/raid1/www/Hosts/bankrupt/TCREUR_Public/030506.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

                 Tuesday, May 6, 2003, Vol. 4, No. 88


                              Headlines

* F I N L A N D *

RADIOLINJA OY: To Trim Down Workforce Due to Weak Profitability

* F R A N C E *

PINAULT-PRINTEMPS-REDOUTE: Sells Pinault Bois & Materiaux
RHODIA SA: Launches Private Placement of EUR 700 Million Notes
SUEZ SA: Offer for Water Unit Includes Stock Exchange Listing
VIVENDI UNIVERSAL: Mulls Sale and Buy-back Deal for U.S. Assets
VIVENDI UNIVERSAL: Forces to Exercise Put Option in Maroc Telecom

* G E R M A N Y *

HVB GROUP: Offers Profitable Consumer Credit Business for Sale
KIRCHMEDIA GMBH: ProSiebenSat.1 Seeks Right to Issue New Shares

* I T A L Y *

LAZIO SPA: Deloitte & Touche Refuses to Certify Recent Earnings

* N E T H E R L A N D S *

LAURUS N.V.: Transfer of Part of Belgian Activities Final
KLM ROYAL: Announces Financial Results for First Quarter 2003

* S W E D E N *

CONCORDIA BUS: Ratings Lowered Due to Weakened Financial Profile
LM ERICSSON: Notice to Shareholders Regarding Share Certificates
LM ERICSSON: Board Proposal Regarding Transfer of Own Stock
LM ERICSSON: Board's Proposal Concerning Stock Purchase Plan
LM ERICSSON: Minutes of Annual General Meeting of Shareholders
SKANDIA INSURANCE: Revised to Stable After American Skandia Sale

* S W I T Z E R L A N D *

CREDIT SUISSE: CSFB Sells Pershing to The Bank of New York
SCANDINAVIAN AIRLINES: Establishes New SAS Organization
SWISS INTERNATIONAL: New Regional Subsidiary to Be Established

* U N I T E D   K I N G D O M *

ABBEY NATIONAL: Sells Australian Project Loan Book for GBP390 MM
ABERDEEN ASSET: British Land Eyes Aberdeen Property Investors
AMP LTD.: Institutional Component of Capital Raising Successful
CORUS GROUP: Pechiney Still Interested in Aluminum Assets
ESSIENT PHOTONICS: Company Profile
GALLIFORD TRY: Unveils Restructuring Plan for Construction Unit
GARTMORE SELECT: To Propose Special Resolution to Wind up Trust
GLAXOSMITHKLINE PLC: District Court Upholds Ceftin Patent
GLAXOSMITHKLINE PLC: To Cut Cost to Allay Effects of Competition
IMPERIAL CHEMICAL: Stands to Face Another Class Action Lawsuit
LONDON CLUBS: Proposes Transactions to Reduce Indebtedness
PACE MICRO: Board Appoints John Dyson Chief Executive
ROYAL & SUNALLIANCE: Shareholders Okay Initial Public Offering
THUS PLC: Remains On Track to Break Even in March 2004
WORLD SPORTS: Appoints Simon Peter Eagle Non-executive Director
* Large Companies With Insolvent Balance Sheets


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F I N L A N D
=============


RADIOLINJA OY: To Trim Down Workforce Due to Weak Profitability
---------------------------------------------------------------
Finnish mobile operator Radiolinja plans to serve redundancy
notices to 250 of its 1,750 employees over the year to counter
weak results.

Radiolinja, a subsidiary of Elisa Corporation, posted operating
profit of EUR15 million, down from EUR16 million last year.  The
first-quarter interim figures for this year also indicated that
the company's net sales grew from EUR174 million to EUR175
million.

Radiolinja's average revenue from one mobile subscription fell
during the first quarter of 2003.  Last year one subscriber
racked up an average bill of EUR41.4 from call-charges, while
this year the figure has been EUR38.4.  This fall is a result of
the lower price level, the company said in a statement.

Radiolinja president Pertti Kyttala explained that without the
new cost-cutting measures, the company's profitability would soon
begin to deteriorate sharply.

Finnish paper Helsingin Sanomat said the difficulties are due to
the slump of mobile phone calls and SMS messages prices.  The
paper added that to some extent this is the operator's own doing,
since the tight competition between operators has prompted them
to cut prices and offer attractive giveaways.

While admitting that the operators themselves are party to blame
for the situation, Kyttala pointed out that with a full network
in place that could create fixed costs, it is better to compete
for customers than to let them leave for the competition.

The job cuts will affect the people working in planning and
product development in particular; the spare customer service is
expected to remain intact.  Some of the cuts will be accomplished
by terminating fixed-term employment contracts, although
dismissals will also be necessary.

CONTACT:  OY RADIOLINJA AB
          Keilasatama 5
          02050 RADIOLINJA
          FINLAND
          Phone: +358 9 435 661
          Fax: +358 9 4356 6550
          Contact: Mr. Pertti Kyttala, President


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F R A N C E
===========

PINAULT-PRINTEMPS-REDOUTE: Sells Pinault Bois & Materiaux
---------------------------------------------------------
Pinault-Printemps-Redoute has finalized an agreement with the
U.K. group Wolseley for the sale of its company Pinault Bois &
Materiaux, the French specialist distributor of wood and building
materials.

The transaction totaled EUR 565 million and represents a multiple
of nearly 8 times Pinault Bois & Materiaux's 2002 operating
profits.

The disposal will reduce PPR's debt by EUR 565 million (a
reduction of EUR 500 million in net consolidated financial debt
and of EUR 65 million of securitization).

The impact is only slightly dilutive on PPR group net income
excluding non-recurring items.

This transaction is subject to approval from the relevant EU
competition authorities.

Serge Weinberg, Chairman of the Management Board of Pinault-
Printemps-Redoute, made the following statement: "The sale of
this historical asset of the Group is an important step in our
strategy of focusing on the individual consumer. Following the
divestment of the Credit and Financial Services activities and of
Guilbert, this new sale confirms our ability to execute this
strategic shift rapidly and in excellent conditions."

About Pinault Bois & Materiaux
Pinault Bois & Materiaux is a leading player in the distribution
in France of wood and building materials. In 2002, Pinault Bois &
Materiaux employed 5,300 people and posted sales of EUR 1.3
billion and operating profits of EUR 72.3 million.

About Pinault-Printemps-Redoute
European leader in specialized distribution through such
companies as Printemps, Conforama, Redcats and Fnac, and a global
actor in the luxury business with such brands as Gucci and Yves
Saint Laurent, PPR is active in over 65 countries. In 2002, PPR
posted consolidated sales of EUR 27.4 billion, operating profits
of EUR 1.8 billion and net profits of EUR 1.6 billion and
employed 108 000 people.

About Wolseley
Wolseley is the world's largest distributor of plumbing and
heating equipment and a market leading distributor of building
materials in the UK and USA to professional contractors. Group
sales for the year ended 31 July 2002 were approximately o8
billion and operating profit, before goodwill, was o464 million.
In the UK, Wolseley Centers is the leading plumbing and heating
distributor with nearly 1,300 locations. It is also a leading
distributor of heavyside building materials in the UK. In the
year to 31 July 2002, it reported sales of o1.7 billion, an
increase of 8.7% on the prior year. It has approximately 9,700
employees.
In France, Brossette is the only national distributor of plumbing
and heating equipment and is the market leader with over 406
locations. In the year to 31 July 2002 it reported sales of
EUR875 million (o603 million). It has approximately 3,300
employees.

Wolseley is quoted on the London and New York stock exchange.

CONTACT:  PINAULT-PRINTEMPS-REDOUTE
          Analysts/Investors:
          David Newhouse
          Phone: +33 (0)1 44 90 63 23
          Alexandre de Brettes
          Phone: +33 (0)1 44 90 61 49
          Home Page: http://www.pprlive.com

          Analyst/Investors website: http://www.pprfinance.com


RHODIA SA: Launches Private Placement of EUR 700 Million Notes
--------------------------------------------------------------
Rhodia announced the launch of a private placement of notes for
approximately Euro 700 million (tranches denominated in US
dollars and in Euro), with an expected maturity of 2011, to be
sold to international institutional investors.

This announcement does not constitute an offer to sell, or a
solicitation of offers to purchase, securities in the United
States. The securities referred to herein have not been, and will
not be, registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements. This notice is issued pursuant to Rule 135(c) of
the Securities Act of 1933.

Rhodia is one of the world's leading manufacturers of specialty
chemicals. Providing a wide range of innovative products and
services to the consumer care, food, industrial care,
pharmaceuticals, agrochemicals, automotive, electronics and
fibers markets, Rhodia offers its customers tailor-made solutions
based on the cross-fertilization of technologies, people and
expertise. Rhodia subscribes to the principles of Sustainable
Development communicating its commitments and performance openly
with stakeholders. Rhodia generated net sales of EUR6.6 billion
in 2002 and employs 24,500 people worldwide. Rhodia is listed on
the Paris and New York stock exchanges.

                     *****

High level of raw material prices and restructuring provisions
negatively affected the Group's performance and depressed
Rhodia's operating income to EUR9 million compared with EUR46
million for the first quarter of 2002, on a comparable basis
(constant structure and exchange rates).

CONTACT:  RHODIA SA
          Investor Relations
          Marie-Christine Aulagnon
          Phone: 33-1 55 38 43 01
          Fabrizio Olivare
          Phone: 33-1 55 38 41 26


SUEZ SA: Offer for Water Unit Includes Stock Exchange Listing
-------------------------------------------------------------
Bidders for the Northumbrian Water unit of French utility Suez
wants to re-enlist the water company in the stock exchange,
according to the Financial Times.

The consortium of Deutsche Bank, Ecofin, the investment
management and corporate advisory group, and stockbrokers Collins
Stewart, included the plan in their more than GBP2 billion offer.
The offer also involves about 20% of Northumbrian's finances
still being provided by equity investors.

The group agreed to take a stake in Northumbrian Water, and is
believed to have reached agreement with specific investment
institutions to place the new Northumbrian shares in case it wins
the bidding.

The consortium is understood to be vying for the asset against
CVC Capital Partners a private investment group and the private
equity arm of Morgan Stanley.  The latter is also handling the
sale on behalf of Suez.

All the offers would involve raising a substantial amount of debt
to refinance Northumbrian's operations.

The company that supplies services to 4.3 million people in
north-east and southern England lost its stock market listing
after Suez bought it in 1996 for GBP823 million.


VIVENDI UNIVERSAL: Mulls Sale and Buy-back Deal for U.S. Assets
---------------------------------------------------------------
French telecom company Vivendi Universal is examining the
possibility of avoiding tax liabilities arising from the break up
of its U.S. entertainment assets through a sale and buy-back
strategy.

The possible obligation stands at US$2 billion, according to Mr.
Diller, although Vivendi claims the amount to be far less.

The payment guarantees to USA Interactive and its chairman Barry
Diller, whom together control 6.9% of Vivendi Universal
Entertainment, was secured during the sell-off of Mr. Diller's
USA entertainment assets to Vivendi for EUR12.4 billion (US$14
billion) last year.

Clauses to the merger agreement between Vivendi Universal and USA
Interactive prevent the French company from selling the
entertainment assets in pieces.

Jean-Rene Fourtou, Vivendi chairman, confirmed last week that the
group was seeking buyers for all or part of VUE, according to the
Financial Times.

In a recent development, lawyers instructed by Vivendi have
reportedly suggested a buy-back to prevent payments to Barry
Diller and USA Interactive.

Lawyers believe the liability could be avoided if bidders agreed
to acquire all of VUE and sell the non-TV businesses back to
Vivendi.  The U.S. entertainment assets include Universal Studios
and cable-TV channels.

Universal Television, included in the assets for sale, has
attracted the interest of U.S. television network NBC.

NBC had preliminary meetings with Vivendi executives, but "There
has been no real due diligence except with NBC," said one
official.

GE, NBC's parent, is seen as one of the few bidders able to
participate in the sort of sale and buy-back envisaged by
Vivendi's legal advisers. Other potential bidders include Liberty
Media, the U.S. media investment company, and Viacom, the group
behind CBS television, Paramount and MTV, according to the
report.

CONTACT:  VIVENDI UNIVERSAL
          Headquarters
          42 Avenue de Friedland
          75380 Paris Cedex 08
          France
          Phone: +33 1 71 71 10 00
          Fax: +33 1 71 71 11 79
          Contact:
          Investor Relations
          E-mail: investor-relations@groupvu.com

           Daniel Scolan, Executive VP
           Investor Relations
           Phone: +33.1.71.71.12.33
           E-mail: daniel.scolan@groupvu.com
           Laurence DANIEL
           IR Director, Europe
           Phone: +33.1.71.71.12.33
           E-mail: laurence.daniel@groupvu.com
           Edouard LASSALLE
           Associate Director, Europe
           E-mail: edouard.lassalle@groupvu.com

           VIVENDI UNIVERSAL
           New York office
           375 Park Avenue
           New York, NY
           10152-0192
           USA
           Phone: +1 212 572 7000

           USA INTERACTIVE
           Investor Relations
           152 West 57th Street, 42nd Floor
           New York, New York 10019
           Phone: (212) 314-7400
           Fax: (212) 314-7399
           E-mail: ir@usainteractive.com


VIVENDI UNIVERSAL: Forces to Exercise Put Option in Maroc Telecom
-----------------------------------------------------------------
Vivendi Universal's decision to retain its interest in Maroc
Telecom requires it to pay EUR690 million (US$775 million) for
majority control of the Moroccan telecommunications operator.

Vivendi announced during its annual meeting last week it is
holding on to its 35% stake valued at EUR1.6 billion by industry
analysts.  The move put in effect a put option from the Moroccan
government obliging it to acquire a further 16% of the telecom
operator in September.

The French company is understood to have dropped the disposal
after initial offers failed to meet its price expectations,
according to the Financial Times.  Bidders were reluctant to pay
for the additional put option, the report says.

Potential bidders for Maroc Telecom, who had already received a
sales memorandum prepared by Credit Agricole--including Saudi
business entrepreneur, Prince AlWaleed--wants Vivendi to clarify
whether it has plans of selling its resulting 51% holding in
September.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (1).71.71.3291
          Laurence Daniel
          Phone: +33 (1).71.71.1233
          or
          New York
          Eileen McLaughlin
          Phone: +(1) 212.572.8961


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G E R M A N Y
=============


HVB GROUP: Offers Profitable Consumer Credit Business for Sale
--------------------------------------------------------------
German bank HVB is selling its highly profitable consumer credit
business, Norisbank, to raise EUR300 million to refurnish its
capital base, which has been eroded by heavy losses.

Interested buyers include BNP Paribas and Societe Generale in
France and Postbank and Citibank in Germany. Banco Santander
Central Hispano and Diba, the ING subsidiary, are also said to be
potential bidders.

Top contenders for the unit are Germany's largest retail bank,
Postbank, with 10 million customers; Citibank with 3 million
customers; and Diba, also with 3 million customers.

Postabank head, Wulf von Schimmelmann, was known to have declared
interest in the consumer credit unit last month.

Buyers have until the end of this week to submit offers,
according to the Financial Times.

HVB, whose shares have been the worst-performing German bank
stock during the past 12 months, incurred losses due to more than
EUR2 billion bad loan charges.  Its investment portfolio was hit
by the slide in global equity markets, notably in cross-
shareholdings in Allianz and Munich Re, which holds 26% of HVB.

In an effort to turn the business around, HVB chief executive,
Dieter Rampl, is disposing non-core assets.  He is also planning
to launch a partial initial public offering of Bank Austria, and
to sell HVB's international property business.

The planned asset sales are expected to see the disposal of HVB's
Hamburg-based Vereins-und Westbank.  Hamburger Sparkasse is
understood interested in acquiring HVB's 75% stake in Vereins-und
Westbank.


KIRCHMEDIA GMBH: ProSiebenSat.1 Seeks Right to Issue New Shares
---------------------------------------------------------------
German broadcaster ProSiebenSat.1, a KirchMedia asset being sold
to Haim Saban, wants to issue 97.2 million new shares over the
next five years.

According to Dow Jones Newswires, a spokesman for ProSiebenSat.1
Media AG said the request, which is expected to help secure long-
term financing for the German broadcaster, will be presented to
shareholders at a June 16 annual general meeting in Munich.

The authorization would give the management board the right to
issue up to 97.2 million new common or preferred shares until
June 15, 2008, the online news center further said.

A spokesman for insolvent KirchMedia GmbH declined to say whether
the share sale authorization was a condition for the deal.  Saban
is acquiring 72% of ProSiebenSat.1's voting rights as well as
KirchMedia's entire film rights library.

It is noted that at 1042 GMT, ProSiebenSat.1's shares were worth
EUR5.03.  Based on that price, the share sale would raise nearly
EUR500 million.

KirchMedia, which filed for creditor protection early last year,
is selling its library of 18,000 movies and series, as well as
broadcaster ProSiebenSat.1 Media AG to Mr. Saban.  Both the film
and the stake in ProSiebenSat are the remains of the collapsed
empire of Bavarian entrepreneur, Leo Kirch.  The transaction to
sell the film library could include KirchMedia's debt, as
creditor banks plan to transfer the amount to the unit.

CONTACT:  KIRCHMEDIA GMBH & CO KGAA
          Rudolf Wallraf
          RW-Konzept GmbH
          Phone: +49 (0)9 99562324
          Mobile: +49 (0)3 2678888

          Hartmut Schultz
          Hartmut Schultz Kommunikation GmbH
          Phone: +49 (0)89 99806220
          Mobile: +49 (0)170 4332832

          SABAN GROUP
          in Germany:
          Bernhard Meising
          Phone: +49 (0)211 5775902

          Elisabeth Ramelsberger
          Phone: +49 (0)211 5775913
          Citigate Dewe Rogerson GmbH

          in USA:
          Stephanie Pillersdorf
          Phone: +1 212 687 8080
          Citigate Sard Verbinnen


=========
I T A L Y
=========


LAZIO SPA: Deloitte & Touche Refuses to Certify Recent Earnings
----------------------------------------------------------------
Societa Sportiva Lazio said in a statement it is still unable to
have its earnings covering the period of June to December 2002
certified.

Auditor Deloitte & Touche SpA refused to grant the certification
unless the soccer club secures an agreement with a consortium of
banks to guarantee its planned EUR110 million capital increase,
according to Lazio.

The club also cited Deloitte & Touche saying Lazio's future is
contingent on it being able to raise new funds.

"In its report, the auditor highlights that the future of the
company depends on, among other things, the securing of finances
to repay its creditors," Lazio said.

Meanwhile, Dow Jones Newswires said the auditor's statement might
make the financial recovery of Cirio Finanziaria SpA more
difficult.  Cirio, Lazio's parent, is trying to sell Lazio in
order to reduce its own debt.

The online news center further said that Lazio is one of the key
assets that Cirio, which defaulted on EUR150 million of unrated
bonds last November, is trying to dispose of in order to relaunch
itself.

However, Lazio's own finances have been plagued by declining cash
flow and rising costs that have resulted in a EUR55.1 million
loss in the first three months of 2003.

Shares of the troubled football club, which had been suspended
ahead of the statement, are scheduled to resume trading at 1105
GMT.

CONTACT:  SOCIETA SPORTIVA LAZIO SPA
          Via Augusto Valenziani 10
          00187 Rome, Italy
          Phone: +39-06-42-07-01
          Fax: +39-06-42-07-04-35
          Homepage: http://www.sslazio.it


=====================
N E T H E R L A N D S
=====================


LAURUS N.V.: Transfer of Part of Belgian Activities Final
---------------------------------------------------------
In several press releases (January 2003 17; February 5, 2003)
Colruyt's intention to take over the Belgian activities of Laurus
specified below was announced:

The SPAR-formula in Belgium, run from the headquarters at Ternat
and from the distribution center at Heist-op-den-Berg, as well as
the 4 A-cash establishments;

21 Battard stores;
5 Central Cash stores;
the distribution center and the administrative department at
Pommeroeul.

Having obtained the approval of the Belgian Competition
Authorities (press release March 31, 2003), Colruyt and Laurus
report that the due diligence process and the audit of the
closing accounts were completed successfully.

On April 30, 2003 the entire deal was finalized and the final
transfer of the above-mentioned activities took place, as
scheduled and announced earlier.

                     *****

Separately, Laurus said:

"The transaction does not have significant consequences for the
Laurus' shareholders' equity or the results. In the annual
accounts 2002 an exceptional diminution in value for Belgium was
taken into account."

"The proceeds from the transaction will be used to reduce the
long-term loans," the company added.


KLM ROYAL: Announces Financial Results for First Quarter 2003
-------------------------------------------------------------
Results
To facilitate a better understanding of the underlying business
performance, the financial results are analyzed on an estimated
current cost of supplies (CCS) basis adjusting for those credits
or charges resulting from transactions or events which, in the
view of management, are not representative of normal business
activities of the period and which affect comparability of
earnings. It should be noted that adjusted CCS earnings is not a
measure of financial performance under generally accepted
accounting principles in the Netherlands and the USA.

Key features of the first quarter 2003

--  Reported net income of $5,331 million was 136% higher than
last year and included a special credit of $1,036 million and a
credit of $255 million from the change in accounting for asset
retirement obligations.

-- The Group's adjusted CCS earnings (i.e. on an estimated
current cost of supplies basis excluding special items) for the
quarter of $3,914 million were 96% higher than the results last
year. The earnings reflected significantly higher hydrocarbon
prices, 6% higher and record hydrocarbon production, and
substantially higher earnings in Gas and Power and Oil Products.

-- On an adjusted CCS basis, Royal Dutch earnings per share were
EUR1.05 ($1.13 per share), an increase compared to a year ago of
62% (98% in $ per share), and Shell Transport earnings per share
were 10.1p, an increase of 77% (see page 18).

-- The sale of the Shell shareholding in Ruhrgas, a major German
gas distributor, to E.ON was closed and a net income benefit of
$1.3 billion, including related tax credits, was included in the
first quarter results.

-- Exploration and Production adjusted segment earnings were
$2,787 million and were up from $1,455 million a year ago. The
increase mainly reflected significantly higher hydrocarbon
prices. Hydrocarbon production was the highest in recent history
and increased 6% to 4.2 million barrels of oil equivalent a day.

-- Gas & Power adjusted segment earnings were $470 million
compared to $216 million reported a year ago. The higher earnings
reflect higher prices for liquefied natural gas (LNG) and
improved trading earnings. Included in the quarter is a gain of
$114 million arising from utilisation of tax credits related to
the sale of the shareholding in Ruhrgas.

-- Oil Products adjusted CCS segment earnings were $1,056 million
compared to $441 million achieved a year ago. Earnings in
refining were substantially higher and were complemented by
higher marketing and trading income. l Chemicals adjusted segment
earnings were a loss of $15 million, down from the first quarter
2002 earnings of $75 million. Current quarter earnings include
charges of $92 million for business restructuring and asset
impairments. Excluding these items, earnings were similar to the
same quarter a year ago.

-- Capital investment for the quarter totaled $2.7 billion versus
$4.6 billion a year ago, reflecting the acquisition in the first
quarter of 2002 of additional interests in the downstream joint
ventures in the USA. Excluding acquisitions the comparable amount
in the same period a year ago was $2.7 billion. l The Return on
Average Capital Employed (ROACE) on a net income basis for the
twelve months to March 31, 2003 was 18.3%. ROACE on a CCS
earnings basis for the twelve months to March 31, 2003 was 18.0%.
The main difference is the CCS adjustment to net income.

-- At the end of the quarter the debt ratio was 19.0%; cash, cash
equivalents and short-term securities amounted to $4.0 billion.

-- Cash flow from operating activities for the quarter was $6.7
billion. l Proceeds from divestments totaled $1.9 billion
including the Ruhrgas transaction

Commentary
Crude oil prices increased in the first quarter with Brent prices
averaging $31.50 a barrel compared with $21.15 a barrel in 2002,
while WTI prices averaged $34.00 a barrel in 2003 compared with
$21.55 a year earlier. Prices for the second quarter will depend
on general OPEC supply availabilities, OPEC discipline in
response to the return of Iraqi exports to the oil markets and
lower seasonal demand.

The first quarter of 2003 saw U.S. natural gas prices rise
significantly relative to the fourth quarter of 2002, with the
quarterly average Henry Hub price at $6.90 per million Btu,
compared to $4.27 per million Btu in the previous quarter. The
upward price movement was even stronger compared to the first
quarter 2002, when the Henry Hub price averaged $2.47 per million
Btu.

Refining margins in the first quarter this year were considerably
higher than a year ago due to tightening of the global product
supply/demand balance. Product availabilities were cut by U.S.
refinery turnarounds and Venezuelan supply disruptions. Demand
was bolstered by a cold northern hemisphere winter, oil
substitution for gas due to high U.S. natural gas prices and an
extended shutdown of Japanese nuclear power plants. In the first
quarter of 2003, industry refining margins averaged $3.90, $2.05,
$6.40 and $6.85 a barrel in Rotterdam, Singapore, US Gulf Coast
and US West Coast respectively, compared to $0.05, $0.30, $2.65
and $4.75 a barrel in 2002. The high first quarter margins are
not seen as sustainable but some support in the Atlantic Basin in
the second quarter may come from seasonal refinery maintenance in
Europe and low product stocks. Margin outlook for the remainder
of 2003 is uncertain and much will depend on the pace of global
economic recovery and OPEC output policy in response to the
expected return of Iraqi crude exports to the market. Singapore
margins are expected to return to a lower level for the rest of
the year given the substantial refinery over capacity in the
region.

Chemicals trading conditions remained difficult as a result of
volatility in feedstock prices and the global economic
environment. Industry cracker margins improved in Europe and
declined in the USA, from a year ago. In Europe, naphtha
feedstock increases were more than offset by final product
prices. In the USA, high gas feedstock prices relative to crude
prices favoured chemical crackers using liquid feedstocks. The
outlook for chemicals is mixed due to uncertainty and volatility
in feedstock costs and the economy.

In Exploration and Production, a significant discovery, Bonga
North West, was made during the quarter in Nigeria, and
successful appraisal took place at Tahiti in the Gulf of Mexico.
In Canada, at the Athabasca Oil Sands Project (Shell Canada share
60%) commissioning and testing of the synthetic crude units was
completed at the Scotford Upgrader and first production of
synthetic crude oil from purchased bitumen feedstock was achieved
in the quarter. Bitumen production at the Muskeg River Mine
resumed on April 4 and shipment of diluted bitumen into the
Corridor Pipeline system commenced. Fully integrated operation
was achieved on April 19 when the Scotford Upgrader started
processing bitumen from the Muskeg River Mine. During the quarter
the intention to divest assets in the USA and the U.K. was
announced. In the USA selected assets in the Gulf of Mexico shelf
and onshore assets in the State of Michigan were put up for sale
and in the U.K. North Sea selected assets in producing fields,
undeveloped discoveries and exploration blocks.

The Group's 14.75% indirectly held interest in Ruhrgas, a major
German gas distributor, was sold to E.ON for some $1.7 billion
(?1.5 billion) and the benefits were included in the first
quarter.

In Gas & Power the first of two liquefaction trains of the
Malaysia Tiga LNG joint venture (Shell interest 15%) came on
stream. The total capacity of the Tiga plant will reach some 6.8
million tonnes per annum (mtpa) later this year. Following the
expiry of the 20-year joint venture agreement, Shell sold its 15%
interest in the Malaysia Satu LNG joint venture. In Nigeria, LNG
volumes from the third liquefaction train (on stream in the
fourth quarter of 2002) continued to build up with plateau
contract volumes expected to be reached by end 2003. Two InterGen
(Shell share 68%) power plants in Australia and Turkey with a
combined capacity of 1.2 Gigawatt (GW) came on stream in the
quarter, increasing InterGen's operational capacity to 6.4 GW
(100% basis). In Oil Products the sale and purchase agreements
for the acquisition of 70 retail sites in Hungary, 33 sites in
the Czech Republic and 7 motorway sites in France from Total were
announced. In exchange, Total will purchase 133 retail sites in
Germany. The deal in Germany will on completion, finalise the
divestment of some five per cent of retail volumes, required by
the German Cartel Office, following the formation of Shell and
DEA Oil in 2002. The intended sale of retail and refinery assets
in Sweden was announced and Shell in the USA announced the
proposed sale of the majority of the company's onshore crude
pipeline systems.

In the USA, Shell entered into an agreement in April to sell its
50% ownership interest in the Excel Paralubes venture to Flint
Hills Resources. Completion of the sale is subject to approval by
the Federal Trade Commission. In Chemicals, provisions were taken
for restructuring and asset impairment in CRI International
(Group interest 100%). The restructured business will focus on
high-performance catalysts and related technologies. In
Renewables the divestment of the Forestry business in Chile and
Uruguay was completed during the quarter.

Shares totalling $0.3 billion were purchased during the quarter
to underpin employee share option schemes.

Adjusted first quarter earnings of $2,787 million were 92% higher
than a year ago mainly due to significantly higher hydrocarbon
prices and the benefit of a 6% increase in hydrocarbon
production. Gas realisations overall were 61% higher than the
same period last year; the largest increase was in the USA, where
realisations increased by 191%; outside of the USA the increase
was 28%. Oil realisations were up 53%. Depreciation, including
the effects of the acquisition of Enterprise and the additional
interest in the Draugen field in Norway, was some $550 million
higher than a year ago. This quarter's earnings include a net tax
benefit of some $30 million largely resulting from the
realisation of a tax credit of some $100 million partly offset by
a tax provision.

The 6% improvement in total hydrocarbon production comprised a 9%
increase in oil production and a 2% increase in gas production.
Oil production reflected the acquisition last year of Enterprise,
an additional interest in the Draugen field, higher OPEC
production quotas in Nigeria and Abu Dhabi and new fields in
Nigeria and the USA. These increases were partly offset by normal
field declines, mainly in the USA and Australia, the strike in
Venezuela and changes to entitlements under production sharing
contracts. Gas production was the highest in recent history and
benefited from higher demand in the Netherlands, the acquisition
last year of Enterprise and new fields in the USA. These
increases were partly offset by normal field declines in the USA,
divestments in New Zealand and changes to entitlements under
production sharing contracts.

Capital investment in the first quarter of $1.7 billion was 3%
lower than the corresponding period last year and included
exploration expense of $0.2 billion. Segment earnings for the
quarter included a credit of $255 million resulting from the
change in accounting for asset retirement obligations.

Adjusted earnings for the first quarter were $470 million
compared to $216 million a year ago. Liquefied natural gas (LNG)
prices were some 15% above those realised in the first quarter
last year. While LNG volumes were 5% lower at 2.33 million tonnes
reflecting the loss of volumes following the sale of the Group's
15% interest in the Malaysia Satu LNG joint venture, higher
throughput at the other four LNG processing plants partly offset
this reduction. Trading earnings in the USA were higher, as was
the contribution from power reflecting additional capacity and
improved operations. Included in the quarter is a gain of $114
million arising from utilisation of tax credits related to the
sale of the shareholding in Ruhrgas.

The segment earnings of $1,506 million included a special credit
of $1,036 million from the sale of the Shell shareholding in
Ruhrgas.

First quarter earnings on an adjusted CCS basis of $1,056 million
were 139% higher than a year ago. Earnings in refining were
substantially higher and were complemented by higher marketing
and trading income. The results for the first quarter of 2003
include Pennzoil-Quaker State (PQS) in the USA, acquired
effective October 1, 2002.

Outside the USA, adjusted CCS earnings increased to $929 million
compared to $439 million a year ago. Refining earnings rose
sharply reflecting the strong industry refining margins in both
Rotterdam and Singapore partly offset by the impact of a
strengthening Euro on operating costs. Overall refinery
utilisation was 2% lower than a year earlier whilst refinery
intake rose 1%. Marketing earnings were broadly unchanged. Gross
fuels margins were squeezed in the first two months of the
quarter by supply cost pressures but benefited in March as these
pressures eased. Total inland sales volumes fell by 4%,
principally in Europe and Latin America. Trading earnings were
higher with improved business opportunities from higher market
differentials and shipping earnings benefited from an increase in
freight rates.

In the USA, adjusted earnings were $127 million compared to $2
million a year ago. Earnings benefited from higher retail and
lubricant earnings, the latter reflecting the inclusion of income
from PQS. Gasoline margins were higher than a year earlier,
improving over the course of the quarter, while operating
expenses were lower. Refining income increased although the
benefit of stronger industry refining margins on both the US West
and Gulf Coasts was offset by a major planned shutdown programme
timed to accommodate capital investments to meet clean fuels
regulations. Overall utilisation was 3% lower, with refinery
intake down by 4%. Trading earnings were higher but
transportation earnings fell. Earnings for the quarter were
negatively impacted by some $50 million for provisions related to
environmental remediation, litigation and a prior year tax
assessment.

Adjusted earnings for the first quarter were a loss of $15
million compared with a profit of $75 million last year.
Excluding business restructuring and asset impairment charges of
$92 million in the USA, earnings were comparable to the same
period a year ago. Shell cracker margins improved from a year ago
in both the USA and Europe. In the USA, the economics of cracking
liquid feedstocks were favorable relative to the more commonly
used ethane feedstocks. However global total product unit margins
were unchanged from a year ago despite weak conditions in the
USA. Global earnings were impacted by higher volumes and costs,
principally related to additional capacity, improved overall
capacity utilization and improved earnings from the polyolefins
joint venture Basell and the additives joint venture Infineum.

Adjusted earnings for the first quarter were a loss of $40
million, similar to a year ago. The losses in 2003 reflect lower
earnings in Shell Consumer due to low retail gas margins in the
USA and difficult trading conditions in Solar.

First quarter net costs were $268 million, higher than a year ago
mainly due to higher net borrowing resulting in increased
interest cost partly offset by increased tax credits.

Note
The results shown for the first quarter are unaudited. Quarterly
results are expected to be announced on July 24 for the second
quarter and October 23 for the third quarter of 2003. The 2003
interim dividends are expected to be announced on July 24.

This publication contains forward-looking statements that are
subject to risk factors associated with the oil, gas, power,
chemicals and renewables businesses. It is believed that the
expectations reflected in these statements are reasonable, but
may be affected by a variety of variables which could cause
actual results or trends to differ materially, including, but not
limited to: price fluctuations, actual demand, currency
fluctuations, drilling and production results, reserve estimates,
loss of market, industry competition, environmental risks,
physical risks, legislative, fiscal and regulatory developments,
economic and financial market conditions in various countries and
regions, political risks, project delay or advancement, approvals
and cost estimates.


===========
S W E D E N
===========


CONCORDIA BUS: Ratings Lowered Due to Weakened Financial Profile
----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Sweden-based bus operator Concordia
Bus AB to 'B' from 'B+'. The outlook remains negative.

At the same time, the rating on the company's subordinated notes
was cut to 'CCC+' from 'B-'.

"The rating action reflects a further weakening of Concordia Bus'
financial profile following the company's poor operational
performance over the past quarter, which has increased concerns
over the long-term financial viability of the company," said
Standard & Poor's credit analyst Magnus Pettersson. "The impact
of the company's actions to restructure its existing contract
portfolio and measures to reduce operating costs have had less of
a positive impact than anticipated."

"In addition, continued net losses contributed to significantly
increasing Concordia's adjusted debt-to-capital ratio to 97% by
the end of the fourth quarter ended Feb. 28, 2003, up from 90% in
the third quarter.

This has further eroded the company's already limited financial
flexibility," added Mr. Pettersson. The company has little room
for further erosion of and financial performance; it faces
challenging industry fundamentals with tight or negative
operating margins in the bulk of its inherited bus contracts, as
well as exposure to external factors in the cost base, such as
diesel prices, foreign exchange risk, weather conditions, and a
risk of a bus driver shortage.

Concordia's financial profile is very aggressive owing to its
high debt burden and low margin business. Since start-up in 2000,
profitability and cash flow measures have been weaker than
expected, owing primarily to a higher cost base. Insufficient
cost savings have also contributed to the slowness in the
improvement, and the company continues to post quarterly net
losses, incurring a record Swedish krona (Skr) 185 million ($22.5
million) loss for the fourth quarter ended Feb. 28, 2003 (Skr52
million in the third quarter).

"The negative outlook reflects the risk of a continued weakening
of the credit profile and the potential for a further downgrade
unless Concordia's operational and financial position begins to
improve. The improvement of the company's Stockholm contract,
which is expected to come through in the next six months, and the
maintenance of sufficient liquidity to make the January 2004 debt
repayment will be crucial to the current ratings being
maintained," added Mr. Pettersson.


LM ERICSSON: Notice to Shareholders Regarding Share Certificates
----------------------------------------------------------------
Forfeit of non-exchanged coupon share certificates in
Telefonaktiebolaget LM Ericsson

The Swedish company Telefonaktiebolaget LM Ericsson, corporate
identity No. 556016-0680, became a VPC-registered company (Sw.
avst?ingsbolag) on August 17, 1976. Holders of coupon share
certificates, who subsequent to Ericsson having become a
VPC-registered company have not yet been entered as owners of
shares in the share register kept by VPC AB (the Swedish Central
Securities Depository, "VPC"), are hereby requested, pursuant to
Chapter 3, Section 11, the Swedish Companies Act (1975:1385) (the
"Companies Act"), on pain of forfeiting the shares, to surrender
the coupon share certificates to a Swedish bank for registration
of the ownership with VPC.

If a written request for registration, together with the coupon
share certificate, has not been received by VPC on May 3, 2004,
at the latest, the shares in question will be sold through a
securities institution on behalf of the entitled persons. After
the sale, the prior owner of the shares will only be entitled to
receive the proceeds of the sale, after deduction for costs
incurred in connection with the request and the sale of the
shares. Sums that are not collected within ten (10) years from
the date of sale shall become the property of Ericsson.

Forfeit of unclaimed bonus shares in Ericsson

Shareholders who have not yet claimed shares in Ericsson's bonus
issues in 1982 and 1998 are hereby requested, pursuant to Chapter
4, Section 17, the Companies Act, on pain of forfeiting the
shares, to do so by notifying a Swedish bank that in turn will
notify VPC.

If a written request for registration has not been received by
VPC on May 3, 2004, at the latest, the shares in question will be
sold through a securities institution on behalf of the entitled
persons.

After the sale, the entitled person will only be entitled to
receive the proceeds of the sale, after deduction for costs
incurred in connection with the request and the sale of the
shares. Sums that are not collected within four (4) years from
the date of sale shall become the property of Ericsson.

Stockholm, April 2003


LM ERICSSON: Board Proposal Regarding Transfer of Own Stock
-----------------------------------------------------------
Enclosure D
This is a non-official translation of the Swedish original
wording.

In case of differences between the English translation and the
Swedish original, the Swedish text shall prevail.

                              Item 15

The Board's proposal regarding resolution on transfer of own
stock in relation to the resolution on the Global Stock Incentive
Program 2001

Background
The Annual General Meeting of shareholders 2001 in
Telefonaktiebolaget LM Ericsson resolved to approve transfer of
own stock in relation to the introduction of a Global Stock
Incentive Program. The resolution comprised, inter alia, a right
for the company to transfer a maximum of 31,000,000 shares of
series B to cover certain payments, mainly for social security
charges that may occur in relation to the Program. According to
the resolution by the Annual General Meeting, transfer should
take place prior to the Annual General Meeting 2002. No such
transfer had been made pursuant to the resolution prior to the
Annual General Meeting 2002, at which the Meeting made a new
resolution that the company should be able to transfer own stock
as described above prior to the Annual General Meeting of share
2003. In accordance with the resolution, 460,535 shares have been
transferred up to March 4, 2003.

Proposal
Therefore, the Board of Directors proposes the Annual General
Meeting of shareholders to resolve that Ericsson shall have the
right to transfer, prior to the Annual General Meeting 2004, a
maximum of 30,539,465 shares of series B, or the lower number of
shares of series B, which as per March 25, 2003, remains of the
original 31,000,000 shares, for the purpose of covering certain
payments, primarily social security charges that may occur in
relation to the company's Global Stock Incentive Program 2001.
Transfer of the shares shall be effected at Stockholmsb?n at a
price within the, at each time, registered price interval for the
share.

Stockholm, March 4, 2003
The Board


LM ERICSSON: Board's Proposal Concerning Stock Purchase Plan
------------------------------------------------------------
This is a non-official translation of the Swedish original
wording.

In case of differences between the English translation and the
Swedish original, the Swedish text shall prevail.

Enclosure E

Item 16
STOCK PURCHASE PLAN 2003

The Board's proposal on decision concerning (1.) implementation
of the Stock Purchase Plan 2003 and, on account of this, (2.)
amendment of the Articles of Association, (3.) directed share
issue, (4.) authorisation for the Board to decide on a directed
offer to acquire own shares and (5.) transfer of repurchased own
shares.

BACKGROUND

The Annual General Meeting of shareholders in Telefonaktiebolaget
LM Ericsson March 28, 2001 resolved on inter alia the issuance
and purchase of treasury stock in connection with a stock related
incentive program, the Global Stock Incentive Program 2001,
comprising two parts, a Stock Option Plan 2001 - 2002 and a two-
year Stock Purchase Plan.

The Ericsson Board has decided to propose the Annual General
Meeting of shareholders to be held on 8 April 2003 a continued
stock purchase plan, the Stock Purchase Plan 2003, on the same
principles as set out in the stock purchase plan launched in
2001.

In order to implement the Stock Purchase Plan 2003 in a cost
effective and flexible manner, the Board proposes the General
Meeting of Shareholders to resolve to amend the Articles of
Association to the effect that the maximum amount C-shares that
can be issued is increased from the present 155,000,000 shares to
158,000,000 shares.

Further, it is proposed that a directed share issue of a total of
158,000,000 C-shares is offered to AB Industriv?en and/or
Investor AB or subsidiaries of those companies, and the
subscription price shall equal the nominal amount of the share
(SEK 1), that the Board be authorized to decide on a directed
offer to acquire all outstanding C-shares at a price in the
interval SEK 1 - SEK 1.10 per share, further that C-shares,
subsequent to conversion to B-shares, can be transferred to
employees in the Ericsson Group and moreover that a portion of
the shares also can be transferred on Stockholmsb?n in order to
cover inter alia social security payments.

Reasons for the proposal
Stock related incentives have become an important part of Swedish
and international remuneration practice. Therefore the Board of
Ericsson finds it important to continue to use stock as a vital
incentive within the company. In times of economic decline it is
particularly important to encourage the efforts of all employees.
Consequently, the Board proposes a continuation of the Stock
Purchase Plan directed to all employees. The Board is convinced
that offering employees an incentive to become shareholders is of
benefit also for the current shareholders.

After two years with economic decline in which employee numbers
have almost halved, the extensive participation in the Stock
Purchase Plan during 2002 was highly encouraging. It demonstrates
a confidence in the future within the company. Ericsson remains a
knowledge company in which the creativity and drive of its
employees are its primary asset. A new plan, allowing further
employee investments during two years and subsequent
corresponding matching awards, is proposed to maintain confidence
and enhance value of the company.

The latest stock incentive program decided upon in 2001 comprised
two complementary parts, the Stock Purchase Plan directed to all
employees as well as an employee stock option plan to the senior
management and other key contributors. The situation has changed
since then. In view of considerable decline in share prices there
are new requirements on the design of option plans and for the
time being there is no pressure for recruitment in the telecom
sector. The Board of Ericsson has thus decided to use the period
up to the next annual general meeting of shareholders to evaluate
previous option plans and find a stock based incentive for senior
management and key contributors designed to meet the company's
needs and the shareholders' interest.

The Board of Ericsson is convinced that the continuation of
annual long-term incentive programs is essential to retain and in
the future recruit key personnel and thereby support  the
company's future development and creation of value.

Previous incentive programs
Ericsson already has incentive programs according to the below.
The figures have, when appropriate, been subject to recalculation
as a result of bonus issue, split and new issue of shares.

Convertible  debentures
In 1997, convertible debentures of nominal SEK 6,000,000,000 to
employees were issued. The convertible debentures are onvertible
at the option of the holder into B-shares for SEK 41.70 per share
through 30 May 2003. Outstanding loans as of 31 December 2002
equalled SEK 4,510,782,694 due 30 June 2003, to the extent not
converted.

The 1999 Option Plan
The 1999 Option Plan is based on 1.8 million repurchased B-
shares, including shares designated for covering social security
payments. In March of 2000, employee options were granted to app.
1,800 key employees and senior executives, corresponding to app.
1.4 million shares. Of the originally granted employee options,
there remained, as of 31 December 2002, options outstanding
corresponding to app. 1 million shares. Each option entitles the
holder to purchase one B-share at SEK 128. The options expire 28
February 2007 and are subject to vesting requirements, meaning
that they are exercisable as follows: 30 percent in 2003, an
additional 40 percent in 2004 and the remaining 30 percent in
2005.

The Millennium Stock Option Plan
The Millennium Stock Option Plan is based on warrants, i.e.
options that entitles the holder to subscribe for app. 81.1
million new B-shares, including options designated for covering
social security costs. In January 2000, employee options,
corresponding to app. 71.6 million shares, were granted to app.
8,000 key employees and senior executives. Of the originally
granted employee options, there remained, as of 31 December 2002,
options outstanding corresponding to app. 46 million shares. Each
employee option entitles the holder to purchase one B-share for
SEK 93.80. The employee options expire 18 January 2007 and are
subject to vesting requirements, meaning that one third is
exercisable after one year, another third after two years and the
last third after three years after the grant.

The Global Stock Incentive Program 2001
The Global Stock Incentive Program 2001 is comprised by two
parts, one Stock Option Plan 2001-2002 and one Stock Purchase
Plan.

The Stock Option Plan 2001-2002 is based on 120 million B-shares
(issued as C-shares, repurchased and converted to B-shares),
including shares designated for covering social security
payments. In May and November 2001 and in November 2002 employee
options, corresponding to app. 101.4 million shares, were granted
to app. 15,000 key employees. Of the originally issued employee
options, there remained, as of 31 December 2002, employee options
outstanding corresponding to app. 91 million shares. Each
employee option entitles the holder to purchase one B-share for
SEK 30.50 (the May 2001 grant), SEK 25.70 (the November 2001
grant) and SEK 7.80 (the November 2002 grant), respectively. The
options expire 14 May 2008 (the May 2001 grant), 19 November 2008
(the November 2001 grant) and
11 November 2009 (the November 2002 grant) and are subject to
vesting requirements, meaning that one third is exercisable after
one year, another third after two years and the last third after
three years after the grant.

The Stock Purchase Plan is based on 35 million B-shares (issued
as C-shares, repurchased and converted to B-shares), including
shares designated for covering social security payments.
Participants were able to, during a period of up to 24 months,
save up to 7.5 percent of the gross salary, not exceeding SEK
50,000 per twelve-month period, for purchase of B-shares. If the
purchased shares are retained by the employee for three years
after the investment and employment with the Ericsson Group
continues during that time, the employee will be given a
corresponding number of B-shares free of consideration, a so
called matching.

The Stock Purchase Plan was implemented in 2002 and a majority of
the employees were invited to participate. During 2002, app.
27,000 employees in 71 countries participated in the plan and
invested in app. 29.6 million shares. The initially scheduled 24-
month period of employee salary deductions and investments was
closed already in the autumn of 2002 since all shares included in
the plan had been reserved for future matching and for covering
social security payments earlier than expected due to the low
share price. There will be no further employee investments made
under the plan. As of December 31, 2002, app. 2.5 million shares,
of the totally 35 million shares available, had been either
transferred to employees through premature matching as a result
of redundancy or sold on Stockholmsb?n in order to cover the
social security payments, which had occurred due to the matching.

The preparation of the matter
The proposal on the Stock Purchase Plan 2003 to the General
Meeting of Shareholders has been prepared by the Remuneration
Committee of the Board consisting of the following Board Members:
Peter Sutherland (chairman of the Committee), Lena Torell,
Michael Treschow and Per Lindh. The Remuneration Committee
briefed the Board on the main features of a new incentive program
at the Board Meetings held 19 December 2002 and February 2, 2003.
At the Board Meeting February 26, 2003, the Board decided that a
proposal on Stock Purchase Plan 2003 should be presented for the
General Meeting of Shareholders. The chairman of the Board,
Michael Treschow, was authorized to finalize the details of the
proposal. The proposal, in its final form, was completed March 4,
2003. No employee who may be included in the program has
participated when preparing the program, with exception for the
Remuneration Committee's employee representative and those
officials who have prepared the matter for the Remuneration
Committee.

Costs
The Board estimates that the Stock Purchase Plan 2003 will give
rise to costs as set out below. The costs shall be compared with
Ericsson's total remuneration costs, which 2002 amounted to app.
7 billion, including social security fees. Each cost item has an
effect on the consolidated income statement, but only the
administration costs will have effect on the cash flow.

Costs that affect income statement and cash flow

*  Administration costs have been estimated to totally app. SEK
27 million, unevenly distributed over the plan period, up to
and including 2008.

Costs that affect the income statement, but will not have an
effect on the cash flow

* Social security charges as a result of the transfer of shares
to employees have been estimated to range between app. SEK 250
million and app. SEK 1,300 million based on an average share
price at matching of shares between SEK 10 and SEK 50.

* Compensation costs corresponding to the value of matching
shares transferred to employees have been estimated to app. SEK
900   - 1,000 million over the plan period 2003 - 2008. The
estimation is   based on the level of participation in the Stock
Purchase Plan launched in 2001 and the assumption that the
average share price during the two year contribution period will
not be below SEK 7.

The compensation costs are calculated as the number of matching
shares multiplied with the price for the share on the day for the
investment and are distributed over the vesting period, i.e. the
period of 3 years between the investment and the matching.

Dilution and effects on important key figures
The Company has issued 15,974,258,678 shares, of which
152,993,689 shares were held as treasury stock as per February
26, 2003. The Stock Purchase Plan 2003 requires a total of
158,000,000 shares, corresponding to app. 0.99 percent of the
total number of issued shares and app. 1 percent of the number of
outstanding shares.

Including existing incentive programs, the number of shares
covered by such programs, including shares to cover social
security payments, amounts to app. 356 million[1], corresponding
to app. 2.25 percent of the number of outstanding shares.

Out of the 158,000,000 shares under the Stock Purchase Plan,
132,000,000 shares may be transferred to employees free of
consideration, which could cause a dilutive effect of 0.83
percent on earnings per share. The dilutive effect of the
matching shares, 0.83 percent, is not effected by the price for
the shares at the time of matching since they are transferred
free of consideration to the employee. There will, however, be no
dilutive effect on earnings per share of the 26,000,000 shares,
which may be transferred at Stockholmsb?n as the shares are sold
at actual market value.

PROPOSAL

(1) The Stock Purchase Plan 2003

The Ericsson Board proposes that the General Meeting of
Shareholders resolves on a Stock Purchase Plan 2003, including
158,000,000 shares of series B, according to the principle
guidelines below. No more than half the number of the shares
under the plan, i.e. no more than 79,000,000 shares, may be
related to the employees' savings during the plan's first 12-
month period.

a) Employees who participate in the Stock Purchase Plan 2003
shall, during a 24 months period from the implementation of the
plan, be able to save up to 7.5 percent of gross salary, not
exceeding SEK 50,000 per 12-month period, for the purchase of
shares of series B.

If the purchased shares are retained by the employee for three
years from the investment date and the employment with the
Ericsson Group continues during that time, the employee will be
given a corresponding number of shares of series B free of
consideration.

b) All employees within the Ericsson Group, except for what is
mentioned in item c) below, i.e. app. 60,000 persons, will be
offered to participate in the Stock Purchase Plan 2003.

c) Participation in the Stock Purchase Plan 2003 presupposes that
such participation is legally possible as well as possible with
reasonable administrative costs and financial efforts according
to the assessment of Ericsson.

-------------

In order to implement the Stock Purchase Plan 2003 according to
the above, the Board proposes resolutions as set out below.

(2) Amendment of the Articles of Association

Amendment of the Articles of Association to the effect that the
number of shares of series C which may be issued is changed from
155,000,000 shares as a maximum, as presently stipulated, to
158,000,000 shares as a maximum (Section 6).

(3) Directed share issue

Increase of Ericsson's share capital by SEK 158,000,000 through
an issue of 158,000,000 shares of series C, each share of nominal
SEK 1.

The issue shall be subject to the following further terms.

a) The new shares shall - with deviation from the shareholders'
preferential right to subscribe for shares - be subscribed for
only by AB Industriv?en and/or Investor AB or subsidiaries of
those companies.

b) The new shares shall be subscribed during the period 22 April
2003 - 30 April 2003. Over-subscription is not permitted.

c) The new shares shall be issued at a price of SEK 1 per share.

d) Payment for subscribed shares shall be made at subscription.

e) The new shares shall entitle a dividend at an amount
corresponding to STIBOR 360 days from 30 April 2003 up to and
including April 30, 2004 calculated on the nominal amount of the
company's share.

f) It is noted that the new shares will be subject to
restrictions as set forth in Chapter 3, Section 1, paragraph 6
and Chapter 6, Section 8 in the Companies Act.

4. Authorization for the Board to decide on a directed offer to
acquire own shares Authorization for the Board to decide on
acquisition of shares of series C in Ericsson on the following
terms.

a) Acquisitions may be made through a public offer to all owners
of shares of series C in Ericsson.

b) The authorisation is valid and may be exercised until the
Annual General Meeting of shareholders 2004.

c) The number of shares of series C permitted to be acquired
shall amount to 158,000,000.

d) Acquisition of shares shall be made at a price in the interval
SEK 1 - SEK 1.10 per share.

e) Payment for acquired shares shall be made in cash.

---------------

The Board will, after acquisition of shares of series C and in
accordance with provisions in the Articles of Association, decide
on conversion of all shares of series C to shares of series B.

---------------

(5) Transfer of repurchased own shares

Transfer of repurchased own shares on the following terms.

a) No more than 158,000,000 shares of series B can be
transferred.

b) Right to acquire shares shall be granted to such persons
within the Ericsson Group covered by the terms and conditions for
the Stock Purchase Plan 2003. Further, subsidiaries within the
Ericsson Group shall have the right to acquire shares free of
consideration and such subsidiaries shall be obligated to
immediately transfer free of consideration shares to its
employees covered by the terms of the Stock Purchase Plan 2003.

c) The employee shall have the right to receive shares during the
period when the employee is entitled to receive shares in
accordance with the terms of the Stock Purchase Plan 2003, i.e.
during the period from November 15, 2003 up to and including 15
November 2008.

d) Employees covered by the terms of the Stock Purchase Plan 2003
shall, subject to certain conditions, receive shares free of
consideration.

e) Further, Ericsson shall have the right to, prior to the Annual
General Meeting of Shareholders 2004, transfer no more than
26,000,000 shares of series B, out of the holding of 158,000,000
shares of series B, in order to cover certain payments, mainly
social security payments. Transfer of the shares shall be
effected at Stockholmsb?n at a price within the, at each time,
registered price interval for the share.

-------------

The reasons for deviation from shareholders preferential rights
and the base for determination of the issue price and transfer
prices are as follows.

The issue of shares, the acquisition and the transfer of own
shares form a part of the implementation of the Stock Purchase
Plan 2003.

The Board considers it to be to an advantage for Ericsson and its
shareholders that the employees are induced to become
shareholders in Ericsson.

The base for determination of the issue price and the transfer
prices is seen from the Board's proposal under relevant headings
above.

Special authorization for the managing director
Finally, the Board proposes that the managing director be
authorized to make such minor adjustments in the above proposal
that may be necessary in connection with the registration
procedure with the Patent and Registration Office.

Supermajority
The resolution on implementation of the Stock Purchase Plan 2003
and, on account of this, amendment of the Articles of
Association, directed share issue, authorization for the Board to
decide on a directed offer to acquire own shares and transfer of
repurchased own shares shall be made as one "package".
Accordingly, the supermajority rules in the Leo Act shall apply,
meaning that 90 per cent of the shares and votes represented at
the General Meeting of Shareholders must vote to approve of the
package.

Stockholm, March 4, 2003

The Board
[1] Options which have been forfeited and the convertible
debentures issued 1997, which are approaching last day for
conversion and still out of the money, are excluded from the
figure.


LM ERICSSON: Minutes of Annual General Meeting of Shareholders
--------------------------------------------------------------
TRANSLATION
Minutes kept at the Annual General Meeting of Shareholders of
Telefonaktiebolaget LM Ericsson Tuesday, April 8, 2003, beginning
at 4.30 p.m. at the Globe Arena, Stockholm.

Present:

Shareholders according to the shareholders' voting list,
enclosure A.
                                 1

Michael Treschow, Chairman of the Board, opened the Annual
General Meeting (AGM).

Claes Beyer was elected Chairman of the AGM.

It was recorded that Carl Olof Blomqvist had been appointed to
take the Minutes of the AGM.

The AGM resolved to let four high school classes and
representatives of the press and other media be present at the
AGM but without being authorized to take photographs or make TV,
video or tape recordings at the AGM and to approve the Company to
record the AGM on video film and to take photos for internal use
and to give media access to video recordings and photos from
presentations made by the President and other company officers.

                                   2

The attached list of attending shareholders, representatives and
assistants and of the shares and votes represented by
shareholders and representatives was presented and approved to be
valid as the voting list of the AGM, enclosure A,.

                                   3

The AGM resolved to approve the agenda proposed by the Board of
Directors.

                                   4

Notice to the AGM had been published in Post- och Inrikes
Tidningar, Dagens Nyheter and Svenska Dagbladet on March 10,
2003. Further, a condensed notice had been published in the
Frankfurter Allgemeine Zeitung on March 10, in the Financial
Times on March 11 and in La Tribune on March 12 pursuant to
certain rules in Germany, UK and France. Further, with regard to
item 17 of the agenda, written notice had been sent, during the
period March 10 to 11, 2003, to those shareholders who were
listed with a postal address in the share register dated February
25, 2003.

The AGM resolved that the meeting had been properly summoned.

                                   5

Peter Rudman and William af Sandeberg were appointed jointly with
the Chairman to approve the Minutes of the AGM.

                                   6

The annual report and the consolidated balance sheet for 2002 and
the auditors' report for 2002, enclosure B, were presented.

Olof Herolf, Authorized Public Accountant, accounted for the
audit work performed during 2002 and presented the contents of
the auditors' report. Sverker Martin-L?Chairman of the Audit
Committee of the Board of Directors, accounted for the Committee
work performed during 2002.

The President & CEO, Kurt Hellstr?presented the Group's market
position and financial development.

Thereafter the President & CEO and the Chairman answered
questions from the shareholders.

                                   7

The AGM resolved to approve the parent company income statement
for 2002 and the parent company balance sheet as per December 31,
2002, as well as the consolidated income statement for 2002 and
the consolidated balance sheet as per December 31, 2002.

With regard to the fact that the Chairman, Michael Treschow, in a
group of major shareholders, had chaired a work aiming at
reducing the voting difference between shares of series A and B
and that it has been envisaged that the work would result in a
proposal for leveling the voting difference prior to the AGM
2003, Thorwald Arvidsson requested that the company auditors
should express their opinion on the work performed by the working
group and motioned that the Chairman should not be discharged
from liability for year 2002 as no proposal had been presented by
the working group in due time prior to the AGM.

Olof Herolf, Authorized Public Accountant, stated that the
assignment of the auditors comprises review of the annual report,
the consolidated income statement and the management performed by
the Board of Directors and the President, that the auditors had
recommended the Board of Directors and the President be
discharged from liability for year 2002, that the work aiming at
reducing the voting difference between series of shares is a
matter for the shareholders and falls outside the management of
the company and also outside the auditors' assignment and
therefore, the auditors had not reviewed the work performed by
the working group.

On the Chairman's question, Arvidsson stated that he maintained
his motion that the Chairman of the Board would not be discharged
from liability.

The Chairman stated that the Company's Act stipulates for not
discharging the Chairman of the Board from liability pursuant to
Arvidsson's motion that holders of at least one tenth of all
shares in the Company at the AGM vote against the motion to
discharge from liability and that according to the voting list
approved by the AGM, 31,845 per cent of all the company's shares
were represented at the AGM. In these circumstances, the Chairman
proposed a voting procedure that the shareholders would be asked
how they vote in the matter of discharging the Board of Directors
and the President from liability in the order they were listed in
the voting list and by this procedure, the Chairman would be able
to establish whether holders of sufficient number of shares had
voted against the motion to discharge the Board of Directors and
the President from liability.

The AGM resolved to apply the voting procedure proposed by the
Chairman.

Based on the fact that holders of 23,398 per cent of all the
company's shares and 73,47 per cent of all the shares represented
at the AGM had voted in favor of the motion to discharge the
Board of Directors and the President from liability, the Chairman
concluded that Arvidsson's motion was not supported by holders of
at least one tenth of all the company's shares and, as a
consequence, the AGM had resolved to discharge the Board of
Directors and the President from liability for the accounting
year 2002.

Thorwald Arvidsson stated that he wished to register a
reservation to the minutes.

According to the Board of Directors' report, the Board of
Directors and the President have proposed on the disposition of
the non-restricted equity available for distribution, i.e.
14,401,459,586. The Board and the President had proposed no
dividend be paid and the total amount, i.e. SEK 14,401,459,586 be
carried forward to the new account.

The AGM resolved to approve the Board's and the President's
proposal.
                                   8

The AGM resolved that the Board would consist of nine members and
no deputy member elected by the meeting.

                                   9

After a presentation of the proposal for Board of Directors' fee
pursuant to the proposal in the notice to the AGM, some
shareholders motioned against the proposal for an extra fee to
the Chairman of the Board for year 2002 and 2003, respectively.

The AGM first resolved that the ordinary Board of Directors' fee
should remain unchanged, that is amount to maximum SEK 8,000,000,
to be distributed by the Board among its members.

The Chairman stated that a valid resolution regarding extra fee
to the Chairman o the Board requires simple majority, that is
more than 50 per cent of votes cast, that the Chairman would
first motion to the AGM the proposal for an extra fee of SEK 5,5
million to the Chairman of the Board for 2002 against a motion
for the rejection of the proposal, then the Chairman would motion
to the AGM the proposal for an extra fee of SEK 5,5 million to
the Chairman of the Board for 2003 against a motion for the
rejection of the proposal and further that the Chairman advised
the shareholders, who had a dissenting opinion from the
resolution passed by and who wished to have his/her dissenting
opinion recorded in the minutes, should on the voting card write
"item 9" along with a note on how he/she would vote on the two
issues and that those shareholder should leave the voting card to
any of the functionaries at the AGM.

The AGM resolved to apply the voting procedure proposed by the
Chairman.

The AGM resolved in favor of the proposal for an extra fee to the
Chairman of the Board of SEK 5,5 million for year 2002.

The AGM resolved in favor of the proposal for an extra fee to the
Chairman of the Board of SEK 5,5 million for year 2003.

The shareholders, who wished to have his/her deviating meaning on
the two issues recorded in the minutes according to the voting
procedure resolved by the AGM, have been listed in enclosure C.
                                  10

Peter Bonfield, Sverker Martin-L?Eckhard Pfeiffer, Peter
Sutherland, Lena Torell, Michael Treschow and Marcus Wallenberg
were re-elected Directors of the Board and Arne M?ensson and
Carl-Henric Svanberg were elected Directors of the Board.

                                  11

The AGM resolved that the number of deputy auditors should be
three.

                                  12

The AGM resolved that the fee to the auditors should be paid with
regard to the auditing work performed, that is on account.

                                  13

Carl-Eric Bohlin and Thomas Thiel were re-elected statutory
auditors and Bo Hjalmarsson was elected statutory auditor. Stefan
Holmstr?nd Jeanette Skoglund were re-elected deputy auditors and
Peter Clemedtson was elected deputy auditor.

                                  14

Re-elected members of the Nomination Committee were Claes Dahlb?,
Investor; Anders Ek, Robur; Anders Nyr? Industriv?en; Lars
Otterbeck, Alecta; and Michael Treschow, convener and Chairman of
the Committee.

                                  15

The AGM resolved in accordance with the Board's proposal that had
been presented in the notice to the meeting, enclosure D, that
the company shall have the right to transfer, prior to the Annual
General Meeting 2004, a maximum of 30,491,465 shares of series B,
for the purpose of covering certain payments, primarily social
security charges that may occur in relation to the company's
Global Stock Incentive Program 2001. Transfer of the shares shall
be affected at Stockholmsb?n at a price, at each time, within the
registered price interval for the share.


                                  16

The AGM resolved in accordance with the Boards' proposal that had
been presented in the notice to the meeting, enclosure E, to
establish a stock purchase plan 2003 comprising 158 million
shares of series B and, as a consequence hereof, to amend the
Articles of Association, make a directed stock issue, authorize
the Board to resolve on a directed offer to acquire shares and to
transfer own stock.

Further, the AGM resolved to authorize the President to make the
minor adjustments of the proposal for amendment of the Articles
of Association as are deemed necessary in conjunction with the
registration at the Swedish Patent and Registration Office.
It was recorded that the AGM stated the resolution to be
unanimous.

                                  17

The AGM resolved against Einar Hellbom's motion to grant A and B
shares equal voting power.

                                  18

It was recorded that Markus Larsson, representative of Robert
?terbergh at the AGM, withdrew the proposal noted in the notice
to the AGM to establish an ethic code as the Company already has
such a code.

The AGM resolved against Robert ?terbergh's proposals for

* an independent ethical audit;
* accounting of the Board members' possible participation in
lobby groups;
* accounting of the Company's possible contributions to lobby
groups; and
* accounting of possible contributions to foreign politicians
or political parties.


                                  19

The Chairman thanked the participants of the AGM for their
interest and closed the Meeting.

As above
Carl Olof Blomqvist

Approved:

Claes Beyer

William af Sandeberg

Peter Rudman


SKANDIA INSURANCE: Revised to Stable After American Skandia Sale
----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
Sweden-based Skandia Insurance Co. Ltd. (Skandia) to stable from
negative. At the same time, the 'A' counterparty credit rating
was affirmed. The rating action follows the announcement on May
1, 2003, that Skandia has completed the sale of American Skandia
Inc. (American Skandia), the holding company of American
Skandia Life Assurance Corp. (A/Positive/--), to Prudential
Financial Inc. (A-/Stable/A-2).

Skandia is a long-term savings provider with total funds under
management of Swedish krona 255 billion ($29 billion) at Dec. 31,
2002, excluding the disposed U.S. operations.

"The sale of American Skandia addresses a number of the negative
rating pressures on Skandia," said Standard & Poor's credit
analyst Mark Button.

"The improvement in earnings quality owing to lower earnings
volatility and reduced dependence on asset-based fees, combined
with the improved liquidity and funding position of Skandia
supports the outlook revision."

The $1.15 billion of sale proceeds will enable Skandia to
significantly reduce its leverage, enhancing the ability of the
group to fund its international growth and respond to the
challenging market conditions.

The rating on Skandia reflects the group's strong position in
unit-linked life assurance in a number of markets, including the
U.K. and Sweden; its positive financial management; and its very
strong capitalization.

Offsetting factors are the group's recent earnings performance
and its concentrated business profile.

Skandia is expected to continue managing its expenses in line
with sales patterns and to deliver on its cost-cutting program.
Capital adequacy is expected to remain very strong, reflecting a
continuation of Skandia's policy of maintaining a low-risk
liability profile.

Skandia is also expected to maintain its market positions in the
U.K. and Sweden, and support growth at the group level through
the continued development of its geographic diversity in Europe
and Asia. Standard & Poor's does not expect significant changes
in Skandia's strategy under its acting CEO, but will assess the
ratings impact of future changes following the appointment of a
new chief executive.


=====================
S W I T Z E R L A N D
=====================


CREDIT SUISSE: CSFB Sells Pershing to The Bank of New York
----------------------------------------------------------
Credit Suisse First Boston (CSFB) announced Thursday that it has
completed the sale of its Pershing unit to The Bank of New York
Company, Inc. for US$2 billion in cash, together with the
repayment of a US$480 million subordinated loan.

CSFB and Credit Suisse Group will receive in excess of US$2.5
billion in liquidity and a significant improvement in capital
adequacy.

As previously announced, the Firm reported an after tax loss of
US$250 million for this sale and a charge for this expected loss
was reflected in CSFB and Credit Suisse Group's fourth quarter
2002 results. Due to closing adjustments, CSFB delivered entities
with US$645 million of equity rather than the US$600 million
originally contemplated.


SCANDINAVIAN AIRLINES: Establishes New SAS Organization
-------------------------------------------------------
The new Scandinavian Airlines organization was established May 2,
2003. The new organization is a feature of the improvement
program (Plan C), which was presented in conjunction with the
Group's Year-end Report earlier this spring. Plan C is based on
the SAS Group's requirement that each operation within the Group
achieve sustainable profitability and competitiveness.

As a result of the implementation of the new organization, a
surplus of administrative personnel will arise. This surplus is
included in the figure of 4,000 excess employees announced
earlier in conjunction with Plan C.

The new organization is based on regional earnings
responsibility, with strategic guidelines. The new organization
has eight functions, all of which report directly to the COO and
Airline President, Soren Belin.

"I am satisfied that the new organization has been established
and find that we now have an effective management that can lead
Scandinavian Airlines in the direction required to offer our
markets competitive prices and products," said Soren Belin.

The eight functions and new managers are:

Central functions:

CFO/Administration - Rolf Andersson. Responsibility for
Scandinavian Airlines' business and strategy processes,
implementing Scandinavian Airlines' improvement programs (Plans B
and C), and providing proactive support for the COO in ensuring
the fulfillment of Scandinavian Airlines' overall goals.

Accountable Manager and Operations Management - Lars Mydland.
Responsibility for operation of Scandinavian Airlines and
ensuring that this complies with official regulations. The
functions within the current organization that are subject to
official regulation will not be changed and are therefore being
transferred unaltered into the organization.

Network and Revenue strategies - Jan Lundborg. Responsibility for
defining and optimizing a profitable and long-term competitive
traffic system.

Marketing and Channel Management - Jens Willumsen. Responsibility
for developing and securing competitive strategies and concepts
for brand, product and marketing channels.

Regional functions with earnings responsibility for the local
units within the framework of policies and guidelines, as well as
allocated resources in the budget and business plan.

Copenhagen - Susanne Larsen Oslo - Stein Nilsen Stockholm -
Anders Ehrling

Intercontinental - manager not yet appointed Earnings
responsibility for the Intercont business area (intercontinental
traffic) within the framework of policies and guidelines, as well
as allocated resources in the budget and business plan.

CONTACT:  SCANDINAVIAN AIRLINE SYSTEM
          Soren Belin, COO and Airline President,
          Phone: +46 70 597 50 24


SWISS INTERNATIONAL: New Regional Subsidiary to Be Established
--------------------------------------------------------------
SWISS will announce the creation of a new regional subsidiary at
its media conference. The Swiss International Air Lines Board of
Directors intends to spin off the airline's regional operations
into a separate entity operating under the "Swiss Express" name.
The action is being taken in response to new market conditions to
offer low-cost air connections, especially within Europe. Swiss
Express should commence operations with the start of the 2003/04
winter timetable period.

Further topics to be presented at the conference will include
additional tactical and strategic actions being taken by the
airline, including cost economies on the personnel front.

SWISS's liquidity amounted to CHF 861 million at the end of the
first quarter of 2003.  The company expects to have liquidity of
CHF 500 million by the end of the year, even without additional
measures or new credit facilities. There is no question of the
airline being grounded.

Note to editors: SWISS will not comment further or provide any
interviews for radio or TV until the media conference begins.

CONTACT:  SWISS
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 3554
          E-mail: communications@swiss.com
          Home Page: http://www.swiss.com


===========================
U N I T E D   K I N G D O M
===========================


ABBEY NATIONAL: Sells Australian Project Loan Book for GBP390 MM
----------------------------------------------------------------
Abbey National unloaded most of its AU$1 billion (GBP390 million)
Australian project loan book as it continues to exit its
wholesale banking operations to focus on U.K. retail financial
services.

The loan book, which consisted mainly of finance loans for power,
rail and infrastructure projects in Australia and Hong Kong, is
understood to have gone to three Australian banks, including
Commonwealth Bank of Australia, Westpac and ANZ.  The purchase
price was undisclosed.

Some 2,000 staff were told to reapply for jobs as the bank
restructures its U.K. branch network.  Unions fear the shakeup
could lead to redundancies after the selection process is
completed in June.

Abbey plans to pilot its new branch organization in five areas,
including Newcastle and Sheffield.

The bank, which suffers from severe equity market falls, is
selling its Man life assurance business; Porterbrook, the train
leasing operation; and its extensive PFI interests.

It closed its Dublin-based Scottish Mutual International and
Scottish Provident Ireland to new business after failing to find
a buyer for the operation.

The international life assurance operations form part of Abbey's
Portfolio Business Unit of non-core businesses.  The businesses
will be sold or run down over the next three years.

CONTACT:  ABBEY NATIONAL
          Investor Relations
          Jon Burgess
          Phone: 020 7756 4182
          Rob Askham
          Phone: 020 7756 4181
          Home Page: http://www.abbeynational.com


ABERDEEN ASSET: British Land Eyes Aberdeen Property Investors
-------------------------------------------------------------
The plan to sell the property arm of Aberdeen Asset Management
has generated interest from 40 potential buyers.

British Land is expected to be included on a shortlist of
bidders, along with two private equity groups, according to the
Financial Times.

The shortlist is to be drawn up next week for the division, and a
sale is expected complete by the end of June.

The property arm, which Aberdeen planned to float for up to
GBP125 million in November, is valued at up to GBP85 million.
Aberdeen Property Investors has more than GBP6 billion of
property under management.

Aberdeen declined to comment on the sale of the property arm,
according to the report.

Aberdeen has GBP250 million of debt; and aside from borrowings,
the company has a bill of up to GBP40 million after promising
last summer to refund in full up to 7000 investors who had lost
nearly half their money in its Progressive Growth Unit Trust.

Aberdeen is facing inquiries by the Financial Ombudsman Service
with regards to accusations of "mis-selling" of split-capital
investment trusts.  The Financial Services Authority is also
investigating claims that fund managers of splits colluded to
prop up share prices.

CONTACT:  ABERDEEN ASSET MANAGEMENT PLC
          Martin Gilbert, Chief Executive
          Phone: 020 7463 6000 / 01224 631 999


AMP LTD.: Institutional Component of Capital Raising Successful
---------------------------------------------------------------
AMP Limited has announced that it has successfully raised
approximately USD1.2 billion through an institutional placement
of 222,222,222 shres at an issue price of USD5.50 per share.

Shares were place to Australian and international investors with
the final price for the placement being set via a global two day
bookbuild.

AMP Chief Executive Officer Andrew Mohl said: "We are very
pleased with the response from our institutional investors, which
we believe underscores support for our recently announced
demerger plans."

As previously announced, AMP's shareholders will have the
opportunity to participate in the capital raising via a Share
Purchase Plan (SPP).  This will provide eligible shareholders
with the opportunity to subscribe for up to USD5,000 of ordinary
shares.

The SPP will provide the vast majority of AMP's Australian and
New Zealand retail shareholders with the opportunity to subscribe
for a higher number of shares than would have been the case under
a traditional rights issue.

Shareholders who participate in the SPP will receive the new
shares at the lower of the Institutional Placement price of
USD5.50 or a 5% discount to the average market price during a 15
day period after the close of the offer.

Shareholders will be eligible to participate in the SPP if they
are registered holders of fully paid ordinary shares in AMP with
addresses in either Australia or New Zealand at the close of
business on 5 May 2003.

The SPP has been underwritten to a level of $500 million. The
maximum amount to be raised under the SPP is $750 million,
subject to the Australian Stock Exchange approving a variation to
an existing waiver. To the extent that subscriptions under the
SPP exceed $500 million, AMP will reduce its next Dividend
Reinvestment Plan (DRP) underwriting by an equivalent amount.

The SPP offer period is expected to commence 21 May 2003 and
close 13 June 2003. Further details will be sent to shareholders
shortly.
AMP confirms that shares that were allocated to shareholders who
have participated in the DRP and institutional sub-underwriters
will be repriced at $5.50. Adjustment will made through the issue
of additional DRP shares only to participating shareholders and
institutional sub-underwriters.

CONTACT:  AMP LIMITED
          Level 24, 33 alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519
          Contact: Mark O'Brien, Investor Relations
          Phone: 9257 7053


CORUS GROUP: Pechiney Still Interested in Aluminum Assets
---------------------------------------------------------
French metals group Pechiney is still hoping to buy Corus'
aluminum division despite the failure of earlier efforts to
convince the steel maker's Dutch supervisory board to sell the
unit.

The exclusivity clause of the purchase agreement between the
parties covers one year to October this year; and although
Pechiney's management thinks the process could take longer than
that, it is confident it has the best chance of obtaining an
agreement.

Olivier Mallet, chief financial officer of Pechiney, said:
"Nobody else will get it. The synergies provided by Corus's
aluminum business are still best with Pechiney."

Pechiney is particularly interested in Corus's aluminium plant in
Koblenz, Germany, which specializes in flat rolled products for
the aerospace industry.

Corus agreed to sell the assets to the French group for EUR750
million (GBP523 million) in October last year.  But the deal fell
through after the Dutch side of the business blocked the deal in
opposition to the idea of using the proceeds of the sale simply
to subsidize loss making U.K. steel plants.

But Corus' new chief executive, Philippe Varin, who joined the
group from Pechiney, indicated the steel maker still wanted to
pursue the disposal of its aluminum assets to concentrate on the
carbon steel business.

Corus is scaling down its aluminum-smelting business and
concentrate on making more higher margin aluminum products under
its restructuring plan.


ESSIENT PHOTONICS: Company Profile
----------------------------------
NAME: Essient Photonics
      1 Mallard Way
      Strathclyde Business Park
      Bellshill
      North Lanarkshire, ML4 3BF
      Scotland, UK

PHONE: +44 (0) 1698 847777

FAX: +44 (0) 1698 847778

EMAIL: info@essient.com

WEBSITE: http://www.essient.com/

TYPE OF BUSINESS: Established in February 2002, Essient's
technology is based upon eight years of leading edge research
conducted at the University of Glasgow. The company designs and
manufactures optoelectronic components, and offers products that
demonstrate significant reductions in physical size and power
dissipation. It produces Essient EA-MDA-10G: Driverless Optical
Modulator, Optical Detector & Electronic Amplifier.

MANAGEMENT TEAM:

Dr. Mike Gera, Interim Chief Executive Officer
Dr. Simon Hicks, Chief Technology Officer
Professor Charles Ironside, Chief Scientist
Jeremy Chappell, Vice President of Marketing
Ian Croston, Director of Product Development

EXECUTIVE TEAM:
Ken Jones, Chief Executive Officer
Dr. Michael Gera, Chairman
Dr. Simon Hicks, Chief Technology Officer
Professor Charles Ironside, Chief Scientist
Jeremy Chappell, Vice President of Marketing
Ian Croston, Director of Engineering

NUMBER OF EMPLOYEES: 15

THE TROUBLE: Scottish Essient Photonics is being liquidated after
failing to raise the expected GBP10 million funding needed to
sustain operations.

INVESTOR: POND VENTURES PARTNER LTD. (Initial Funding: US$7
million)
          Marpol House
          6 The Green
          Richmond
          Surrey TW9 1PL
          United Kingdom
          Phone: +44 90)20 8940 1001
          E-mail: rolf@pondventures.com
          Contact:
          Charles Irving

         US Office:
         2055 Gateway Place
         Suite 400
         PMB 40047
         San Jose CA 95110
         USA
         Phone: +1 (408) 467-3806
         Contact:
         Richard Irving

         SCOTTISH ENTERPRISE
         5 Atlantic Quay
         150 Broomielaw
         Glasgow
         G2 8LU
         Phone: 0141 248 2700
         Fax: 0141 221 3217
         Email: network.helpline@scotent.co.uk
         Contact:
         Sir Ian Robinson, Chairman
         Robert Crawford,  Chief Executive

LIQUIDATOR: KROLL INC.
            Global Headquarters
            900 Third Avenue
            New York, NY 10022
            Phone: 212 593 1000
            Fax: 212 593 2631


GALLIFORD TRY: Unveils Restructuring Plan for Construction Unit
---------------------------------------------------------------
Following completion of the review of its construction business
referred to in its interim statement of February 2003, Galliford
Try plc announces the restructure of its construction division to
deliver sustainable profitability by concentrating on its core
strengths in partnership led contracting and the public and
regulated sectors.

The restructuring has enabled the group to implement significant
streamlining measures, resulting in an overall reduction in the
cost base going forward of GBP4 million per annum and a
rationalization in the division's management structure, resulting
in shorter reporting lines. The lower cost base incorporates a
reduction in the number of employees by 170 to 1,522. The cost of
the restructuring process will be within the previously announced
provision of o4m.

Galliford Try's main construction operations have been
reorganised into three business units, all re-branded as
Galliford Try Construction, to be responsible for specific market
sectors across the country.

North, based in Warrington in Cheshire, will take responsibility
for all water and rail projects throughout the U.K. reflecting
the company's success in becoming a major framework contractor in
these expanding markets.

Central, based at Wolvey in Leicestershire, will be responsible
for all national building framework agreements and PFI projects
to capitalize on the opportunities that our track record is
generating. It will also carry out building, infrastructure and
interiors contracts outside of the south of England.

South, based in Uxbridge, Middlesex will be responsible in the
south of England for private commercial and interiors work to
build upon the company's long term relationships with blue chip
clients, together with public sector building and other
infrastructure projects. Try Accord's office in East Peckham,
Kent, is being closed.

The group's growing affordable housing business, which last year
worked on 2,200 units, will be re-branded Galliford Try
Partnerships from Galliford Hodgson, based in Chelmsford, Essex.

The group's market leading business in providing services
nationwide to the telecommunications industry, and which last
year completed 1,000 cell sites for the mobile phone operators,
will be based in Wolvey as Galliford Try Communications.

Specialist ground engineering contractor, Rock & Alluvium, will
continue to operate as before from Wallington in Surrey.

The future workload for the division remains healthy. 76% of the
o663m total reported in the interim statement has been secured on
a value basis, rather than in pure price competition and 70% is
in the public and regulated sectors where the group is in a good
position to obtain an increasing proportion through the increased
use by clients of framework agreements and preferred supplier
policies to deliver best value.

The contractual negotiations with Scottish Water to become part
of the delivery team for their four year GBP1.8 billion asset
delivery project are going well. Our position as preferred bidder
for two PFI projects now worth GBP32 million in total for schools
in Bedford and health projects in Ealing has been confirmed.

We have recently concluded negotiations and been awarded a
contract for a GBP29m arts multiplex centre in West Bromwich,
adding to our track record for constructing landmark buildings in
the Midlands, following on from the success of the Millennium
Point development that we completed in Birmingham in 2001.

Commenting, David Calverley, Chief Executive said:

"The new structure has strengthened our client focus as a
national contractor and significantly reduced our cost base. The
action taken completes the restructuring of the construction
division to enable it to deliver acceptable and sustainable
profits going forward."

CONTACT:  GALLIFORD TRY
          Cowley Business Park
          Cowley, Uxbridge
          Middlesex
          UB8 2AL
          Phone: (01895) 855 001
          Fax: (01895) 855 298
          E-mail : plc@gallifordtry.co.uk

          David Calverley, Chief Executive
          Phone: 01895 855219

          Frank Nelson, Finance Director
          Phone: 01895 855221

          Ann marie Wilkinson, Beattie Financial
          Phone: 020 7398 3300


GARTMORE SELECT: To Propose Special Resolution to Wind up Trust
---------------------------------------------------------------
It is announced that the Company has posted to its Shareholders a
Circular which includes a notice of extraordinary general meeting
of the Company to be held on May 27, 2003. At the EGM, in
accordance with the Articles of Association of the Company, a
special resolution will be proposed to wind up the Company.

A copy of the Circular to Shareholders has been submitted for
display to the Document Viewing Facility of the United Kingdom
Listing Authority and will shortly be available at:

CONTACT:  FINANCIAL SERVICES AUTHORITY
          25 The North Colonnade
          Canary Wharf
          London
          E14 5HS
          Phone: 020 7676 1000
          Contact: Vee Montebello

          GARTMORE INVESTMENT LIMITED
          Head & Registered Office:
          Gartmore House
          8 Fenchurch Place
          London
          EC3M 4PH

          Phone: (020) 7782 2000
          Fax: (020) 7782 2075


GLAXOSMITHKLINE PLC: District Court Upholds Ceftin Patent
---------------------------------------------------------
GlaxoSmithKline announced that a federal judge for the United
States District Court for the Northern District of Illinois in
Chicago has ruled in patent litigation involving GSK's drug
Ceftinr (cefuroxime axetil), a member of the cephalosporin class
of antibiotics. Judge Robert W. Gettleman ruled in GSK's favour,
saying two patents in question are valid and would be infringed
by the product, which Apotex plans to market. He said the
infringement was willful and GSK is entitled to its costs and
attorneys' fees.

One of the patents claims an amorphous form of cefuroxime axetil
and the other claims a spray drying process. The patents do not
expire until July 2003.

The ruling means Apotex cannot launch a generic form of Ceftin in
the U.S. until the patents expire. Another generic company,
Ranbaxy, launched its generic form of Ceftin in March 2002. GSK
filed suit against Ranbaxy and that trial is set for July 8,
2003, in New Jersey.

GlaxoSmithKline, one of the world's leading research-based
pharmaceutical and healthcare companies, is committed to
improving the quality of human life by enabling people to do
more, feel better and live longer. For more information, please
visit the company's web site at http://www.gsk.com

CONTACT:  Glaxosmithkline PLC
          European Analyst/Investor Duncan Learmouth
          Philip Thomson
          Anita Kidgell
          Phone: 020 8047 5540
          020 8047 5543
          020 8047 5542

         US Analyst/Investor Frank Murdolo
         Tom Curry
         Phone: (215) 751 7002
                (215) 751 5419


GLAXOSMITHKLINE PLC: To Cut Cost to Allay Effects of Competition
----------------------------------------------------------------
GlaxoSmithKline Finance Director John Coombe suggests tough cost-
cutting plan for the company in case of tight generic competition
over three of its best-selling drugs in the coming months, the
Financial Times reports.

The drugs referred are GlaxoSmith's top-selling antibiotic
Augmentin, and anti-depressants Paxil and Wellbutrin.  The former
is already suffering from generic competition in the US market,
while the two are expected to meet the same fate especially after
the company failed to secure patent protection for them.

Earnings growth is expected sluggish for the drug maker in the
middle of the decade.  Generic competition is expected to impact
earnings, but delays in the launch of generic Wellbutrin or
switching of Paxil patients to GSK's new controlled-release form
of the drug, could still lessen the effect of competition to the
group's earnings.

Defying expectations, GlaxoSmith was able to retain 25% of the
Augmentin franchise through the launch of new versions of the
drug.

But in case the generic threat to Paxil and Wellbutrin comes in
sooner, investors expect the group to boost profitability by
cutting costs.  The strength of the competition would determine
the extent of the cuts, the report says.

Mr. Coombe, however, cleared the strategy is not needed at the
moment.

"Slashing of costs certainly has to be borne in mind, but it may
not be necessary," he said.

Mr. Coombe said trading margins had risen by 3% points to 34.5
per cent in the first quarter due to greater operational
efficiencies. There was scope for more margin improvement. "We
will not run out of steam on ongoing cost-cutting opportunities,"
he said.


IMPERIAL CHEMICAL: Stands to Face Another Class Action Lawsuit
--------------------------------------------------------------
British and US investors are planning to file legal proceedings
against Imperical Chemical Industries for misleading investors
about the real status of the company's finances, reports say.

Milberg Weiss Bershad Hynes & Lerach LLP, America's biggest class
action law firm, is set file the complaint this month.  The suit
will allege that the company 'materially' misrepresented the
financial health of Quest, its fragrances and food flavorings
division.

ICI recently issued a warning that first quarter profits will
fall by 24%, as troubles at Quest and National Starch mounts. The
news was immediately followed by a 44% (more than STG800 million)
wipeout of the company's value and a fall of 39% in ICI shares.

The profit warning also resulted to Brendan O'Neill losing his
job as chief executive.


LONDON CLUBS: Proposes Transactions to Reduce Indebtedness
----------------------------------------------------------
London Clubs International plc, the operator of London, regional
and overseas casinos on Friday announces transactions to
significantly reduce its indebtedness whilst retaining its
strategic position ahead of deregulation.

* Proposed disposal of the Palm Beach casino for GBP36.25 million
in cash to Stanley Casinos Ltd, a subsidiary of Stanley Leisure
Plc.

* Sale and leaseback of 50 St James's generating GBP25 million in
cash for London Clubs.

* Formation of a joint venture with Celebrity Gaming Limited (a
company controlled by Robert Earl) to reposition 50 St James's
with new dining and entertainment facilities - London Clubs
retains full control of gaming.

* verall financial effect will reduce London Clubs net debt by
approximately GBP60 million

* Despite economic uncertainty, current trading is in line with
expectations

Michael Beckett, Chairman said:

'Delivering these disposals to plan and significantly reducing
debt is another step in restoring the Group's financial health
and it paves the way for the Company's participation in a market
that is poised for forthcoming deregulation.

At the same time the joint venture at 50 St James's creates a
unique and exciting gaming venue.'

Introduction

London Clubs announces that it has reached agreements,
conditional on shareholder approval, in relation to two of its
casinos. London Clubs has agreed to dispose of the entire issued
share capital of Palm Beach to Stanley Casinos Limited, a
subsidiary of Stanley Leisure plc, for cash consideration of
GBP36.25 million and has signed heads of agreement to enter into
the 50 St James's Transaction.

The 50 St James's Transaction will involve the disposal of the 50
St James's Property to St James Capital for cash consideration of
GBP25 million and the formation of the Joint Venture, in which
London Clubs will be the majority shareholder, which will
redevelop and operate 50 St James's and lease the 50 St James's
Property from St James Capital. London Clubs will retain
responsibility for gaming operations, along with the gaming
license, while Celebrity Gaming Limited, a company owned and
controlled by Robert Earl, will develop the casino's dining and
entertainment activities.

Following completion of the proposals the Company will continue
to operate a range of London casinos, including a redeveloped 50
St James's, which span the gaming market and, together with its
regional operations, will provide a platform for future growth
which the Directors believe will result from the deregulation of
the UK gaming market.

In view of their respective sizes, the Palm Beach Disposal and
the 50 St James's Transaction are each conditional on the
approval of shareholders which is to be sought at an
extraordinary general meeting of the Company to be held on May
19, 2003. A circular containing details of the proposals and
notice of an extraordinary general meeting is expected to be
posted to shareholders shortly.

Information on Palm Beach and principal terms of the Palm Beach
Disposal

The Palm Beach Club is a long established casino situated in
Berkeley Street, Mayfair, London with 25 gaming tables and 10
slot machines, a bar and restaurant. The Palm Beach Club has
focused primarily on the middle segment of the gaming market.

In the six months ended September 29, 2002, Palm Beach generated
an operating profit of GBP1.0 million on turnover of GBP10.4
million. At 29 September 2002 the net assets of Palm Beach which
are the subject of the Palm Beach Disposal were GBP28.9 million.
In the year ended 31 March 2002, Palm Beach generated an audited
operating profit of GBP0.3 million on turnover of GBP19.0
million.

Stanley Casinos Limited will acquire Palm Beach for a total cash
consideration of GBP36.25 million, payable in full on completion
of the Palm Beach Disposal which will include the repayment by
Palm Beach of its inter-company debt to London Clubs. The
consideration is subject to adjustment to reflect the actual net
current assets over liabilities on completion. The Palm Beach
Disposal is expected to complete on May 20, 2003. The Palm Beach
Disposal is not conditional upon the 50 St James's Transaction.

Information on 50 St James's and principal terms of the 50 St
James's Transaction

50 St James's has been operated as a casino by London Clubs since
1998. Situated in St James Street, London the 50 St James's
casino, which is marketed primarily at the top end of the casino
market, has 18 gaming tables, two bars and a restaurant.

In the six months ended September 29, 2002, 50 St James's
generated an operating loss of GBP86,000 on turnover of GBP4.2
million. At 29 September 2002 the net assets of 50 St James's
which are the subject of the 50 St James's Transaction were
GBP20.5 million. In the year ended 31 March 2002, 50 St James's
generated an operating loss of GBP1.5 million on turnover of
GBP14.7 million.

Heads of agreement have been entered into for the sale of the 50
St James's Property by the Company to St James Capital for cash
consideration of GBP25.0 million, payable in full on completion.
St James Capital will, in turn, lease the 50 St James's Property
to the Joint Venture formed by London Clubs and Celebrity Gaming
Limited, a company owned and controlled by Robert Earl.

London Clubs will retain the gaming licence and, under a
management agreement, retain responsibility for the gaming
operations. Celebrity Gaming will have responsibility for the
dining and entertainment operations together with the promotion
of these activities. Upon completion of the 50 St James's
Transaction the Joint Venture will receive GBP5 million from St
James Capital as a landlord's contribution to tenant's
expenditure on refurbishment of the property. In addition to
rejuvenating existing operations, under-utilized space on the
ground floor and basement will be used to develop a new high
quality restaurant and entertainment venue. 50 St James's will
provide visitors with the facilities to dine, gamble and be
entertained in the same venue, providing a highly differentiated
London gaming experience.

The 50 St James's Transaction, which is expected to complete on
June 1, 2003, is not conditional on the Palm Beach Disposal.
London Clubs will not complete any part of the 50 St James's
Transaction in isolation.

Financial effect of the Palm Beach Disposal and the 50 St James's
Transaction

The Company will use the net proceeds of the Palm Beach Disposal
and the disposal of the 50 St James's Property to reduce the
Continuing Group's total indebtedness including reducing the
Group's senior debt.

Net cash proceeds from the Palm Beach Disposal will amount to
approximately GBP35.3 million (assuming no adjustment in respect
of working capital). Net cash proceeds from the 50 St James's
Property Disposal will amount to approximately GBP24.5 million.

Had the net proceeds of approximately GBP59.8 million been
available to reduce the Group's senior debt on September 29,
2002, the date to which the Company's interim results were
prepared, those facilities would have been reduced to GBP148.7
million.

Current trading and future prospects for the Continuing Group

On December 17, 2002 the Board announced unaudited interim
results for the six months ended September 29, 2002. Turnover was
GBP75.2 million (2001: GBP69.5 million), an increase of 8% and
Group operating profit before exceptional items increased to
GBP8.7 million (2001: loss of GBP4.3 million). Exceptional items
in respect of restructuring costs and reorganisation expenses and
interest payments resulted in a pre tax loss of GBP0.3 million,
(2001: loss of GBP114.5 million).

Earnings per share were 0.2p (2001: loss per share 77.1p).

In December 2002 London Clubs reported that trading in the
Group's casinos in the period from September to December had been
ahead of the Board 's expectations. Since then trading has been
in line with expectations as the Group has continued to benefit
from the stability that our agreement with the Company's lenders
to extend facilities has engendered. The Board views the
Company's progress on its strategic objectives with cautious
optimism and is confident that given the enhanced opportunities
in the U.K. casino industry following deregulation and prospects
for refinancing the Continuing Group, the Continuing Group is
well placed for the future and considers the Group's prospects to
be positive.

Financing update

As reported previously on July 29, 2002, the Company's lenders
agreed to extend debt facilities to June 2004, waive all previous
covenant breaches and defaults and provide additional working
capital funding of GBP15 million. Under these extended
facilities, the Company is committed to reducing its outstanding
senior debt to GBP120 million from GBP208.5 million as at
September 30, 2002, and to raising a further GBP20 million of
subordinated debt or equity by September 1, 2003.

However, where the Company's lenders are satisfied that the
Company is progressing a strategy to reduce leverage, this date
can be extended to either December 31, 2003 or June 30, 2004.

The Company has recently reached agreement with its principal
lender, subject to completing the Palm Beach Disposal and the 50
St James's Transaction, to commence negotiations in respect of
the refinancing of some or all of the Company's debt facilities.
A successful refinancing of the debt facilities prior to
September 1, 2003 would remove the uncertainty regarding London
Clubs's ability to satisfy its debt reduction and deleveraging
commitments. The Directors are confident that these negotiations
will reach a successful conclusion.

Working Capital

Until the refinancing negotiations with the Company's principal
lender are successfully concluded, the Directors are unable to
confirm that the Company has sufficient working capital for its
present requirements, that is for at least the 12 months
following the date of publication of the circular which will
contain details of the proposals.

The Directors do not expect the Continuing Group to breach any of
its obligations under its lending agreements until September 1,
2003, and accordingly are of the opinion that the Continuing
Group has sufficient working capital for the period following the
date of publication of the circular until August 31, 2003.

This is the case irrespective of whether the Palm Beach Disposal
and the 50 St James's Transaction (together or individually) take
place or not.

The Directors consider that the Palm Beach Disposal and the 50 St
James's Transaction represent progress towards satisfying the
Company's banking commitments. As detailed above the Company will
commence negotiations with its lead bank in respect of the
refinancing of some or all of the Company's debt facilities. The
successful conclusion of the negotiations would remove the
uncertainty regarding London Clubs's ability to satisfy its debt
reduction and deleveraging commitments.

Should the refinancing negotiations prove unsuccessful, the
Directors would consider alternative courses of action available
to the Company and communicate these to shareholders as
appropriate. If shareholders do not vote in favor of the
resolutions to be proposed at the extraordinary general meeting
the Directors do not believe that the Company will be able to
meet its debt reduction commitments or to conclude negotiations
with its principal lender successfully.

WestLB Panmure Limited, which is regulated in the United Kingdom
by The Financial Services Authority, is acting exclusively for
London Clubs International plc and no one else in connection to
the matters described in this announcement and will not be
responsible to anyone other than London Clubs International plc
for providing the protections afforded to its customers or for
providing advice in relation to the contents of this announcement
or any transaction or arrangement referred to herein.

CONTACT:  LONDON CLUBS INTERNATIONAL
          Phone: 020 7518 0000
          Barry Hardy, Chief Operating Officer
          Linda Lillis, Finance Director

          COLLEGE HILL
          Phone: 020 7457 2020
          Matthew Smallwood
          Justine Warren


PACE MICRO: Board Appoints John Dyson Chief Executive
-----------------------------------------------------
The Board of Pace Micro Technology plc has announced the
appointment of John Dyson to the position of Chief Executive.
Mr. Dyson, currently Acting Chief Executive, will assume the role
with immediate effect.

John Dyson joined Pace in November 1997 as Finance Director.
Before joining Pace John spent 25 years in the electronics
industry, including roles at LSI Logic, Commodore Corporation and
Case Communications plc.  He is also a Non-executive Director of
XP Power plc.

Sir Michael Bett, Chairman of Pace Micro Technology plc said: "We
are pleased to appoint John as Pace's new Chief Executive.  John
has played a major role in Pace's development over the last five
and a half years.  Since taking on the role of Acting Chief
Executive in January he has directed a significant reorganisation
and cost-reduction programme.  The Board believes the Company is
now in a good position to take advantage of new business
opportunities as they arise."

Mr Dyson's salary will be GBP250,000 per annum.  In addition, he
is to be granted options over 500,000 Pace shares.

                     *****

In January, Pace Micro posted a GBP15.9 million loss before tax
and goodwill compared to a profit of GBP22.2 million in 2001 due
to a fall in demand of set-top boxes.

CONTACT:  PACE MICRO TECHNOLOGY
          Helen Kettleborough
          Phone: 01274 538005

          CITIGATE DEWE ROGERSON
          Ginny Pulbrook
          Phone: 020 7282 2945


ROYAL & SUNALLIANCE: Shareholders Okay Initial Public Offering
--------------------------------------------------------------
Royal & SunAlliance announced Friday that it has gained
shareholder approval to proceed with the Initial Public Offering
of its Australian and New Zealand businesses at an Extraordinary
General Meeting of shareholders.

Details of the proxy voting are as follows:

Resolution For                         Discretion
    No. of   % of     %of        No. of    % of    % of
          Votes    Vote     Cap        Votes     Vote     Cap
1    702,623,334  97.50%   48.80%   17,251,707   2.39%   1.20%

Resolution        Against                      Abstain
          No. of   % of     % of            No. of     % of
          Votes    Vote      Cap            Votes       Cap
1        814,209   0.11%    0.06%         3,284,413     0.23%

                     *****

Royal & SunAlliance's November review has resulted in a number of
radical action plans to reshape the Group, including the proposed
Initial Public Offering of our Australian and New Zealand
businesses.

The company plans to concentrate primarily on markets and
businesses where it can build and sustain competitive advantage,
and to withdraw from areas that are unprofitable or lack
strategic fit.


THUS PLC: Remains On Track to Break Even in March 2004
------------------------------------------------------
Thus Plc is expected to tell shareholders that it remains on
track to meet its key financial objective of breaking even by
next year.

Analysts at Investec Securities affirmed this outlook, according
to the Scotsman.

The City, meanwhile, predicts the business telecom carrier's
full-year pre-tax losses to have fallen to about GBP48 million
from losses of GBP80 million last time, the report said.

Thus, though, remained cautious on the general economic outlook,
according to the report.  The company took this stance as rival
operators cut prices in an effort to win business.  It focused on
recurring revenues to enhance its margins and improve bottom line
performance.

Recently, TCR-EU said that the Glasgow-based firm evaluated its
commission payment system in an effort to generate more cash from
the division after being pressured to become free cash-flow
positive by March 2004.  The firm is in dire need for funds to
cover operating costs, capital expenditure and interest from
earnings.

The strategy is said to reward staff on the value of sales rather
than amount.  This is to discourage shifting cheaper products in
bulk.  The new commission system was not designed to cut back on
staff, but to actually improve customer service, the company
said.

CONTACT:  THUS PLC
          Dalmore House, 310 St. Vincent St.
          Glasgow G2 5BB, United Kingdom
          Phone: +44-141-567-1234
          Fax: +44-141-566-3035
          Homepage: http://www.let-it-be-thus.com


WORLD SPORTS: Appoints Simon Peter Eagle Non-executive Director
---------------------------------------------------------------
The following replaces the Board appointment announcement
released on April 8, 2003 at 16:30 under RNS 7884J. The
announcement omitted information that is required to be
disclosed. The full and correct version appears below.

The Board of World Sports Solutions PLC announces the appointment
of Simon Peter Eagle, 44, as a non-executive director of the
Company with immediate effect. He holds or held the following
directorships:

Current Directorships

The Fine Paper Company (UK) Ltd

Screentrader.com Ltd

Wings (Catering & Hospitality Management) Ltd

Lodge House Antiques Limited

Alder Overseas Development Corp.

Bookman Overseas Limited

Intainvest Limited

Mirage Invest & Trade S.A.

Moving Feasts Limited

Rannel Holdings Limited

Sindon International Corp.

The Redpine Corporation

The Thorn Tree Corporation

The Viburna Corporation

Torella Holdings Limited

Winterway Investments Limited

Markwell Investments Limited

Intapublish Limited

Integer Holdings Limited

Forum Asset Management Limited


Past Directorships


Forum Finance Group Limited (UK Company)

Bar Isis Limited (UK Company)

Simon Eagle was a director of Bar Isis Limited, a bar operator,
when it was
placed into liquidation on 28 October 2002.

                     *****

World Sports creditors recently saved World Sports from being
wound up by agreeing to accept shares in the company in
settlement of sums due to them. Simon Eagle, a recently appointed
Director of the Company, also helped by providing a loan of
GBP250,000 to the company. '

World Sports, headed by Tony peer Lord Taylor was under pressure
over loans issued when it was still a private company.

The company, whose shareholders include Arsenal's Patrick Vieira,
said it lost GBP1.7 million in the 18 months to April 2002.

CONTACT:  WORLD SPORTS SOLUTIONS
          Phone: 020 7292 8950
          Matthew Patten

          Hudson Sandler
          Phone: 020 7796 4133
          Nick Lyon


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (120)         189     (182)

BELGIUM
-------
Mobistar SA               MOSG       (33)       1,167       (61)
Real Software             REAL       (39)         275        (1)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding            (3,337)       7,175    (2,186)
Prazske Pivovary AS               (1,275)       3,398       190




DENMARK
-------
Elite Shipping                      (176)         642        19

FRANCE
------
Banque Nationale
   de Paris Guyane                   (33)         286       N.A
BSN Glasspack                       (114)       1,293       179
Bull SA                   BULP       (44)       1,698       (17)
Centrest Societe
   de Developpement
   Regional                         (132)         252       N.A.
Compagnie
   des Machines Bull                  (7)         259        (3)
Compagnie Francaise de
   l'Afrique Occidentale             (49)         192        21
Cofidur SA                            (6)         114        19
Docks Des Alcool                     (31)        (162)       46
European Computer System            (539)       3,347       377
France Telecom            FTE       (171)     106,587   (31,035)
Grande Paroisse SA                  (949)         430       107
Immobiliere Hoteliere     HOIN       (70)         197       (54)
Pneumatiques Kleber SA              (198)       2,843       139
Sa des Usines Chausson               (17)         187        35
SDR Picardie                        (722)       2,206       N.A.
Soderag                               (2)         329       N.A.
Sofal SA                            (248)       5,385       N.A.
Spie-Batignolles                     (13)       4,297        75
Trouvay Cauvin            TRCN         0          147        10

GERMANY
-------
Brau Und Brunnen AG       BBAG       (16)         570      (210)
Dortmunder
   Actien-Brauerei        DABG       (14)         125       (29)
Edel Music AG             EDLG       (72)         388      (159)
Eurobike AG               EUBG       (35)         173       (31)
F.A. Guenther & Sohn AG   GUSG        (8)         102       N.A.
Kaufring AG               KAUG       (20)         161       (51)
Nordsee AG                           (18)         431       (31)

ICELAND
-------
Hydrafrystistod
   Thorshafnar hf                   (275)       1,948      (141)

ITALY
-----
Binda SpA                 BND        (10)         110       (20)
Credito Fondiario
   e Industriale SpA      CRF       (199)       4,190       N.A.
Vemer Siber Group SpA     VEM         (3)         264       (79)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         606        46
Laurus N.V.                         (156)       1,489      (822)

NORWAY
------
Loki ASA                  LOI        (39)         699      (265)
NETnet International SA              (12)         225       134
Northern Oil ASA          NOI        (83)       1,830      (272)

POLAND
------
Animex SA                             (2)         447       (86)
Centrozap                            (82)         262      (102)
Exbud Skanska SA          EXBUF      (35)       1,250      (330)
Lodzka Drukarnia
   Akcydensowa Invest SA             (29)         107       (72)
Ocean Company SA                    (128)         149      (145)

RUSSIA
------
Samson                              (124)         386      (304)

SPAIN
-----
Altos Hornos de Vizcaya SA          (100)       1,104      (278)
Santana Motor SA                     (36)         174        41
Tableros de Fibras SA     TFI        (41)      (2,006)      116

SWEDEN
------
Infinicom AB              INFIb      (15)         150       (74)
Nordifagruppen                       (18)         107        70

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (94)         765       252

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (1)         102       (16)
Alldays Plc               ALD        (84)         176      (202)
Amey Plc                  AMY        (30)         578       (47)
Bonded Coach
   Holiday Group Plc                  (4)         114       (44)
Blenheim Group                       (98)         128       (34)
Booker Plc                BKRUY      (38)         816        (8)
Bradstock Group           BDK         (1)         171         5
Brent Walker Group                (1,034)         506    (1,157)
British Nuclear Fuels Plc         (1,843)      25,510     1,948
British Sky Broadcasting  BSY       (301)       2,202       (40)
British Telecom Group               (286)      27,673       732
Compass Group             CPG       (452)       2,011      (298)
Costain Group             COST       (21)         204       (12)
Cox Insurance
   Holdings Plc           COX        (10)       1,318       N.A.
Easynet Group Plc         ESY         (7)         206      (53)
Electrical and Music      EMI
   Industries Group                 (889)       1,916    (1,158)
Euromoney Institutional   ERM        (76)         110        20
Gallaher Group            GLH       (337)       3,432        68
Global Green Tech Group              (96)         251       (18)
Heath Lambert
   Fenchurch Group PLC                (7)       2,883       (10)
HMV Group PLC             HMV       (416)         456      (133)
Imperial Tobacco Group    ITY        (75)       6,472      (190)
Intertek Testing Services ITRK       (83)         264       (67)
IPC Media Ltd.                      (463)         172        16
Lambert Fenchurch Group               (1)       1,132        (3)
Lattice Group                       (905)       8,707    (1,228)
Misys PLC                 MSY        (59)         658        (7)
Orange PLC                ORNGF     (358)       1,749         7
Rentokil Initial Plc      RTO       (702)       1,744       (37)
Saatchi & Saatchi         SSI        (74)         436       (41)
Yell Group PLC                       (50)       2,201       325



Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                                 *************

       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. Kimberly
MacAdam, Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee
Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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