 58% from last year's 179.09 million pounds. Second-quarter sales in the United Kingdom gained 23% to 54.4 million pounds, while sales in Germany rose 61% to 46.3 million pounds. In France, sales added 79% to 20.8 million pounds. For the three and six months ended June 30, 64% and 62% of sales respectively were generated outside the U.K., compared with 53% and 51% respectively during the comparable periods in 1999. "Colt continues to achieve significant success in all its markets across Europe," said Colt Telecom Chairman Jim Curvey. "We remain confident about the outlook for the rest of the year and beyond." Internet services accounted for approximately 58% of the 3.9 billion switched minutes carried over the network during the quarter, compared with approximately 36% in the second quarter of 1999, according to Colt. "We are seeing record demand for higher and higher bandwidth services," Mr. Curvey said. Over the quarter, the company added the equivalent of more than one million private lines, bringing the total to 5.4 million, Colt said. It also connected its network to 518 additional buildings, bringing the total to 4,754 buildings. Separately, Colt said Chief Executive Paul Chisholm would step down next year to return to the U.S. "The company is operationally and financially strong and positioned extremely well for the future," Mr. Chisholm said. He added that he had asked the board to immediately begin the executive search process to ensure an orderly transition. Chairman Curvey described Mr. Chisholm's contribution as "extraordinary" and added that he was pleased that Mr. Chisholm would remain a member of the Colt board. COLT TELECOM: Telecom Group Shares Plummet ------------------- THE IRISH NEWS August 9, 2000 Shares in Colt Telecom, the expanding communications group, plummeted over 8 per cent on the stock market yesterday after the company posted increased losses at the half-year stage. By mid-afternoon the company's shares were 187p lower at ?19.69 after Colt turned in losses of ?64 million for the six months to June 30, compared with ?49.8 million at the same stage last year. The company said that during the period operating costs had increased from ?34.6 million to ?64.3 million. The increased costs came on the back of more personnel, office space, marketing and IT expenses associated with the expansion of Colt's customer base, the group said. Colt also announced yesterday it was looking for a successor to chief executive Paul Chisholm, who has expressed his desire to return to the United States next year. Mr Chisholm came to the UK eight years ago and helped build Colt into a major Europ-ean group with a presence in nine European countries. The company continued the expansion of its networks, which provide business customers with a range of services including internet and voice communication products. CONTRAST MARKETING LTD: Liquidation proceedings ----------------------------- Company Name: Contrast Marketing Ltd Company No: 3336202 Com. Business: Mail Order House Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Alan Simon IPno: 8635 Firm Name: Langley & Partners Address: Langley House Park Road City Postcode: London N2 8EX DEMANA LTD: Liquidation proceedings ----------------------------- Company Name: Demana Ltd Company No: 3897599 Com. Business: Garment Manufacturers Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: E Arkin IPno: 5408 Firm Name: Arkin & Co Address: 23 Turnpike Lane City Postcode: London N8 0EP ELA CONSULTANTS LTD: Liquidation proceedings ----------------------------- Company Name: Ela Consultants Ltd Previous Name: Brittain Laboratories Ltd Company No: NI01999 Com. Business: Develop/Retail Computer Software Appointed on: 17/07/00 Type: Members Appointed by: Members Liquidators: Stephen Prenter IPno: 8663 Firm Name: BDO Stoy Hayward Address: Lindsay House 10 Callender Street City Postcode: Belfast BT1 5BN FIRTH HOLDINGS: Recast as Techmaster in Broker Deal -------------------------- August 8, 2000 Yorkshire post that former steel company Firth Holdings plans to reinvent itself as a technology stock thanks to a deal with over-the-counter broker Prebon Yamane. Instead of demerging its Kinetech e-commerce subsidiary, privately-owned Prebon is reversing it into Firth. The deal provides Kinetech with a listing and gives Firth something to put into its cash shell. If the deal goes through, Firth will change its name to Kinetech. Its shares were suspended yesterday at 18p, valuing it at around GBP15m. Spartan is now in liquidation. A report into the loss is being finalised. Firth's other main business Airinmar, which handles aircraft repairs, was sold to management backed by 3i in December. By becoming a shell, the company hoped to find an opportunity to make a fresh start. "I believe this is an exceptional opportunity to develop an open business-to-business electronic trading platform for rapidly growing, specialised financial markets," he said. Yesterday Firth also published figures for the year to March 31 showing taxable profits of GBP5.1m following an exceptional GBP4.9m gain on disposals. The previous year it had lost GBP10.8m. GILCREST TRADING LTD: Liquidation proceedings ----------------------------- Company Name: Gilcrest Trading Ltd Previous Name: Woralco Holdings Ltd Company No: 2763651 Com. Business: Financial Services Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Geoffrey S Kinlan IPno: 8268 Anthony Sanderson 4750 Firm Name: BDO Stoy Hayward Address: Prospect Place 85 Great North Road City Postcode: Hatfield AL9 5BS GREENBROOK (SOMERCOTES) PLC: Liquidation proceedings ----------------------------- Company Name: Greenbrook (Somercotes) Plc Company No: 403030 Com. Business: Dormant Appointed on: 17/07/00 Type: Members Appointed by: Members Liquidators: Tracey E Callaghan IPno: 8317 Peter J Souster 2588 Firm Name: Baker Tilly Address: 2 Bloomsbury Street City Postcode: London WC1B 3ST HENDRICK LTD: Liquidation proceedings ----------------------------- Company Name: Hendrick Ltd Previous Name: Hendrick Joinery Ltd Company No: 2849372 Com. Business: Builders & Decorators Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors Liquidators: Salman Saud IPno: 6042 Firm Name: Rifsons Saud Address: 105-111 Euston Street City Postcode: London NW1 2EW HYDER: Guy Hands Aims to Takeover --------------- The Times August 10, 2000 The takeover battle for Hyder, the Welsh utility group, stepped up another gear yesterday as the venture capital arm of Nomura raised its bid, two days before a final takeover deadline. Guy Hands' Principal Finance Group is now bidding 360p a share for the water and electricity business, which values Hyder's share capital at ?557 million. Nomura's increased offer follows a recommendation by the Hyder board earlier this week of a 340p a share offer from Western Power Distribution of the US. Hyder shares closed yesterday at 378p, up 28p on the day, as the market waited for WPD to come back with another offer. A spokesman for Hyder said the company had noted the increased offer but would not be making a response. Meanwhile, the Takeover Panel is in discussions with the parties on whether the auction should go to sealed bids. This option, which has little precedent, is being considered in order to prevent last-minute bids. Last night analysts who had predicted Nomura would be unlikely to raise its offer, said the battle may yet see the share price rise to 380p. While shareholders who bought into the company this year have had an unexpected fillip from the bid battle, long-term investors have had a poor return over the lifespan of Hyder. The water company was floated in 1989 at 240p a share and reached a peak two years ago of more than ?10. Since Nomura's opening bid for the company in April, the enterprise value - market capitalisation plus debt - of the group had increased by just 7.6 per cent, said one analyst. Although the share price has rocketed, whoever finally wins the battle for Hyder must take into account its debts of ?1.9 billion. Earlier this week WPD tried to strengthen its hand by saying it would buy back Hyder's bonds if it wins the takeover battle. "Removing the bondholders' veto would give the company more options to restructure the debt," said one analyst. A spokesman for Nomura said it would address the bondholders' concerns only when it had control of the company. HYDER: Nomura to Increase Bid to ?557million ---------------- YORKSHIRE POST August 10, 2000 The battle to take over Welsh utilities company Hyder intensified yesterday after Japanese investment bank Nomura put in an improved ?557m bid for the debt-ridden group. The tussle between Nomura and Western Power Distribution has now seen shareholders' stakes almost double in value over the last four-and-a-half months. Before Nomura's first bid at the end of March, Hyder shares were languishing at 189p but Nomura's latest bid values the company at around 360p a share. I T S LOGISTICS LTD: Liquidation proceedings ----------------------------- Company Name: I T S Logistics Ltd Company No: 3051613 Com. Business: Freight Fowarders Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: D F Wilson IPno: 6074 J N Pitts 7851 Firm Name: Wilson Pitts Address: Devonshire House 38 York Place City Postcode: Leeds LS1 2ED INFOBANK: To Incur Heavy Losses ------------------ THE TIMES August 10, 2000 Infobank, the provider of software for "virtual marketplaces" such as Myaircraft.com, which allows aircraft manufacturers to buy engines and spare parts online, yesterday said it was prepared to incur heavy losses to keep pace with market growth. The company, whose shares have dropped from ?40.67�p in February to yesterday's 810p, down 25p on the day, was reporting first- half sales on continuing operations of ?444,000, compared with ?21,000 the previous year. Last year, Infobank disposed of its wholesale software retailing business, which helped to generate sales of ?26 million. The company's half-year pre-tax losses rose from ?2.7 million to ?11.9 million. Graham Sadd, chief executive, said he expected the market for virtual marketplace software to explode over the next two years. "Our challenge is to grow as fast as the market is growing," he said. Instead of charging for its software, Infobank takes a cut of between 10 per cent and 25 per cent of a marketplace's revenues. It is estimated that marketplaces will handle transactions worth ?4.9 trillion by 2004. Infobank, which has spent ?10 million of the ?122 million it raised in April, said it currently had 37 customers, and partnerships with the likes of KPMG, ICL, BT and Compaq. Mr Sadd said Infobank had a "cash burn rate" of about ?2 million a week, and had also invested ?6 million in Online Advantage, a software distribution company that operates in Australia and Asia. INFOBANK INTERNATIONAL: Reports Loss of ?10m ------------------------------ THE GUARDIAN August 10, 2000 Infobank International, the business to business e-commerce software provider, yesterday announced that half-year pre-tax interim losses widened to almost ?10m. The loss for the period to June 30 was more than three times the ?3.2m recorded last year. As of June 30 Infobank said it still had ?112m of the ?122m in cash it netted from a fundraising in April sitting in the bank. The results were distorted because of recent restructuring at the company. Continuing operations generated revenues of ?444,000, compared with ?21,000 in the same period last year. Analysts were unconcerned by the losses, which were in line with their expectations, particularly because Infobank had so much money in the bank. Infobank has invested heavily in new staff and offices around the world as part of its aim of becoming a global player. In the past three months Infobank has won 18 customers, taking its total number to 37. Analysts said they were confident that the company could exceed its target of attaining 50 customers by the end of the year. Graham Sadd, the company's chief executive officer, cautioned that "meaningful revenue" was unlikely to kick in before 2002. Infobank's software helps companies, such as British Telecommunications and the government do business with their suppliers online. LIFFEYDALE LTD: Liquidation proceedings ----------------------------- Company Name: Liffeydale Ltd Company No: IR Com. Business: Appointed on: 17/07/00 Type: Creditors Appointed by: Members Liquidators: John J Sheahan IPno: Firm Name: John J Sheahan & Co Address: Main Street Coachford City Postcode: Co Cork MAXPLAY (EUROPE) LTD: Liquidation proceedings ----------------------------- Company Name: Maxplay (Europe) Ltd Company No: 3152224 Com. Business: Wholesaler of Computer Games Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Robert Valentine IPno: 3569 Firm Name: Valentine & Co Address: 4 Dancastle Court 14 Arcadia Avenue City Postcode: London N3 2HS METRO LEISURE (UK) LTD: Liquidation proceedings ----------------------------- Company Name: Metro Leisure (UK) Ltd Company No: 2830874 Com. Business: Retail Alcoholic/Other Beverages Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Michael Chamberlain IPno: 8735 Firm Name: Chamberlain & Co Address: Aireside House 24-26 Aire Street City Postcode: Leeds LS1 4HT MONARCH LAUNDRY LTD: Liquidation proceedings ----------------------------- Company Name: Monarch Laundry Ltd - The Company No: NI Com. Business: Property Letting Appointed on: 17/07/00 Type: Members Appointed by: Members Liquidators: Stephen Prenter IPno: 8663 Firm Name: BDO Stoy Hayward Address: Lindsay House 10 Callender Street City Postcode: Belfast BT1 5BN MOORE BROS (WILTON) LTD: Liquidation proceedings ----------------------------- Company Name: Moore Bros (Wilton) Ltd Company No: 451103 Com. Business: Manufacture Supply Motor Engines Appointed on: 17/07/00 Type: Members Appointed by: Members Liquidators: David J Stringer IPno: 6535 Firm Name: Stringer & Co Address: 5 Bassett Wood Drive City Postcode: Southampton SO16 3PT MOORE BROS (WILTON) MANAGEMENT LTD: Liquidation proceedings ----------------------------- Company Name: Moore Bros (Wilton) Management Ltd Company No: 852694 Com. Business: Manu/Sale Motor Engine Components Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: David J Stringer IPno: 6535 Firm Name: Stringer & Co Address: 5 Bassett Wood Drive City Postcode: Southampton SO16 3PT NORTHGALE LTD: Liquidation proceedings ----------------------------- Company Name: Northgale Ltd Company No: 3731205 Com. Business: Advertising & Media Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Jeremy S French IPno: 3862 Firm Name: Redhead French & Co Address: 43-45 Butts Green Road City Postcode: Hornchurch RM11 2JX NURSING HOME PROPERTIES: Funds Seek Changes at the Top ----------------- August 8, 2000 The Daily Telegraph said that the future of Richard Ellert, chief executive of Nursing Home Properties, is to be decided when he returns from his holiday in Spain next week. His role in the company has been in doubt for some time, and institutions are believed to be pressing for his removal after financial difficulties at the company. NHP has seen several of its tenants go into receivership in the past year. If Mr Ellert departs, the company could find itself a management team from Southern Cross, which has been in talks to reverse into NHP. Sources said last night that there would be discussions on his position next week. Mr Ellert, 53, yesterday denied rumours that he was already on gardening leave. "I have not been suspended, I am on holiday in Spain. I am still working for NHP," he said. NHP, which buys nursing homes and leases them back to tenants, lost pounds 7m after exceptional items in the six months to March. The exceptional items included a pounds 14m provision for its largest tenant, Ultima Holdings, after concluding that there was "a significant chance that the company would be unable to fulfil its financial obligations to NHP". The company is now believed to be seeking to raise cash to repair its balance sheet, accordingly. NUTRETECH LTD: Liquidation proceedings ----------------------------- Company Name: Nutretech Ltd Company No: 3520845 Com. Business: Manuf Prepared Farm Animal Feed Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Joseph P McLean IPno: 8903 Firm Name: Grant Thornton Address: Higham House Higham Place City Postcode: Newcastle-u-Tyne NE1 8EE OXFORD MOLECULAR: Directors Proposes Voluntary Liquidation -------------------------- CITYWIRE August 9, 2000 Molecular (OM) is selling Software Solutions Division, the last of its core assets, to a subsidiary of Pharmacopeia Inc and will return cash to shareholders as the company is wrapped-up. As a result of the proposed disposal, Oxford Molecular will change its name to OM 2000. OM is expecting US$27 million (?18 million) for the sale, which may be reduced by certain adjustments at completion amounting to about $2.2 million. Software Solutions Division (SSD) supplies enterprise-wide software and information technology solutions to assist in research and analysis at various stages of the drug discovery process. The division operates from the UK and US. For the 12 months to 31 December SSD reported an operating loss on continuing operations of ?10.1 million, on sales of ?11.3 million. An exceptional charge of ?10 million was incurred to cover reorganisation costs and asset impairment. The proposed disposal follows a review by the board of OM into the strategic alternatives available to the company to deliver more value to shareholders. A liquidation was considered the appropriate route to return capital to shareholders. On 6 July, OM disposed of the Discovery Solutions Division to Millennium Parmaceuticals for ?33.5 million net cash. The disposal of SSD will be the final step in the divestment process. The disposal is subject to shareholder approval at an extraordinary general meeting where OM directors will also propose the company be placed into members' voluntary liquidation and its shares be cancelled from the Official List. The board expects the amount of capital available for return to shareholders will be in the range of 41p to 44p, distributed in three tranches with 60-75% during late October this year. A further 15-30% is planned for January 2001 and the remainder about 12 months after. Cancellation of the shares is expected the day following the passing of the special resolution at a second EGM. OXFORD MOLECULAR: To Sell Loss-Making Software Division ----------------------- THE TIMES August 10, 2000 Tony Marchington, chief executive of Oxford Molecular, and his brother Allan, are set to make up to ?3 million from the liquidation of the troubled pharmaceutical services company. Oxford Molecular yesterday sold its loss-making software division to the American group Pharmacopeia for ?18 million and with the company now left with no operating businesses, it has decided the cash will be returned to shareholders. Last month it sold its combinatorial chemistry division to Millennium Pharmaceuticals of the US for ?33.5 million. Oxford Molecular now intends to liquidate and delist the business and return between 41 and 44p to shareholders rather than keep the company as a cash shell. James Hiddleston, a founder and non-executive director at Oxford Molecular, said: "The board thought that the best way was to return money to shareholders." Allan Marchington, who sold his business Cambridge Combinatorial to Oxford Molecular, stands to gain up to ?2.4 million from his 6.4 per cent stake. Tony has a smaller holding of less than 2 per cent. The decision to liquidate Oxford Molecular ends a dismal stock market performance after the shares reached a peak of 465p three years ago. They closed yesterday up 3�p at 34�p. P A EQUIPMENT HIRE LTD: Liquidation proceedings ----------------------------- Company Name: P A Equipment Hire Ltd Company No: 3207057 Com. Business: Plant Hire Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: D Platt IPno: 7471 G Bell 8710 Firm Name: Begbies Traynor Address: Elliot House 151 Deansgate City Postcode: Manchester M3 3BP POWERGEN: Five Groups on Shortlist to Buy ?1bn Stations ----------------------------- August 9, 2000 Five energy groups from Britain, the US and France, are understood to have been shortlisted to buy three of the UK's large power stations in the latest rationalisation of the electricity sector, financial times said. Final bids for the PowerGen stations are believed to have come from Centrica, which trades as British Gas, Scottish Power, Scottish & Southern, Electricite de France and NRG of the US. Analysts say the sale of all three stations could together raise more than ?1bn. PowerGen said in March that it would consider offers for UK and global assets to help meet the cost of its $3.2bn (?2.1bn) purchase of LGE Energy, the Kentucky-based power company. The largest of the three stations is the 2,000MW Cottam coal- fired power station in Nottinghamshire. The other two are a 1,400MW combined cycle gas plant at Connah's Quay, north Wales, and a 700MW gas plant at Rye House in Hertfordshire. The disposals would be the latest in a series of power station transactions as electricity suppliers and generators seek to rebalance their business ahead of new electricity trading arrangements due to be introduced in November. Generators such as PowerGen and National Power, shortly to be demerged, have acquired retail power supply businesses as a potential safeguard against further falls in generation prices. REED ELSEVIER: Shake-up on Target ---------------------- August 9, 2000 Financial times reports that Reed Elsevier, the Anglo-Dutch publishing giant, says its reorganisation plans are firmly on track after a big overhaul of the company earlier in the year. The company announced a shake-up of its business in February and has since moved to focus its operations around three core activities - science, legal and business-to-business. During the year Reed has implemented a new management structure and has appointed new bosses at each of its divisions to establish a "high quality management team". Another key part of the restructuring has been to hit the acquisition trail and to this end the group has spent ?876 million on several acquisitions. SOMERFIELD: Two Go in Somerfield Shake-Up ----------------- THE TIMES August 10, 2000 Simon Hughes, managing director of Kwik Save, has been forced to carry the can for the poorly performing discount stores which form part of the Somerfield supermarket group. Somerfield said yesterday that Mr Hughes had left the company, along with Ed Connolly, group buying and supply chain director. Analysts had been expecting a management shake-up since the struggling retailer last month scrapped its final dividend in response to plummeting revenues. The Kwik Save division, where comparable sales plunged 14.2 per cent for the year to April, was blamed for Somerfield's dramatic fall in profitibility last year. Alan Smith, chief executive, said: "This is in recognition that we needed new blood. We needed new expertise and vitality on the board." Mr Hughes was appointed head of Kwik Save in July 1999, but was on track to lose his position late last year when Somerfield unveiled plans to sell off 350 outlets of the 800-strong Kwik Save chain and convert the rest to the Somerfield format. However, the disposal programme was abandoned when buyers were found for only 46 stores and Mr Smith decided to keep the unsold stores and run them under the Kwik Save banner. City analysts expressed relief that Mr Hughes - who will leave with a package of at least ?350,000 plus options over 580,000 shares - is to be replaced by Graham Maguire, retail director of T&S Stores. One analyst said: "This company has been short on retail expertise for a long time. This is at least a step in the right direction." Mr Connolly will be replaced temporarily by Keith Jackson while a permanent replacement is sought. Stephen Barnett joins as marketing director from Procter & Gamble, while Bill Williams has been hired as operations director from J Sainsbury. T K L LTD: Liquidation proceedings ----------------------------- Company Name: T K L Ltd Company No: 3128997 Com. Business: Wholesale Drinks Distributor Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Paul Fleming IPno: 6828 Firm Name: Parkin S Booth & Co Address: 44 Old Hall Street City Postcode: Liverpool L3 9EB TREVOR WIGLEY & SON LTD: Liquidation proceedings ----------------------------- Company Name: Trevor Wigley & Son Ltd Company No: 2251794 Com. Business: Bus Breakers Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: John Russell IPno: 5544 Allan Cooper 5546 Firm Name: Poppleton & Appleby Address: 93 Queen Street City Postcode: Sheffield S1 1WF U S P ESTATES LTD: Liquidation proceedings ----------------------------- Company Name: U S P Estates Ltd Company No: 0950654 Com. Business: Property Developers Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Jeremy Berman IPno: 5303 Firm Name: Berley & Co Address: 76 New Cavendish Street City Postcode: London W1M 7LB VITALIS (INTERNATIONAL) LTD: Liquidation proceedings ----------------------------- Company Name: Vitalis (International) Ltd Company No: 3449841 Com. Business: Agent for Total Office Group Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Michael J Moore IPno: 1168 Peter S Flesher 1650 Firm Name: Kroll Buchler Phillips Address: 1 City Square City Postcode: Leeds LS1 2ES VITALIS LTD: Liquidation proceedings ----------------------------- Company Name: Vitalis Ltd Company No: 3248846 Com. Business: Agent for Total Office Group Appointed on: 17/07/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Michael J Moore IPno: 1168 Peter S Flesher 1650 Firm Name: Kroll Buchler Phillips Address: 1 City Square City Postcode: Leeds LS1 2ES WOOLWICH: Barclays Make a ?5.5 Billion Takeover ----------------------- August 9,2000 The Financial Times reports that the City's early response to the takeover talks between Barclays and Woolwich has been unenthusiastic. One banking analyst says it isn't a "terribly shareholder- friendly deal" for Barclays investors and is unlikely a takeover war would be sparked for the Woolwich. Barclays have so far lost 92p to ?15.72 as investors anticipated the bank paying out for a deal, while shares in the Woolwich are up 61p at 330p, a rise of 23%, in early trading. Barclays and Woolwich have announced they are in talks that could see Barclays make a ?5.5 billion takeover bid for the Woolwich. Woolwich won't comment on whether it will result in job cuts among its staff of more than 6,000 in the UK, operating from more than 400 branches. Barclays says the offer, if made, would consist of 164p in cash and 0.1175 Barclays shares for each Woolwich share, which together with Woolwich's interim dividend of 4.4p values the former building society at 362p a share. WOOLWICH: Mixed Reaction to Takeover Proposal ------------------------------ August 9,2000 Consumer groups, unions and community banking campaigners have given a mixed response to the proposed takeover of Woolwich by Barclays. A Consumers' Association spokeswoman said: "Our concern is what the knock-on effect will be, particularly if consumers end up with less choice. "If the move results in bank closures and less competitive financial products then it is yet another example of how the banking sector is failing consumers. "The only good news is that hopefully Barclays will extend its no-charging policy to all Woolwich cash machines." A spokeswoman for banking union Unifi said: "At this point we are not aware of any threats of job cuts as a result of this proposed merger, Financial Times said. "Barclays has cut 6,000 jobs in the last year and we are not anticipating that they will be making any further substantial cuts." Mark Finn, a banking analyst at Williams de Broe, said Barclays launched the bid approach largely to secure a bigger share of the UK mortgage market. "Barclays has a 3.7% market share and with the Woolwich's 5.3% it would have 9%," he said. "This is largely a revenue-generating deal rather than a deal which will produce large cost savings as a result of the merger. "I don't think this is necessarily a done deal yet. There could be interest in the Woolwich from other banks and there could be competition considerations." The UK banking sector is alive with activity and speculation after Barclays revealed it was in talks that could lead to a ?5.5 billion takeover of mortgage bank Woolwich. The announcement set Woolwich's shares racing 22%, or 61p, higher to 330p - but still well short of the 362p a share valuation of Barclays' bid. The prospect of such a weighty acquisition has hit Barclays shares, which are slumping 92p to ?15.72. 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 * * *