/raid1/www/Hosts/bankrupt/TCREUR_Public/030912.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, September 12, 2003, Vol. 4, No. 181


                            Headlines


C Z E C H   R E P U B L I C

INVESTICNI A POSTOVNI: COB to Pay CZK4.7 Bln to Seal Takeover
INVESTICNI A POSTOVNI: Govt-Nomura Deal Could be Finalized Soon


F R A N C E

ALSTOM SA: European Union Relaxes Stand on State Aid
BULL SA: E.U. Commission Demands Repayment of EUR450 Million Aid
SCOR: A.M. Best Downgrades Financial Strength Rating to B++
SCOR: Scores Bases of A.M. Best's Downgrade


G E R M A N Y

HEIDELBERGER DRUCKMASCHINEN: Issues New Sustainability Report
WESTLB AG: Expect Additional Job-cuts, Says Report


H U N G A R Y

K&H EQUITIES: Watchdog Lifts Suspension on Some Activities
KERESKEDELMI ES HITTELBANK: OTP Bank Exec Set to Become New CEO


I R E L A N D

AN POST: ISME Questions Rate Hike Despite Poor Service


N E T H E R L A N D S

BUHRMANN N.V.: Agrees to Sell Paper Merchanting Division
KLM ROYAL: Air France to Decide on Merger Offer Within the Year
KONINKLIJKE AHOLD: Rising Losses at Bompreco Spells Trouble
KONINKLIJKE AHOLD: Supervisory Board Members Urged to Resign


R U S S I A

WIMM-BILL-DANN FOODS: Sales Rise 17.3%; Net Income Down 21%


S W I T Z E R L A N D

SWISS LIFE: Credits Strategic Plan for First-half Profit


U N I T E D   K I N G D O M

ACCOUNTANCY TUITION: Creditors to Convene September 30
BOOSEY & HAWKES: HgCapital Signs Intention to Offer Rival Bid
DAWSON INTERNATIONAL: Poor First-half Triggers Business Review
EQUITABLE LIFE: Long-awaited Report on Collapse Not Yet Ready
FINSBURY LIFE: Share Premium Account Canceled

HENLEY FOUNDRIES: Joint Administrative Receivers Sell Business
KABOOM STUDIOS: Administrator Sells Business as Going Concern
KINGSTON COMMUNICATIONS: CEO Resigns as Poor Results Persist
ROYAL DOULTON: Trims Down Operating Losses to GBP7 Million
ROYAL MAIL: CEO Stands Ground Despite Possible Strike

ROYAL & SUNALLIANCE: Outlook of U.S. Operations Remains Negative
ROYAL & SUNALLIANCE: Financial Strength Rating Lowered to 'BB+'
SMF TECHNOLOGIES: Announces Board Changes, Share Offering
SSL INTERNATIONAL: Board Terminates Sell-off Negotiations


                            *********


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


INVESTICNI A POSTOVNI: COB to Pay CZK4.7 Bln to Seal Takeover
-------------------------------------------------------------
Ceskoslovenska obchodni banka, which took over bankrupt Investicni a
Postovni banka several years ago, may finally complete the transaction this
month, according to company Spokesman Milan Tomanek.

The new owner has completed the transfer of the last disputed part of the
failed bank's assets, the so-called Cayman funds, which was created to
improve the firm's financial stability, according to Czech Happenings.  The
transfer required the Czech Consolidation Agency to pay nearly CZK50 billion
to Ceskoslovenska obchodni banka.

Mr. Tomanek said Ceskoslovenska obchodni banka itself may likely pay about
CZK4.7 billion to the state to complete the takeover.  It could be required
to pay next year as the amount was counted for next year's budget, according
to Deputy Finance Minister Eduard Janota.

The Czech Republic is still seeking to reach an out-of-court settlement with
Japanese bank, Nomura, the former owner of IPB, which is asking some CZK40
billion from the state for its failed investment.  The government is in turn
asking for reimbursement for its rescue of the bank, an amount it pegged at
CZK263 billion.


INVESTICNI A POSTOVNI: Govt-Nomura Deal Could be Finalized Soon
---------------------------------------------------------------
The Czech Republic and the Japanese bank, Nomura, could finalize the amount
of compensation both are trying to extract from each other within weeks,
according to Deputy Finance Minister Ladislav Zelinka.

This will be after the return of Finance Minister Bohuslav Sobotka from
Japan where he would complete a series of talks on a potential agreement
with Nomura.  The state and Nomura are reportedly considering calling an
independent mediator that would propose the volume of the compensation.  But
his would be after they close talks about technical issues to help avoid
arbitration.  The parties are set to meet in Prague on September 18.  Mr.
Sobotka would be bringing the prepared agreement to Japan but it would not
contain any specification of the volume of the compensation.

The mediator's verdict, however, will not be binding since there are still
other considerations for the determination of the amount.  Both sides are
expected to respect it, though, according to Mr. Zelinka.  Still, even if an
agreement is reached, the case is likely to continue because of the large
number of parties involved.  There are now fourteen entities that have to
decide on the matter.  An off-court agreement is being sought but Mr.
Zelinka doubts if this could be reached.

The Czech Republic itself, which is demanding CZK263 billion in costs
related to the rescue of the bank, plans to reject the mediator's proposal
if it proves unfavorable on its part.  Nomura is demanding CZK40 billion for
its failed investment.


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


ALSTOM SA: European Union Relaxes Stand on State Aid
----------------------------------------------------
Competition Commissioner Mario Monti will now allow France to bail out
troubled engineering group Alstom without requiring it to sell more assets
as he had earlier said.

According to the Financial Times, Mr. Monti told France's Finance Minister
Francis Mer on Tuesday he will let France grant a six-month emergency loan
of about EUR300 million (US$336.7 million) without strings attached.  A
commission spokesman said France had to be given an alternative to
proceeding with an irreversible investment without regulatory approval.

France has until today to respond to the offer, but it is understood the
state wants to propose a more wide-ranging deal during its shareholders
meeting on September 24.

While describing the Commission's move as a "positive signal," French
officials said they will pursue a full EUR2.8 billion support package to
secure its future.  The French government is intent on securing jobs at a
time of widespread industrial restructuring in the region.  The package
includes a EUR300 million-subordinated loan the French promised to give on
September 22.  It also requires the government's participation in a EUR600
million capital increase set on September 27.

According to Paris bankers, Alstom banks want to see the realization of the
proposed EUR600 million capital increase.  The Commission will open an
independent formal investigation into the package on September 17 or October
1.  If no agreement is reached, the Commission will also seek an injunction
before the European Court of Justice to prevent any further government aid
being paid out, according to the report.


BULL SA: E.U. Commission Demands Repayment of EUR450 Million Aid
----------------------------------------------------------------
A bitter pill has been added to the enmity between the European Commission
and the French government, as the Commission announced Tuesday it will take
France to court to demand that Bull repay EUR450 million in rescue aid.

The struggling computer maker failed to repay the money granted by the state
between 2001 and 2002 on the deadline set last June.  It was the latest
amount lent by the government to stave off bankruptcy.  Dow Jones Newswires
cited Commission spokesman Tilman Lueder saying: "The Commission will go to
the European Court of Justice by October."

It is noted that the court case represents part of a larger struggle between
the E.U. and Paris.  France is again on track to exceed the union's
budget-deficit cap, which is meant to provide a stable economic environment
for the euro.  The French government has also resisted opening up its power
market even as its state-owned power company, Electricite de France, has
expanded across Europe through acquisitions in other newly opened markets.


SCOR: A.M. Best Downgrades Financial Strength Rating to B++
-----------------------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to B++ (Very
Good) from A- (Excellent) of SCOR (Paris, France) and its guaranteed
subsidiaries.  At the same time, A.M. Best has downgraded the ratings on
debt instruments issued or guaranteed by SCOR.  All ratings have been placed
under review with developing implications.  A.M. Best anticipates being able
to resolve the under review status of the rating by the end of the year.

The rating action follows deterioration in SCOR's risk-adjusted
capitalization as a result of slower than anticipated improvement in
performance despite the positive action taken to curtail underwriting in
certain areas.  Successful completion of SCOR's plans to make capital in a
new life subsidiary available to investors and to sell Commercial Risks
Partners Limited, Bermuda are highly likely to result in enhancement of
SCOR's consolidated risk-adjusted capitalization.

The company's performance in the first half of 2003 has continued to be
affected by adverse development in its reserves for business written prior
to 2001 by SCOR Reinsurance Company in the United States and losses arising
in its credit derivatives portfolio and from Commercial Risks Partners
Limited, Bermuda. A.M. Best believes that these factors may continue to
depress SCOR's future performance.

SCOR's rating continues to be underpinned by its excellent business profile
and diversified reinsurance account.

Expectation:

(a) Successful enhancement of SCOR's capitalization as a result of
completion of its plans for a new life subsidiary, the possible sale of
Commercial Risks Partners Limited, Bermuda or other contingency plans will
lead A.M.

Best to assess the potential for an upgrade.

The ratings of these companies have been downgraded to B++ (Very Good) from
A- (Excellent) and placed under review with developing implications:

(a) SCOR
(b) SCOR Canada Reinsurance Company
(c) SCOR Deutschland Rueckversicherungs AG
(d) SCOR Italia Riassicurazioni S.p.A
(e) SCOR Reinsurance Asia-Pacific Pte Ltd
(f) SCOR Reinsurance Company(1)
(g) SCOR UK Company Ltd
(h) General Security Indemnity Company
(i) General Security Indemnity Company of Arizona
(j) General Security National Insurance Company
(k) SCOR Life U.S. Re Insurance Company
(l) SCOR Life Insurance Company
(m) Investors Insurance Corporation

(1) SCOR Reinsurance Company is a U.S. trading company.

The following debt ratings have been downgraded to "bbb" from "a-" and
placed under review with developing implications:

(a) five-year convertible bonds

(b) senior unsecured EUR medium term note program

The following debt ratings have been downgraded to "bbb-" from "bbb" and
placed under review with developing implications:

(a) EUR100 million cumulative subordinated notes, due 2020

(b) USD100 million subordinated step-up notes, due 2029

(c) EUR50 million subordinated perpetual step-up notes issued by Societe
d'Etudes et de Placements Financiers and guaranteed by SCOR

This commercial paper rating has been affirmed and placed under review with
developing implications:

(a) AMB-2 rating on EUR commercial paper program

A.M. Best Co., established in 1899, is the world's oldest and most
authoritative insurance rating and information source.  For more
information, visit A.M. Best's Web site at http://www.ambest.com

CONTACT:  A.M. BEST CO.
          Public Relations:
          Jim Peavy, 908-439-2200, ext. 5644
          E-mail: james.peavy@ambest.com

          Rachelle Striegel
          Phone: 908-439-2200, ext. 5378
          E-mail: rachelle.striegel@ambest.com

          Analysts:
          Miles Trotter
          Phone: +(44) 20 7626 6264
          E-mail: miles.trotter@ambest.com

          Jose Sanchez-Crespo
          Phone: +(44) 20 7626 6264
          E-mail: jose.sanchez-crespo@ambest.com


SCOR: Scores Bases of A.M. Best's Downgrade
-------------------------------------------
SCOR regrets A.M. Best's decision to lower the rating of the Group at a time
when the Group's fundamentals are improving.  Taking into account the
following elements, SCOR considers A.M. Best's decision unfounded:

(a) Operating cashflow rose strongly during the first half of
    2003 to EUR292 million vs. EUR58 million for the same period
    last year,

(b) Combined ratios have improved significantly,

(c) The new underwriting policy, rigorous and selective, is
    producing results,

(d) The prudent asset management policy is producing increasing
    returns,

(e) The Group has discontinued its non-strategic activities
    (Alternative risk transfer through CRP, credit derivatives),

(f) The Group has decided to strengthen its capital base by
    bringing in investors into its Life reinsurance subsidiary,
    which is in the process of being created.

The Group is actively taking all the necessary steps to offer its clients
the optimal level of security they expect from it.

CONTACT:  SCOR
          Jim Root
          Phone: +33 (0)1 46 98 73 63

          Delphine Deleval
          Phone: +33 (0)1 46 98 71 64


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


HEIDELBERGER DRUCKMASCHINEN: Issues New Sustainability Report
---------------------------------------------------------------
Heidelberger Druckmaschinen AG (Heidelberg) is to publish its new
Sustainability Report 2002/2003.  This almost 100-page publication gives a
detailed insight into the company's business processes.  As the leading
supplier to the print media industry, Heidelberg is committed to
establishing a balanced relationship between profitability, ecological
responsibility and social stability.  In its report, Heidelberg takes stock
of the economic situation, ecology and social responsibility, evaluates its
progress and sets itself new goals for the next few years.  "In economically
difficult times our key goal is to ensure that our customers remain loyal,"
says Member of the Management Board Dr. Klaus Spiegel. "Our customers needs
to feel they have a reliable partner on their side, even with the economy at
a critical phase."

The past fiscal year saw a number of highlights.  Heidelberg shares were
once again included in the STOXX and World Dow Jones Sustainability Indexes
and new guidelines were passed for working with suppliers and for the
development of sheetfed offset presses.  The NexPress 2100 digital color
press won the GAFT-InterTech Award for innovative and reliable technology.
Other highlights included the Speedmaster CD 74 being awarded the Design
prize by German President Johannes Rau.  The company was also awarded the
combined certificate for ISO 9001 Quality Management and ISO 14001
Environmental Management for the five Sheetfed Solution Center sites
Amstetten, Brandenburg, Heidelberg, Kiel and Wiesloch and certification of
the American site Sidney/Ohio in accordance with ISO 14001.

Heidelberg traditionally sets great store by environmental and
sustainability reporting.  As well as demonstrating its commitment to
environmental awareness, these reports enable the company to inform the
public about its efforts to safeguard the interests of its workforce and
maintain a good social environment at its facilities.  The report provides a
range of interest groups with the information they need for open and
critical dialog with Heidelberg.

The new Sustainability Report is the latest in a successful series.  For its
first Sustainability Report in 2000/2001, Heidelberg was awarded the
"Deutscher Umwelt-Reporting Award" (German Eco Reporting Award) by the
Chamber of Auditors.  The Sustainability Reports of the last three years
focus on the requirements of the Global Reporting Initiative and on the
recommendations of the European Auditors' Association for the "European
Environmental Reporting Awards" competition.

The new Sustainability Report can be ordered from
http://www.environment@heidelberg.comor by fax on +49 6221 92 3329.

Photos are available on the Internet at http://www.heidelberg.com

                     *****

In June the company scraps dividend as net losses reach EUR138 million.

CONTACT:  HEIDELBERGER DRUCKMASCHINEN AG
          Corporate Communications
            Christiane Creutzberg
            Phone: +49 6221 92 50 84
            Fax: +49 6221 92 50 58
            Mobile: +49 172 732 1712
            E-Mail: christiane.creutzberg@heidelberg.com


WESTLB AG: Expect Additional Job-cuts, Says Report
--------------------------------------------------
German bank WestLB, which suffered on a failed investment on TV rental, Box
Clever, may take deeper job-cuts next week, This is London reported, citing
business magazine Wirtschaftswoche.

The article said CEO Johannes Ringel is seeking between 600 and 1,100
layoffs on top of 1,600 approved.  It could include positions at its
principal finance unit in London, the report said.

Previously, it was reported that the owners of the troubled German
state-owned bank are drawing up their own strategy paper to respond to the
one being prepared by the management board ahead of a key supervisory board
meeting on September 16.  The owners' strategy is reportedly calling for a
smaller international business, a sharper focus on lending to small and
medium-sized businesses and the development of a wider range of
central-bank-style products and services for the region's savings bank.

The bank reported a EUR1.67 billion (GBP1.1 billion) loss in 2002,
significantly worse than WestLB's initial EUR1 billion estimate.  The
increase was due to a GBP350 million writedown on the bank's refinancing of
Box Clever, which is not part of the unit's portfolio.


=============
H U N G A R Y
=============


K&H EQUITIES: Watchdog Lifts Suspension on Some Activities
----------------------------------------------------------
The State Financial Institutions Supervision PSzaF has allowed brokerage
firm K&H Equities to resume some of its operations following a suspension in
July.

The watchdog ordered K&H to immediately sell any securities bought based on
orders from clients with deferred payment and record the income on a
deferred payment account, according to the Budapest Business Journal.  PSzaF
suspended some of K&H Equities' operations from July 31 until September 30
after it was reported that Hungarian bank Kereskedelmi es Hitelbank was
subject of investigation for engaging in fraudulent activities involving as
much as EUR76 million in investments.

CEO Tibor Rejto, who admitted the fraud before resigning, said the bank's
brokers indeed knowingly promised high returns on as much as EUR76 million
in investments from high net-worth and institutional investors.


KERESKEDELMI ES HITTELBANK: OTP Bank Exec Set to Become New CEO
---------------------------------------------------------------
OTP Bank Rt Deputy CEO Zoltan Speder may soon become the new chief executive
of K&H Bank Rt, anonymous sources said, according to the Budapest Business
Journal.

The position has been vacant since the bank's former chief, Tibor Rejto,
resigned from the post in early August following admission of fraudulent
activities in its brokerage arm, K&H Equities.  John Hollows currently acts
as CEO at the bank.
Mr. Speder was appointed vice president at OTP in 1995 and deputy CEO in
1996.  He is also head of the bank's strategic and financial division.

K&H equities brokers fraudulently promised high returns on as much as EUR76
million in investments from high net-worth and institutional investors.  The
scam involves 100 to 150 clients.


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


AN POST: ISME Questions Rate Hike Despite Poor Service
------------------------------------------------------
ISME, the business organization, is concerned at the latest survey by ComReg
confirming a deterioration in the levels of satisfaction and inefficiencies
of the postal service as experienced by business customers.

The survey, coming on the heels of a report issued last week, which was also
critical of the postal service, should act as a wake up call to both An Post
management and to Comreg with regard to the future performance and pricing
for postal services.

ISME criticized Comreg for granting increases to An Post of up to 104% while
being aware of the level of inefficiencies that existed.  In the current
difficult environment it is a crazy situation for small companies to be
paying more and receiving less for a service that is still extremely
important to the business community, it said.

The association called on Comreg to closely monitor the future performance
of An Post and to set targets for management in order to dramatically
improve a deteriorating service.  Any future reviews on pricing should
relate to performance and not reward inefficiencies as has happened
recently.

CONTACT:  ISME
          Mark Fielding, Chief Executive
          Phone: 01 6622755
          Mobile: 087 2519675


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


BUHRMANN N.V.: Agrees to Sell Paper Merchanting Division
--------------------------------------------------------
Buhrmann signed a definitive agreement for the sale of its Paper Merchanting
Division to PaperlinX Limited for a purchase price of EUR706 million.  The
transaction is expected to be completed in the fourth quarter, being subject
to regulatory approvals and the approval of Buhrmann shareholders.

Commenting on the transaction Buhrmann CEO Frans Koffrie said: "As stated
when the expectation of this transaction was announced in June, selling
Paper Merchanting for a fair valuation allows us to significantly lower
Buhrmann's debt and reduce the company's financing costs going forward.
This will enhance our capacity to capitalize on our position as a focused,
leading business-to-business distributor of office products and graphics
systems."

Financial details
The purchase price was agreed with PaperlinX after a detailed due diligence
process following the announcement of the expectation of a transaction on
June 18, 2003.  The purchase price amounts to EUR706 million on a debt-free
and cash-free basis before completion adjustments and deferred
consideration, compared to an offer of EUR746 million as announced
previously.  The reduced purchase price reflects primarily the effects of
the current difficult economic circumstances on the Paper Merchanting
business.  However, under the terms of the sale and purchase agreement,
Buhrmann may receive a deferred consideration of up to EUR26 million
dependent upon the operating result (EBITA) of the Paper Merchanting
Division over 2003.  This deferred consideration, if any, would be payable
in July 2004.

The transaction, together with one-off charges related to taxes and the debt
reduction, is expected to result in a book loss of EUR150 - 170 million.

Main conditions for completion
The required consent and consultation procedures for signing a definitive
agreement have been completed.  The Dutch Central Works Council advised
positively.

An Extraordinary Shareholders Meeting will be held on October 8, 2003.  At
this meeting shareholders will be asked to approve the transaction, together
with the revised terms of the preference shares C, which were set out in
Buhrmann's announcement on 18 June 2003.

Completion of the transaction is also subject to PaperlinX receiving
approval from merger authorities, including the European Commission.

About Buhrmann's Paper Merchanting Division
Buhrmann's Paper Merchanting Division is Europe's leading distributor of
paper and related products to the commercial print, office and display
markets.  Operating with over 5,200 staff in 25 nations in Europe, North
America, South Africa and South-East Asia it ships about 2.5 million tons of
paper annually.  With annual sales of approximately EUR3 billion and EBITA
of EUR74 million in 2002, the Paper Merchanting Division currently
represents around 30% of the total sales of the Buhrmann Group.

About PaperlinX Limited
PaperlinX Limited has its head office in Melbourne, Australia and is listed
on the Australian Stock Exchange with a market capitalization of
approximately AU$2.2 billion (EUR1.3 billion).  PaperlinX is a major
international independent paper merchant and distributor, and leading
Australian manufacturer of communication papers and high performance
packaging papers.


KLM ROYAL: Air France to Decide on Merger Offer Within the Year
---------------------------------------------------------------
KLM Royal, the Dutch airlines currently negotiating with the Air France
Group over an alliance, said it is "satisfied" with the progress of the
talks, adding a decision will be made before the end of the year.

KLM spokesman Bart Koster told Dow Jones Newswires: "We are satisfied about
the progress."  However, he declined to comment on reports that an alliance
could be concluded within a few weeks.

The airline has been looking for a strong European partner to ensure
long-term viability.  It has been in talks with Air France and British
Airways, although reports said talks with British Airways have ended.
British Airways and KLM have made several unsuccessful merger attempts in
the past decade.


KONINKLIJKE AHOLD: Rising Losses at Bompreco Spells Trouble
-----------------------------------------------------------
Ahold's Bompreco supermarket chain in northeastern Brazil widened its loss
for the second quarter to BRL28 million from BRL7.8 million in the same
period last year.

In a Sao Paulo Stock Exchange filing Wednesday the company also reported
operating losses increasing 120% to BRL18.1 million.  This is despite a
reduction in financial expenses and a 7.5% increase in revenue to BRL271.6
million.  Over the first six months of the year, the company posted a net
loss of BRL50.7 million on net revenue of BRL548 million.

This poor performance is believed likely to make it harder for Ahold to get
a competitive price for Bompreco Bahia, which it is trying to sell together
with its other Latin American holdings, to repair its books and pay down
debt.

Bompreco Bahia operates 49 of Bompreco's 119 supermarkets and hypermarkets.
Analysts expect it to be the biggest draw of the Latin American assets for
sale, as the chain has had total sales of BRL3.4 billion last year.

CONTACT:  BOMPRECO BAHIA S.A.
          Rodovua Salvador-Feira, BR 324, KM 08
          Piraja, 40330-730 Salvador - BA
          BRAZIL
          Phone: +55 71 390 2000
                 +55 71 392 0204


KONINKLIJKE AHOLD: Supervisory Board Members Urged to Resign
------------------------------------------------------------
Senior executives at troubled Dutch retailer Ahold sees the possibility that
its supervisory board will be asked to resign as part of efforts to restore
confidence in the group.

"It is best for the new executive team that [the supervisory board] should
step down," said one person close to Ahold, according to the Financial
Times.  "That is the solution, and it is what may be coming."

The supermarket chain's new chief executive, Anders Moberg, whose pay
package has been subject of criticism lately, shares the same view, the
source said.

He was quoted saying:  "He knows he cannot create a new Ahold if he is
surrounded by people that are tainted by the past."

He also revealed that the group's Netherlands-based senior management team
had been poised to "demand the resignation of the supervisory and executive
boards" six months ago in the wake of a EUR970 million (US$1 billion)
accounting scandal.  Ahold declined to comment, according to the report.

Two Dutch pension funds recently said Mr. Moberg's almost EUR10 million pay
package is one of the causes of "bad will and a loss of trust" among
investors.  PGGM and ABP earlier wrote to Henny de Ruiter, supervisory board
chairman, criticizing the company's "careless" handling of the matter.


===========
R U S S I A
===========


WIMM-BILL-DANN FOODS: Sales Rise 17.3%, Net Income Down 21%
-----------------------------------------------------------
During the first half of 2003, Wimm-Bill-Dann's sales rose 17.3% compared to
the same period in 2002.  Gross profit increased by 17.6% year-on-year, with
gross margins rising to 30.3% in the first half of 2003 from 30.2% during
the same period last year.  Net income was down 21% compared to last year
while EBITDA showed a slight increase year-on-year.

Commenting on the announcement, Sergei Plastinin, CEO of Wimm-Bill-Dann
Foods OJSC, said: "We are pleased with the pace of sales growth in the first
half of the year, despite the rising commercial cost base and a challenging
competitive environment.  We have demonstrated our ability to continually
develop and market new and innovative products, while expanding our consumer
base.  Going forward, we see our leading position and tight focus on
controlling costs as key to improving profitability."

Key Operating and Financial Indicators of 1H 2003

                              2003 H1  2002 H1  Change
Sales volumes, thousand tons  773.6    688.2    12.4%
                              US$ 'mln US$ 'mln
Sales                         472.6    402.9    17.3%
Dairy                         321.7    274.1    17.4%
Juice                         150.6    128.8    17.0%
Water                           0.3      -        -
Gross profit                  143.2    121.8    17.6%
Selling and distribution expenses
                             (69.2)    (50.6)   36.8%
General and administrative expenses
                             (37.9)    (29.8)   27.2%
Operating income              31.5      38.4   (18.0%)
Financial income and expenses, net
                              (6.8)     (7.0)   (2.9%)
Net income                    17.7      22.4   (21.0%)
EBITDA                        47.1      46.7     0.9%
CAPEX including acquisitions  59.1      42.2    40.0%

Wimm-Bill-Dann sales reached US$472.6 million in the first half of 2003,
compared to US$402.9 million in the first half of 2002.

Sales in the Dairy Segment increased 17.4% from US$274.1 million in the
first half of 2002 to US$ 321.7 million in the first half of 2003, while the
average selling price increased by 8.5% from US$0.59 per 1 kg. in the first
of half 2002 to US$0.64 per 1 kg. in the first half of 2003.  This increase
was primarily due to the higher share of value added products in the sales
mix.  Gross margins in the Dairy Segment increased from 28.2% in the first
half of 2002 to 28.4% in the first half of 2003.  The variation is primarily
due to an increase in the average price and a slight decline in raw milk
prices year on year.

Sales in Wimm-Bill-Dann's Juice Segment increased 17.0% from US$128.8
million in the first half of 2002 to US$150.6 million in the first half of
2003.  The average selling price fell slightly from US$0.57 per liter in the
first half of 2002 to US$0.56 per liter in the first half of 2003, due
primarily to a change in the product mix, favoring lower priced brands.
This resulted in a slight decrease in the juice gross margins from 34.8% in
the first half of 2002 to 34.6% in the first half of 2003.

Selling and distribution expenses increased in the first half of 2003 in
both absolute terms (rising 36.8%) and as a percentage of sales.  This was
due to an expected increase in personnel, marketing and transportation
costs.  In addition, we recorded a US$5 million provision for bad debt.
General and administrative expenses, including personnel, legal and
consulting services increased by 27.2% as a result of the company's
expansion and tougher requirements imposed upon Wimm-Bill-Dann as a public
company.

Net income was impacted negatively by increased costs for the first six
months of 2003 and stood at US$17.7 million.  EBITDA in the first half of
2003 increased slightly year on year and amounted to US$47.1 million.
EBITDA margin was 10.0% compared to 11.6% in the first half of 2002.

Reconciliation of EBITDA and EBITDA margin to US GAAP Net Income and Net
Income margin

                               Six Months        Six Months
                            ended June 30,      ended June 30,
                                 2003              2002
                         US$ 'mln  % of sales  US$ 'mln  % of sales
Net income                  17.7      3.74%      22.4       5.6%
Depreciation and amortisation
                            12.8       2.7%       7.7       1.9%
Interest expense             9.5       2.0%       7.6       1.9%
Income tax expense           6.0       1.3%       7.4       1.84%
Minority interest            1.1       0.2%       1.6       0.4%
EBITDA                      47.1      10.0%      46.7      11.6%

EBITDA is a non-U.S. GAAP financial measure, which represents net income
before interest expense, income taxes, depreciation and amortisation
adjusted for minority interest and should not be considered in isolation as
an alternative to net income, operating income or any other measure of
performance under U. S. GAAP.  Further, EBITDA as presented above may not be
comparable to similarly titled measures reported by other companies.  We
believe that EBITDA, which is commonly used financial indicator of a
company's operating performance and debt servicing ability, is a relevant
measurement to assess performance which attempts to eliminate variances
caused by the effects of differences in taxation, the amount and types of
capital employed and depreciation and amortisation policies.  EBITDA margin
is EBITDA expressed as a percentage of sales.  Reconciliation of EBITDA and
EBITDA margin to net income and net income as percentage of sales, the most
directly comparable U. S. GAAP financial measures, is presented in the table
above.

Financial ratios of Wimm-Bill-Dann Company for the first half of 2003 year:

Wimm-Bill-Dann Foods OJSC is a leading manufacturer of dairy and juice
products in Russia.  The company was founded in 1992.

The Company currently owns 23 manufacturing facilities in 19 locations in
Russia and the Commonwealth of Independent States (CIS), as well as
affiliates in 26 cities in Russia and the CIS.

The company also distributes its products in Canada, Germany, Israel, the
Netherlands, the U.K. and the United States through both its own
distribution network and independent distributors.

Wimm-Bill-Dann has a strong and diversified branded portfolio with over
1,100 types of dairy products and over 170 types of juice, nectars and still
drinks.  The company currently employs over 18,000 people.

Wimm-Bill-Dann was rated second best out of 42 firms in terms of
transparency in the S&P survey of leading Russian companies, and was rated
fourth best in the latest Brunswick UBS Warburg survey of corporate
governance in Russia.

Wimm-Bill-Dann was awarded best European Equity Deal of 2002 by Euroweek and
Institutional Investor magazines.

                     *****

In May, Standard & Poor's Rating Agency assigned Wimm-Bill-Dann a 'B+'
long-term corporate credit rating, as well as a 'B+' senior unsecured debt
rating for the company's proposed US$150 million bond issue.  The outlook is
stable.

Credit analyst Tatiana Kordyukova said: "The ratings on WBD are constrained
by the company's need for substantial investment in plant and working
capital over the next several years to support its growth strategy and
maintain its leading position in the steadily growing Russian packaged food
market."

"WBD's need to substantially invest to support its growth is expected to
result in increased borrowing and requires sound management in order to
sustain growth, boost profitability, and control working capital in the
difficult Russian and Commonwealth of Independent States operating
environment," she added.

CONTACT:  WIMM-BILL-DANN FOODS OJSC
          16 Yauzsky Boulevard, Moscow, Russia
          Phone: +7 095 733-97-26/9727
          Fax: +7 095 733-97-25
          Homepage: http://www.wbd.com
          E-mail: kiryuhina@wbd.ru


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


SWISS LIFE: Credits Strategic Plan for First-half Profit
--------------------------------------------------------
In the first half of 2003 the Swiss Life Group generated a net profit of
CHF66 million (loss in first half-year 2002: CHF587 million).  Operating
improvements in all business areas and positive trends on the financial
markets were factors in this result.

At the same time, the capital base was strengthened.  Equity has risen by
11% since the beginning of the year, to stand at CHF4.6 billion.  Goodwill
declined by CHF252 million, while additional impairments amounting to CHF274
million were made.  Swiss Life/Rentenanstalt's solvency margin improved from
180% to 199% in the first half of 2003.

Strategy implementation is proceeding according to plan.  With CHF319
million in cost savings as of 30 June 2003, the goal of bringing down costs
by a total of CHF515 million by the end of 2004 has been more than 60%
achieved.  Appropriate solutions have been found in recent months for the
units in Spain and the United Kingdom, which do not form part of the core
business, as well as for STG Schweizerische Treuhandgesellschaft.  The
decision with regard to (La Suisse) was confirmed: (La Suisse) will not be
counted as part of the core business and should therefore be sold.

The first six months of 2003 were marked by a sluggish economy and
historically low interest rates.  In this challenging environment the Swiss
Life Group managed to return to the profit zone.  In the words of Rolf
Dorig, Chief Executive Officer: "Operational improvements in all business
areas contributed to this result.  The strategic and operational measures
introduced are proving to have the desired impact, and we are better able to
direct these processes with the newly defined control systems.  This
progress strengthens our conviction that we are on the right path."

Premium volume and technical insurance expenses rose slightly.
Gross written premiums rose by 2% to CHF9.9 billion, compared to the first
half of 2002.  Deposits under policyholder investment contracts declined
slightly compared to the previous year, while the overall premium volume
grew 1% to CHF11.8 billion.  In its core business the Swiss Life Group
recorded a growth in premium volume of 3%, to CHF10.1 billion.  Compared to
the previous year, technical insurance expenses rose by 2% to CHF10.6
billion.  Insurance benefits paid and the changes in insurance reserves fell
by 1% to CHF10.1 billion.  The decrease was set against a considerable rise
in outflows for policyholder bonuses and participation in surplus (policy
dividends), which were up 155% to CHF448 million; this reflected the fact
that, while guarantees were lowered, in markets outside Switzerland the
bonuses were increased.  Contributions reserved for payment of future
policyholder dividends (bonuses) went up by 24% to CHF5.5 billion.  This
figure also includes the policyholders' statutory participation in the
capital appreciation on investments, under the laws in force in certain
countries (legal quota).

Low interest and asset impairments adversely affect the financial result

The financial result of CHF2.9 billion was 11% lower than the result for the
first half of 2002.  Owing to markedly lower interest rate levels and
declining dividend income resulting from the large reduction in the Group's
equity exposure, direct investment income contracted by 5%.  The realized
and unrealized net gains on investments plus trading income resulted in a
positive balance of CHF226 million (previous year: CHF440 million).  This
figure includes the loss of CHF105 million on the sale of STG to the LGT
Group and impairments totaling CHF274 million (gross).  CHF103 million of
these impairments were attributable to the private equity portfolio.  In
addition, the sale of participations in the hedge funds segment (RMF and
Swiss Life Hedge Fund Partners) and the reduction in the stake held in SGS
had a positive overall impact amounting to CHF554 million on the financial
result for the corresponding 2002 period.

Efficiency drive proceeding according to plan
Operating expenses were successfully reduced by 12% to CHF1.4 billion
compared with the same period in the previous year.  In the life core
segment operating expenses fell by 10% to CHF926 million.  The measures to
boost efficiency proceeded according to plan.  In addition to the savings of
CHF212 million on operating costs achieved in 2002 and the 724 positions
already shed, the first six months of 2003 saw further cost economies
totaling CHF107 million and a headcount reduction of 488 positions.  Thus,
at the mid-point of 2003, 80% of the headcount reductions planned for the
end of 2004 and more than 60% of the targeted cost reductions had been
achieved.  On June 30, 2003 the Swiss Life Group employed 10 726 members of
staff (full-time equivalents).

Core capital reinforced - solvency at 199%
Since the turn of the year shareholder's equity has increased 11%, expanding
from CHF4.2 billion to CHF4.6 billion.  Alongside the net profit of CHF66
million, the increase in unrealized gains on investments and positive
currency effects were contributing factors.  Core capital for capital
adequacy purposes, which also includes liabilities with equity features,
came to CHF9.0 billion on 30 June 2003 representing an increase of 19% over
the reporting period.  The solvency of the original parent company, Swiss
Life/Rentenanstalt, which encompasses 70% of the premium volume and around
90% of the Group's mathematical reserves, climbed from 180% at the beginning
of the year to 199%.  This figure does not include the additional funds
raised by Swiss Life Holding's capital increase at the end of 2002.  Group
solvency as calculated in accordance with the method applied by the French
regulator went up from 138% to 147% in the first half of 2003 (including
Banca del Gottardo).  The French supervisory authority is responsible for
the Swiss Life Group within the EU.

Increase in assets under management
Assets under management have gone up 3% since the end of 2002 to CHF188.6
billion.  The removal from the books of the approximately CHF5 billion in
assets under management by STG was more than made up for by the inflow of
new funds and the positive financial market trend in the second quarter of
2003. CHF136.1 billion, or 72% of the assets under management, were
attributable to core business as of June 30, 2003.

Progress in divestments and risk reduction
Appropriate solutions were found for STG and the units in Spain and the
United Kingdom, in spite of the difficult market conditions for divestments,
thus freeing up risk capital and management capacity, which we will be
employed in the core business.  The reduction of goodwill by CHF252 million
and impairment adjustments of CHF274 million (gross) produced a further
reduction of the risks.  The portion of these impairments attributable to
the private equity portfolio amounted to CHF103 million.  A particularly
important tool for reinforcing the enterprise's financial strength and
reducing the economic risk on the balance sheet is the systematic management
of assets and liabilities.  Hence, a new asset and liability management
concept has been defined.  The aim is to achieve better congruence between
the time frames for promised benefits and the maturities of expected
investment returns (cash flow matching).  Since the average remaining term
of commitments on the liabilities side considerably exceeds the average life
of the investments on the assets side, investment maturities have been
lengthened.  These measures have freed up risk capital amounting to around
CHF1 billion.

Delisting of the Swiss/Life Rentenanstalt share (RAN)
As already announced, Swiss Life/Rentenanstalt shares will be delisted.  The
last day of trading is September 17, 2003.  From September 18 to October 17,
2003, Banca del Gottardo will maintain an over-the-counter market in these
shares.  After that date market trading of Swiss Life/Rentenanstalt shares
can no longer be assured, but the rights of shareholders will not be
affected by the delisting.

Results by segment
In the life core segment (Switzerland, France, Germany, the Netherlands,
Belgium/Luxembourg), gross premium volume, including deposits under
policyholder investment contracts, grew by 3% to CHF10.1 billion.  In group
life business premium income totaled CHF6.1 billion, equivalent to growth of
19%, thanks in particular to a newly concluded contract in the Netherlands
which brought in allocations of around EUR 600 million.  In individual
insurance gross written premiums declined by 20% to CHF2.1 billion.  This
contraction was chiefly caused by the economic environment and low interest
rate levels.  At CHF2.5 billion, the financial result was 7% lower than in
the previous year.  Technical insurance expenses increased by 4% to CHF9.3
billion.  The rise was produced by higher insurance benefits paid (up 31% to
CHF7.4 billion) a lower allocation of CHF1.4 billion to the insurance
reserves (down 53%) and a doubling of the outlay for policyholder bonuses
and participation in surplus to CHF414 million.  The 10% reduction in
operating expenses led to a segment result of CHF93 million.  This means the
result of the corresponding prior-year period was upheld, in spite of the
substantially lower financial result.

Premium volume in the life, non-core segment ([La Suisse] Vie, U.K., Italy
and Spain) decreased by 14% to CHF1.1 billion.  The substantial CHF3 million
improvement in the segment result, bringing it to CHF80 million, was above
all owing to one-off impacts.

In the non-life segment (property insurance in Belgium and France, non-life
operations at [La Suisse]) gross written premiums totaled CHF676 million,
thus remaining at the prior-year level.  Despite the marked improvement from
117% to 107%, the combined ratio is still not adequate and the measures to
make business profitable will be resolutely pursued.  Following the loss of
CHF16 million in the year-earlier period, this segment reported a profit of
CHF17 million for the first half of 2003.

The private banking segment achieved an operating profit of CHF39 million
for the first six months of 2003.  The loss realized on the sale of STG to
the LGT Group, which was completed as of June 25, 2003, led to a segment
loss of CHF66 million (profit for the first half of 2002: CHF74 million).

In the investment management segment the Swiss Life Group generated a profit
of CHF60 million in the first half of 2003 (first-half 2002 profit: CHF120
million).  In the previous year, the sale of Swiss Life Hedge Fund Partners
Ltd had a positive impact on the segment result.

Medium-term goals confirmed
The second half of the year will see the Swiss Life Group continuing to
concentrate on core business and core markets in line with its defined
goals.  This also means it will stick to the decision that (La Suisse) does
not form part of its core business and should therefore be sold.  Carrying
out the efficiency drive and reducing complexity within the enterprise
remain top priorities.  As far as risk management operations are concerned,
the newly defined approach to asset and liability management stands in the
foreground.  By achieving greater congruence between the asset and liability
sides of the balance sheet, the economic risks should be further reduced,
thus increasing security.

The Swiss Life Group assumes there will be a slight dip in premium volume
for the 2003 financial year, in view of the economic environment and the
business priorities.  The targets set for the efficiency drive will again be
achieved in 2003. Provided there is no significant change in market
conditions, the Swiss Life Group expects to report a profit for 2003.  Rolf
Dorig on the future of the Swiss Life Group: "We are adhering to our
medium-term goals and intend to have completed the realignment in the year
2005, or 2006 at the latest, and be generating a return on equity of 10%."

To See Tables:  http://bankrupt.com/misc/SWISS_LIFE_Financials.pdf

Swiss Life

The Swiss Life Group is one of Europe's leading providers of life insurance
and long-term savings and protection.  The Swiss Life Group offers
individuals and companies comprehensive advice and a broad range of products
via agents, brokers and banks in its domestic market, Switzerland, where it
is market leader, and selected European markets.  Multinational companies
are serviced with tailor-made solutions by a network of partners in over
fifty countries.

Swiss Life Holding, registered in Zurich, was founded in 1857 as the Swiss
Life Insurance and Pension company.  Shares of Swiss Life Holding are listed
on the SWX Swiss Exchange (SLHN).  The enterprise employs around 11 000
people worldwide.

CONTACT:  SWISS LIFE GROUP
          General-Guisan-Quai 40
          P.O. Box, 8022 Zurich
          Homepage: http://www.swisslife.com

          Investor Relations
          Phone: +41 1 284 52 76
          E-mail: investor.relations@swisslife.ch


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


ACCOUNTANCY TUITION: Creditors to Convene September 30
------------------------------------------------------
Notice is hereby given, pursuant to Section 48 of the Insolvency Act 1986,
that meetings of the creditors of the above named companies will be held at
1 Snow Hill, London, EC1A 2EN, on September 30, 2003 at 10.00 A.M. and 10.01
A.M. for Accountancy Tuition Centre (Holdings) Limited and Accountancy
Tuition Centre Limited respectively for the purposes mentioned in Sections
48 and 49 of the said Act:

(a) for a copy of the administrative receivers' report to be laid before the
meeting.

(b) to establish, if thought fit, a creditors' committee.

A copy of the report may be obtained free of charge by writing to Moore
Stephens, 1 Snow Hill, London, EC1A 2EN, quoting reference 4221/08/41777.

Creditors whose claims are wholly secured are not entitled to attend or be
represented at the meetings.

At the creditors' meeting a person is entitled to vote only if:

(a) he has given to the joint administrative receivers, not later than 12.00
noon on the business day before the day fixed for the meeting details in
writing of the debt that he claims to be due to him from the relevant
company, and the claim has been duly admitted under the provisions of Rule
3.11 of the Insolvency Rules 1986, and

(b) there has been lodged with the joint administrative receivers any proxy
which the creditor intends to be used in his behalf.

A creditor entitled to vote at the relevant meeting may appoint another
person to vote in his or her place.  Proxies for use at the meeting must be
lodged at the address shown above no later than 12.00 noon on the business
day preceding the relevant meeting.

Mark Shaw, Joint Administrative Receiver


BOOSEY & HAWKES: HgCapital Signs Intention to Offer Rival Bid
-------------------------------------------------------------
HgCapital notes the announcement of the recommended cash offer by Citigroup
on behalf of Regent Street Music Limited for Boosey & Hawkes plc.

HgCapital is seriously considering making a cash offer for Boosey & Hawkes
plc at a premium to the 195p offer announced on Tuesday.  It has requested
the co-operation of the board of Boosey & Hawkes plc to enable it to confirm
its position.  HgCapital is confident that it will be able to clarify
definitively within three weeks whether or not it intends to make such an
offer.  HgCapital intends, in any event, to update shareholders on its
progress on September 26, 2003.

                     *****

Boosey put itself up for sale after an accounting scandal at a Chicago
subsidiary and a problem at its instrument-making arm which resulted in
defective production.

CONTACTS:  HG CAPITAL
           Nick Martin
           Phone: 0207 089 7940

           DELOITTE & TOUCHE CORPORATE FINANCE
           Jonathan Hinton/Byron Griffin
           Phone: 0207 936 3000

           HOLBORN PUBLIC RELATIONS LIMITED
           David Bick
           Phone: 07831 381 201


DAWSON INTERNATIONAL: Poor First-half Triggers Business Review
--------------------------------------------------------------
The loss of GBP9.5 million for the first half of 2003 is both disappointing
and unacceptable.  Whilst acknowledging negative factors affecting the
market, including ongoing weak raw material prices, the underlying
performance has been unsatisfactory.  A strategic review of all businesses
is being conducted by the newly appointed executive chairman with the
management team and steps are being taken to address performance shortfalls.
It is heartening that the two principal shareholders and the banks remain
supportive at this time.

FINANCIAL RESULTS

Due to the seasonal nature of the business, the first half of the year is
generally loss making.  In 2003, the operating loss, before goodwill and
exceptional charges, rose GBP3.2 million to GBP8.1 million.  GBP1.3 million
of this increase was due to higher pension costs.  Goodwill amortization of
GBP0.6 million
(2002: nil) includes the full write off of the amount arising on the
redemption of the minority interest in Ballantyne Japan in November 2002.
The exceptional loss on sale and termination of operations of GBP0.5 million
(2002: nil) includes GBP0.3 million increased provision for environmental
liabilities relating to the sale of a business in 2000.  Interest charges
were GBP0.3 million (2002: nil).  The loss for the period was GBP9.5 million
(2002: GBP5.9 million).

Following a net cash outflow of GBP10.8 million (2002: GBP12.8 million) net
borrowings were GBP14.8 million (2002: GBP3.7 million).  Gearing was 44%
(2002: 8%).

FUNDING AND FACILITIES

At the start of the period the principal borrowing facilities of the group
were GBP20 million multi-option facilities, provided GBP10 million each by
the Bank of Scotland and the Royal Bank of Scotland, and a GBP5 million
letter of credit facility provided by the Clydesdale Bank.  All facilities
were repayable on demand.  As a result of the underlying financial
deterioration our lenders reviewed their positions.  The borrowing
facilities with the Bank of Scotland and the Royal Bank of Scotland are
being restructured but the overall level is expected to remain unchanged at
GBP20 million.  As previously announced, Clydesdale Bank declined to renew
their facility which has been replaced by a short term loan of GBP5 million
from our largest shareholder, Guinness Peat Group plc, to fund the seasonal
working capital requirements of Dawson Forte.  This enables the group to
trade normally.

The loan from Guinness Peat Group plc expires on December 31, 2003 and the
bank facilities fall due for renewal on 30 April 2004.  The directors are
considering various options to ensure that appropriate long term funding is
in place, including a capital raising exercise and loan restructuring.

Further details are given in note 1 to the Interim Report, 'Basis of
preparation'.

TRADING REVIEW

Fibres & Yarns - Operating loss GBP1.0 million (2002: GBP0.1 million).

The fibers business incurred a substantial loss in the first half of the
year.  This was due both to the continuing weakness of raw material prices,
which generated stock losses and depressed selling prices, and to
manufacturing issues.  More positively, the DB Holdsworth acquisition
generated incremental business, broadened our product offering and widened
our supplier base.

Volumes in the yarns business were in line with last year and margins
improved with 2002 having been impacted by the clearance of high priced
stocks.  The current lack of confidence in the market has had less of an
impact on margins but has resulted in customers delaying orders with the
result that the selling season is running later than usual, extending into
the second half of the year.

In July a new Export Sales Director was appointed to boost cashmere yarn
sales globally.  Responsibilities within the management structure have been
realigned to address production planning and customer service issues
experienced in the first half of the year.

Dawson Cashmere Knitters - Operating loss GBP3.2 million (2002: GBP2.7
million)

This business has undergone fundamental change following the appointment of
a new commercial, marketing and design team based in Italy.  The team,
recruited in Autumn 2002, has launched its first collection for the
Autumn/Winter 2003 season.  Market reaction has been very positive.
However, as anticipated, the associated costs have impaired short-term
performance.

Dawson Forte - Operating loss GBP1.0 million (2002: GBP1.0 million)

This highly seasonal business generates 90% of its revenues in the
four-month period from July to October and is therefore consistently loss
making in the first half of the year.  Orders for the full year are
currently ahead of last year and the business continues to perform
satisfactorily.

Disposal of Investment in China

As previously announced, the group sold its fixed asset investments in China
to former joint venture partner King Deer for a total deferred consideration
of $10.8 million with an option to re-invest $3.3 million in a reorganized
King
Deer business.  A payment plan is in place for the balance of $7.5 million
and payments totaling GBP0.9 million have been received to date.

BOARD CHANGES

During the period there have been a number of changes to strengthen the
Board of Directors.  On June 25 Ian Irvine retired as chairman and was
replaced by Mike Hartley, formerly a main board director of Coats Viyella.
At the same time three new directors also joined the Board.  Alfredo
Canessa, chairman of Ballantyne joined as an executive director.  Ross
Burney, an investment manager with Guinness Peat Group plc, and Lorenzo
Astolfi, head of investment banking at Abaxbank in Milan, joined as
non-executive directors.  On August 20 Paul Munn resigned as chief executive
and Mike Hartley assumed the role of executive chairman.

OUTLOOK

Market conditions in all of our business sectors remain tough.  Pension
contributions in the second half of the year will be around GBP1 million
higher than last year.  However, a far ranging strategic review is underway
which the Board is confident, given the recent management changes, will
improve underlying performance.

To See Financial Statements:
http://bankrupt.com/misc/Dawson_H1.htm

CONTACT:  DAWSON INTERNATIONAL
          Mike Hartley, Chairman
          Phone: 01577 867000


EQUITABLE LIFE: Long-awaited Report on Collapse Not Yet Ready
-------------------------------------------------------------
Lord Penrose's inquiry into the collapse of Equitable Life, which was
earlier expected to come out in mid-July, was again delayed as the official
inquiry is not yet complete.

The Times cited Hugh Burns, secretary to the inquiry, saying: "Our intention
was to finish during the summer.  It's been a hard push to get where we are
now, and we've nearly finished."

Charles Thomson, the chief executive of Equitable Life, said: "Policyholders
have been waiting over two years now since the Treasury first appointed Lord
Penrose.  We appreciate that it is a very wide-ranging and thorough
investigation, but the society's members do have a right to know his
findings as soon as possible."

Mr. Burns did not say when the report would be finalized, and there are
fears it may not be published until next year.  Policyholders are also
concerned somebody involved in the continuing litigation surrounding the
collapse of the society will get an injunction barring the publication of
the report.

Equitable Life is facing claims for compensation from Ernst & Young, its
former accountant, and the former directors and non-executives.  The insurer
has hired Herbert Smith as one of its lawyers.  Some of the non-executives
have employed Allen & Overy, while Pinsents act for some of the directors.

The firm nearly collapsed after the holders of guaranteed
annuity rate policies won a test case against the society in the
House of Lords in summer 2000.


FINSBURY LIFE: Share Premium Account Canceled
---------------------------------------------
In the High Court of Justice
Chancery Division
Companies Court
No. 005011 of 2003
In the Matter of

Finsbury Life Sciences
Investment Trust Plc

And in the matter of the
Companies Act 1985

Notice is hereby given that an Order of the High Court of Justice, Chancery
Division dated August 20, 2003 confirming the cancellation of share premium
account of the company was registered in the Registrar of Companies on
August 21, 2003.

Dated August 29, 2003

Clifford Chance
Limited Liability Partnership

200 Aldersgate Street, London EC1A 4JJ (Ref:KO)
Solicitors of the Company


HENLEY FOUNDRIES: Joint Administrative Receivers Sell Business
--------------------------------------------------------------
Henley Foundries Limited (In Administrative Receivership), manufacturers of
grey iron castings.

(a) Business established for 75 years

(b) Turnover of GBP5.5 million

(c) Specialist supplier to the automotive sector

(d) Capacity of 10,000 tons of castings per annum

(e) Skilled work force of 125 employees

(f) Approximately 8-acre freehold site in Halesowen

CONTACT:  Joint Administrative Receivers
          Andrew Menzies and Neil Tombs
          Grant Thornton, Enterprise House
          115 Edmund Street
          Birmingham B3 2HJ
          Phone: 0121 212 4000
          Fax: 0121 233 9857
          E-mail: Katheryn.Thompson@gtuk.com
          Homepage: http://www.grant-thornton.co.uk


KABOOM STUDIOS: Administrator Sells Business as Going Concern
-------------------------------------------------------------
The Joint Administrative Receiver, Ian Best offers for sale as a going
concern the business and assets of Kaboom Studios Limited (In Administrative
Receivership).

Key features of this multi-console and PC games award winning developer are:

(a) Group turnover of circa GBP7 million per annum

(b) 3 studios with proven and highly experienced development teams
specializing in mainstream global gaming genres.

(c) The studios currently have a stable of proprietary software game
Conflict Desert Storm and the recently released top ten seller The Great
Escape.

CONTACT:  ERNST & YOUN LLP
          Chris Clegg or Natasha Rhodes
          One Colmore Row, Birmingham
          B3 2DB
          Phone: 0121 535 2718
          Fax: 0121 535 2448
          E-mail: nrhodes@uk.ey.com


KINGSTON COMMUNICATIONS: CEO Resigns as Poor Results Persist
------------------------------------------------------------
The chief executive of Kingston Communications, who oversaw the company's
listing into the FTSE 100 three years ago, resigned from the company after
spending six years with the telecoms business.

On Wednesday, shares in the company fell 7p to 60 3/4p following the
unexpected report.

Steve Maine's resignation follows poor results arising from the
restructuring aimed at winning more work with small and medium-sized firms,
This is London noted.  Kingston said the performance improvement at its B2B
arm following the shake-up had been slow and the growth in its first-half
contribution would be "considerably below our earlier expectations."

But it still expects earnings over the six months to September to fall
"within the range" of current analyst targets, according to the report.
This is due to strong earnings in its East Yorkshire stronghold.


ROYAL DOULTON: Trims Down Operating Losses to GBP7 Million
----------------------------------------------------------
Troubled china maker Royal Doulton narrowed operating losses by 11% to GBP7
million from GBP7.9 million during the first half as a result of a
reorganization initiated last year.

Sales in the first half were GBP58 million, against GBP69.7 million in the
same period the previous year.  The group attributed this to the impact of
store closures, withdrawal from some non-commercial channels and weak
consumer spending.  The company was able to cut 1,100 jobs, and closed two
factories and 42 shops.

Net debts and restructuring costs were GBP16.8 million, and GBP8.2 million,
respectively.  The company did not pay a dividend just like the previous
year.

The group aims to achieve break even at the operating level, and its
chairman Hamish Grossart sees a need for improvements to attain this.

Looking further he said: "Evidence of that improvement in the second half of
2003 will be crucial to the long term fortunes of the group."

Royal Doulton struggles to cut cost amidst stiff competition from low-cost
overseas rivals, and industry overcapacity.  It moved manufacturing overseas
and outsourced production of its Royal Albert range to Indonesia last year,
leaving it with only one U.K. factory in Stoke. It has 3,600 staff and 356
shops worldwide.


ROYAL MAIL: CEO Stands Ground Despite Possible Strike
-----------------------------------------------------
The Royal Mail has turned down the offer of further talks with labor unions
despite the mounting threat of a possible first national strike in seven
years, according to The Guardian.

Mr. Dave Ward, the deputy leader of the Communication Workers Union, which
is demanding an upfront 8% pay rise, said:
"We have already held several informal talks with the management and are
ready to meet them any time.  We can put forward sensible solutions to this
dispute which won't break the bank."

But Adam Crozier, the courier's new chief executive, in an interview with
the Telegraph said he is determined to stand his ground even if this would
cost the company GBP20 million a day.

"We've put in our final offer: 14.5% over 18 months -- that's GBP300 a
week," he says. "It's a huge pay rise, by any standards," he said.

"We can't fund a pay rise of this magnitude without some changes in
practice," he continues.  "This company lost GBP611 million last year --
where do they think the money will come from? We'll have to improve
productivity.  They have to be realistic."

He blamed much of the threat of industrial action not to union members but
to militant activists.  He also defended the company's move to trim down
workforce saying, "If we don't make these changes and become more efficient
when competition kicks in, we will be destroyed by cheaper deals and
non-unionized workers."

The Communication Workers Union have already balloted more than 160,000
postal workers, and are set to announce the results next week.

Executives were expecting a strike as early as September 25.

Royal Mail turned down further negotiations after it denied it had
overstated losses to justify redundancies and pay cuts.  It has shed 30,000
jobs and limited pay increases for 160,000 staff.

Mr. Ward challenged the courier's claim of a GBP611 million pre-tax loss.
He said it included a GBP470 million exceptional charge for the cost of
redundancies when only 2,000 jobs at most were cut.

The union said the core letters business had made a GBP66 million profit,
but Royal Mail explained this is due to philately sales and special letters
delivery, and that it actually lost GBP480 million last year.


ROYAL & SUNALLIANCE: Outlook of U.S. Operations Remains Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its counterparty
credit and financial strength ratings on Royal & Sun Alliance Insurance
PLC's (R&SAIP; A-/Negative/A-2) U.S. insurance operations (RSA USA) to 'BB+'
from 'BBB-' and removed them from CreditWatch.

Standard & Poor's also said that the outlook on RSA USA is negative.

"The ratings were lowered to reflect Standard & Poor's view that RSA USA's
ongoing businesses could potentially be sold in the near term," explained
Standard & Poor's credit analyst Frederick Loeloff.  "In addition, the
managed run-off of its discontinued business lines will remain an earnings
and liquidity drag for both RSA USA and, indirectly, Royal & Sun Alliance
Insurance Group PLC (R&SA)."

R&SAIP is the main operating company of R&SA.  The ratings had been placed
on CreditWatch following R&SA's announcement that it intends to strengthen
its U.S. reserve position by at least about US$600 million (pretax) in the
third quarter of 2003 and that it is actively considering a range of options
with respect to its remaining U.S. businesses.

The RSA USA units designated as ongoing businesses will function within
their normal capacity.  However, expectations are that prospective
loss-payment frequency/severity on modest premium collections and a
declining invested asset base will place both operational and
capital-management pressures on RSA USA's operations and remain a primary
cause for deteriorating liquidity in the near term.  In addition, the
prospective marginal support that R&SA has committed to provide RSA USA to
maintain risk-based capital requirements in line with statutory requirements
(2.0x) will leave the U.S. operations little or no cushion to generate
investment earnings to offset potential prospective operational risk or
adverse loss development.

Standard & Poor's will remain in discussions with RSA USA -- along with R&SA
management--concerning their plans for RSA USA's ongoing businesses and
capital/risk-management strategies needed to support the U.S. operations'
ongoing business and related managed run-off.


ROYAL & SUNALLIANCE: Financial Strength Rating Lowered to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its long-term
counterparty credit and insurer financial strength ratings on various
entities of U.K.-based Royal & Sun Alliance Insurance Group PLC (R&SA).

At the same time, Standard & Poor's lowered to 'BB+' from 'BBB-' its
long-term counterparty credit and insurer financial strength ratings on the
operating entities of the Royal & SunAlliance USA group (RSA USA).

All ratings were removed from CreditWatch, where they had been placed on
Sept. 5, 2003.  The outlook on all entities is negative.  (Standard & Poor's
New York office will issue a separate media release later today with further
details about the downgrade of RSA USA's operations.)

The affirmation of the ratings on R&SA's U.K. operations and on
Sweden-based Trygg-Hansa Forsakrings AB, Publikt. follows a review of the
impact that the recent announcement of a rights issue, U.S. rationalization,
and reserve strengthening will have on the group's financial strength.

"The prospective capital position of R&SA remains in line with Standard &
Poor's expectations, as the proceeds of the rights issue enable an increase
in reserve strength and a restructuring of the U.S. operations, which have
historically been regarded as a weakness in the rating profile," said
Standard & Poor's credit analyst Ashley Gill.

"A robust performance in the first half of 2003 confirms that R&SA remains
on track to achieve Standard & Poor's earnings expectations," added Mr.
Gill.  Prospective earnings are enhanced by an increase in targeted expense
savings and a reduction in the proportion of business that R&SA will cede to
Munich Reinsurance Co. (A+/Stable/--) as part of its quota-share agreement.

The ratings reflect R&SA's strong business position, adequate
capitalization, poor but improving operating performance, and restricted
financial flexibility (defined as the ability to source capital relative to
requirements).

"The negative outlook reflects Standard & Poor's concerns that execution
risk in the group restructuring may hinder prospective group operating
performance and capital formation," said Mr. Gill.

Standard & Poor's expects the combination of increases in premium rates,
risk reduction, and group restructuring to translate into a reported
combined ratio for R&SA of less than 102%, with an ROR of more than 5%.

The group is expected to retain more than GBP200 million ($317.8 million) of
earnings in 2003.

Standard & Poor's also expects R&SA's capital adequacy to be restored to and
remain in the 'A' range (according to Standard & Poor's risk-based capital
model) from 2004.  The announced reserve strengthening increases confidence
in relation to reserve adequacy, but Standard & Poor's will continue to
monitor reserve development closely.


SMF TECHNOLOGIES: Announces Board Changes, Share Offering
---------------------------------------------------------
The Board of SMF Technologies plc announce the Placing of 20,500,000 new
ordinary shares of EUR0.01 each at EUR0.01 to raise EUR205,000.  This
Placing has been effected for the company to provide it with additional
working capital so that it can more easily find opportunities for
acquisition so as to ensure the continuity of the company.

The Board is considering a further placing to increase the cash available to
the company and to increase its attraction as a shell for the acquisition of
trading businesses.

The Placing is subject to admission to AIM, which is expected to take place
on September 19, 2003.

Following the Placing, the following have interests in excess of 3% in the
issued share capital of the company.

Name                             Number                        %

Savoy Asset Management Limited   5,200,000                  19.0%
Richard Armstrong                3,500,000                  12.8%
Peter Redmond                    1,400,000                   5.1%
Foliacura Limited                1,400,000                   5.1%
R de Mendonca                    1,000,000                   3.7%


The Board of the company also announces the following changes to the Board
of Directors.  Mr. Richard Armstrong, Mr. Peter Redmond and Mr Andrew Clarke
have been appointed as Directors of the company with immediate effect.  Mr.
William Henebry, Mr. Jim O'Donovan and Mr Martin O'Donoghue have tendered
their resignation as Directors.  Those of Mr Henebry and Mr O'Donoghue will
take effect upon the admission to AIM of the Placing Shares and that of Mr
O'Donovan is with immediate effect.

Mr. Richard Armstrong has been appointed Chairman of the Board.

Mr. Richard James Armstrong (aged 55) is or has during the previous five
years been a Director of these companies:

Current Directorships                   Previous Directorships
Future Internet Technologies PLC     Briar Abbey Services Limited
Holroyd Consultants Limited                 World Sport Group PLC
Merchant House Group plc
Mobile Future PLC
Zoa Corporation PLC

Mr. Peter Redmond (aged 54) is or has during the previous five years been a
Director of these companies:

Current Directorships            Previous Directorships
BWA Group PLC              Catalyst Corporate Consultants Limited
Future Internet Technologies PLC        Falcon Park Limited
Merchant Capital PLC
Merchant House Group plc
Stratus Holding PLC

Stratus Holding PLC is currently the subject of a company voluntary
arrangement.

Mr. Andrew Paul Clarke (aged 55) is or has during the previous five years
been a Director of these companies:

Current Directorships                     Previous Directorships
Adenbell Limited                     Capita BC Registrars Limited
Alvergold Limited                               Corinberg Limited
Bastow Charleton Nominees Ltd.   Creative Financial Staffing Ltd.
Bramscombe Limited                            Garvanbrook Limited
Creative Financial Staffing           Garwood Investments Limited
(Ireland) Limited
Dalevine Limited                              Gertonabbey Limited
Fenbrook Holdings Limited            Lehmex International Limited
Fenbrook Nominees Limited                      Stonecraig Limited
Gillmanton Limited                             Versonwood Limited
Gorteen Meats Limited
Grattenlane Limited
Horwath Bastow Charleton
ISH Sales & Distribution Limited
Consultants Limited  I.D. Technology Limited
Radora Contracting Limited
Radora Developments Limited
The Factory Limited
The Institute of European Affairs
Tivergreen Limited

Mr. Clarke is a partner of Horwath Bastow Charleton, Chartered Accountants.

There is no further information to be disclosed pursuant to paragraph (f) of
Schedule 2 of the AIM Rules.

The Board, other than Mr. Peter Redmond and Mr. Richard Armstrong, who
consulted with the Company's nominated advisor, considers that the
participation of Mr. Peter Redmond and Mr. Richard Armstrong in the Placing
is fair and reasonable insofar as the shareholders are concerned.

The Registered Office of the Company will be changed to 40 Lower Baggot
Street, Dublin 2 upon the admission to AIM of the Placing Shares.

                     *****

In May, the company said its proposed acquisition was not going ahead, and
that trading conditions for the company have continued to be very difficult.
It also said that its major shareholder indicated he could not continue to
underwrite the company's operations into the future.  As a result, the board
is considering disposing its trading businesses to prevent the company from
becoming insolvent.


SSL INTERNATIONAL: Board Terminates Sell-off Negotiations
---------------------------------------------------------
In July, SSL announced that it was in preliminary discussions that may or
may not lead to an offer for the Group.  These discussions have not resulted
in a proposal being made to the Board of SSL and accordingly the Board has
terminated discussions.

SSL is continuing to pursue its stated strategy with vigor.  It is
continuing to build on the brands that make up its consumer business and
grow their sales, develop new products and cut costs to meet and beat
industry benchmarks.  This strategy is already proving to be successful.
Trading in the first five months of the current year has been in line with
earlier expectations and remains on course to achieve targets for the full
year.

The Group's disposal program continues to advance well.  Further
announcements are expected in due course.

Commenting, Chairman Ian Martin said, "In the absence of any formal proposal
to the Board we have terminated discussions.  To prolong uncertainty any
further is not in shareholders' interests.

During this period of discussions we have continued to build the business,
including developing and launching successful new products.  I am pleased
our medical disposal program is proceeding on course and will enable us to
focus single-mindedly on exploiting the promise of our consumer business."

CONTACT:  SSL INTERNATIONAL PLC
          Phone: 020 7367 7560
          Garry Watts, Group Finance Director

          The Maitland Consultancy
          Phone: 020 7379 5151
          William Clutterbuck/Brian Hudspith


                            *********


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

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