/raid1/www/Hosts/bankrupt/TCREUR_Public/030902.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, September 2, 2003, Vol. 4, No. 173
Headlines
C Z E C H R E P U B L I C
CK FISCHER: Court to Lift Remaining Distraint Next Week
G E R M A N Y
ENERGIE BADEN-WURTTEMBERG: Regrets Ex-CEO's Allegations
I R E L A N D
ELAN CORPORATION: EPIL Noteholders Agrees to Extend Waivers
I T A L Y
FIAT AUTO: Reopens Mirafiori with Rehired Workers
P O L A N D
ELEKTRIM SA: To Sell PTC Stake Only if 'Price is Right'
FABRYKA WAGON: Woes Blamed on Shady Slovakian Businessmen
S W I T Z E R L A N D
ABB LIMITED: Yit Corp. Pays EUR169 Mln for Building Systems Biz
SWISS INTERNATIONAL: To Stop Flights from Dehli Starting October
U N I T E D K I N G D O M
AES DRAX: Accepts International Power's GBP130 Million Offer
AES DRAX: New Owner Assures No Jobs Will be Lost in Takeover
ARTHUR SANDERSON: Crowson Rescues Firm from Receivership
BRITISH BIOTECH: Offer for Vernalis Group Declared Unconditional
CABLE & WIRELESS: U.S. Exit Could Drain Entire Reserve
CANARY WHARF: Goldman Sachs, Morgan Stanley Submit Joint Bid
CORUS GROUP: Russian Investor Eyes Bigger Stake in Steelmaker
ECO-BAT TECHNOLOGIES: S&P Cuts Rating to 'B+'; Outlook Stable
ELDRIDGE POPE: SDA Limited's Offer Receives Minimal Acceptance
KEN BELL: Receivers Offer Business, Assets for Sale
LONDON FORFATING: FIMBank's Offer Declared Wholly Unconditional
MIDLANDS ELECTRICITY: Bondholders Threaten to Scuttle Rescue
PAN ATLANTIC: Scheme Creditors Asked to Establish Claims
PHOTO-ME INTERNATIONAL: Denies CEO is Selling His Stakes
POCKLINGTON COACHWORKS: Receivers Offer Biz, Assets for Sale
POWERHOUSE: Shuts Down Nearly 50% of Stores; Hundreds Lose Jobs
REGUS PLC: Achieves Cash Breakeven at Operating Level
REGUS PLC: Plans to Exit Chapter 11 Earlier than Expected
ROYAL MAIL: First Class Letter Reliability Continues to Improve
ROYAL & SUNALLIANCE: Management Shakeup Expected Soon
SAFEWAY PLC: Wm Morrison May Lower Bid if Given Green Light
WATERFORD WEDGWOOD: Listing Brochure Already Available
* Large Companies with Insolvent Balance Sheets
*********
===========================
C Z E C H R E P U B L I C
===========================
CK FISCHER: Court to Lift Remaining Distraint Next Week
-------------------------------------------------------
The last of the distraints on Fischer Air is expected to be lifted Monday
next week, according to Czech Happenings. The distraint relates to that
filed by Atlantik, a creditor of Vaclav Fischer that recently bought some of
the latter's debt.
Atlantik now wants the distraint lifted following similar moves by fellow
creditors, Czech Airlines CSA and airport operator, CSL. Last Friday, Judge
Zdenek Kucera of the District Court in Prague 1 lifted one of the distraints
at the request of Atlantik IB, a subsidiary of Atlantik financni trhy, which
had agreed with Mr. Fischer on a takeover of his debts in exchange for
buying into his three companies, the report said.
Mr. Fischer owes some CZK400 million to Komercni Banka and another CZK50
million to CSA and CSL. His debts to about 30 travel agencies selling his
tours for commission amount to CZK1.5 million.
=============
G E R M A N Y
=============
ENERGIE BADEN-WURTTEMBERG: Regrets Ex-CEO's Allegations
-------------------------------------------------------
EnBW Energie Baden-Wurttemberg AG would like to make this statement in
response to the interview with Gerhard Goll, the former CEO of EnBW,
published in the Stuttgarter Zeitung newspaper dated August 26, 2003 and the
claims contained in it:
(a) EnBW has no knowledge of any obligations of Electricite de
France towards EnBW that have not been met. The
documentation available to the company provides no
indications of this whatever.
(b) In response to Mr. Goll's claim that EnBW had attempted to
obtain pledged funds since the year 2000 and had repeatedly
been consoled with the promise of provision of funds at a
later date, it should be noted that Electricite de France's
acquisition of a holding in EnBW was not approved under the
relevant antitrust legislation by the E.U. Commission until
February 2001 and that EDF did not become a shareholder of
EnBW until March 2001.
(c) At no time did EnBW request Electricite de France to play a
role in financing the acquisition of Neckarwerke Stuttgart.
(d) EnBW considers Gerhard Goll's role in helping to make
strategic partner Electricite de France a major shareholder
to be one of his finest achievements and finds it
regrettable that he himself should retrospectively call this
achievement into question.
(e) In recent weeks, EnBW has refrained from blaming any party
for the unexpected losses that were recorded in the first
half of 2003; the Group explicitly distances itself from
unfounded or incorrect speculations concerning individual
aspects of the burdens on earnings.
(f) EnBW distances itself from all attempts to direct
accusations at or shift blame to the shareholders. There
are no grounds whatever for criticism of the shareholders of
EnBW in this matter. In contrast, however, EnBW
shareholders had and have the right to voice clear criticism
of the situation on the earnings front.
(g) None of the "legacy burdens" that place a burden on the
first-half earnings for 2003 are connected either logically
or factually with the criticisms leveled at Electricite de
France by Gerhard Goll. Consequently, even the attempt to
suggest that Electricite de France is in some way
responsible for the situation that arose in the first half
of 2003 is totally unsupported by evidence of whatever kind.
(h) EnBW does not wish to make any further comments on the
various claims made by Gerhard Goll.
CONTACT: ENBW ENERGIE BADEN-WURTTEMBERG AG
Communications Department
Durlacher Allee 93
76131 Karlsruhe
Phone: +49 (07 21) 63-1 43 20
Fax: +49 (07 21) 63-1 26 72
E-Mail: unternehmenskommunikation@enbw.com
=============
I R E L A N D
=============
ELAN CORPORATION: EPIL Noteholders Agrees to Extend Waivers
-----------------------------------------------------------
Elan Corporation, plc (NYSE: ELN) announced Friday that it has sought and
received additional agreements from a majority of the holders of the
guaranteed notes issued by Elan's qualifying special purpose entities, Elan
Pharmaceutical Investments II, Ltd. and Elan Pharmaceutical Investments III,
Ltd. The agreements extend to September 5, 2003, the EPIL II and EPIL III
noteholders' waivers of compliance by Elan with certain provisions of the
documents governing the EPIL II and EPIL III notes that required Elan to
provide the noteholders with Elan's 2002 audited consolidated financial
statements by June 29, 2003. The waivers had previously been set to expire
Friday. Elan did not pay a fee in connection with these waivers.
As previously announced, Elan and its auditor, KPMG, are currently working
to conclude all audit related issues and matters in order to complete Elan's
2002 Form 20-F as soon as practicable. However, Elan cannot provide any
assurances as to the timing of the completion and filing of the 2002 Form
20-F.
Elan is focused on the discovery, development, manufacturing, sale and
marketing of novel therapeutic products in neurology, pain management and
autoimmune diseases. Elan shares trade on the New York, London and Dublin
Stock Exchanges.
CONTACT: ELAN CORPORATION, PLC
Investors: (U.S.)
Jack Howarth
Phone: 212-407-5740 or 800-252-3526
Investors: (Europe)
Emer Reynolds
Phone: 353-1-709-4000 or 00800-28352600
=========
I T A L Y
=========
FIAT AUTO: Reopens Mirafiori with Rehired Workers
-------------------------------------------------
Continuing its trend of rehiring workers at the Mirafiori plant, Fiat Auto
has completely reopened the plant Monday and workers have returned to work,
with the exception of 1800 people laid off.
Agenzia Giornalistica Italia news agency said the return to work will
coincide with the presentation in Lisbon of the New Panda, the vehicle that
together with the Ypsilon and the new Idea mini van should relaunch Fiat.
Last week, TCR-Europe reported that there has been a partial return to work
at the Fiat plants in Mirafiori. A total of 2,400 workers returned to the
plant to make the "Punto" and the "Idea" car models. Production at Fiat's
other plants has also been restarted.
This month Fiat is expected to name the new head of Fiat Auto. Press
reports have speculated that Ford Europe's former chairman, Martin Leech,
will take the place of Giancarlo Boschetti as Fiat Auto's chairman.
===========
P O L A N D
===========
ELEKTRIM SA: To Sell PTC Stake Only if 'Price is Right'
-------------------------------------------------------
Zygmunt Solorz, the head of Elektrim Telekomunikacja's, said he will only
allow the sale of part of Polska Telefonica Cyfrowa to proceed if there is a
guaranteed amount that would enable him to pay Elektrim's liabilities,
according to Warsaw Business Journal.
The statement follows Deutsche Telekom's offer for the purchase of a 51%
stake of Polska Telefonia Cyfrowa for EUR1 billion from Elektrim
Telekomunikacja.
Deutsche Telekom currently owns 49% of Polska Telefonia Cyfrowa, through its
mobile division T-Mobile and subsidiaries, with the remaining 51% owned by
Elektrim and Vivendi through Elektrim Telekomunikacja.
"Everything was planned much earlier. I am sure that Deutsche Telekom has
already made an agreement with Vivendi behind our back," said Mr. Solorz.
But he said he would only allow a sale if he is assured of a EUR450 million
capital injection. According to him, the amount that would enable the
company to pay its companies is the only justification for any withdrawal
from its engagement with the Era GSM operator.
The report added that according to unofficial information, Elektrim's
directors have already accepted the offer. The supervisory board is set to
discuss the issue September 4.
FABRYKA WAGON: Woes Blamed on Shady Slovakian Businessmen
---------------------------------------------------------
Slovakian businessmen connected with companies that collectively own the
ailing Fabryka Wagon are suspected of financial fraud, Warsaw Business
Journal said, citing Slovakian daily SME.
According to the report, the businessmen, who were also connected with
railway carriages producer, Tatravagonka, are accused of illegal money
transfers as well as signing disadvantageous contracts with Swiss-based
firms. Fabryka Wagon is owned by a consortium of Swiss-based Partner
Marketing and Tatrawagon, and Polish company Partner Group. Vladimir
Klepanec, who is allegedly a member of the Slovakian mafia, Ondrej Zemba,
who took over Tratravagonka, is one of the owners.
Fabryka Wagon, the biggest employer in the City with 2,300 staff, has been
unable to resolve its financial problems, and bankruptcy cannot be ruled
out, Fitch Ratings said in its International Public Finance issue in June.
It has debts totaling PLN77 million (EUR19.2 million).
CONTACT: FABRYKA WAGON SA.
ul. Wroclawska 93.
63-400 Ostrow Wielkopolski.
Polska.
Phone: +48 62 595 34 11
Fax: ++48 62 595 36 15
E-mail: mr@fabryka-wagon.pl
=====================
S W I T Z E R L A N D
=====================
ABB LIMITED: Yit Corp. Pays EUR169 Mln for Building Systems Biz
---------------------------------------------------------------
On Friday, YIT Corporation paid to ABB Ltd. EUR169.2 million in cash for the
purchase of ABB's Building Systems operations in Finland, Sweden, Norway,
Denmark, the Baltic countries and Russia. Building Systems offers technical
building systems and property and industrial services.
The cash amount was determined in accordance with the deal agreement signed
by YIT and ABB on July 4, 2003, such that the negative difference of the
assets and liabilities of the balance sheet items being transferred in the
asset purchase transactions was subtracted from the transaction value. The
purchase price will be finalized in November 2003, when the audited balance
sheet calculations concerning the situation at the end of August have been
completed.
The transaction had to be approved by the competition authorities before it
entered into force. The Finnish Competition Authority approved the Finnish
end of the deal on July 18, 2003, and the Swedish Competition Authority
(Konkurrensverket) approved it on July 23, 2003. The Lithuanian Competition
Authority approved the deal on August 28, 2003. The acquisition was
consummated on August 29, 2003, and the business functions were transferred
to YIT on the same day.
YIT is financing the acquisition with debt capital.
CONTACT: YIT CORPORATION
Veikko Myllyperkio
Vice President, Corporate Communications
Reino Hanhinen, Group CEO,
YIT Corporation,
Phone: +358 20 433 2454,
E-mail: reino.hanhinen@yit.fi
SWISS INTERNATIONAL: To Stop Flights from Dehli Starting October
----------------------------------------------------------------
Swiss International Airlines, the ailing carrier battling to find its niche
in the overcrowded airline industry, has suspended its six flights a week
from Delhi as part of an international restructuring program.
According to Kiplinger.com, flights from Delhi will be suspended starting
October 26, 2003. However, daily flights from Mumbai will continue.
Swiss was formed in April 2002 from the remains of failed Swissair and the
regional carrier Crossair with a CHF2.7 billion private-public cash drive.
It is going through its biggest restructuring ever and has slashed its fleet
and workforce by about a third and cutting route network by over a quarter.
It is currently in talks with British Airways-led OneWorld alliance and with
Lufthansa AG, which is part of the Star Alliance.
===========================
U N I T E D K I N G D O M
===========================
AES DRAX: Accepts International Power's GBP130 Million Offer
------------------------------------------------------------
International Power has won the bid to rescue AES Drax, U.K.'s largest power
station, according to the Financial Times.
The London-based owner of power plants in Texas and Abu Dhabi, lodged a
GBP130 million- offer, topping that of Goldman Sachs, the investment bank,
BHP Billiton, the mining group, and Miller, McConville, Christen, Hutchison
& Waffell, a New York-based energy group.
The offer includes 71p for each GBP1 of A2 tranche debt of AES, 55p for B
tranche of debt, and 1p for C tranche. Subject to creditors approval,
International Power will spend a total of GBP130 million on 38% of Drax's
debt. Later, the debt will be converted to equity in the restructuring.
The former owner of Drax, AES, offered 47p for each GBP1 of A tranche debt
in July. The bid was rejected and AES withdraw from the negotiating table.
"It was a finely balanced competition but IP is the best partner," said
Gerald Wingrove, financial director of Drax Power.
Directors of the U.K. power station during the weekend said International
Power and AES Drax were already in exclusive talks. A financial
restructuring is expected by the end of the year after International Power
reaches agreement with creditors. Creditors have until early December to
decide whether to sell their debt to IP or continue on shareholders in Drax.
Drax is envisaged to eventually run independently, but with International
Power on board.
AES DRAX: New Owner Assures No Jobs Will be Lost in Takeover
------------------------------------------------------------
Jobs are safe under the takeover of U.K.'s largest power stations by
International Power, the rescuer's CEO David Crane said, according to the
Telegraph.
International Power is currently in exclusive talks to acquire AES Drax
after winning the bid battle to save the power station with a GBP130
million- offer. Mr. Crane referring to AES' plant in North Yorkshire said
that while the company focuses on the fundamentals like safety and cost
cutting "there is no point [in internal discussions] of our financial model
based on improving profitability by reducing numbers at the plant." The
site employs 480 people.
The report cited Gerald Wingrove, finance director of Drax, saying: "We
think that the financial offer made by International Power is very
attractive as it will be providing some technology input and support and
will have a non-executive director on the board."
ARTHUR SANDERSON: Crowson Rescues Firm from Receivership
--------------------------------------------------------
Crowson Fabrics, one of the world's leading producers, designers and
suppliers of home furnishings, is believed to have taken over home
furnishing group Arthur Sanderson & Sons, a month after it went into
receivership.
According to This is London, Crowson is expected to pay about GBP10 million
for the company, whose archives include designs by founder of Arts and
Crafts movement William Morris. Other bidders were the owner of Harlequin
wallpaper, Walker Greenbank, CWV Holdings, and Vymura. Early last month,
Sanderson called in administrative receivers after running out of funds
before it could complete its restructuring.
One receiver said: "Sanderson was in the final stages of the business
turnaround, however, due to adverse trading conditions in the second
quarter, combined with restructuring costs, the company exhausted its
facilities." Sanderson had debts of GBP4 million, according to a spokesman
for the receiver.
Manufacturing plants in Blackburn and Bolton, Lancashire, have already been
closed by the receivers with the loss of 120 jobs. Established in 1860,
Sanderson distributes fabrics, wallpapers, prints, bed linen, curtains and
paints. It was bought by the management from Dutch equity firm Gamma in
1998.
BRITISH BIOTECH: Offer for Vernalis Group Declared Unconditional
----------------------------------------------------------------
British Biotech is pleased to announce that, all of the conditions of the
Offer having been satisfied or waived (other than the condition as to
Admission), the Offer is now declared unconditional in all respects (save as
to Admission).
Application has been made to the U.K. Listing Authority and the London Stock
Exchange for up to 80,614,673 New British Biotech Shares, which are to be
issued to Vernalis Shareholders in consideration for their Vernalis Shares,
to be admitted to the Official List and to trading on the London Stock
Exchange's market for listed securities. It is expected that Admission will
become effective and dealings will commence at 8 a.m. on September 1, 2003.
By 3.00 p.m. on August 28, 2003, being the second closing date of the Offer,
valid acceptances of the Offer had been received in respect of 76,328,753
Vernalis Shares, representing approximately 87.29% of the existing issued
share capital of Vernalis. The total number of acceptances includes
acceptances in respect of 39,931,897 Vernalis Shares (representing
approximately 45.67% of the existing issued share capital of Vernalis) from
holders who gave irrevocable undertakings to accept the Offer, being the
Vernalis Directors, Gartmore, Invesco, and Jupiter.
Settlement of the consideration to which Vernalis Shareholders are entitled
will be effected within 14 days of Admission in the case of valid
acceptances received by that date, and within 14 days of receipt in the case
of valid acceptances received after that date and while the Offer remains
open for acceptance.
The Offer will remain open for acceptance until further notice. Vernalis
Shareholders who have not yet accepted the Offer are urged to complete and
return their Form of Acceptance to the receiving agent, Capita IRG Plc, as
soon as possible.
As stated in the Offer Document, British Biotech intends to procure the
making of an application by Vernalis for the cancellation of the listing of
the Vernalis Shares on the Official List and of trading in Vernalis Shares
on the London Stock Exchange's market for listed securities. When British
Biotech receives acceptances under the Offer in respect of, and/or otherwise
acquires, 90% or more of the Vernalis Shares to which the Offer relates,
British Biotech intends to exercise its rights pursuant to the provisions of
Sections 428 to 430F of the Companies Act to acquire compulsorily any
outstanding Vernalis Shares.
Save as disclosed in this announcement or the Offer Document, neither
British Biotech nor any person deemed to be acting in concert with British
Biotech for the purpose of the Offer owned or controlled any Vernalis Shares
or rights over Vernalis Shares immediately prior to the commencement of the
Offer Period, or has acquired or agreed to acquire any Vernalis Shares (or
rights over Vernalis Shares) since the commencement of the Offer Period.
Terms defined in the Offer Document dated 25 July 2003 have the same meaning
in this announcement, unless the context otherwise requires.
CONTACT: BRITISH BIOTECH PLC
Phone: +44 (0) 1865 781 166
Dr. Peter Fellner, Chairman
Simon Sturge, Chief Executive
Tony Weir, Finance Director
JPMORGAN
Phone: +44 (0) 20 7777 2000
Julian Oakley
BRUNSWICK GROUP
Phone: +44 (0) 20 7404 5959
Jon Coles
CABLE & WIRELESS: U.S. Exit Could Drain Entire Reserve
------------------------------------------------------
Potential bidders of Cable & Wireless have reached a conclusion that the
ailing telecom provider's retreat from the U.S. could see its entire GBP1.6
billion cash reserve wiped out.
The bidders have read Cable & Wireless's prospectus on the businesses, and
produced a report with the help of investment bank Greenhills. According to
Independent News, the document provides detailed financial information on
the three U.S. businesses -- Exodus, Digital Island and the former MCI cable
network. Sources who have studied the information believe that covering
liabilities of these businesses, in case of closure, will cost around GBP1.6
billion.
"The costs could exceed the cash it has in the bank," a private equity
industry source told the Independent.
City analysts had previously estimated it would cost GBP700 million to close
the U.S. operation. However, Cable & Wireless Chairman Richard Lapthorne
has refused to put a cost on the exit for fear of prejudicing the sale.
Cable & Wireless' troubles stem from the pivotal decision of its former CEO
Graham Wallace, who lavished GBP9 billion on companies in the U.S. on a
presumption that there will be a sudden upsurge on demand for telecoms
related to the Internet. It is now hoping to find a company that would be
willing to take the U.S. businesses off its hands.
CANARY WHARF: Goldman Sachs, Morgan Stanley Submit Joint Bid
------------------------------------------------------------
Although fierce rivals in investment banking, Goldman Sachs and Morgan
Stanley are jointly bidding for Dockland property company, Canary Wharf, The
Independent said yesterday.
Their GBP1.6 billion offer has made the bidding a two-horse race with
Canadian property company, Brascan, according to the report. The Glick
family, which controls 14% of Canary Wharf, is reportedly backing the banks.
It is not clear why they decided to join forces, but speculations are rife
that it is because Canary Wharf is already highly leveraged and a bidder
would need to ensure a substantial portion of its offer in cash rather than
debt, the paper said.
The new development leaves Canary Wharf Chairman Paul Reichmann, who
controls nearly 8% of the company, with two choices: (1) form his own
bidding consortium or (2) side with either of the bidders. Last week he
revealed he was "discussing his possible involvement with third party
potential offerors," according The Independent. The company also said Mr.
Reichmann had indicated he might consider forming a consortium to make an
offer for the company "depending on the outcome of these discussions and the
terms of any offers" for Canary Wharf.
"At the moment, it's a two-horse race. But what Paul Reichmann chooses to
do really will be key. If he sides with Brascan, it obviously opens it all
up, but he's got dual motives. He's interested as an investor but he'd also
probably be interested in still being involved in running the company," an
unnamed source told The Independent.
The report did not indicate how much money Brascan is offering.
CORUS GROUP: Russian Investor Eyes Bigger Stake in Steelmaker
-------------------------------------------------------------
Russian businessman, Alisher Usmanov, is intent on expanding his
shareholding in Corus Group Plc and he's got the money to do it, according
to The Independent.
Citing a U.S. Securities and Exchange Commission disclosure, the paper said
Mr. Usmanov recently took out a US$100 million credit line purely for the
"purchase of securities and derivative financial instruments issued by
Corus." Currently, the businessman, who controls iron ore and steel
production plants in the Ural mountains in Russia, has a 7% stake in Corus
through his Cyprus-based affiliate, Gallagher Holdings. With his money
right now, the paper estimates he could raise his stake in Corus to at least
10%. This shareholding could give him a board seat if he insists, but he
appears not interested.
In an interview with The Independent on Sunday, Mr. Usmanov said he would
buy shares in Corus according to market conditions, adding that he had the
ability to extend his US$100 million loan. He is interested in selling his
steel to Corus "to reduce their costs," according to the report.
ECO-BAT TECHNOLOGIES: S&P Cuts Rating to 'B+'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term corporate
credit rating on U.K.-based lead recycling group Eco-Bat Technologies PLC to
'B+' from 'BB-' following a sharp deterioration in the company's financial
performance. The outlook is stable.
At the same time, Standard & Poor's lowered its senior unsecured debt rating
on the company to 'B' from 'B+'.
"The deterioration in Eco-Bat's financial performance is due to the
combination of a low lead pricing environment; the weakening of the U.S.
dollar against the euro and, to a lesser extent, the British pound sterling;
and lower like-for-like sales volumes," said Standard & Poor's credit
analyst Tommy Trask.
Eco-Bat's financial performance has been affected by these negative factors
more than was previously anticipated. For the six months to June 30, 2003,
the group had funds from operations (FFO) of GBP2.6 million (US$4.1 million)
compared with an estimated £7.4 million in the equivalent period in 2002.
Furthermore, the group's recent poor performance follows a significant
(relative to the company's small size) acquisition in the U.S. Not only
have the additional businesses not generated enough additional FFO as
expected, but the debt burden of the company is now larger than it was in
2002. As a result, annualized FFO to net debt dropped to 3.6% in the year
to June 30, 2003, from 16.5% in the same period 2002. At June 30,
2003, the company had total debt of GBP143.9 million.
"Eco-Bat is expected to have stronger earnings and cash flow in the second
half of 2003, however, following a recovery in the price of lead to US$487
per metric ton compared with an average of US$458 per metric ton in the
first half," said Mr. Trask. "In addition, the euro is not expected to
significantly weaken further against the U.S. dollar."
ELDRIDGE POPE: SDA Limited's Offer Receives Minimal Acceptance
--------------------------------------------------------------
On August 7, 2003, SDA Limited announced a tender offer to purchase up to
4,779,342 ordinary shares in Eldridge, Pope & Co., p.l.c. at 165 pence per
ordinary share.
At the close of the tender offer at 3.00 p.m. on August 28, 2003, tenders
had been received for a total of 538,495 ordinary shares of 50 pence each,
representing 2.18% of the Eldridge Pope ordinary shares in issue.
Settlement arrangements will be made in accordance with the terms of the
tender offer document.
Following the completion of the tender offer, SDA and Mr. Michael Cannon
will together beneficially own 3,180,495 Eldridge Pope ordinary shares,
representing approximately 12.85% of the Eldridge Pope ordinary shares in
issue.
CONTACT: SDA
Peter Large
Phone: 01865 263000
PRICEWATERHOUSECOOPERS LLP
Financial Advisers to SDA
Sean Williams
Phone: 020 7213 5579
Gerry Young
KEN BELL: Receivers Offer Business, Assets for Sale
---------------------------------------------------
The Joint Administrative Receivers, Ian Brown and Adrian Berry, offer for
sale the business and assets of The Ken Bell Seafood Company Limited, the
North East based seafood processor.
Features: sales of GBP22 million; an existing base of U.K. and European
customers; long leasehold premises including 2,600 sq. m frozen processing
facility and a 1,000 sq. m cold store; new high care chilled processing
facility and store 1,700 sq. m; offer freehold premises for frozen
processing 1,200 sq. m; dedicated and skilled workforce with expertise in
prawn and langoustine processing.
CONTACT: DELOITTE & TOUCHE LLP
Gainsborough House
34-40 Grey Street
Newcastle upon Tyne
NE1 6AE
Contact:
Greg Whitehead
Phone: 0191 202 5415
Fax: 0191 202 5401
E-mail: greg.whitehead@deloitte.co.uk
LONDON FORFATING: FIMBank's Offer Declared Wholly Unconditional
---------------------------------------------------------------
These text is extracted from a letter which will shortly be sent to London
Forfaiting Shareholders by the Board of London Forfaiting, containing
details in respect of FIMBank (U.K.)'s wholly unconditional offer, and
certain Board changes which have been made with immediate effect:
On August 28, FIMBank (U.K.) announced that as at 3.00 p.m. (London time) on
August 27, 2003 valid acceptances of the recommended cash offer made by
WestLB on behalf of FIMBank (U.K.) for the entire issued and to be issued
share capital of London Forfaiting had been received from the holders of, in
aggregate, 68,234,824 London Forfaiting Shares, representing approximately
65.1% of the London Forfaiting Shares to which the FIMBank Offer relates.
FIMBank (U.K.) also announced on that date that the FIMBank Offer had been
declared unconditional in all respects.
FIMBank (U.K.) has, therefore, acquired 65.1% of the London Forfaiting
Shares to which the FIMBank Offer relates.
On August 15, 2003, Resurge plc announced its intention to make an offer for
London Forfaiting. Resurge plc has on Friday announced that it is no longer
proceeding with an offer for London Forfaiting. London Forfaiting
Shareholders will not now receive any further correspondence from Resurge
plc and there is no further action they need to take in respect of previous
correspondence from Resurge plc.
In accordance with the arrangements set out in Appendix IV paragraph 6(b) of
FIMBank's offer document dated July 22, 2003 the directors of London
Forfaiting have today resigned from the Board of London Forfaiting. The
Board has instructed Kinmont, which has given financial advice to London
Forfaiting in the context of the FIMBank Offer, to monitor the outstanding
obligations of FIMBank (U.K.) in the context of the FIMBank Offer.
Shareholders with outstanding queries in relation to the offer should
contact Capita IRG on telephone number 0870 162
3100.
Najeeb H.M., Al-Saleh, Claude L. Roy and Margrith Lutschg-Emmenegger have
been elected Directors with immediate effect.
London Forfaiting Shareholders should note FIMBank (U.K.)'s intention to
seek cancellation of the listing of London Forfaiting Shares on the Official
List and the cancellation of trading in London Forfaiting Shares on the
London Stock
Exchange and the fact that this would significantly reduce the marketability
of any London Forfaiting Shares not assented to the offer. The Directors of
London Forfaiting urge London Forfaiting Shareholders who have not already
accepted the FIMBank Offer do so as soon as possible, as they have done in
respect of all of the London Forfaiting Shares in which they are interested.
Yours sincerely
Jack Wilson
Chairman
CONTACT: KINMONT
Phone: 020 7493 8488
Gavin Kelly/Fraser Shand
HOGARTH PARTNERSHIP
Phone: 020 7357 9477
Nick Denton/Andrew Jaques
MIDLANDS ELECTRICITY: Bondholders Threaten to Scuttle Rescue
------------------------------------------------------------
Midlands Electricity bondholders are demanding that Scottish & Southern
Energy increase its GBP1.1 billion offer to take over the debt-laden
electricity provider, according to the Telegraph.
The bondholders, who are owed around GBP600 million, want an extra GBP50
million. They are currently offered just 82p in the pound for every bond
they own.
Executives from Scottish & Southern Energy are scheduled to meet Midlands'
creditors, and American parents, Aquila and First Energy in the U.S. in the
next few days. But bondholders are threatening to block a possible deal
with their reluctance to accept the offer. They are expected to say they
are willing to wait for another bidder.
The report said that while the proposal was seen as a coup, Scottish &
Southern Energy remained unwilling to pay more for the acquisition as it
insisted that it faces uncertain regulatory risks.
Aquila and First Energy, meanwhile, were also demanding GBP43 million of the
sale price, but bondholders are insisting they be given priority as they
"take on the lion's share of the risk." They also argued that as long-term
lenders to Midlands, they are being deprived of future interest payments if
they agree to sell their bonds, according to the report.
PAN ATLANTIC: Scheme Creditors Asked to Establish Claims
--------------------------------------------------------
In the High Court of Justice
(in England and Wales)
Chancery Division
Companies Court
No. 3308 of 2003
PAN ATLANTIC INSURANCE COMPANY LIMITED
and in the Matter
of the Companies Act 1985
Notice is hereby given that, by an Order dated July 22, 2003 made in the
High Court of Justice of England and Wales in the matterof Pan Atlantic
Insurance Company Limited, the scheme of arrangement proposed to be made
between the Company and its Scheme Creditors pursuant to section 425 of the
Companies Act 1985 which was voted on and approved by Scheme Creditors at a
meeting held on July 9, 2003, was sanctioned. A copy of the Order was
lodged with the registrar of companies on July 24, 2003, and the Scheme
became effective on that date.
Scheme Creditors wishing to claim in the Scheme must complete and return
Claim and Certificate Forms in accordance with the instructions accompanying
them and the provisions of the Scheme, by the Bar Date, being September 18,
2003. Failure to do so will result in the Scheme Creditor concerned not
being entitled to claim a dividend under the Scheme.
Should you have any questions regarding this Notice, please address them to
Edward Walker at:
Grant Thornton
Grant Thorton House
Melton Street, Euston Square\
London NW1 2EP
Phone: +44 (0) 870 991 2261
Fax: +44 (0) 20 7383 4077
E-mail: EdwardJ.Walker@gtuk.com
PHOTO-ME INTERNATIONAL: Denies CEO is Selling His Stakes
--------------------------------------------------------
Photo-Me International denied reports in the Financial Mail on Sunday that
its Chief Executive Serge Crasnianski has plans of selling any of his
holdings in the company.
As for non-executive chairman Dan David, who was earlier reported to have
similar plans, the company said he may or may not wish to sell some of his
holding, comprising 65,787,310 shares (18.1% of Photo-Me's issued share
capital).
Mr. Crasnianski is the largest shareholder in Photo-Me, owning more than 69
million shares or 19.1%. His holding is worth GBP80 million. Mr. David
owns 65.8 million shares worth GBP76.3 million.
Photo-Me reported a loss of GBP2.2 million in the year to April. Shares in
the company hit a low of 191/ 2p earlier in the year, but is seen
recovering, closing on Friday at 116p. The company has not paid dividend
since 2001.
POCKLINGTON COACHWORKS: Receivers Offer Biz, Assets for Sale
------------------------------------------------------------
The Joint Administrative Receivers C P Holder and S C E Mackellar offer for
sale the business and assets of Pocklington Coachworks Limited.
Features: freehold property (38,000 sq. ft.) located on 2.5 acre site near
York; established for 8 years; annual turnover of approximately GBP4.5
million; manufacturer of bespoke and generic coach built vehicles; users
include Formula One, World Rally Championship and World Super Bike teams,
outside broadcasters and the automotive sector; significant design and
engineering expertise; highly experience and skilled workforce.
CONTACT: KROLL LIMITED
5th Floor, Airedale House
77 Albion Stree, Leeds LSI 5AP
Phone: 0113 386 0800
Fax: 0113 244 9305
E-mail: jjackson@krollworldwide.co.uk
POWERHOUSE: Shuts Down Nearly 50% of Stores; Hundreds Lose Jobs
---------------------------------------------------------------
U.K.'s third largest electronics retailer, PowerHouse, closed almost half of
its outlets on Friday with the loss of around 800 jobs.
Administrative receiver Deloitte & Touche did not reveal the names of the
stores to be shuttered, but it is certain that there were 93 that would no
longer be open to the public.
Deloitte & Touche is now in the process of finding buyers for the remaining
130 PowerHouse shops. Argos-to-Homebase retail giant GUS, Comet owner Kesa
Electricals and Dixons are believed to be among those interested.
Deloitte partners Nick Dargan and Neville Kahn said in a statement last week
they had already received initial inquiries about the shops. Mr. Dargan
added: "We are working with a number of parties who have expressed interest
and are providing them with further financial information."
PowerHouse's went into the hands of administrators on August 20 after a
trade insurer abandoned some of its suppliers.
REGUS PLC: Achieves Cash Breakeven at Operating Level
-----------------------------------------------------
Regus plc, the global serviced office provider (LSE: RGU), announces its
results for the six months ended June 30, 2003.
The Regus Group continued to make steady progress during the period. In
late December 2002, Regus successfully recapitulated its business through
the sale of a majority interest in its U.K. operations. This placed Regus
on a firm financial footing allowing management to focus its attention
elsewhere during the first half of 2003.
In mid-January, Regus filed for Chapter 11 creditor protection under the
U.S. Bankruptcy Code in order to reorganize the Group's principal
loss-making operations that were in the U.S. Regus was the first listed
British company to take this radical step. Today, it is pleased to announce
the successful completion of that reorganization process and its planned
exit from Chapter 11. During the period, Regus also reorganized some of its
smaller operations elsewhere around the world.
As a result, the Regus Group as a whole has now moved to cash break-even at
the operating level on a global basis.
Regus is also seeing other positive signs. Inquiry levels and the
contracted forward order book remain strong and new orders for workstations
in the second quarter were up 8% on the first quarter. During the
half-year, major corporate outsourcing deals totaling approximately GBP30
million were transacted with leading companies such as IBM, Starbucks,
Xerox, Kodak and Oracle. Our key indicator Revenue per Available
Workstation (REVPAW) at GBP2,213 was up 5% on the first half of last year.
However, as a result of the reorganization in the U.S., overall turnover at
GBP129 million was down slightly (4%) on the first half of 2002.
At 30 June 2003, cash at bank totaled GBP49.5 million of which GBP21.6
million was free cash. In July, we received GBP10 million in connection
with the deferred consideration from the sale of a majority stake in Regus
U.K. Cash generation nevertheless remains the Board's main priority.
Regus Chairman John Matthews commented:
"We are continuing to make steady progress. With major reorganization now
behind us, Regus is well placed to benefit from any sustained upturn in its
key markets around the globe."
To See Financial Statements: http://bankrupt.com/misc/Regus_Interim.htm
CONTACT: REGUS PLC
Stephen Jolly
Phone: +44 1932 895135
FINANCIAL DYNAMICS
David Yates
Richard Mountain
Phone: +44 20 7269 7291
REGUS PLC: Plans to Exit Chapter 11 Earlier than Expected
---------------------------------------------------------
Regus plc, the world's largest provider of serviced offices, announced a
Plan of Reorganization that will result in the company exiting Chapter 11 of
the Bankruptcy Code of the United States at an earlier date than expected.
This follows the successful restructuring of Regus' U.S. operations.
Subject to the necessary court, creditor and shareholder approvals being
achieved, Chapter 11 has enabled the Regus Group to restructure a U.S.
business, which was losing US$4 million per month. As a result of this and
other actions, the Group as a whole has now moved to cash break-even at the
operating level on a global basis.
Details of the Group's interim financial performance have been released in a
separate announcement. This sets out half-year results for the period ended
June 30, 2003.
Regus Chairman John Matthews commented:
"We are delighted with [Fri]day's news. Exiting Chapter 11 within 12 months
is a very positive result. With major reorganization now behind us, Regus
is well placed to benefit from any sustained upturn in its key markets
around the globe."
*****
Regus' Plan of Reorganization has been agreed upon and recommended by the
committee of creditors appointed under the U.S. Bankruptcy Code. The
proposed Plan together with the disclosure statement relating to the Plan
have been filed with the U.S. bankruptcy court. The U.S. bankruptcy court
will hold a hearing to determine whether the Disclosure Statement contains
adequate information to enable the creditors to make an informed decision
whether to accept or reject the proposed Plan.
Following the U.S. bankruptcy court's approval of the Disclosure Statement,
it, along with the Plan, will be sent to creditors and shareholders for
their approval, with a formal exit from Chapter 11 expected to occur after
the creditors and shareholders have voted on the proposed Plan and after the
U.S. bankruptcy court has held a subsequent hearing to approve and confirm
the proposed Plan.
For preferred creditors, the terms of the Plan include the payment of US$6.0
million immediately in cash and the payment of US$1.2 million over six
years. In respect of the bulk of the Chapter 11 claims of US$41.5 million,
creditors have the option of exchanging their claims for either: (i) new
ordinary shares in either a new London listed holding company that will be
introduced above Regus by way of a scheme of arrangement under section 425
of the Companies Act 1985 or if for any reason the scheme does not go ahead,
new ordinary shares in Regus itself, in each case at 35p per share; or (ii)
convertible unsecured loan stock repayable over 3 to 6 years. Further
details of the terms of the equity and loan stock offers are set out in the
Appendix to this release.
In addition, Regus has restructured the leases of its joint venture in the
U.S. with Equity Office Properties (EOP). Under the terms of this agreement,
Regus will issue US$12.8 million of 7% unsecured loan stock to EOP,
repayable over the next 5 years.
U.S. bankruptcy practice dictates that illustrative projections are included
in the Plan. These illustrative projections anticipate the reconstructed
Regus Group being EBIT positive and cash generative in 2004. Extracts from
these projections are included in the Appendix to this release. The
illustrative projections have been prepared solely for the specific purposes
of the Chapter 11 process and have not been prepared to comply with
guidelines from the SEC or the American Institute of Certified Public
Accountants. The illustrative projections have not been prepared as
representing, and are not intended to represent, profit forecasts within the
meaning of paragraph 12.23 of the Listing Rules of the U.K. Listing
Authority and should not be relied upon as such. Events and circumstances
frequently do not occur as expected and the Group's actual results may
therefore differ materially from the illustrative projections. Regus'
independent auditors have not examined or compiled the illustrative
projections.
The scheme of arrangement under which it is intended that Newco will be
introduced as the new holding company of the Group will involve existing
Regus shareholders being issued with new shares in Newco in exchange for
their existing shares in Regus. If the scheme is approved, Newco will also
issue the Plan Shares required to be issued to creditors on implementation
of the Plan and on conversion of the convertible unsecured loan stock issued
under the Plan. If the scheme is approved, Newco will also guarantee the
unsecured loan stock issued to creditors and EOP under the Plan.
It is expected that the scheme circular, listing particulars and related
documentation will be posted to shareholders in September, along with Regus'
Plan of Reorganization and accompanying Disclosure Statement, and that the
meetings of shareholders and creditors to confirm the Plan and approve the
other necessary steps will be held during October, with the formal exit from
Chapter 11 and implementation of the Plan following in November.
Copies of Regus' draft Disclosure Statement and Plan of Reorganization,
which are subject to the approval of the U.S. bankruptcy court, have been
submitted to the U.K. Listing Authority and are available for inspection at
the U.K. Listing
Authority's Document Viewing Facility, which is situated at Financial
Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS
To See Appendix: http://bankrupt.com/misc/Regus_Appendix.htm
CONTACT: REGUS PLC
Stephen Jolly
Phone: +44 1932 895 135
FINANCIAL DYNAMICS
David Yates/Richard Mountain
Phone: +44 20 7269 7291
ROYAL MAIL: First Class Letter Reliability Continues to Improve
---------------------------------------------------------------
First Class mail reliability has reached its highest levels since the summer
of 1998, improving throughout the first quarter of the financial year to
more than 93% in June.
Figures released August 29 for April-June show improvements to all Royal
Mail services. First class quality of service improved throughout the
quarter to 93.2%. Cumulatively for the three months, First Class mail
performance was 92.3% -- on course to meet the end of financial year target
(03/ 04) of 92.5%.
This is the strongest quarterly performance since the summer of 1998 and the
trends are the best for nearly a decade. Royal Mail's last full-year result
of more than 92% for First Class was in 1995/96.
Royal Mail Chief Executive Adam Crozier said: "Our people are working hard
to continue driving the results in the right direction. The latest figures
show that their efforts for our customers are paying off."
But he warned that the current threat of industrial action by the
Communication Workers Union was undermining customer confidence and the
efforts of postal workers.
"These latest results demonstrate our ability to improve our performance.
Consistently reliable services will keep customers with us and win new
business. But all this will be thrown away if there is industrial action.
We are offering our postmen and women 14.5% -- the best offer we can make in
a business that lost GBP611 million last year. I urge them to vote against
industrial action."
Royal Mail results for April to June show the reliability of Royal Mail's
flagship Special Delivery service is at 99.2%.
Second Class reliability is at 98.6%, ahead of its end of year target of
98.5%.
Mr. Crozier said the gap was closing against other key targets, with
improvements to specialist business services and postcode area performance.
"There is more to do and we are working on quickening the pace of
improvements but every service is achieving better results."
CONTACT: ROYAL MAIL
148 Old Street
LONDON
EC1V 9HQ
Homepage: http://www.royalmail.com
ROYAL & SUNALLIANCE: Management Shakeup Expected Soon
-----------------------------------------------------
Royal & SunAlliance chairman, John Napier, is understood to have given a
number of executives a hint about an impending shakeup in the firm's senior
management, according to The Telegraph. The move could follow an earlier
boardroom shakeup in July initiated by the chairman that resulted to three
long-serving non-executives being asked to leave.
The news emerged just as Royal & SunAlliance CEO Andy Haste prepares to
unveil the initial results of a thorough review of the insurer's business.
Mr. Haste tasked two consultancies to conduct the review after he was
appointed to replace ousted Bob Mendelsohn in December. He is expected to
present a report during the unveiling of the company's interim results on
Thursday.
Royal & SunAlliance is also expected to announce the launching of a GBP900
million rights issue. According to the report, dealers have been told that
the two-for-three issue is likely to be priced at around 100p, compared with
Friday's closing price of 138.5p, down 5.75p.
SAFEWAY PLC: Wm Morrison May Lower Bid if Given Green Light
-----------------------------------------------------------
U.K. supermarket chain Wm Morrison is mulling over lowering its takeover
offer for Safeway to make it consistent with the steep decline in the
supermarkets group's performance, according to This is London.
Wm Morrison is offering GBP2.9 billion to take over the rival. It is
expected to decide whether to revise its bid after the Department of Trade
and Industry rules regarding which among Wm Morrison, Asda, Tesco, and
Sainsbury could proceed with an offer.
According to the report, Wm Morrison believes the decline in Safeway's
justifies a move to reduce its present offer of 1.32 shares for every
Safeway share. Safeway's share of the market fell from 9.9% last year to
9.3% in the quarter to mid-August. Morrison's market share has risen from
5.8% to 6.1%.
City analysts speculate Wm Morrison could lower its offer to 1.25 shares,
making its bill GBP2.7 billion instead of GBP2.9 billion. Talks regarding
Safeway's takeover has run on for eight months now.
WATERFORD WEDGWOOD: Listing Brochure Already Available
------------------------------------------------------
Application has been made to the Irish Stock Exchange and to the U.K.
Listing Authority for 7,715,073 stock units in the capital of Waterford
Wedgwood plc, to be admitted to the official list of the Irish Stock
Exchange and the official list of the U.K. Listing Authority, and to the
London Stock Exchange and the Irish Stock Exchange for such shares to be
admitted to trading. These shares have been allotted pursuant to the
company's Scrip Dividend Offer. These shares rank pari passu in all
respects with existing shares.
Copies of this brochure are available following the date hereof for fourteen
days from Waterford Wedgwood plc and from the UKLA at The Financial Services
Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Shareholders Total Working
Equity Assets Capital
Ticker (US$MM) (US$MM) (US$MM)
------ ----------- ------ --------
AUSTRIA
-------
Libro AG (111) 174 (182)
BELGIUM
-------
Real Software REAL (35) 244 (1)
CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
Danek Praha Holding (89) 192 (2,186)
DENMARK
-------
Elite Shipping (28) 101 19
FRANCE
------
Banque Nationale
de Paris Guyane (41) 352 N.A.
BSN Glasspack (101) 1,151 179
Bull SA BULP (760) 893 (130)
Compagnie
des Machines Bull (116) 136 (20)
Compagnie Francaise de
l'Afrique Occidentale (65) 256 21
Cofidur SA (5) 102 19
Dollfus-Mieg & Co. DOLP 0 187 28
European Computer System (110) 682 377
Grande Paroisse SA (845) 383 107
Pneumatiques Kleber SA (34) 480 139
SDR Picardie (135) 413 N.A.
Soderag (3) 404 N.A.
Sofal SA (305) 6,619 N.A.
Spie-Batignolles (16) 5,281 75
St Fiacre (FIN) (1) 111 (33)
Trouvay Cauvin TRCN 0 134 10
Usines Chauson (23) 249 35
GERMANY
-------
Dortmunder
Actien-Brauerei DABG (13) 118 (29)
Edel Music AG EDLG (66) 353 (159)
Eurobike AG EUBG (32) 158 (31)
F.A. Guenther & Sohn AG GUSG (8) 111 N.A.
Kaufring AG KAUG (19) 151 (51)
Nordsee AG (8) 195 (31)
Schaltbau AG SLTG (16) 163 20
Vereinigter
Baubeschlag-Handel
Holding AG VBHG (24) 307 (63)
ITALY
-----
Binda SpA BND (11) 129 (20)
CIRIO FINANZIARI CBDI (422) 1,583 (396) Credito
Fondiario
e Industriale SpA CRF (200) 4,218 N.A.
NETHERLANDS
-----------
Baan Company N.V. BAAN (8) 610 46
NORWAY
------
Pan Fish ASA PAN (117) 806 259
Petroleum-Geo Services PGO (32) 2,963 5,250
POLAND
------
Animex SA (1) 108 (86)
Exbud Skanska SA EXBUF (9) 315 (330)
SPAIN
-----
Altos Hornos de Vizcaya SA (116) 1,283 (278)
Santana Motor SA (46) 223 41
Tableros de Fibras SA TFI (43) (2,107) 116
SWITZERLAND
-----------
Kaba Holding AG KABZN (64) 515 252
UNITED KINGDOM
--------------
Abbot Mead Vickers (2) 168 (16)
Alldays Plc ALD (120) 252 (202)
Amey Plc AMY (49) 932 (47)
Bonded Coach
Holiday Group Plc (6) 188 (44)
Blenheim Group (153) 198 (34)
Booker Plc BKRUY (60) 1,298 (8)
Bradstock Group BDK (2) 269 5
Brent Walker Group (1,774) 867 (1,157)
British Energy BGY (5,342) 3,438 229
British Nuclear Fuels Plc (2,627) 36,359 1,948
British Sky Broadcasting BSY (459) 3,364 (40)
Compass Group CPG (668) 2,972 (298)
Costain Group COST (34) 329 (12)
Dawson Holdings DWSN (32) 135 (25)
Easynet Group Plc ESY (12) 332 53
Electrical and Music EMI
Industries Group (885) 3,053 (435)
Euromoney Institutional ERM (119) 173 20
Gallaher Group GLH (543) 5,527 68
Gartland Whalley (11) 145 (8)
Global Green Tech Group (156) 408 (18)
Heath Lambert
Fenchurch Group PLC (10) 4,109 (10)
HMV Group PLC HMV (211) 762 (66)
Imperial Tobacco Group ITY (117) 10,083 (190)
Intertek Testing Services ITRK (134) 425 (67)
IPC Media Ltd. (685) 254 16
Lambert Fenchurch Group (1) 1,827 (3)
Lattice Group (1,290) 12,410 (1,228)
Misys PLC MSY (161) 949 41
Orange PLC ORNGF (594) 2,902 7
Regus PLC RGU (46) 367 (60)
Rentokil Initial Plc RTO (1,130) 2,809 (37)
Saatchi & Saatchi SSI (119) 705 (41) Seton
Healthcare (11) 157 (0)
Yell Group PLC (196) 3,964 289
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. 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.
* * * End of Transmission * * *