/raid1/www/Hosts/bankrupt/TCREUR_Public/030716.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

                 Wednesday, July 16, 2003, Vol. 4, No. 139


                              Headlines


C Z E C H   R E P U B L I C

HARVARD INDUSTRIAL: Delays Payment to Shareholders by Few Months
SPOLANA NERATOVICE: Sokato to Demand Resignation of Board


F R A N C E

VIVENDI UNIVERSAL: Liberty Media Pursues Stand Alone Takeover Bid


G E R M A N Y

ADCON TELEMETRY: Plans Further Actions Under Reorganization
ALLIANZ AG: Board To Discuss Strategy for Dresdner Unit This Week
INTERSHOP: Founder Hands Over CEO Role to Juergen Schoettler
INTERTAINMENT AG: Franchise Pictures Trial Date Postponed
MANNHEIMER AG: To Repay Hidden Losses Taken Over by Rescue Firm

WESTLB AG: Chief Reassures Whiskey Maker Kyndal Is Not for Sale
WESTLB AG: To Give Panmure Unit Greater Operational Autonomy
WESTLB AG: Fails to Properly Analyze Box Clever's Accounts


I R E L A N D

TAYTO LTD: Closing Terenure Plant in Dublin by October


I T A L Y

FIAT SPA: Legal Problems Cast Doubt on Put Option to Sell Unit


P O L A N D

LU POLSKA: To Axe Hundreds of Jobs, Relocate Production
MOSTOSTAL EXPORT: Reports Drop in Revenue, Wider Net Loss
LOT AIRLINES: Plans to Grab Offer to Open Flights for Baghdad


S W I T Z E R L A N D

ASCOM: Receives Major Order from Swiss Federal Administration
ZURICH FINANCIAL: Transfers Markets Businesses to BNP Paribas


U N I T E D   K I N G D O M

ABBEY NATIONAL: Follows Bank of England's Lead to Cut Base Rate
AMP LIMITED: Discloses Share Purchase Plan Pricing
CHUBB PLC: United Technologies' Cash Offer Declared Final
CORDIANT COMMUNICATIONS: Publicis Refuses Active Value's Plan
CORDIANT COMMUNICATIONS: Completes Disposal of Scholz & Friends

CORUS GROUP: Corus Engineering Signs Aerospace Contracts
DAWSON INTERNATIONAL: Bankers Agree to Maintain Facilities
GLAXOSMITHKLINE: Denies Financial Motive Behind Supply Regulation
JCW LIMITED: Administrators Offer Business for Sale
LOMBARD MEDICAL: Advanced Medical Technologies Offer Now Closed

PACE MICRO: Moves Closer to Breakeven, According to H2 Results
SMG PLC: Implements Several Changes to Board Structure
SPORTINGBET PLC: Ends Buyout Talks; Settles Earn-Out Obligations
SSL INTERNATIONAL: Confirms Preliminary Bid Discussions
UNDERWRITER INSURANCE: Fitch Lowers IFS Rating; Outlook Negative

VIANET GROUP: Plans To Issue New Shares to Secure More Capital
WALKER GREENBANK: Trims Down Losses Despite Continued Crisis


                              *********


===========================
C Z E C H   R E P U B L I C
============================


HARVARD INDUSTRIAL: Delays Payment to Shareholders by Few Months
----------------------------------------------------------------
Daventree Trust, an entity related to Daventree Resources
Limited, a daughter company of bankrupt Harvard Industrial
Holding, will return the cash promised to shareholders in the
liquidation of the company at the end of the year, according to
The Prague Post.

The payment was expected by the end of June, but was delayed due
to high demand from shareholders and the collapse of Harvard
Industrial Holding's bank Union banka, Harvard Industrial
officials said, according to the report.

Daventree became the repository of stakes held by shareholders at
Harvard Industrial after the holding company succeeded six
Harvard investment funds run by financier Viktor Kozeny.

Mr. Kozeny had promised shareholders a tenfold return on their
investment within a year if they traded their Czech privatization
coupons for shares in his funds.  But Mr. Kozeny fled to Bahamas
with an estimated gain of tens to hundreds of millions of
dollars, while leaving his promise to investors unfilled.

A total of 240,000 shareholders transferred their stakes to
Daventree, but out of the figure only 41,000 have so far redeemed
their shares.   The total money returned amounted to US$23
million by the end of May, according to Harvard Industrial
chairman Tomas Sevcik.  The buyout offer stands at US$6.90 per
share.

Harvard Industrial shares stopped trading in 2001.  In 2002, the
holding company reported a net loss of CZK3.73 billion.


SPOLANA NERATOVICE: Sokato to Demand Resignation of Board
---------------------------------------------------------
Spolana Neratovice minority shareholder Sokato will seek the
removal of the company's board of directors and board of trustees
at the company's extraordinary general meeting on July 28, where
it will also demand the dissolution of the company.

Euro Online, previously said Sokato, which owns 3% if Spolana,
may convene the meeting, but its proposal has almost no chance to
succeed.  Pavel Svarc, head of Unipetrol -- the petrochemical
holding company that owns 81.78% of Spolana, said Spolana ranks
among the most important Czech chemical producers and its state
situation does not seem to suggest that it should end up in
liquidation.

Spolana lost CZK491.3 million last year, down from 2001's loss of
CZK699.7 million.  In Q1 of this year the loss was extended yr/yr
from CZK56 million to CZK123.7 million.



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


VIVENDI UNIVERSAL: Liberty Media Pursues Stand Alone Takeover Bid
-----------------------------------------------------------------
U.S. media group Liberty Media is pursuing a stand-alone takeover
bid for Vivendi Universal's U.S. entertainment assets, according
to the Financial Times.

Liberty Media wants to have exclusive talks with the French media
giant after NBC, the broadcasting arm of General Electric, made
no clear response for its proposal to launch a joint bid for
Vivendi's Universal Studios, cable TV channels and theme parks.

The parties were understood to have held "preliminary talks," but
made no progress.  Both made separate offers last month to
Vivendi Universal.

Vivendi Universal, which is selling Vivendi Universal
Entertainment as part of a US$14 billion-disposal program, is
asking for revised offers from potential buyers included on the
first round of biddings for the assets.

The pool of bidders include MGM Studios, which made a cash offer
of US$11.2 billion; Viacom, who wants to buy only its cable
channels and TV syndication business; and a consortium led by
Edgar J. Bronfman, the Vivendi board member and former chief
executive of Seagram.

Industry analysts have valued Vivendi Universal Entertainment at
between US$11 billion and US$12 billion, according to the report.



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


ADCON TELEMETRY: Plans Further Actions Under Reorganization
-----------------------------------------------------------
Adcon Telemetry AG plans further corporate actions to complete
the presently ongoing operational reorganization of the company.
As stated in the invitation for the 4th annual shareholder
meeting on August 7, that was published Monday, the Executive
Board proposes the adjustment of burdens in the financial
statements through a capital decrease, by merging shares at the
ratio of 4:1, followed by a capital increase through a public
offering.  To secure liquidity in the short term, more
convertible bonds in the amount of a maximum of EUR2 million are
to be issued.


ALLIANZ AG: Board To Discuss Strategy for Dresdner Unit This Week
-----------------------------------------------------------------
The board of Allianz will meet senior executives from its
Dresdner banking subsidiary this week to review options for the
troubled unit, according to the Financial Times.

"It will be a general and open discussion on Dresdner's
positioning and targets," the report cited one banker saying.

Herbert Walter, Dresdner chairman who succeeded Bernd Fahrholz
after he was ousted in March is understood to be working with
consulting group McKinsey & Co. to put in place a strategy that
would revive the health of the ailing unit.  He is expected to
focus on how Allianz can further integrate Dresdner Bank into its
insurance empire and turn it into the retail financial services
outlet that could help it expand its distribution network.

The parties are also expected to design plans for its loss-making
corporates and markets division, which houses Dresdner Kleinwort
Wasserstein, the investment bank Allianz inherited when it took
over Dresdner Bank in 2001.

Allianz is looking at "all options" for Dresdner Kleinwort, a
business it considers non-core.  The insurer is not keen on
disposing it as long as it generates profit, but bankers say
Allianz may consider separating the investment bank from its
corporate lending unit prior to its eventual disposal.

The review is being prepared for investors who are expected to
demand concrete results after six months when the unit is said by
analysts to have kept costs under control, stemmed heavy loan
losses, and made progress with its bad loan work-out unit.

Losses at Dresdner bank, Germany's third-biggest bank, led
Allianz to its biggest ever loss last year.


INTERSHOP: Founder Hands Over CEO Role to Juergen Schoettler
------------------------------------------------------------
Intershop Communications AG (Prime Standard:ISH1; Nasdaq: ISHP)
announced that the company's founder Stephan Schambach has handed
over the position of Chief Executive Officer to Dr. Juergen
Schoettler, effective Monday.  The Intershops Supervisory Board
has approved this change in leadership.

Stephan Schambach, previously Intershops CEO and Chairman of the
Management Board, will remain a member of the Management Board
and focus on strategy and product development.

Stephan Schambach said, "As the founder and long-serving CEO of
Intershop, I have decided to hand over the leadership of the
Company to my colleague Dr. Juergen Schoettler.  Since Intershops
founding in 1992, I have built and led the company.  With the
launch of our Unified Commerce Management concept, we have
defined a new market segment and released a new software product
suite.  In order to ensure a successful rollout of the Companys
new strategy, we must focus on operational excellence."

"Since joining Intershop last year, Dr. Schoettler has proven to
be a smart and effective leader.  In my new role, I will
concentrate on product and market strategy, and I will spend more
time with customers."

Dr. Schoettler stated, "It is an honor to have been selected to
take on the role of CEO at Intershop.  I am clearly focused on
maximizing the commercial potential of Intershops renown online
commerce software technology and on significantly strengthening
the operational business."

Dr. Schoettler has served as Intershops Chief Financial Officer
and as a Member of the Management Board since joining the Company
in April 2002.  Dr. Schoettler will jointly perform the tasks of
CEO and CFO.

About Intershop

Intershop Communications (Nasdaq: ISHP; Prime Standard: ISH1) is
the market leader in Unified Commerce Management, which can
create strategic differentiation for companies by integrating
online commerce processes across the extended enterprise.
Intershop Enfinity, based on the best practices of Unified
Commerce Management, enables companies to manage multiple
business units from a single commerce platform, optimize their
business relationships, improve business efficiencies and cut
costs to increase profit margins.  By streamlining business
processes, companies can achieve a higher return on investment at
a lower total cost of ownership, increasing the lifetime value of
customers and partners.  Intershop has more than 300 enterprise
customers worldwide in a broad range of industries, including
multichannel retail and high technology.

Customers including Hewlett-Packard, Bosch, BMW, TRW,
Bertelsmann, Otto and Homebase have selected Intershop's Enfinity
as the cornerstone of their global online commerce strategies.
More information about Intershop can be found on the Web at
http://www.intershop.com

CONTACT:  INTERSHOP COMMUNICATIONS
          Investor Relations and Press:
          Klaus F. Gruendel
          Phone: +49-3641-50-1307
          Fax: +49-3641-50-1002
          E-mail: k.gruendel@intershop.com
          Home Page: http://www.intershop.de


INTERTAINMENT AG: Franchise Pictures Trial Date Postponed
---------------------------------------------------------
Alicemarie H. Stotler, the responsible judge at the Federal
District Court in Los Angeles, has once again unexpectedly
postponed the court case between Intertainment AG, Germany, and
the American film producer Franchise Pictures without consulting
Intertainment or the lawyers of Intertainment beforehand.  The
judge did not give any reasons for the postponement.  She only
declared in a facsimile that the decision was based on the
court's own motion.

She requested the parties involved to agree to a new trial date
to be scheduled in March, April, May or August of 2004 by July
21, 2003.

The trial was scheduled to commence on August 5, 2003.  This date
was set by the judge in December 2002 and was expressly confirmed
in June 2003 on the occasion of a pretrial conference.

The proposed date for the main proceedings has now been postponed
for the third time.  The main proceedings were originally
scheduled for Summer 2002.  This date was not kept as the
responsible judge up until then delegated the case to Alicemarie
H. Stotler.  Judge Stotler then set November 19, 2002 as the day
for beginning the main proceedings but then postponed this date
to the 5th August 2003.  However, she cancelled the date for the
court appearance only a few days beforehand without providing any
reasons for this decision.

Intertainment had taken legal action against Franchise Pictures
and demanded compensation amounting to at least US$100 million
because of a fraudulent excessive budget.  The suit was filed in
December 2000 with the Federal District Court in Los Angeles.

Intertainment will consider taking further legal steps against
the renewed postponement of the main proceedings.


MANNHEIMER AG: To Repay Hidden Losses Taken Over by Rescue Firm
---------------------------------------------------------------
Protektor Lebensversicherung AG and Mannheimer Lebensversicherung
AG have fundamentally agreed on a legally secure and insolvency
preventing way of transferring Mannheimer Lebensversicherung AG's
portfolio to Protektor Lebensversicherungs AG.  The agreement
provides that Mannheimer AG Holding will gradually repay the
hidden losses which are now taken over by Protektor.
Additionally, Mannheimer AG Holding is going to provide a variety
of services for Protektor AG.

                     *****

Protektor is the rescue company set up by the insurance industry
last year.

Mannheimer Lebensversicherung AG had gross premium income of
EUR344 million (US$393 million) last year.  It had unrealized
losses on stock investment of EUR238 million at the end of March.

Mannheimer Holdings fell victim to three years of declining stock
prices that eroded investment income.  It was forced to write
down the value of stock holdings.  The firm received another blow
when the planned injection of new capital in the company failed
to come through.

Mannheimer's shareholders are Austrian insurer Uniga
Versicherunger, which holds a 13% stake, Munich Re, with 10%, and
Swiss Re, Frankona Re, Cologne Re, and Gerling's reinsurance
business, which all hold less than 5%.


WESTLB AG: Chief Reassures Whiskey Maker Kyndal Is Not for Sale
---------------------------------------------------------------
WestLB AG, the German bank that finances and controls troubled
whiskey producer Kyndal International, has reassured the UK-based
spirits group that the company is not for sale.

Online news agency Just-drinks.com, citing a Financial Times
report, said WestLB head of principal finance Robin Saunders
wrote a letter to Kyndal chairman Vivan Imerman, simply stating
that Kyndal was not for sale.

A review of the whisky maker behind Whyte & Mackay and Isle of
Jura single malt has been reported to result in the closure of at
least one of its two bottling plants in Grangemouth and Leith.
Details of the review have been kept under tight wraps, but
Imerman disclosed there would be far-reaching implications for
the group's 700-strong Scottish workforce.

WesLB funded the Kyndal management buyout from Jim Beam Brands in
2001.  It is one of several WestLB investments made by Saunders'
team, which have also been under review following problems
arising from another one of her deals.

Just-drinks.com quoted WestLB saying it was in no hurry to the
future of its principal investments, particularly since its
recent external valuations were higher than its own book value.


WESTLB AG: To Give Panmure Unit Greater Operational Autonomy
------------------------------------------------------------
Panmure, the London-based brokerage unit of WestLB AG, will
likely be given more independence as the German state-won bank
reviews its international strategy, Bloomberg reported.

The article, citing U.K.'s Financial News, said managers at
Panmure have approached the bank's German executives about a
buyout -- a move that would enable the unit to become an
independent British firm.  Bidding will start after the
Dusseldorf-based bank completes its strategic review, a task that
WestLB is trying to accomplish before the deadline set by Chief
Executive Juergen Sengera.

Writedowns tied to the funding of U.K. company Box Clever has led
to a regulatory probe and the resignation of Mr. Sengera.  The
bank is expected to present its supervisory board a strategy on
August 6, earlier than the September deadline set by Mr. Sengera.

WestLB spokesman John Godfrey said: "The bank is looking for ways
to give Panmure greater operational autonomy."  However, he
declined to comment on what options are being considered for the
U.K.-based unit that employs about 100 people.

Panmure focuses its equities business on U.K.-based small- and
medium-sized companies and its brokerage business on all U.K.
companies.  The unit was formerly part of WestLB Panmure, which
in March split in two -- Panmure and Dusseldorf-based WestLB
Equities.


WESTLB AG: Fails to Properly Analyze Box Clever's Accounts
----------------------------------------------------------
Ernst & Young, which reviewed WestLB's disastrous refinancing of
TV rental business BoxClever for banking regulator BaFin, found
negligence on the part of the German bank in its transaction with
the consumer electronics company.

Handelsblatt, citing a report by the auditing firm, said
Germany's biggest state-owned bank didn't properly analyze 2000,
2001 and 2002 figures of Box Clever before granting it a loan
that led to its EUR1.7 bilion-loss in 2002.

``The credit has been granted in December 1999 under time
pressure and without sufficient risk analysis,'' the newspaper
reported, citing the report.

BaFin investigated the funding of Box Clever after WestLB made a
EUR430-million (US$503 million) provisions related to the loan.
Chief Executive Officer Juergen Sengera and management board
member Andreas Seibert subsequently resigned in June, prompting
Fitch to revise the rating watch status of the 'C/D' Individual
rating of WestLB AG to Negative from Evolving.



=============
I R E L A N D
=============


TAYTO LTD: Closing Terenure Plant in Dublin by October
------------------------------------------------------
Snack food manufacturer Tayto will close its Terenure plant in
Dublin and cut jobs in its Coolock plant in a bid to ensure long-
term profitability.

According to Business Plus Online, the company said it has
decided to outsource production of its snack products range to
the Irish company Largo Foods and will close its Terenure plant
in October.  The plant produces snack food products such as Snax,
Chipsticks, Waffles, Mighty Munch and Wheelies.

Tayto will also be investing in excess of EUR5 million over three
years in its crisp plant at Coolock in Dublin.  The investment
will encompass new technology for the plant and some changes in
work practices.

This investment program will also incorporate 15 redundancies
from the workforce of 180 people, while the closure in Tenenure
will affect 134 jobs.

Tayto said: "The core purpose of this restructuring is to ensure
that Tayto continues to be a viable profitable business into the
future, in a market where the competitive dynamic is increasing
and market growth rates have been curtailed."

CONTACT:  TAYTO (NI) LTD.
          Tandragee Castle
          Tandragee
          Co. Armagh
          BT62 2AB
          N. Ireland

          Phone: +44 (0) 28 3884 0249
          Fax: +44 (0) 28 3884 0085
          E-mail: info@tayto.com



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


FIAT SPA: Legal Problems Cast Doubt on Put Option to Sell Unit
--------------------------------------------------------------
General Motors went beyond questioning the validity of Fiat SpA's
put option to sell its auto unit to the U.S. carmaker by saying
the right is unenforceable due to legal problems, according to
the Financial Times.

The report cited Fiat chief executive Giuseppe Morchio saying at
a roadshow aimed at convincing investors to support his
turnaround plan that General Motors believes strong legal
problems impedes it from fulfilling its promise to buy Fiat Auto.

But according to shareholders who attended the meetings, Mr.
Morchio at the same time assured shareholders he believes the
"put" option remains valid.  The industrial group is supposed to
exercise the right starting next year.

The chief executive insisted on the enforceability of the option
despite maintaining -- as Fiat chairman Umberto Agnelli did --
that the firm has no plans of enforcing it.

General Motors was known to have asked the cancellation of the
agreement as a condition for its participation in a EUR5 billion
(US$5.6 billion) recapitalization of Fiat Auto.

The U.S. company's stake in the division was halved to 10% after
Fiat injected some EUR3 billion in the unit by canceling intra-
company loans.  Fiat has given General Motors 18 months to take
part in the recapitalization of the car operation.



===========
P O L A N D
===========


LU POLSKA: To Axe Hundreds of Jobs, Relocate Production
-------------------------------------------------------
Polish company LU Polska, formerly E.Wedel, plans to axe 463 jobs
to contain the effects of weak consumer products for
confectioneries, according to just-food.com.  The company posted
a loss during the first half of 2003.

The producer of jelly, chocolate chip and gingerbread cookies
will also be relocating production from Jaroslaw facility to
Plonsk to maximize capacity.  The company is currently using only
30% of the production capacity of the Jaroslaw facility.

LU Polska serves 30% of the Polish biscuits market.


MOSTOSTAL EXPORT: Reports Drop in Revenue, Wider Net Loss
---------------------------------------------------------
The 2002 annual report of Mostostal Export, which finally came
out after a two-week delay, showed the extent to which its failed
strategy has damaged the company.

Mostostal Export recorded a 37% dropped in revenue, and a wider
net loss of PLN82 million as a result of the company's focusing
on investing in property development.  The company's revenue was
PLN117 million in 2001; net losses was PLN16 million.

Low sales of flats, as well as the growing cost of debt
servicing, as the company had to borrow money to support
operations, further aggravated the liquidity problems caused by
the strategy.

The total interest on Mostostal's bonds and other debts amounted
to PLN24.6 million by the end of 2002.  The value of its current
liabilities exceeded the value of working capital by PLN14
million.


LOT AIRLINES: Plans to Grab Offer to Open Flights for Baghdad
-------------------------------------------------------------
Polish airline LOT would like to pursue the offer of Iraqi
officials to provide regular flights to Baghdad, according to
Warsaw Business Journal.

"We intend to follow this up," the report cited company spokesman
Leszek Chorzewski saying.

LOT would like to serve two of the seven-flights-a-week to
Baghdad that the Iraqi administration plans to make open for
carriers outside the Middle East.

"We could launch the connections in the second half of August,"
said Mr. Chorzewski.

LOT has an advantageous position in the plan, according to the
report, since its supervisory board is Marek Belka, is also the
deputy director of the Reconstruction and Humanitarian Aid Office
in Iraq.

LOT reported net profit of EUR25.6 million (PLN109.3 million) on
revenueS of EUR632 million (PLN2.7 billion) in 2002.  But despite
this, the carrier still needs to undergo deep restructuring, a
previous report from TCR-Europe said.



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


ASCOM: Receives Major Order from Swiss Federal Administration
-------------------------------------------------------------
As part of a move to modernize the Swiss Federal Administration's
network infrastructure, Ascom has won two bids in a WTO
invitation to tender.  The framework contract, which will run for
the next four years, covers an order volume worth some CHF32
million for the supply of network components and associated
services.

The Swiss Federal Office for Construction and Logistics has
awarded Ascom Network Integration a contract to deliver hardware
components and services.  The order covers Cisco routers and
switches for locations throughout Switzerland.  Ascom is also to
provide the Federal Office for IT and Telecommunications
(Bundesamt fur Informatik und Telekommunikation, BIT) with
support in the implementation of telecommunications projects.
The BIT is responsible for civil data communications within the
Swiss federal administration,

With this project the BIT, the largest IT service provider in the
federal administration, is aiming to enhance the performance of
the network, which interconnects some 650 Swiss government
departments.  The communications infrastructure will then be
fully ready to accommodate future requirements for increased
bandwidth and service quality.

About Ascom

Ascom is a solution- and service-oriented technology company
which holds a leading market position in its selected business
areas.  Around the world Ascom plans, builds, services and
operates secure, high-availability voice and data networks and
develops solutions for integrated revenue collection systems.
With a service-oriented portfolio and proven technology know-how,
Ascom business units offer discerning customers tailor-made
integrated solutions right the way along the value chain.  Ascom
is committed to profitable growth worldwide.  Ascom registered
shares (ASCN) are listed on the SWX Swiss Exchange in Zurich.

                     *****

In 2002 in a difficult telecommunications market Ascom achieved
revenues of CHF2,066 million.  At the same time the Group reduced
the loss compared with the previous year by almost 30% to CHF281
million.

CONTACT:  ASCOM
          Corporate Finance
          Ascom Management AG
          Rudolf Hadorn, Chief Financial Officer
          Stettbachstrasse 6
          CH-8600 Dubendorf
          Phone: +41 1 631 14 15
          Fax: +41 1 631 28 00
          E-mail: investor@ascom.com
          Home Page: http://www.ascom.com


ZURICH FINANCIAL: Transfers Markets Businesses to BNP Paribas
-------------------------------------------------------------
Zurich Financial Services Group and BNP Paribas have agreed on a
framework for the transfer of derivative transactions and credit
facilities and related assets by Zurich Capital Markets to BNP
Paribas.  BNP Paribas has taken over responsibility for servicing
these transactions, and relevant Zurich Capital Markets employees
have transferred to BNP Paribas.  Zurich and BNP Paribas expect
to conclude individual agreements for the transfer of specific
transactions and facilities over the coming months.

Zurich Financial Services is an insurance-based financial
services provider with an international network that focuses its
activities on its key markets of North America, the United
Kingdom and Continental Europe.  Founded in 1872, Zurich is
headquartered in Zurich, Switzerland.  It has offices in
approximately 60 countries and employs about 68,000 people.

CONTACT:  ZURICH FINANCIAL SERVICES
          Media and Public Relations
          8022 Zurich, Switzerland
          Phone: +41 (0)1 625 21 00
          Fax: +41 (0)1 625 26 41
          Homepage: http://www.zurich.com



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


ABBEY NATIONAL: Follows Bank of England's Lead to Cut Base Rate
---------------------------------------------------------------
Following the Bank of England's announcement to reduce its base
rate from 3.75% to 3.50%, Abbey National has decided to cut its
standard variable mortgage rate by 0.25%, to 5.54%.

This cut in Abbey National's standard variable rate by 0.25%
means that borrowers on a typical GBP100,000 interest-only
mortgage will benefit from GBP20.83 off their monthly mortgage
payment.

Abbey National's variable tracker rate mortgages have also
followed the movement in the base rate by 0.25%, offering some of
the lowest up-front new business deals on the market, including
our market leading 3.39% 2yr variable rate tracker which will now
see a reduction to 3.14%.

                     *****

(a) SVR change for new borrowers effective July 16, 2003 and
existing borrowers from August 1, 2003 (existing ANMF borrowers
with effect from August 3, 2003)

(b) Variable Rate tracker change for new borrowers effective July
14, 2003, and existing borrowers from August 3, 2003.

(c) Full details of Abbey National's mortgage range including
fixed and variable rate trackers available upon request

(d) The Bank of England sets a base rate (officially known as a
repo rate) which, along with other factors, is used by banks and
building societies, to set interest rates for mortgages and
loans.

(e) Variable tracker rates follow the Bank of England base rate
plus or minus an agreed differential.

(f) New borrowers taking out a mortgage can choose a special
introductory offer. After the initial benefit period all products
(excluding the flexible range and Cat product) transfer to Abbey
National's SVR.

(g) All new mortgages are calculated on a daily interest basis.

(h) Abbey National complies with the Mortgage Code, which
provides our customers with additional consumer protection.


AMP LIMITED: Discloses Share Purchase Plan Pricing
--------------------------------------------------
AMP has announced that shareholders who participated in its
recent Share Purchase Plan would pay AU$4.82 per share, following
the close of the pricing period.

This price represents a 5% discount to the volume weighted
average price over the 15 trading days from June 23, 2003 to July
11, 2003.

The share price at the open of the pricing period on June 23,
2003 was AU$5.15 and closed the period on July 11, 2003 at
AU$5.17.  During the pricing period, the shares hit an intra-day
high of AU$5.30 (July 8, 2003) and an intra-day low of AU$4.90
(July 2, 2003).

Shares will be allotted on July 18, 2003 and commence trading on
the same day.  Statements detailing the allocation of shares will
be sent to participating shareholders by August 7, 2003.

AMP Chief Executive Officer Andrew Mohl said the allocation of
Share Purchase Plan shares was the final step in the capital
raising announced on May 1, 2003, which has raised AU$1.72
billion.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519

          Investor Relations
          Mark O'Brien
          Phone: 02 9257 7053


CHUBB PLC: United Technologies' Cash Offer Declared Final
---------------------------------------------------------
Level of acceptances

United Technologies Corporation announces that, as at 3.00 p.m.
on July 9, 2003, being the first closing date of the recommended
cash offer for Chubb as set out in the offer document dated June
18, 2003, valid acceptances of the Offer had been received in
respect of 330,742,225 Chubb Shares representing approximately
39.89% of the existing issued share capital of Chubb.

Prior to the commencement of the Offer Period on April 16, 2003,
United Technologies Corporation held 500,000 Chubb Shares,
representing approximately 0.06% of the existing issued share
capital of Chubb.  During the Offer Period, the Offeror has
acquired or agreed to acquire, in aggregate, 42,570,990 Chubb
Shares, representing approximately 5.14% of the existing issued
share capital of Chubb.

Accordingly, as at 3.00 p.m. (London time) on July 9, 2003, the
Offeror had acquired or agreed to acquire, or received valid
acceptances under the Offer in respect of, in aggregate,
373,813,215 Chubb Shares, representing approximately 45.09% of
the existing issued share capital of Chubb.

Prior to the announcement of the Offer on June 11, 2003, the
Offeror had received irrevocable undertakings to accept (or
procure the acceptance of) the Offer from the Chubb Directors in
respect of their entire beneficial holdings of, in aggregate,
101,538 Chubb Shares, representing in aggregate approximately
0.01% of the existing issued share capital of Chubb.  Valid
acceptances have been received in respect of all the Chubb Shares
subject to the irrevocable undertakings and are included in the
total number of valid acceptances referred to above.

Save as disclosed in this announcement or the Offer Document,
neither United Technologies Corporation nor the Offeror, nor any
persons acting or deemed to be acting in concert with United
Technologies Corporation or the Offeror, held any Chubb Shares
(or rights over any Chubb Shares) prior to the Offer Period and
neither United Technologies Corporation nor the Offeror nor any
persons acting or deemed to be acting in concert with United
Technologies Corporation or the Offeror, have acquired or agreed
to acquire any Chubb Shares (or rights over any Chubb Shares)
since the commencement of the Offer Period.

Offer declared final

The Offer is now final and will not be increased, except that the
Offeror reserves the right to revise and/or increase the Offer in
the event of a competitive situation (as determined by the Panel)
arising, or otherwise with the consent of the Panel.

Regulatory clearances and extension of Offer

United Technologies Corporation has received early termination of
the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act, 1976, as amended in connection with the Offer.
The last date for Phase I clearance from the European
Commission is July 24, 2003.  The Offer has been extended and
will remain open for acceptance until 3.00 p.m. (London time) on
July 28, 2003.  United Technologies Corporation expects other
applicable clearances to be received by July 28, 2003.

Forms of Acceptance not yet returned should be completed and
returned in accordance with the instructions set out in the Offer
Document and in the Form of Acceptance so as to be received as
soon as possible and, in any event, by not later than 3.00 p.m.
(London time) on July 28, 2003.  Any further extensions of the
Offer will be publicly announced by 8.00 a.m. (London time) on
the business day following the day on which the Offer was
otherwise due to expire.

Unless the context otherwise requires, defined terms used in this
announcement shall have the meanings given to them in the Offer
Document.

CONTACT:  UBS INVESTMENT BANK
          Emma Goodrick
          Phone: +44 20 7567 8000

          Leanne Gordon-Kagan
          Phone: +44 20 7567 8000

          JPMORGAN
          Mark Breuer
          Phone: +44 20 7777 2000
          Edward Banks
          Phone: +44 20 7777 2000

          COMPUTERSHARE INVESTOR SERVICES
          Phone: 0870 703 0147
          (receiving agent)
          (or +44 870 703 0147 if outside the UK)


CORDIANT COMMUNICATIONS: Publicis Refuses Active Value's Plan
-------------------------------------------------------------
Following the announcement issued on Friday, July 11, 2003,
Publicis Groupe SA met with U.K. Active Value and its advisors on
Saturday, July 12, 2003 at U.K. Active Value's request.  At this
meeting, U.K. Active Value made a proposal regarding Cordiant and
Cordiant's shareholding in Zenith Optimedia Group, which Publicis
declined.

Publicis confirms that it has no intention of making an offer for
the shares of Cordiant and that it remains interested solely in
the Cordiant assets to which Publicis is linked by shareholding,
by a brand belonging to Publicis or through clients which have
selected Publicis.

                     *****

Publicis on Friday said its board recommended that Publicis not
enter into an auction process for Cordiant and that it withdraw
from all further negotiations regarding the acquisition of
Cordiant.  It said it "has only an interest limited to a few
specific assets including Cordiant's 25% shareholding in
ZenithOptimedia Group and the franchises operating under the name
of Zenith."


CORDIANT COMMUNICATIONS: Completes Disposal of Scholz & Friends
---------------------------------------------------------------
Cordiant announces that on July 11, 2003, the conditions
outstanding for completion of the Group's disposal of its 77.3%
interest in Scholz & Friends A.G. were satisfied.

                     *****

Cordiant said last month it has entered into a conditional
agreement to dispose its 77.3% interest in Scholz & Friends A.G.
It is proposed that Cordiant's interest in Scholz is acquired by
a new corporate entity, which on completion
will be owned by Electra European Fund LP and Scholz management.

This transaction represents the second step in Cordiant's stated
plan to reduce debt through a program of non-core asset
disposals.  The cash proceeds payable to Cordiant in respect of
the disposal of Scholz are EUR22.4 million (GBP15.8 million)
which, after deduction of transaction costs, will be used to
repay debt.  A further EUR1.5 million (GBP1.0 million) may become
payable in March 2004, depending on the performance of Scholz for
the year to December 31, 2003.  This amount will also be used to
reduce borrowings.  Scholz will repay loans made by Cordiant
totaling approximately EUR7.5 million (GBP5.3 million) by
December 31, 2003 at the latest.

CONTACT:  COLLEGE HILL
          Adrian Duffield
          Phone: 0207 457 2020


CORUS GROUP: Corus Engineering Signs Aerospace Contracts
--------------------------------------------------------
Corus Engineering Steels, based in South Yorkshire, announced the
signing of several important contracts at the Paris Air Show in
June.

Several agreements were concluded or progressed at the show, new
contacts made and firm enquiries for new business received
despite the background of weaker overall demand in this market
sector.  These successes clearly confirm the confidence of the
market in Corus and in its supply chain management capability
said the company.

Aerospace Sales Manager, John Burgess, said: "We made positive
progress on a number of long term supply agreements with major
equipment manufacturers in China, the Far East and Europe during
what was a very good show for us."

The aerospace industry is worth around GBP26 million a year to
Engineering Steels.  Its manufacturing facilities at Stocksbridge
and the modern Aerospace Service Center at Bolton in Lancashire
provide the only fully integrated supply route for the special
remelted and single melted engineering steels required in landing
gear, engine airframe and helicopter gear applications.

Over the next two years this position will be strengthened with
new and improved steel-making and primary rolling facilities
coming on-stream at Rotherham.  Its existing remelting and steel
finishing operations will remain at Stocksbridge.

Andrew Houghton, Purchasing Executive of landing gear
manufacturer Messier-Dowty, endorsed Engineering Steels' unique
position within the industry: "We are becoming increasingly
reliant on the support of suppliers like Corus who can tailor
their services to meet the requirements of all our manufacturing
sites and in whom we can have complete confidence of supply" he
said.

Messier-Dowty is part of the SNECMA group and a significant
customer for Engineering Steels' aerospace products.  Every three
seconds an aircraft takes off or lands somewhere in the world
using landing gear supplied by Messier-Dowty, with Corus
providing steels for some of the most safety critical components
in these landing gears.

Corus Engineering Steels

Corus Engineering Steels is a fully integrated Business with
Manufacturing, Commercial, Stockholding and Distribution
operations at these locations:

Activity                     Location


Steelmaking and Primary      (Rotherham Works)
Rolling  Aldwarke

                             Stocksbridge


Rerolling                    Roundwood (Rotherham Works)
                             Thrybergh (Rotherham Works)

Bright Bar                   Bright Bar Tipton
                             Bright Bar Wednesbury
                             Bright Bar Rotherham


Stockholding and Service          Midland Service Centre
Centres                          (Wolverhampton)

                                 Stockholding:
                                 Sheffield
                                 Wolverhampton
                                 Bolton
                                 Glasgow
                                 Hetton
                                 Slough

Corus Engineering Steels is a manufacturer of high grade
stainless, alloy, carbon and special steels which are used by the
world's leading companies in a range of sectors including
automotive, aerospace, oil and gas extraction, power generation,
agriculture and machine tools.

Corus Engineering Steels directly exports to more than 40
countries. It is Europe's largest producer of free cutting steels
and is the world's largest producer of leaded steels. It produces
Europe's most comprehensive size range for engineering steel
products and produces Europe's largest rolled round bar sizes.


DAWSON INTERNATIONAL: Bankers Agree to Maintain Facilities
----------------------------------------------------------
The company has recently held discussions with its bankers Bank
of Scotland, Royal Bank of Scotland and Clydesdale Bank.  During
these discussions Bank of Scotland and Royal Bank of Scotland
confirmed that they were prepared to maintain their existing
facilities amounting to jointly GBP20 million.  Clydesdale Bank,
which historically provided a letter of credit facility of GBP5
million, declined to renew its facility.

The Board of Dawson concluded that, while the company is
currently trading within its existing facilities, given the
seasonal working capital requirements, it urgently needed to
secure a replacement for that letter of credit facility.

Against this background, the Independent Directors (being the
Directors other than Messrs Trevor Beyer and Ross Burney who are
representatives of the Guinness Peat Group have considered and
approved the provision of a GBP5 million short-term facility by
GPG, a 29% shareholder in Dawson.

The terms of the facility are:

Amount                up to GBP5 million

Repayment             by no later than December 31, 2003

Interest rate         9.5% per annum calculated on the
                      outstanding balance at the end of each
                      month

The Independent Directors have also undertaken to use best
endeavors to convene an EGM, at which Guinness Peat Group would
not be entitled to vote, to vary this agreement to grant to
Guinness Peat Group a floating charge over the assets of Dawson
Forte (a division of Dawson's U.S. subsidiary) and to approve the
issue to Guinness Peat Group of warrants to subscribe for new
shares in Dawson under the following terms:

The company shall issue to Guinness Peat Group warrants to
subscribe for 10% of the ordinary share capital of the company at
an exercise price represented by the lowest average price for
five consecutive business days during the period which the loan
is outstanding.  The exercise price is to be adjusted for any
subsequent capital raising and any capital reorganization
required before or after the issue of the warrants.  The warrants
are to be exercisable at any time after their issue upon the
giving of 7 days notice to the Company and to have a life of 3
years from the date of being issued.

The Independent Directors have undertaken to recommend that
shareholders vote in favor of the necessary resolutions
(including those relating to the takeover code) required to
implement these variations and in respect of their own shares and
those shares controlled by them (representing in total 28% of
issued share capital) to similarly vote in favor of the
resolutions.

Update on current trading:

There has been no improvement in trading in the first half.
Market conditions in the luxury cashmere markets have remained
difficult. Taken together with the costs of higher pension
contributions and for the Ballantyne brand development, the
result for the first half will be a greater loss than last year.
Underlying trading conditions are unlikely to improve
significantly in the seasonally stronger second half.

CONTACT:  Mike Hartley, Chairman
          Phone: 01629 55098
          David Cooper, Finance Director
          Phone: 01577 867000


GLAXOSMITHKLINE: Denies Financial Motive Behind Supply Regulation
-----------------------------------------------------------------
Pharmaceutical company GlaxoSmithKline denied its move to
regulate supply of its prescription drugs to Canadian Internet
pharmacies is prompted by financial motives.

"We are concerned about the health and safety of our patients," a
spokesman at the company's U.S. headquarters in Philadelphia
said, according to The Herald.

"GlaxoSmithKline's decision to limit the supply of our medicines
to Canadian Internet operators who illegally sell prescription
drugs to U.S. residents is an issue of drug safety.  It is also a
matter of compliance with U.S. law."

A coalition of pensioners, American politicians, and Canadian
internet pharmacies previously led a U.S.-wide boycott of all of
GlaxoSmithKline's over-the-counter products in the U.S. after the
European drug company decided to limit its supply of drugs to web
companies in Canada because they sell prescription medicines at
deeply-discounted prices to U.S. customers.

Canadian drug prices are 20% to 80% lower than those in the U.S.
where a free market prevails.

The U.S. senate and the drugs industry are still at odds over the
government's proposal to allow American chemists to buy
prescription medicines in Canada in an effort to make
prescription medicines more affordable to the country's elderly.

Europe's largest pharmaceutical company said it has taken care of
financial concerns providing U.S. pensioners and others with
about GBP95 million in medicines free of charge, and offering
discount cards with savings of up to 40%.

GlaxoSmithKline refused to discuss further online drug sales and
the coalition's boycott, according to the report.


JCW LIMITED: Administrators Offer Business for Sale
---------------------------------------------------
The Joint Administrators N A Brackenbury and CP Holder offer for
sale the business and assets of J.C.W. Limited: Family value
retail store chain; Annual turnover of GBP5 million; 7 leasehold
retail units located throughout Northern Egnlang; 12,000 sq ft
leasehold warehouse close to the AI; Recent capital investment in
EPOS system.

All interested parties need to be in contact by July 18, 2003.

CONTACT:  Alison Gill
          KROLL
          5th Floow, Airedale House
          77 Albion Street, Leeds LSI 5AP
          Phone: 0113 386 0800
          Fax: 0113 244 9305
          E-mail: agil@krollworldwide.com


LOMBARD MEDICAL: Advanced Medical Technologies Offer Now Closed
---------------------------------------------------------------
The board of Advanced Medical Technologies announces that, at
3.00 p.m. on Friday, July 11, 2003, the final closing date of the
Offer, valid acceptances had been received in respect of
46,955,277 Lombard Shares, representing approximately 86.8% of
the issued share capital of Lombard*.

Prior to making the Offer, Advanced Medical Technologies had
received irrevocable undertakings to accept the Offer in respect
of 28,498,337 Lombard Shares, representing approximately 52.7% of
the issued share capital of Lombard.  Valid acceptances have been
received in respect of all the shares subject to these
undertakings and are included in the total for valid acceptances.

Accordingly, Advanced Medical Technologies now either owns** or
has received valid acceptances in respect of a total of
46,955,277 Lombard Shares, representing approximately 86.8% of
the existing issued share capital of Lombard.

The board of Advanced Medical Technologies also announces that as
of 3.00 p.m. on Friday July 11, 2003, the final closing date of
the Subscription Offer, subscriptions in respect of the
Subscription Offer had been received amounting to GBP319,316,
representing 14,431,215 Advanced Medical Technologies Preference
Shares.  Certificates in respect of these Advanced Medical
Technologies Preference Shares will be dispatched within 14 days.

The board of Advanced Medical Technologies announces that both
the Offer and Subscription Offer are now closed.

As previously announced, Lombard has applied for the cancellation
of admission to AIM of Lombard Shares.  The listing of Lombard
Shares on AIM is expected to be cancelled at the close of
business on July 25, 2003.

Words and expressions used in this press release shall bear the
same respective meanings as defined in the Offer Document dated
May 9, 2003 unless the context otherwise requires.

*Includes acceptances received from members of the Concert Party
in respect of 20,880,010 Lombard Shares representing
approximately 38.6% of the existing issued share capital of
Lombard.

**Prior to the commencement of the Offer Period, Advanced Medical
Technologies and the Concert Party either owned or controlled
20,880,010 Lombard Shares representing approximately
38.6% of the existing issued share capital of Lombard.  Neither
AMT nor the Concert Party has acquired or agreed to acquire any
Lombard Shares or rights over Lombard Shares during the Offer
Period (otherwise than through the acceptance of the Offer, as
described above).

British Linen Advisers, which is authorized and regulated in the
U.K. by the Financial Services Authority, is acting as financial
adviser to Advanced Medical Technologies and no one else in
connection with the Offer and the other matters described in this
announcement and will not be responsible to anyone other than to
Advanced Medical Technologies for providing the protections
afforded to customers of British Linen Advisers, nor for
providing advice in relation to the Offer or any other matters
described in this announcement.

CONTACT:  ADVANCED MEDICAL TECHNOLOGIES
          Phone: 020 7710 4500
          Tony Canning

          BRITISH LINEN ADVISERS
          Phone: 020 7710 8800
          Richard Davies

          TAVISTOCK COMMUNICATIONS
          Phone: 020 7600 2288
          David Foxman


PACE MICRO: Moves Closer to Breakeven, According to H2 Results
--------------------------------------------------------------
Salient Points:

(a) Turnover of GBP166.6 million (2002: GBP351.8 million);

(b) Full year gross margin before exceptional items of 20.9%
    (2002:22.7%);

(c) EBITA loss before exceptional items in H2 reduced to GBP0.4
    million (H1 2003:GBP15.7 million);

(d) Net cash position GBP13.1 million (2002: net borrowings
    GBP19.1 million);

(e) Loss before tax, amortization of goodwill and exceptional
    items of GBP16.2 million (2002: profit of GBP13.1 million);

(f) Diluted loss per share before amortization of goodwill and
    exceptional items of 6.8p (2002: earnings per share 2.9p);

(g) Diluted loss per share after amortization of goodwill and
    exceptional items of 22.0p (2002: 16.1p);

(h) No dividend recommended (2002: 1.10p);

(i) Overhead run rate for the coming year reduced to GBP40
    million p.a. (GBP2003:GBP50.9 million)

(j) New orders from Foxtel, Sky Italia and Viasat.

Commenting on the results, Sir Michael Bett, Chairman, said:

"The results in the second half marked a significant improvement
for Pace as the Group moved close to breakeven, after eighteen
months of falling revenues.  The improvement in performance is
the positive outcome of management's action to instigate
restructuring, improve margins and lower costs.

Pace has built good customer relationships, developed innovative
products and continues to invest in new technologies.  Future
growth will be driven by the ability of digital TV providers to
develop their respective businesses and make profits from the
move to digital.  The Group's improved financial position,
combined with new orders in May 2003, gives rise to cautious
optimism."

Preliminary Announcement

The year ending May 31, 2003 saw the Group move close to break-
even at the EBITA level for the second half, following trading
losses in the previous two half-year periods.  This significant
improvement was delivered through improved margins and lower
costs, on revenues of GBP83 million in the second half of the
year.  Net cash was GBP13.1 million (2002: net borrowings of
GBP19.1 million).

Results and dividend

Loss before tax, amortization of goodwill and exceptional items
was GBP16.2 million (2002: profit GBP13.1 million) on turnover of
GBP167 million (2002: GBP352 million).  Loss per share was 6.8p
(2002: earnings per share of 2.9p).

There was a loss before tax and after amortization of goodwill
and exceptional items of GBP50.1 million (2002: GBP29.5 million).

In the light of the loss and accumulated deficit, the Board has
decided not to recommend a dividend for the 2002/03 financial
year.

Exceptional items

The Group's total exceptional costs for the year were GBP32.5
million (2002: GBP40.0 million).

A restructuring programme has almost been completed that will see
the workforce being reduced to less than 600.  The restructuring
activity includes negotiations that are expected to result in a
management buyout of the VegaStream division, with Pace retaining
a 20% stake and the integration of the Internet Protocol
Television division into a Pace product line.  The changes have
resulted in a more efficient and flexible business structure and
lower overheads, against exceptional costs of GBP9.6 million to
cover redundancies, excess space and asset write-offs.

The Board has reviewed the carrying value of the goodwill that
arose on the purchase of Xcom Multimedia Communications and
concluded that, in light of the significant decline over the last
year in the markets served by Xcom, it should be written down by
GBP21.4 million to GBP10 million.

In addition, the Board has decided to make a further GBP1.5
million provision against the Group's loan to the Employee Share
Option Plan.

Trading review

The challenging markets experienced by digital TV providers had a
direct impact on Pace, with the Company's set-top box volumes
falling 41% to 1.3 million units.  Pace's revenues fell 53% as
they were further impacted by lower average selling prices.

In the U.K., BSkyB continued to add to its subscriber base and
the Sky+ PVR increased its penetration.  NTL has taken and
installed nearly all of the set-top boxes made in early 2002,
while Telewest continued to take boxes in the second half of the
year.  Pace's share of the free-to-view DTT market naturally
reduced as a result of new entrants.  This segment is subject to
severe competition at the low end of the market.

We expect overall that the U.K. market will now stabilize at its
current level.  Pace has a full range of products for the
satellite, cable and terrestrial markets in the U.K., which
should result in the Group retaining the largest market share in
this region, but at a lower level than in the past.

In the U.S., Pace currently supplies Time Warner Cable and
Comcast, the U.S.'s two largest cable operators, as well as
Bright House Networks.  In the last reporting year, as Time
Warner focused on selling through the Pace standard definition
set-top boxes they had purchased in the previous year, the
Group's U.S. revenues fell from GBP38.2 million to GBP9.9
million.  The U.S. Government has mandated a move from standard
definition broadcasting to high definition broadcasting.  Pace
has recently launched its high definition box into Time Warner
and Bright House Networks.

Outside of the U.K. and U.S., Pace shipments reduced sharply, the
main factors being lack of finance available to providers,
together with a less competitive digital TV marketplace.
However, there have been recent new design wins in Europe with
Sky Italia and Viasat Broadcasting and at Foxtel in Australia, as
well as greater momentum in our existing customers, which
together lead us to anticipate much improved volumes in these
markets in the coming year.

Financial Review

Gross margin for the year declined to 20.9% (2002: 22.7%).
Performance improved significantly during the year, with a second
half margin of 29.1%.  This improvement was due to a number of
factors, not all of which can be assumed to be recurring at the
same level, such as income from a number of one-off engineering
projects.  However, the growth in deployment of Sky+ is now
generating a regular monthly income.

Overheads, net of other income and before amortization of
goodwill, decreased to GBP50.9 million (2002: GBP66.1 million),
demonstrating the benefit of the restructuring program which
commenced in the first half of last year.  Expenditure on
development was GBP27.1 million (2002: GBP36.9 million).
Selling, general and other administrative expenses were GBP23.8
million (2002: GBP29.2 million).  As noted above, action has
already been taken that will reduce overheads further.

Net assets, excluding goodwill, decreased to GBP34.1 million
(2002: GBP65.7 million).  Within the net current assets of
GBP47.9 million (2002: GBP65.0 million), net cash was GBP13.4
million (2002: net borrowings GBP18.7 million).  Stocks at the
year-end amounted to GBP16.0 million (2002: GBP46.7 million),
comprising GBP8.5 million of raw materials and WIP and GBP7.5
million  of finished goods.  The decrease reflects the sale of
Ntl finished goods stock, which stood at GBP23.7 million at June
1, 2002 as well as the near-completion of the full outsourcing of
production.  The stock turnover rate was 8 times at year-end
(2002: 8 times).  Debtors of GBP57.2 million (2002: GBP80.6
million) included an amount of GBP23 million that was uninsured.
The debt collection period was 12 weeks (2002: 12 weeks).

The improvement in Pace's cash position came from the significant
decrease in finished goods stocks as Ntl continued to take
delivery of stock in line with an agreed schedule.  In addition,
the Group received a repayment of GBP10.1 million of Corporation
Tax.  Pace has GBP20 million in existing committed credit lines.

The Group continued its policy of providing for all currently
known and potential claims relating to the alleged use of the
intellectual property of others and was able once again to
release part of the overall provision.  In the last year the
level of releases exceeded new provisions by GBP1.8 million.
There are still a number of matters outstanding and without any
admission of liability, the Group has provided against these
claims and the estimated cost of litigation.  Having taken legal
advice, the Board considers that there are defenses available and
claims against third parties that should mitigate the amounts
being sought.

Outlook

Looking ahead to the coming year Pace has won some new business
in Europe and Asia-Pacific and expects to increase its revenues
from these regions. The U.K. will continue to be an important
market for Pace, but we may lose some market share due to
increased competition at both Ntl and Telewest and the numerous
suppliers in the free-to-view market.  In the U.S., we have
invested substantial amounts in our operations over the last
three years, as it is by far the biggest and most developed
television market in the world.  The U.S. will continue to incur
losses over the next six months or so and offers both upside and
risk.

Sir Michael Bett
Chairman

To view the financials: http://bankrupt.com/misc/Pace_Micro.htm


SMG PLC: Implements Several Changes to Board Structure
------------------------------------------------------
SMG plc announces a number of immediate and future changes to the
constitution of its Board of Directors.

Fiona Harrison has resigned from the Board with immediate effect
on health grounds.  She joined the SMG Board as a Non-Executive
Director in February 2000 and subsequently served on the Board's
Remuneration Committee.  Commenting on her decision to step down,
Don Cruickshank, SMG Chairman, said: "I'm sorry that Fiona is
leaving the SMG Board where she has made a significant and
valuable contribution. I join with everyone at SMG in offering
her our best wishes."

Adam Singer, who has been an SMG Board member since 1995 has
intimated his intention to resign from the Board in September,
upon his appointment to the Content Board of OFCOM.  Don
Cruickshank said: "Adam's contribution to the SMG Board, both
during his time at Flextech and Telewest and since, has been
considerable.  OFCOM's gain is our loss."

Michael Grade CBE will join the Board as a Non-Executive Director
with effect from September 1.  His media career has included
periods as Controller of BBC1 and Chief Executive of Channel 4.
He is currently Non-Executive Chairman of Camelot Group plc and
of Hemscott plc and Executive Chairman of Pinewood-Shepperton
Ltd. and a Non-Executive Director of Charlton Athletic plc.  He
was formerly Chairman and Chief Executive of First Leisure
Corporation plc.

Don Cruickshank said: "Michael's track record in the media sector
is well-documented and I'm confident that his experience and
contribution to the future direction of SMG will be of great
benefit to the company."

David Dunn will join the Board as a Non-Executive Director with
effect from September 1.  Currently Non-Executive Chairman of
Brammer plc and a Non-Executive Director of First Group plc and
Croda International plc, he was formerly Chief Executive and,
subsequently, Non-Executive Chairman of Scapa Group plc and a
Non-Executive Director of 4Imprint plc.  Don Cruickshank said:
"David is a strong addition to the SMG Board.  His experience of
the business world and the boardroom will be an excellent asset
for SMG and, on behalf of everyone at SMG, I welcome him to the
Board."

There are no details that require to be disclosed under
paragraphs 6.F.2(b)-(g) of the Listing Rules.

                     *****

Debt-laden newspaper publisher, SMG Plc reported a full-year,
pre-tax-loss of GBP16.1 million last year.  It sold its
publishing business to Gannett last month to halve a GBP400
million-debt load.


CONTACT:  James Hogan
          Phone: 020 7404 5959
          Brunswick


SPORTINGBET PLC: Ends Buyout Talks; Settles Earn-Out Obligations
----------------------------------------------------------------
On June 24, 2003, the Board of Sportingbet announced that it had
been in discussions to reschedule and settle the company's earn-
out obligations in respect of the acquisition of Sportsbook in
2001, as well as considering a possible offer for the company.
The possible offer talks have now been terminated.

The Board announces that it has agreed in principle the
rescheduling and settlement of the company's earn-out obligations
with the vendors of Sportsbook.  The Settlement will satisfy all
amounts and obligations arising under the 2001 Sportsbook
Acquisition Agreement and related contracts.

The GBP70.1 million Settlement comprises equity (including
convertible) valued at GBP30.2 million (based on a Sportingbet
share price of 25.5p) and a Loan Note to the value of GBP39.9
million.

Background - the 2001 Sportsbook Acquisition Agreement

Under a performance-related acquisition agreement entered into in
July 2001, Sportingbet acquired Sportsbook, a U.S. focused
Internet sports bookmaker, for a maximum total cash and share
consideration of US$204 million (GBP125.2 million).  The
consideration comprised initial consideration of US$44 million
(GBP27.0 million) paid in cash and shares, a US$10 million
(GBP6.1 million) convertible loan note due February 2004 and
additional performance-related consideration of up to US$150
million (GBP92.0 million) payable in cash and shares from
September 2003 onwards.

Since its acquisition, the performance of Sportsbook has exceeded
expectations with customer numbers for the Group's American
business increasing from a pro forma 358,437 in June 2001 to
644,349 in March 2003 resulting in a significant increase in
gross margin.  Accordingly, the maximum amount of performance-
related consideration will become payable in September 2003 as
opposed to being payable over the period 2003 to 2008 as
anticipated at the time of acquisition.

Sportingbet considers that the outstanding amounts due to the
Vendors comprise:

(a) cash consideration of approximately US$70.25 million (GBP43.1
million) comprising US$65.25 million in respect of the
performance-related consideration and a further US$5 million
payable as bonuses under the terms of consultancy agreements;

(b) the repayment in February 2004 of US$10 million (GBP6.1
million) convertible loan notes issued as initial consideration,
which remain outstanding; and

(c) US$79.75 million (GBP48.9 million) payable in new ordinary
shares at a deemed price of 73 pence per share, subject to the
Vendors and their associates holding in aggregate no more than
29.9% of the issued share capital of the company with the balance
payable in cash.  As a maximum of 58,220,261 new ordinary shares
could have been issued under this mechanism at this point in
time, a balancing cash payment of US$10.5 million is also due.

The Proposed Settlement

The principal terms of the proposed Settlement comprise:

(a) the issue to the Vendors of a US$65 million (GBP39.9 million)
non-interest bearing loan note, up to US$30 million of which is
to be redeemed following completion.  The balance of the US$ Loan
Note will be redeemed, over an anticipated three and a half year
period from cash balances held by the company after adequate
provision, in agreed amounts, has been made for Sportingbet's
anticipated future working capital and development requirements;

(b) the issue to the Vendors of 28,580,358 new ordinary shares in
Sportingbet which, together with the shares already held by the
Vendors and their associates, would increase their interest in
the Company to 41,347,368 ordinary shares, representing 19.9 per
cent of the Company's enlarged issued share capital; and

(c) the issue to the Vendors of a US$37.4 million (GBP22.9
million) unsecured, non-interest bearing, non transferable,
convertible note 2020, US$13.3 million nominal of which will be
mandatorily convertible into 29,639,903 ordinary shares at the
Company's option in 2020.  The US$ Convertible Note will be
convertible at any time, in whole or in part, into an aggregate
of 83,171,926 new ordinary shares in the company.  Full
conversion of the US$ Convertible Note would give the Vendors and
their associates an interest in 124,519,294 ordinary shares,
representing 42.8% of Sportingbet's then enlarged issued share
capital.

The Settlement remains subject to final Board approval, final
documentation and to completion of documentation in relation to
the Company's proposed new banking facilities.

Proposed new banking facilities

Barclays Bank PLC has agreed, subject to the completion of
documentation and certain conditions precedent, to provide the
Company with a GBP10 million revolving term loan facility,
repayable by March 31, 2005, and to extend the company's
overdraft facility to GBP10.5 million.

Settlement of outstanding consideration due in respect of the
Number One Betting Shop Limited

The Board is also pleased to announce that it has settled the
Number One Betting Shop earn-out obligations.  The agreement
reduces the final cash earn-out payment by AU$3.5 million (GBP1.3
million) to AU$1.9 million (GBP0.7 million) and reduces the
number of shares to be issued to 9,503,286 to take account of the
company's potential liabilities arising from ongoing litigation
in Australia.  The Board does not expect this litigation to reach
a final judicial conclusion until late 2004.

In the event that there is a final judicial determination of the
litigation in favor of the company, then Sportingbet will pay the
vendors an additional AU$3.5 million (GBP1.3 million) in cash and
11,216,636 ordinary shares, of which AU$2.7 million (GBP1.0
million) would be recoverable from the Australian courts.

Further announcement

A further announcement setting out the definitive terms of the
Settlement, together with the Company's preliminary results for
the year ended 31 March 2003, is expected to be made before the
end of the month.

Commenting on the proposed Settlement, Nigel Payne, Chief
Executive, said:

"We are pleased that we have been able to agree practical
arrangements with the Sportsbook and Australian vendors in line
with the terms of the original agreements.  The Sportsbook
business has performed above all of our expectations since we
acquired it in July 2001.  With these arrangements in place,
management will now be able to focus its attention on exploiting
the significant growth opportunities for the business."

Note:  assumed US$ exchange rate of GBP1:US$1.63

CONTACT:  SPORTINGBET PLC
          Nigel Payne
          Phone: 020 7251 7260

          CUBITT CONSULTING
          Peter Ogden
          Phone: 020 7367 5100


SSL INTERNATIONAL: Confirms Preliminary Bid Discussions
-------------------------------------------------------
SSL confirmed it is in preliminary discussions "which may or may
not lead to an offer for the group."

Reports recently came out that Anglo-Dutch company, Reckitt
Benckiser, could offer a GBP560 million bid for healthcare group
SSL International, and may endorse a formal bid over the coming
months.

SSL has in its portfolio of assets condom maker, Durex and Scholl
footwear.  It is selling its health-care unit, which sells
surgical gloves and antiseptic products, and had revenue of
GBP182 million last year.

Shares in SSL, which was valued at 346p, went down to 166p in
April this year.  The company reported a full-year profit of 24.8
million pounds ($40.5 million) in June as it cut jobs and didn't
repeat one-time expenses related to excess inventory.


UNDERWRITER INSURANCE: Fitch Lowers IFS Rating; Outlook Negative
----------------------------------------------------------------
Fitch Ratings, the international rating agency, has downgraded
the Insurer Financial Strength rating of The Underwriter
Insurance Company to 'BB+' from 'BBB'.  This rating action
resolves the Rating Watch Negative that was assigned on April 25,
2003 on concerns regarding future business volumes and mix, as
well as uncertainty over the extent of near-term additional
charges.  The Outlook is Negative.

The rating action follows The Underwriter's decision, with effect
from July 11, 2003, to cease writing new contracts of insurance.
This decision follows discussions between the company and the
Financial Services Authority, in which both parties concluded
that the former's capital resources would fall short of the
required threshold if new contracts of insurance continued to be
written.

The Directors of The Underwriter have concluded, on the basis of
information currently available, that the run off will be solvent
and as such the company anticipates that it will continue to meet
all valid claims.  However, due to the uncertainty surrounding
the run-off of the company's liabilities, which are likely to
exceed five years, the agency believes that there is a
possibility that the company could have insufficient funds to
extinguish all of its liabilities.

The agency anticipates that The Underwriter's recent decision
will lead to some additional charges against capital and could
significantly reduce the capital base from current levels.  Fitch
cautions that reserves deteriorated by GBP15.9 million during
2002 and 1Q2003 and additional reserve development remains a
possibility.  It estimates that a further deterioration in net
reserves of 10%-15% over the run-off period could make it
difficult for the company to meet its obligations in full.  At
the end of 2002, the company had capital of GBP46 million with
net reserves (including claims expenses and unearned premium) of
GBP185 million (gross reserves: GBP275 million).

The decision to cease accepting new business follows several
years of poor operating performance, with losses of GBP8.9
million and GBP22.3 million in 2001 and 2002, respectively.
These losses contributed to the departure of the former CEO in
March 2003 and a revised business plan being developed by the new
management.  The company's announcement also follows unsuccessful
attempts to raise new capital for the business, despite recent
improvements in premium rates for liability lines.  Fitch will
continue to meet with the company's management and monitor the
run-off of The Underwriter on a regular basis.

CONTACT:  FITCH RATINGS
          Andrew Murray, London
          Phone: +44 (0) 20 7417 4303
          David Wharrier
          Phone: +44 (0) 20 7417 6292


VIANET GROUP: Plans To Issue New Shares to Secure More Capital
--------------------------------------------------------------
Chairman John May states:

I referred in January's annual report to the significant progress
that had been made in technical and marketing terms with the
launch of the new vOpen family of telemetry products.  I also
confirmed my confidence in the potential of the market and the
recognized need among the major brands for the products and
services we offer, despite the decision making process being
'lengthy and, at times, frustratingly slow.'

Since that time we have had a greatly increased level of industry
interest in Vianet's products and services including vOpen, most
particularly from major European brands and vending machine
operators.  We have also announced that the company has entered
into a preliminary cooperation agreement with Alcatel, the
principal terms of which are set out in that announcement.

The loss before tax for the half year ended March 31, 2003 was
GBP1,016,276 on sales of GBP17,245 (March 31, 2002, GBP960,396
loss on sales of GBP9,993).  The resultant loss per share was
1.7p (March 31, 2002 ,loss per share 4.9p).  The company had
approximately GBP615,000 of net cash, mostly on deposit at March
31, 2003.  The comparative periods results have been extracted
from the audited accounts for the year ended September 30, 2002.

The turnover achieved for the six months is from a growing number
of users most of whom began utilization of Vianet's products
towards the end of the period.  These sales arise from ongoing
use and early stage installation of both continuing users and
paid for pilots, and are growing with the users signed since the
period end.

I am pleased to confirm that the Board is in the advanced stages
of planning an issue of new ordinary shares to provide additional
working capital resources.

Overall, the Group has made significant commercial progress and
the Board is even more confident of the potential of its concept
and products.  The Directors believe that the co-operation
agreement with Alcatel represents a major commercial endorsement
for vOpen justifying their confidence in the commercial benefits
offered by the application of telemetry to the vending market and
demonstrating the Group's position as a leading European exponent
of this technology.

John May
Chairman

Consolidated Summarised Profit and Loss Account
For the six months ended 31 March 2003

           Six months to     Six months to          Year to 30
           31 March 2003     31 March 2002      September 2002
           (unaudited)       (unaudited)           (audited)
              GBP                 GBP                   GBP

Turnover    17,245             9,993              13,124
Operating
Loss     (1,029,406)         (968,637)         (1,973,352)
Net
Interest   13,130             8,241              17,906
           ---------         ---------           ---------
Loss on   (1,016,276)         (960,396)         (1,955,446)
ordinary
activities
before
taxation

Tax on loss on  0                 0             157,121
ordinary
activities
          ---------         ---------           ---------

Loss on   (1,016,276)         (960,396)         (1,798,325)
ordinary
activities
after
taxation
          =========         =========           =========

Basic and   (1.7p)            (4.9p)              (6.3p)
diluted loss
per share
(pence)
          =========         =========           =========


Consolidated Balance Sheet
As at 31 March 2003

        Six months to     Six months to          Year to 30
        31 March 2003     31 March 2002     September 2002
        (unaudited)       (unaudited)           (audited)
            GBP                 GBP                   GBP

Fixed Assets
Tangible Assets
          40,728           110,938              59,163
        ---------         ---------          ----------

Current Assets
Stock     40,702            53,105               6,936
Debtors  120,399           190,334             117,939
Cash in hand and at bank
         614,659           501,650           1,595,078
        ---------         ---------          ----------

         775,760           745,089           1,719,953

Creditors: amounts falling due within one year
        (343,119)         (451,575)           (271,087)
        ---------         ---------          ----------

Net current assets
        432,641           293,514           1,448,866
        ---------         ---------          ----------

Total assets less current liabilities
        473,369           404,452           1,508,029
        ---------         ---------          ----------

Creditors: amounts falling due after more than one year
       (319,102)         (172,834)           (337,486)
        ---------         ---------          ----------
Net Assets
        154,267           231,618           1,170,543
        =========         =========          ==========

Capital and reserves
Called up share capital
        3,072,010           989,305           3,072,010
Share premium account
        3,922,407         4,228,258           3,922,407
Other reserves
        1,077,026         1,077,026           1,077,026
Profit and loss account
       (7,917,176)       (6,062,971)         (6,900,900)
        ---------         ---------          ----------

Shareholder Funds
         154,267           231,618           1,170,543
        =========         =========          ==========

These notes form an integral part of these accounts:

(a) The Chairman's statement notes that the Board is in the
advanced stages of planning an issue of new ordinary shares to
provide additional working capital resources.  Given the positive
commercial developments underpinning the proposed fundraising, in
particular the signing of a Preliminary Cooperation Agreement
with Alcatel of France as a precursor to a global marketing
alliance and host license, the Directors are confident of raising
sufficient additional equity funds to meet the Group's projected
cash requirements.  Accordingly, they consider it appropriate to
present the interim results on a going concern basis.

(b) The basic loss per share has been calculated based on the
loss for the period on 61,440,205 shares (six months ended March
31, 2002: 19,530,490; year ended September 30, 2002: 28,331,827)
being the weighted average number of shares in issue during the
period.

(c) The financial information for the year ended September 30,
2002 has been extracted from the statutory accounts of the
Company which have been filed with the Registrar of Companies and
contain an unqualified report from the auditors and did not
contain a statement under section 237 (2) of the Companies Act
1985.

(d) The financial information set out above does not constitute
statutory accounts as referred to in Section 240 of the Companies
Act 1985.

(e) No dividends were proposed or paid in the six months ended
March 31, 2003.

(f) On July 3, 2003 the company received notification from
Kilowatt SA, a Spanish company, alleging that the company may be
infringing certain intellectual property rights of Kilowatt SA
and its associates.  Despite requests for full information, the
only information to support such claim provided by Kilowatt to
date has been the notification of a pending European patent
application.  The Directors have consulted with the company's
Patent Agents who have advised that as this is a pending European
patent application it cannot at present be used as the basis of
an infringement action.  The European patent application has
still to be examined by the European Patent Office and its
relevance to the activities of the company cannot therefore be
clearly established at the present time.  While the Company's
Patent Agents' investigations are ongoing (including the
investigation of certain Spanish patents) the Directors believe
that on the basis of the information currently available such
claim is unlikely to materially adversely affect the Group's
business.

(g) The accounting policies remain as stated in the Annual Report
for the year ended September 30, 2002.

(h) Copies of this interim report are being sent to shareholders.

(i) Copies of this interim report will be available to the public
free of charge from the offices of Vianet Group plc, Buchan
House, Carnegie Campus, Queensferry Road, Dunfermline, Fife, KY11
8PL.

CONTACT:  VIANET GROUP PLC
          Phone: 01383 748000
          Ian Orrock, Chief Executive
          Alastair Kerr, Finance Director

          COLLEGE HILL
          Phone: 020 7457 2020
          Matthew Smallwood


WALKER GREENBANK: Trims Down Losses Despite Continued Crisis
------------------------------------------------------------
At the annual general meeting of Walker Greenbank on Monday, its
chairman said:

"During the first five months of the current year trading
conditions have continued to disappoint and show no sign of
improvement.  Even so, the Group remains on course to report
lower operating losses for the full year.  The focus of
management attention will remain on cash generation, debt
reduction and disposal of non-core assets.

To this end the Board is delighted to confirm that the Braintree
District Museum's bid to acquire the Warner Archive from the
Group has received support from The Heritage Lottery Fund with
the notification of a 'Stage One Pass'.  The project will now
proceed to the final 'Stage Two Review', which, if successful,
will lead to the allocation of lottery funding to assist the
Museum to acquire the Archive and convert the Grade 2 Listed
Warner's Mill building in Braintree to accommodate the
collection.  In the event that the project moves to a successful
completion funds of GBP2 milion approximately, which are
anticipated to be received by the Group in early 2004, will be
used to reduce indebtedness and support future investment.

This will place the Group in a strong position to benefit from
any upturn in demand or opportunities arising from consolidation
within the industry".

CONTACT:  WALKER GREENBANK PLC
          David Medcalf, Chief Executive
          Phone: 01509 225209

          John Sach, Group Finance Director
          Phone: 01908 658078

          BANKSIDE CONSULTANTS
          Ian Seaton
          Phone: 020 7444 4157


                              *********


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-
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USA, and Beard Group, Inc., Washington, DC USA.  Larri-Nil
Veloso, Ma. Cristina Canson, and Laedevee Gonzales, Editors.

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

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