/raid1/www/Hosts/bankrupt/TCREUR_Public/031120.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

          Thursday, November 20, 2003, Vol. 4, No. 230


                            Headlines

F I N L A N D

FINNAIR OYJ: Expects Red Annual Figures Despite Strong 3rd Qtr


F R A N C E

ALSTOM SA: Shareholders Approve EUR3.2 Bln Refinancing Package
ALSTOM SA: Divests Italian Power Unit for Undisclosed Amount
VIVENDI UNIVERSAL: GE Seeks E.U. Approval on VUE Purchase


G E R M A N Y

COMMERZBANK AG: Stakeholder Offered Premium Price for Shares
DEUTSCHE NICKEL: Fitch Affirms 'BB-/B' Ratings; Outlook Stable
MG TECHNOLOGIES: Board Member Hornung to Step Down Next Year
MUNICH RE: Reduces Shareholdings in Allianz by 2%


I T A L Y

FIAT SPA: Panda Model Adjudged Europe's 'Car of the Year'
PARMALAT FINANZIARIA: Chief Financial Officer Quits


L U X E M B O U R G

SBS BROADCASTING: S&P Puts Rating on CreditWatch Positive


N E T H E R L A N D S

IMPRESS HOLDINGS: Ratings Affirmed; Outlook Changed to Negative


P O L A N D

TVN SP. Z O.O.: EUR235 Million Bond Rated 'B-'; Outlook Stable


R U S S I A

SISTEMA: Fitch Affirms 'B' Currency Ratings; Outlook Stable


S W I T Z E R L A N D

ABB LTD.: Unfazed by Delay in U.S. Asbestos Settlement
AVIONE TRAVEL: Closure Holds up Clients in Dominican Republic


U N I T E D   K I N G D O M

ANDROMEDA OXFORD: Business and Assets Up for Sale
AUSTIN REED: Receives Full Payment for Thompson Holdings
BRAKE BROS: Fitch Affirms 'B-' Rating on Senior Notes
BRITISH AIRWAYS: Told to Raise Contribution to Pension Schemes
BRITISH AIRWAYS: Ratings Unchanged by Higher Pension Deficit

DRAX HOLDING: Court Directs Holding of Scheme Creditors Meeting
GOVETT STRATEGIC: Directors Move for Voluntary Liquidation
GOVETT STRATEGIC: Details Benefits of Fidelity Deal
GOVETT STRATEGIC: Appoints Gartmore Manager of Money Market Fund
GOVETT STRATEGIC: To Pay Second Interim, Special Dividend

GOVETT STRATEGIC: Plans to Invest in U.K. Gilt-edged Securities
GOVETT STRATEGIC: Schedules First EGM December 10
J.G. NAYLOR: Joint Administrators Auction Business, Assets
IMCO PLASTICS: Avalon Buys Firm Out of Administration
LEEDS UNITED: Names Deloitte's Robin Binks Restructuring Advisor
TATRA PLASTICS: Assets and Business Up for Sale


                            *********


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


FINNAIR OYJ: Expects Red Annual Figures Despite Strong 3rd Qtr
--------------------------------------------------------------
Finnair's result excluding capital gains improved to EUR5.3 million in the
third quarter from last year's EUR1.9 million loss.  Turnover fell by 4.8%
to EUR385.2 million.  Despite the growth in demand, the result for the whole
year is expected to be clearly in the red.  Unit revenues on flight
operations declined by 6.8% and unit costs by 10.8%.

"In the third quarter we were able to inch the result into the black, even
though turnover was trailing in the red," says Finnair President and CEO
Keijo Suila.

The second-quarter collapse in demand and load factors stabilized during the
late summer and the gradual recovery has continued during the third quarter.
Better success than expected was achieved in selling Finnair's increased
Asian capacity.

"Both the existing traffic figures for the first autumn months as well as
the pre-bookings indicate that demand for Finnair is clearly on the rise.
The popularity of our new pricing structure launched in September shows that
we have successfully answered market demand.  I am particularly pleased that
demand for our Asian routes continues to grow strongly," Suila says.

The result before taxes was EUR6.8 million when last year it was EUR18.8
million.  The result includes EUR2.1 million worth of capital gains.  Last
year capital gains for the same period were tenfold, hence an improvement in
the operational result.

The Group's operating costs fell by 7.1%.  The Group's EUR160 million
cost-cutting program is going ahead on schedule.  The weaker U.S. dollar
also contributed to the decline in operating costs.  The Group has clearly
more dollar-denominated costs than revenues.

"We are very aware that price levels in air traffic are still plunging.  Our
challenge in the future continues to be the determined lowering of unit
costs.  The development of operating structures and following through with
our efficiency program are more important internal priorities than ever.
The result for the whole year will be dismal, but the measures we have taken
set the premise for a clear improvement in the result for 2004," President
and CEO Keijo Suila said.

The Swedish airline Nordic Airlink, of which Finnair will acquire 85%, has
been expanding its operations in Scandinavia over the course of the autumn.
The company has made important launches on the Stockholm-Oslo and
Stockholm-Copenhagen routes.  In Sweden, the airline operates between
Stockholm and Lulea.

CONTACT:  FINNAIR PLC
          Petri Pentti, CFO and SVP
          Phone: +358 9 818 4950
          Christer Haglund, VP Corporate Communications
          Phone: +358 9 818 4007


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


ALSTOM SA: Shareholders Approve EUR3.2 Bln Refinancing Package
--------------------------------------------------------------
Shareholders at Alstom's Ordinary and Extraordinary Meeting held Tuesday in
Paris voted in favor of resolutions that will allow the Group to implement
totally the refinancing agreement announced on September 22, 2003.

The approval of the resolutions will allow Alstom to proceed with the
planned EUR300 million capital increase and EUR900 million issue of Bonds
Mandatorily Reimbursable with Shares designed to strengthen the Group's
equity and to rapidly conclude all other aspects of the EUR3.2 billion
refinancing package earlier announced.

Summary voting results:

(a) The third and fourth resolutions relative to the capital
    increase at an issue price of EUR1.25 per share were
    approved by 98.2% and 98% respectively.

(b) The fifth resolution relative to the issue of Bonds
    Mandatorily Reimbursable with Shares at an issue price of
    EUR1.40 was approved by 99.5%,

(c) The second and sixth resolutions relative to the issue to
    the French State of EUR200 million of subordinated bonds and
    EUR300 million (reimbursable into shares upon the express
    approval of the European Commission) subordinated bonds were
    also approved by 94.6% and 99% respectively.

The shareholders also approved the first resolution relative to the
four-year appointment of a new director, James William Leng, Chairman of
Corus, in replacement of Sir William Purves who resigned after the Annual
General Meeting on July 2, 2003.

Patrick Kron, Chairman & CEO, commented: "I thank our shareholders for the
confidence they have shown today by voting in favor of the refinancing
agreement.  The measures it comprises, in addition to the restructuring and
operational performance programs already well underway, give the Group a
sound base from which to strengthen customer confidence and deliver a marked
turnaround in financial performance.

"On behalf of the Board of Directors, I would also like to welcome James
Leng to the Board; he brings valuable experience and expertise and we all
look forward to working with him."

CONTACT:  ALSTOM SA
          Investor relations
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: Investor.relations@chq.alstom.com

          M Communications
          L. Tingstrom
          Phone: + 44 789 906 6995


ALSTOM SA: Divests Italian Power Unit for Undisclosed Amount
------------------------------------------------------------
French engineering group Alstom agreed on Monday to sell part of its Italian
power division to Falck group and Busi Impianti for an undisclosed sum.
Falck, an Italian steel group, said its acquisition of Alstom Power Italia's
plant division would help it create renewable energy power plants for its
own wind power unit and that of Actelios S.p.A, a company it controls that
produces energy from waste and biomass.

Debt-laden Alstom, meanwhile, said it would remain present in the Italian
energy market by selling turbines and other components.  Alstom had debt of
EUR5 billion and other liabilities of about EUR17 billion at the end of
March.  It was rescued with financing of EUR3.2 billion from the French
state and banks after E.U. competition authorities blocked an earlier rescue
under which the state would have acquired a holding of 31.5%.


VIVENDI UNIVERSAL: GE Seeks E.U. Approval on VUE Purchase
---------------------------------------------------------
General Electric Co. has signaled Brussels regarding the plan of its NBC
Unit to purchase Vivendi Universal's entertainment assets, people close to
the process told Dow Jones.

Accordingly, the American firm sent a draft request to be given clearance
for the sale ahead formal submission, as encouraged by Competition
Commission.  The practice enables the regulator to have its review of the
formal proposal for only four to five weeks, after which it either gives
approval or open an intensive probe.

NBC's plan to acquire the assets met criticisms from Consumer watchdogs in
the U.S., where the Federal Trade Commission is set to review the deal.
They said the combination would erode competition for making TV programs and
distributing digital content.  Europe is less concerned as the parties share
only "a few areas of made-for-TV programs," according to one source close to
the case.

A lawyer who advises financial and arbitrage clients expects European Union
regulators to clear the deal without requiring further investigations or
major sell-offs, the report said.


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


COMMERZBANK AG: Stakeholder Offered Premium Price for Shares
------------------------------------------------------------
Commerzbank, Germany's second-largest listed bank, was rumored close to
being taken over after one of its key shareholders received an offer for its
stake, according to the Financial Times.

WCM Chief Executive Roland Flach told the Financial Times the investment
group received an offer that is "worth a little more than [the] average
price of entry" for its 4.9% stake.  That equates to at least EUR19 per
share, compared with a current Commerzbank share price of EUR15, according
to the report.

The unidentified party believed to be from the U.S. is speculated to be
interested in a combined holding of between 10 and 20% held by a number of
parties including Klaus Peter Schneidewind and Clemens Vedder, formerly
connected with the investment vehicle that forced Commerzbank to merge with
a foreign bank three years ago.

Such sizeable amount of shareholding could give the holder more control of
the bank than Munich Re and Generali.  At such, analysts believe the closest
explanation to the premium offer to WCM is a plan for a hostile takeover of
the bank, according to the report.

The offer came a week after Commerzbank indicated it is grooming itself for
a possible tie-up with companies from its home base or outside.

Chief Executive Klaus-Peter Muller, who is thought critical to the idea of a
takeover by a foreign bank, dismissed the suggestion that WCM had influence
over up to 20% of the shares.  He also thinks it unlikely that WCM would
find a buyer willing to pay the price it is asking, according to the report.


DEUTSCHE NICKEL: Fitch Affirms 'BB-/B' Ratings; Outlook Stable
--------------------------------------------------------------
Fitch Ratings affirmed Deutsche Nickel Technology Group's Senior Unsecured
rating at 'BB-' and the Short-term rating at 'B'.  A Stable Outlook is now
in place.  At the same time, the ratings were removed from Rating Watch
Negative, following the group meeting its banking covenants.

Fitch has now withdrawn the ratings upon the company's request.

The rating action reflects the improvement in Deutsche Nickel Technology's
financial performance, compared with FY01, following the start of an
operational review.  As a result the company's auditors verified that
Deutsche Nickel Technology has met its covenants as per YE02.  In FY02,
leverage decreased to 2.1x (3.6x at FYE01), while net interest cover was
5.0x (2.8x at FYE01).

Following improved cash generation YE02 gross debt fell to EUR155 million
from EUR207.7 million at FYE01.  Banking facilities were cut by almost half,
in line with a policy to streamline this funding source.  Cash on the
balance sheet totaled EUR26.5 million at FYE02.  Although creditor
protection measures exceed the current rating level, the agency remains
concerned about transparency issues.

The Stable Outlook reflects the progress made in improving the internal
business structure through better co-ordination between business units and
reducing costs.  This will enable Deutsche Nickel Technology to address the
challenges ahead, mainly related to securing a stable flow of orders via
various projects and sustaining the financial performance achieved in FY02.
Fitch acknowledges that a sustainable financial performance would justify a
rating upgrade, provided that DNT remained focused on its adopted business
model and continued to benefit from structural reorganization, which led to
a 19% reduction of operating costs in FY02.


MG TECHNOLOGIES: Board Member Hornung to Step Down Next Year
------------------------------------------------------------
Karlheinz Hornung (52), mg's finance and personnel director, is to leave the
company for personal reasons in the first few months of next year.

Hornung joined Kolbenschmidt AG, Neckarsulm -- a subsidiary of what used to
be Metallgesellschaft AG -- in 1977.  Since 1998 he has been a member of the
Executive Board of mg technologies ag, where he was initially in charge of
Controlling and IT; he is currently responsible for Finance and Human
Resources.

"We regret this decision by Karlheinz Hornung and would like to thank him
for his willingness to assist mg with its restructuring until the first few
months of next year," said Dr. Jurgen Heraeus, the chairman of mg's
Supervisory Board.

                              *****

Mg technologies, leading global technology group announced a major corporate
repositioning prompted by a full strategic review initiated in June.  The
strategy includes focusing on engineering, divesting its chemicals
businesses, and putting in place cost-cutting measures.  The company also
warned it will have to post pre-tax loss of approximately EUR150-170 million
for the current fiscal year.


MUNICH RE: Reduces Shareholdings in Allianz by 2%
-------------------------------------------------
Munich Re sold a 2% stake worth EUR677 million ($805 million) in Allianz AG,
a spokeswoman for Deutsche Bank in London said, according to Bloomberg.

The world's biggest reinsurer is trimming down holdings in German
financial-services companies after reporting five straight quarterly losses.
Munich Re also effectively reduced its stake in Commerzbank last week from
10.4% to 9.5% by refusing to participate in Germany's third-largest bank's
capital increase.

"The intention on Munich Re's part is to reduce the company's exposure to
the German banking industry," said Irmgard Wallner, a spokeswoman for Munich
Re.

The sale came about a month after they terminated an accord regulating their
cross-shareholdings for more than 80 years.  The insurers are reducing
exposures to each other after posting huge writedowns on investments last
year.  After the sale, Munich Re's holdings in Allianz will be down to
12.2%.  Allianz, Europe's biggest insurer by premiums, holds about 12.5% of
Munich Re.  They previously hold 25% of each other.

"Munich Re is serious about cutting cluster risks," or the excessive
concentration of equity investments in certain industries, said Karsten
Keil, an analyst at Helaba Trust.


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


FIAT SPA: Panda Model Adjudged Europe's 'Car of the Year'
---------------------------------------------------------
The Fiat Panda has been elected "Car of the Year 2004" and I would, first of
all, like to thank the jury, made up of 58 automotive journalists from 22
European countries, for having assigned the most important prize in the
automobile world to our new model.

The prize won by the Panda is particularly important for us.  On the one
hand, it is a proof that Fiat is capable of designing and manufacturing
beautiful and innovative cars; on the other hand, it rewards the hard work
that the company is carrying out to strengthen and relaunch all of its
operations.

The appreciation received from the press and the enthusiastic response shown
by the public not only for the Panda but for all the cars presented in these
recent months are a confirmation for us that the albeit difficult long road
to recovery we have taken is the right one.

The Plan launched in June and the increased pace at which new models are
being introduced are starting to produce the first benefits, both on the
Company's bottom line as well as on Fiat Auto's market positioning.

All the people at Fiat deserve the credit for these achievements and I wish
to thank them because they kept on working with intelligence and
determination throughout this challenging period.  This most prestigious
prize being awarded to the Panda is a reward that the outside world has
recognized in them their professional and technological skills.  It is a
stimulus that shows we can and will do better.

By Giuseppe Morchio
Chief Executive
Fiat S.p.A.

                              *****

The head of Fiat's German unit, Klaus Fricke, hopes to increase the
carmaker's market share in Germany next year with its new Fiat Panda and
Lancia Ypsilon models, TCR-Europe said last month, citing Die Welt.  Mr.
Fricke wants to increase this year's projected EUR1.9 billion sales to at
least EUR2 billion in 2004, by selling between 139,000 and 140,000 cars, up
from this year's target of 130,900.  Fiat launched the Lancia Ypsilon on
October.

Fiat Auto lost EUR1.9 billion (US$2.2 billion) in two years as its market
share for Fiat, Alfa Romeo and Lancia cars dwindled. Fiat Auto shares have
fallen almost 17% this year after plunging 56% last year.  Fiat, the parent
company posted a loss of EUR3.9 billion last year, and its share of the
European car market has dropped by nearly half since 1990 to 7.6%.  Even in
Italy, Fiat's market share has declined to 27.2% from more than twice that
in 1990.


PARMALAT FINANZIARIA: Chief Financial Officer Quits
---------------------------------------------------
Parmalat Finanziaria's chief financial officer resigned after spending only
eight months on the job, the company said, according to Reuters.

Alberto Ferraris, who was appointed finance chief in March, was leaving in
"common accord" with the troubled Italian financial group, the report said.
Consequent to his resignation, Luciano Del Soldato, the company's head of
auditing and administration, will now concurrently act as head of finance.

Parmalat, which has total debt of EUR6.04 billion at the end of September,
is intent on going ahead with its plan to cut debt by the end of 2003 using
EUR1 billion in cash.  The company had third-quarter earnings before
interest, tax, depreciation and amortization of EUR237.6 million, up from
EUR220.2 million a year earlier; and operating profit of EUR169 million, up
by EUR12 million from last year's results.


===================
L U X E M B O U R G
===================


SBS BROADCASTING: S&P Puts Rating on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Luxembourg-based broadcaster
SBS Broadcasting S.A. on CreditWatch with positive implications, in response
to the group's improving financial profile and pending sale of its 30% stake
in Polish broadcaster TVN Sp. z o. o. (B/Stable/--) for EUR131.5 million
($155.5 million).

"SBS' performance has been strong over the past year and the proceeds from
the sale of the group's stake in TVN are expected to be used to repay debt,
thereby further improving the group's financial profile," said Standard &
Poor's credit analyst Olli Rouhiainen.  "The expected potential uplift for
the ratings on SBS is between one and two notches."

The sale of SBS' stake in TVN to International Trading and Investments SA is
expected to close by Dec. 31, 2003 at the latest.  TVN has launched a bond,
which will provide the funding for International Trading and Investments to
purchase SBS' stake.  At September 30, 2003, SBS had total debt of EUR197
million.

Standard & Poor's will meet with the management of SBS in the coming weeks
to discuss the group's strategy and to seek confirmation of its financial
policy.  The CreditWatch placement is expected to be resolved after the
financial closure of the sale of SBS' stake in TVN.


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


IMPRESS HOLDINGS: Ratings Affirmed; Outlook Changed to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Netherlands-based metal packaging company, Impress Holdings B.V., to
negative from stable, following expectations that the group's cash flow
generation for the full year to December 31, 2003 will be lower than
previously expected.

At the same time, Standard & Poor's affirmed all its ratings on Impress,
including its 'B' long-term corporate credit rating.

"Impress' lower cash flow generation for the full-year 2003 will make it
challenging for the group to meet its recently revised covenant schedule in
the coming quarters and steep debt amortization schedule in 2004," said
Standard & Poor's credit analyst Vanessa Brathwaite.

At September 30, 2003, Impress had net debt of EUR646 million including a
shareholder loan, preference shares, and unfunded pension and postretirement
liabilities.  The group's credit protection measures were weak for the
ratings.  Results for the six months April to September 2003 were below
Standard & Poor's expectations as they were adversely affected by foreign
exchange effects and lower demand in the group's seafood and decorative
coatings businesses.  In addition, financial charges arising as a result of
the recent bond issue and refinancing further reduced cash flow for the nine
months to September 30, 2003.

Impress' results are likely to continue to be affected by the difficult
operational environment and adverse foreign-exchange effects, although the
latter should be countered at year end as the group has already entered into
more balanced hedging agreements for 2004.  In addition, the full effect of
the droughts in several parts of Europe in the first half of
2003 on this year's harvests has resulted in a reduced demand for the
group's cans.

"In this difficult environment Impress will be challenged to generate
sufficient EBITDA and free cash flow to remain within the financial covenant
package on the group's senior facilities and to meet the EUR60 million of
debt amortization in 2004," added Ms. Brathwaite.


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P O L A N D
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TVN SP. Z O.O.: EUR235 Million Bond Rated 'B-'; Outlook Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term corporate
credit rating to Polish broadcasting group TVN Sp. z o.o.  The outlook is
stable.

At the same time, Standard & Poor's assigned its 'B-' senior unsecured debt
rating to the proposed EUR235 million bond to be issued by TVN Finance PLC
and guaranteed by TVN.

"The ratings on TVN are constrained by the financial profile of its parent
International Trading and Investments Holdings SA Luxembourg," said Standard
& Poor's credit analyst Olli Rouhiainen.  "In addition, the ratings reflect
TVN's exposure to cyclical advertisement revenues within a single country
and its very aggressive financial profile.  These factors are partly
mitigated, however, by the company's co-leading position in the Polish TV
advertising market and degree of programming cost control through in-house
produced content," he added.

TVN had revenues of about PLZ556 million (US$140 million) and EBITDA of
about PLZ139 million in financial 2002.  Total debt after the bond issue
will be EUR235 million.

The proceeds from the bond issue will be used to repay existing debt, to
provide a EUR130 million loan to International Trading and Investments, and
to purchase the 24-hour subscription news channel 'TVN24' from International
Trading and Investments for EUR35 million.  The purpose of the International
Trading and Investments loan is to help the company to purchase a 30% stake
in TVN from SBS Broadcasting SA (B+/Watch Pos/--).  As the International
Trading and Investments loan will not pay cash interest TVN will incur
additional debt, with only a small increase in its earnings potential from
TVN24.

After completion of the bond, TVN will be aggressively leveraged leaving the
company vulnerable if the Polish TV advertising market should weaken.

Nevertheless, currently TVN has a strong position in the Polish TV market,
adequate cash generation, and a sufficient liquidity position.

"The ratings do not incorporate any significant cash outflow from TVN to its
parent International Trading and Investments, which, if this were to happen,
could lead to a rating revision," said Mr. Rouhiainen.  "Furthermore, the
ratings on TVN are constrained by International Trading and Investments'
financial profile, which will remain highly leveraged after the bond issue.
International Trading and Investments must therefore improve its
consolidated financial ratios; in particular lease-adjusted total debt to
EBITDA must decrease to 7x from about 10x by 2005."


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


SISTEMA: Fitch Affirms 'B' Currency Ratings; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed its 'B' international foreign currency and local
currency senior unsecured ratings for Sistema.  The Outlook on these ratings
is Stable.

The Sistema rating takes into account the acquisition of majority control of
the MTS mobile business during 2003.  Whilst consolidation of MTS has
resulted in a substantial uplift in the reported consolidated financial
performance of the group the Fitch rating already reflected the substantial
value of the former minority holding.  In 2002 the Sistema group's
businesses performed well, achieving a good improvement in consolidated
revenue and operating cash flow generation.

This trend has continued into 2003.  Nevertheless the group has maintained a
significant level of investment activity and this is expected to continue,
with company and group debt and leverage levels likely to rise in 2003, even
after adjusting for the MTS consolidation.  Going forward whilst Sistema is
expected to sell non-core assets, Fitch believes that the group remains open
to major new strategic initiatives.  The Sistema rating continues to reflect
structural subordination at the holding company level.

As a non-trading holding company, Sistema is largely reliant on the receipt
of dividends and management fees, as well as the proceeds of asset sales, to
cover is administrative, debt service and tax expenses.  In the case of
Sistema, Fitch expects dividends from MTS to be the company's major source
of cash flow over the coming years.  Whilst MTS is profitable and able to
pay dividends, the mobile business will continue to invest substantially and
will possibly not be able to reduce its own borrowings substantially over
the next years.  During 2003 the company and MTS have demonstrated their
ability to access the debt markets to extend their maturity profiles and so
improve liquidity.  In order to support further strategic initiatives Fitch
believes that Sistema and its subsidiaries are likely need additional equity
capital. Currently JSFC Sistema has interests in over 200 enterprises in
different sectors of the economy, including telecommunications (MTS, MGTS,
MTU-Inform, Telmos, and a number of other leading telecommunications
companies), technology (Concern Scientific Centre), insurance (ROSNO), real
estate and construction (SISTEMA-HALS), oil and oil products (Nedra), retail
(Detsky Mir), finance and securities (MBRD), mass media (newspapers Rossia,
Smena, Metro, Literaturnaya Gazeta), travel services (VAO
Intourist),pharmaceuticals (Medical Technological Holding, or MTH).


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


ABB LTD.: Unfazed by Delay in U.S. Asbestos Settlement
------------------------------------------------------
ABB Ltd. remains confident of reaching a settlement over its asbestos
liabilities despite the unexpectedly postponed of a U.S. appeals court
hearing Monday.  The session, which was set for December 16, was moved to
January 12, the Financial Times said.

"The change in schedule is of no significance for the outcome of the
hearing," ABB said.  The Swiss-Swedish engineering group attributed the
delay, which came three days before ABB's meeting to approve the rights
issue, to internal court scheduling difficulties.

An analyst also supported the company's confidence about its restructuring
deal, saying: "Most investors are relaxed about asbestos and assume the
court will rule in the company's favor."

"There is no change in our position that we are confident that our plan will
be confirmed," the company said.

ABB Ltd. last month put in place a US$4.2 billion program to strengthen its
financial standing.  It is currently on the process of selling its upstream
oil, gas and petrochemical activities.  The deal is contingent upon
clarification of the company's involvement in apparently illegal payments in
West Africa.


AVIONE TRAVEL: Closure Holds up Clients in Dominican Republic
-------------------------------------------------------------
The closure of Swiss company Avione Travel left many French travelers
stranded in the Dominican Republic last week, French officials said,
according to Dow Jones.

More than 100 tourists, who bought all-included weeklong vacation packages,
were unable to leave their hotel rooms because the travel agency failed to
pay for their accommodations.  Jean Claude Moyret, French ambassador in the
capital of Santo Domingo said 183 people were stuck in Puerto Plata on
Sunday, while 100 others were stranded in other cities across the country.
The problem in Puerto Plata was solved only after the Tourism Ministry and
the Dominican Association of Hotels and Restaurants intervened, he said.
But some 100 French tourists are still unable to leave the country.

Avione was not immediately available for comment, according to the report.


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


ANDROMEDA OXFORD: Business and Assets Up for Sale
-------------------------------------------------
The Joint Administrators Simon Thomas and Stanley Burkett-Coltman of Tenon
Recovery, offers for sale book packager Andromeda Oxford Limited.

Andromeda had worked on high quality illustrated reference books.  It has
major international customers, backlist of over 250 titles producing high
margin income from royalties and reprints, and turnover for year ended March
31, 2003 of GBP2.7 million.

CONTACT:  Stan Coltman
          Tenon Recovery
          Phone: 020 7935 5566
          E-mail: stan.coltman@tenongroup.com
          Homepage: http://www.tenonroup.com


AUSTIN REED: Receives Full Payment for Thompson Holdings
--------------------------------------------------------
On September 11, 2000 Austin Reed Group PLC announced the sale to Thompson
Holdings (London) Limited of the Chester Barrie business together with the
shares in its subsidiaries Chester Barrie and Chester Barrie (U.S.) Limited
(the Business).  Under the terms of the sale agreement in addition to the
proceeds from the disposal, which were received on completion in October
2000, the Group was also entitled to additional deferred consideration.
This deferred consideration was conditional upon Thompson Holdings (London)
Limited disposing of the property at Crewe where the Business was based.

Since October 2000 the ownership of the Business had changed and the
manufacturing facilities have been relocated to a nearby site in Crewe.
Earlier this year the property to which the deferred consideration related
received detailed planning consent for use as a retail warehouse and on
November 14, 2003 the sale of the property was completed.

As a result of these developments the Group received GBP1.3 million on
November 17, 2003 in full payment of the deferred consideration.  This
amount will be used to reduce Group borrowings and will be shown as an
exceptional gain in the Group's accounts for the year to January 2004.

                              *****

Austin Reed has enjoyed popularity among 20th century celebrities until
business began to slow down, leading to full-year pre-tax profits that were
down from GB8.95 million to a lowly GBP7.52 million in line with forecasts.
Shareholders were anxious even more to find a buyer for the retailer after
Austin Reed admitted that sales in the 16 weeks from the end of January had
plunged 9%.

CONTACT:  AUSTIN REED
          Roger Jennings, Group Chief Executive
          Phone: 020 7534 7703
          Geoff Gibson, Group Finance Director
          Home Page: http://www.austinreedgroup.co.uk

          GAVIN ANDERSON & COMPANY
          Deborah Walter/Charlotte Stone
          Phone: 020 7554 1400


BRAKE BROS: Fitch Affirms 'B-' Rating on Senior Notes
-----------------------------------------------------
Fitch Ratings affirmed the 'B-' rating for Brake Bros Finance plc's GBP105
million 12.0% Senior Notes due 2011 and the EUR105 million 11.5% Senior
Notes due 2011 (together the Notes) following the release of Q3 2003
results.  The rating Outlook remains stable.

At the same time the agency affirmed Brake Bros Acquisition plc's Senior
Unsecured rating at 'B' and its Senior Secured rating at 'BB-'.  The
Short-term rating is 'B'.  Brake Bros Acquisition plc is a subsidiary of
Brake Bros Finance plc.

"With nine months' profitability broadly in line with our expectations and
better than expected cash generation we expect Q4 figures to provide further
indication that the business is making progress in extracting costs
synergies from the integration," said Fitch analyst Stefano Podesta.

Results for the nine months to September 30, 2003 showed total sales of
GBP1,133.9 million and EBITDA before exceptionals of GBP54.2 million,
compared to GBP1,058.2 million and GBP49.6 million respectively in the same
period of 2002.  Stripping out the contribution from Pauleys (GBP45.6
million in sales and GBP1.6 million in EBITDA), acquired in October 2002,
the actual year on year growth in sales and margin is even smaller.

However, tight control of working capital, exceptional reorganization costs
and capital expenditures resulted in positive free cash flow generation of
about GBP16 million in the nine-month period.  The company also revealed
that, due to a number of accounting errors that occurred in Q1 and Q2 2003,
a charge of GBP2.8 million was booked in Q3.  No adjustments were required
to 2002 results.

As highlighted in Fitch's recent Credit Analysis report (October 2003),
accounting issues are one of the risks that characterize the distribution
industry in general.  However, assuming that no further accounting errors
emerge in the next few quarters, a one-off GBP2.8 million charge does not
have a material impact on the credit.

Fitch also notes that a number of senior management changes have occurred at
Brake, with the replacement of the CEO, the COO leaving and not being
replaced and the appointment of the CFO. Although it is unusual to see such
extensive management changes so early in a leveraged transaction, Fitch
understands that Brake Bros Chairman Jim Rogers, a Clayton Dubilier and Rice
principal and a former chairman and director of Alliant Food service from
1998 to 2001, has a very hands-on role in the business and therefore it is
assumed that management changes will be seamless.


BRITISH AIRWAYS: Told to Raise Contribution to Pension Schemes
--------------------------------------------------------------
The latest actuarial valuation, calculated every three years to determine
the funding position of British Airways' two main U.K. pension schemes --
Airways Pension Scheme (APS) and the New Airways Pension Scheme (NAPS) --
has been completed.

The actuary has calculated that the APS surplus (GBP820 million at the last
valuation in March 2000), has fallen to GBP45 million and the NAPS deficit
has risen from GBP221 million at March 2000 to GBP928 million at March 2003.
The government minimum funding requirement (MFR) is covered in both schemes.

The actuary has determined that annual contributions of GBP26 million for
APS are required from November 2003.  For NAPS, contributions will increase
by GBP107 million a year to GBP225 million effective January 2004.

John Rishton, British Airways' Chief Financial Officer, said:  "The deficit
is mainly due to the poor performance of stock markets in the last three
years and changes in life expectancy.

"British Airways remains committed to its existing pension schemes but these
funding increases are a substantial additional burden, particularly in the
current difficult trading environment.  We will be working with our unions
and staff to find a sensible solution."

Both APS and NAPS are final salary schemes and are closed to new members.
The airline introduced the British Airways Retirement Plan (BARP), a defined
contribution pension scheme, in April 2003 for new staff.

APS and NAPS together have combined assets of some GBP9 billion.  British
Airways has had a pension contribution holiday from APS but has contributed
annually to NAPS since it was set up.

November 18, 2003                                             156/KG/2003

                              *****

The actuarial valuation takes into account the company and employee
contributions, member profiles and demographics, likely investment returns
from the pension funds and the stock market performance and then calculates
the funding position.

APS was set up in 1948 and has 35,500 members of whom 3,500 are serving
staff, 26,800 pensioners in payment and 5,200 deferred pensioners.  It
closed in 1984.  British Airways has had a contributions holiday from APS
since 1989.

NAPS was set up in 1984 and has 65,000 members of whom 39,700 are existing
staff, fewer than13,000 are pensioners and about 17,600 deferred pensioners.

British Airways has never had a contributions holiday for NAPS and currently
pays three times as much as each individual into the scheme.  So for every
GBP1 paid in by the employee, British Airways pays GBP3.

The Minimum Funding Requirement (MFR) is a Government measure that
determines the minimum level of contributions needed to fund a pension
scheme.


BRITISH AIRWAYS: Ratings Unchanged by Higher Pension Deficit
------------------------------------------------------------
Standard & Poor's Ratings Services said its ratings on U.K.-based airline
British Airways PLC (BB+/Stable/--) are not affected by the announcement
that the group's annual contributions to its existing pension schemes will
rise in aggregate by GBP133 million ($225 million) to GBP251 million.

The increase is a result of the findings of the group's triennial actuarial
valuation, which recorded a combined deficit of GBP883 million for the
group's two main pension schemes.  In its analysis, Standard & Poor's
already factors the group's pension deficit in to financial leverage, which,
at March 2003, was calculated at GBP1.2 billion (according to the FRS17
accounting rule).  The additional cash contribution required is material,
but should be satisfactorily covered by the group's cash generation.

In the 12 months to Sept. 30, 2003, free operating cash flow was GBP460
million and is expected to remain positive in future, given the group's
reduced capital expenditure requirements.  Although debt maturities are
significant at GBP550 million-GBP650 million each year, the ratings are
supported by the group's strong financial flexibility reflected by cash and
credit lines of GBP2.3 billion, at Sept. 30, 2003.


DRAX HOLDING: Court Directs Holding of Scheme Creditors Meeting
---------------------------------------------------------------
Notice is hereby given that by an order of the High Court of England and
Wales dated November 13, 2003 and an order of the Grand Court of the Cayman
Islands dated November 13, 2003 both made in the matter of Drax Holdings
Limited, the Companies Act 1985 and the Companies Law (2003 Revision), each
Court has directed a meeting of the Scheme Creditors, other than the Hedging
Banks, if thought fit, approving (with or without modification) the scheme
of arrangement proposed to be made between Drax Holdings Limited and its
Scheme Creditors.  The meeting will be held at 10:15 a.m. (London time) on
December 10, 2003 (or as soon as possible thereafter) at The Brewery,
Chiswell Street, London EC1Y 4SD, United Kingdom at which place and time all
those creditors are requested to attend.

Any person entitled to attend the said meeting can obtain copies of the said
scheme of arrangement, forms of proxy and copes if the explanatory statement
which are required to be furnished pursuant to section 426 of the Companies
Act 1985 of England and Wales from the Internet at
http://www.bondcom.com/draxand, also upon request to Alicia Dalton of
Bondholder Communications Group on +1212 809 2663 (in New York), or at 30
Broad Street, 46th Floor, New York, NY 10004, +44(0) 207 236 0788 (in
London) or at 3rd Floor, Prince Rupert House, 64 Queen Street, London EC4R
1AD, or +825 3527 0999 (in Hong Kong) or at Suite 2807, The Center, 99 Queen
's Road Central, Hong Kong.

The following publicly held bonds issued by Drax Holdings will be affected
by the scheme of arrangement:

US$302,400,000 10.41%. Guaranteed Senior Secured Bonds due 2020
ISIN: US00 808 AAD37
CUSIP: 00808AADR

GBP200,000,000 9.07% Guaranteed Senior Secured Bonds due 2025
ISIN: XS01 25351394

Scheme Creditors (other than Hedging Banks) may vote in person at the
meeting referred to above or they may appoint another person, whether a
Scheme Creditor or not, as their proxy to attend and vote in their place.

A Senior Bondholder (as such term is defined in the scheme of arrangement)
will be entitled in an Account Holder Letter (as such term is defined in the
scheme of arrangement) to specify a person (who may be the Senior
Bondholder) to attend and speak at the meeting provided that a valid Account
Holder Letter is received by BondCom by 5:000 p.m. (London Time) on December
8, 2003.

It is requested that Forms of Proxy be completed, signed and submitted in
accordance wit the procedures described in the Explanatory Statement, so as
to be received by Capita IRG at The Registry, 34 Beckenham Road, Beckenham,
Kent, BR3 4TU, United Kingdom, for the attention of the Manager, by 5.00
p.m. (London Time) on December 8, 2003 but if Forms of Proxy are not so
submitted they may, if valid, be handed in at the registration desk no later
than one hour prior to the time at which the meeting is scheduled to
commence, and thereafter may be handed to the chairman of the meeting.

By the orders of the Courts have each appointed Gordon Christopher Horsfield
or, failing him, Gerald Langdon Wingrove or failing him, Lord Taylor of
Blackburn, each of Drax Holdings to act as the chairman of the meeting
referred to above and has directed the chairman to report the result of the
meeting to each of the Courts.

The scheme of arrangement will be subject to the subsequent approval of the
English Court and the Cayman Court.

Dated November 17, 2003

CONTACT:  Norton Rose
          Kempson House, Camomile Street
          London EC3A 7AN, United Kingdom
          English Solicitors for Drax Holdings Limited

          Walkers
          PO Box 265 GT, Walker House
          Mary Street
          George Town, Grand Cayman, Cayman Islands
          Cayman Islands Attorneys-at-Law for Drax Holdings


GOVETT STRATEGIC: Directors Move for Voluntary Liquidation
----------------------------------------------------------
The Board of Govett Strategic Trust plc announces that it has posted on
Monday a circular to shareholders convening extraordinary general meetings
to consider proposals for the reconstruction of the Company.

Background to and reasons for the Proposals

The Board was made aware in November 2002 that the senior manager for the
Company's investment portfolio would be leaving Govett Investment
Management.  Subsequent to the departure in May 2003 of this senior manager,
the Board initiated a process to review all the options available in the
light of uncertainty over the Company's management arrangements.  Following
a thorough review of the options available to the Company, the Directors
have determined that, on balance, it would be in the interest of Govett
Strategic Trust Shareholders as a whole to propose a scheme of
reconstruction with the aim of enhancing shareholder value and maintaining
long-term and stable management for the assets of the Company.

The Proposals

The Proposals will comprise a members' voluntary liquidation of the Company,
together with these options for Govett Strategic Trust Shareholders:

(a) Rolling some or all of their investment in the Company over in a
tax-efficient manner into an existing investment trust, Fidelity Special
Values PLC, managed by Fidelity Investments International, which will act as
a successor vehicle to the Company.  Summary details of Fidelity Special
Values and the characteristics of the Fidelity Special Values  Shares are
set out below;

(b) Rolling some or all of their investment in the Company over into
Gartmore Govett Money Market Fund, an authorized unit trust managed by
Gartmore Fund Managers Limited which will act as a successor vehicle to the
Company; and

(c) Realizing some or all of their investment in the Company for cash
immediately.

Govett Strategic Trust Shareholders may elect for a mixture of Fidelity
Special Values Shares and/or Money Market Fund Units and/or cash, as suits
each Govett Strategic Trust Shareholder's personal investment requirements.
The Proposals are subject to approval by Govett Strategic Trust Shareholders
at the First and Second extraordinary general meetings.  The members'
voluntary liquidation of the Company is subject to approval by Govett
Strategic Trust Shareholders at the Second EGM of a resolution to wind up
the Company.

Management

On November 4, 2003, Allied Irish Banks, plc announced its intention to sell
certain of the management contracts of Govett Investment Management to
Gartmore Investment Management plc AIB stated that certain management
contracts would be excluded from the sale and would be managed by AIB's
Irish based asset management company, AIB Investment Managers.  Following
such announcement, Govett Investment Management confirmed to the Directors
that notwithstanding the proposed sale, Govett Investment Management will
continue to manage and conduct the affairs of the Company.

Performance

Over the period since its launch on July 26, 2002 to September 18, 2003
(being the date prior to the announcement of the Proposals) the Company has
achieved a total return of 33.07%.  This compares with a total return over
the same period of 28.74% from the FTSE All-Share Index ex 100 ex Investment
Trusts, which measures the performance of medium and small companies and
which is used by the Company as its benchmark.

Over the period since its launch on July 26, 2002 to November 13, 2003 the
Company has achieved a total return of 30.99%.  This compares with a total
return over the same period of 30.92% from the FTSE All-Share Index ex 100
ex Investment Trusts.

Throughout the life of the Company, the Govett Strategic Trust Shares have
traded at a discount to their Net Asset Value.  Bank borrowings, which at
March 31, 2003 stood at GBP4.2 million, have since been repaid in full.

Elections and Valuation

Restricted Holders will not be provided with a Form of Election and will
receive cash directly from the Company under the Proposals.  For the purpose
of determining the entitlement of Govett Strategic Trust Shareholders to
Fidelity Special Values Shares under the Proposals, a value equal to 99.75%
of the formula asset value of a Govett Strategic Trust Share on the
Calculation Date (FAV) will be used.  The balance equal to 0.25% of FAV
attributable to the entitlement of Govett Strategic Trust Shareholders who
elect for Fidelity Special Values Shares will represent an enhancement for
the benefit of Fidelity Special Values Shareholders.  Fidelity Special
Values Shares will be issued to electing Govett Strategic Trust Shareholders
at a price equal to a premium of 3.25 % to the Fully Diluted Net Asset Value
of Fidelity Special Values on the Calculation Date.  Fidelity will make a
contribution (for the benefit partly of Govett Strategic Trust Shareholders
electing for Fidelity Special Values Shares and partly of Fidelity Special
Values Shareholders) to Fidelity Special Values of an amount equal to 0.75%
of the aggregate value of the assets attributable to those Govett Strategic
Trust Shareholders who elect for Fidelity Special Values Shares under the
Scheme.  To achieve this, Fidelity will reduce its Fidelity Special Values
management fee for the final quarter in 2003 by an equivalent amount.

For the purpose of determining the entitlement of Govett Strategic Trust
Shareholders to Money Market Fund Units or cash under the Proposals, a value
equal to 99.25% of the FAV of a Govett Strategic Trust Share on the
Calculation Date will be used.  Money Market Fund Units will be issued to
electing Govett Strategic Trust Shareholders (or to Govett Strategic Trust
Shareholders who fail to make any election) at their issue price.  The
balance equal to 0.75% of FAV attributable to the entitlement of Govett
Strategic Trust Shareholders who elect or are deemed to elect, for Money
Market Fund Units or cash will represent an enhancement for the benefit
partly of Govett Strategic Trust Shareholders electing for Fidelity Special
Values Shares and partly of Fidelity Special Values Shareholders.

Govett Strategic Trust Shareholders should be aware that the FAV and the Net
Asset Value relating to the various Options for Govett Strategic Trust
Shareholders will be different from the current Net Asset Value because they
will be subject to market movements until the Calculation Date and because
it will be necessary for the Company to incur costs in relation to the
Proposals, including the costs of realizing some of its assets, which are
not included in the illustrations.

After the Liquidators have set aside sufficient assets to meet the Company's
actual and contingent liabilities, cash due to those Govett Strategic Trust
Shareholders who have elected, or are deemed to have elected, to receive
cash, and the expenses of the Scheme, the Liquidators will transfer the
remaining assets of the Company to Fidelity Special Values  and/or to the
Money Market Fund in consideration for the issue of Fidelity Special Values
Shares and Money Market Fund Units, as the case may be, to the Govett
Strategic Trust Shareholders entitled thereto in accordance with their
elections or deemed elections.


GOVETT STRATEGIC: Details Benefits of Fidelity Deal
---------------------------------------------------
Advantages of the Proposals [to Reconstruct the Trust]

The Directors believe that the Proposals are in the best interests of Govett
Strategic Trust Shareholders as a whole because:

(a) They enable Govett Strategic Trust Shareholders who elect for Fidelity
Special Values Shares to maintain their investment exposure to the U.K.
equity market;

(b) They enable Govett Strategic Trust Shareholders to benefit from an
uplift in the market value of their holding which would not otherwise be
likely over the short term;

(c) In the twelve months up to September 18, 2003, Fidelity Special Values
Shares traded at an average premium of 3.29 % to their net asset value,
whereas over the same period Govett Strategic Trust Shares in the Company
traded at an average discount of 15.35 % to their Net Asset Value;

(d) They offer Govett Strategic Trust Shareholders who elect for Fidelity
Special Values  Shares and/or Money Market Fund Units the benefit of
long-term, stable management; and

(e) They offer Govett Strategic Trust Shareholders an opportunity to realize
their investment for cash and/or Money Market Fund Units should they so
wish.

The choice between the various options available under the Proposals will be
a matter for each Govett Strategic Trust Shareholder to decide and will be
influenced by his or her investment objectives and by his or her personal,
financial and tax circumstances.

Govett Strategic Trust Shareholders who are in any doubt as to the contents
of this document or as to the action to be taken should immediately seek
their own personal financial advice from their independent professional
adviser authorized under the Financial Services and Markets Act 2000.

Fidelity Special Values PLC - a successor vehicle

Introduction

Fidelity Special Values PLC is an existing U.K. investment trust. Fidelity
Special Values 's investment objective is to achieve long-term capital
growth from an actively managed portfolio of ''special situation''
investments, consisting primarily of securities listed or traded on the
London Stock Exchange. Fidelity Special Values is managed by Fidelity.
Fidelity Special Values Shares are listed on the London Stock Exchange and
are eligible to be held in both PEPs and ISAs.

As at November 13, 2003, Fidelity Special Values had an issued share capital
of 45,763,949 ordinary shares and 3,039,360 warrants which are convertible
into one ordinary share each, on payment of 100p per warrant on January 1,
2004.  As at November 13, 2003, Fidelity Special Values 's unaudited
shareholders' funds were GBP145.4 million, equivalent to 317.77 pence per
ordinary share.  Fidelity Special Values 's ordinary shares and warrants are
traded separately on the London Stock Exchange.  The warrants expire on
January 1, 2004.

Rollover Enhancement by Fidelity

In the twelve months up to September 18, 2003, Fidelity Special Values
Shares traded at an average premium of 3.29% to their net asset value,
whereas over the same period Govett Strategic Trust Shares traded at an
average discount of 15.35 % to their Net Asset Value.  Under the Proposals,
Govett Strategic Trust Shareholders who elect to receive Fidelity Special
Values Shares will also receive an enhancement to the value of their shares
as a result of Fidelity making a contribution to Fidelity Special Values of
an amount equal to 0.75% of the aggregate value of the assets attributable
to those Govett Strategic Trust Shareholders who elect for Fidelity Special
Values Shares.  Such contribution will be made by Fidelity reducing its
management fee for Fidelity Special Values for the final quarter in 2003 by
an equivalent amount.

Investment policy

Fidelity Special Values is managed with the aim of achieving long-term
capital growth by investing in an actively managed portfolio that consists
predominantly of securities of U.K. listed companies although Fidelity has
the flexibility to invest up to 20% of Fidelity Special Values' assets in
Continental European and other overseas stock markets.  Fidelity Special
Values concentrates on the selection of shares in individual companies,
which fall within Fidelity's definition of "special situations."  Sector
weightings are mainly the result of stock selection and normally vary from
the benchmark FTSE All Share Index.

Bottom-up research is done by Fidelity's team of equity analysts in Europe,
organized on a pan-European sector basis.  Fidelity Special Values 's
portfolio has a bias towards medium-sized and smaller companies.  The
Fidelity portfolio manager believes that it is easier to identify value
among smaller companies, which are often under-researched by the wider
investment community.

Fidelity Special Values invests mainly in shares but may also invest in
equity-related instruments (such as convertible bonds or warrants) and in
debt instruments.  Fidelity Special Values may invest up to 5% of its assets
in unquoted securities, but it is unlikely that Fidelity will make such
investments except where it is expected that the securities will shortly be
listed.  Fidelity Special Values has not invested and does not intend to
invest more than 15% of its gross assets in the shares of other U.K. listed
investment companies including investment trusts.

Special situations

The Fidelity portfolio manager for Fidelity Special Values is a "value"
investor who is willing to take a contrarian approach, often preferring to
go against the main trend.  The portfolio manager looks for "special
situations" -- mis-valued companies that have fallen out of favor with
investors.  Although the following is not an exclusive list, the stocks he
picks fall under one or more of these five "key areas of interest":

(a) Industry anomalies - One of two different situations: either a stock in
one market that is cheap against similar stocks in the same industry in
other markets, or industries that are developing at different speeds in
different markets.  It is possible to use the experience from more mature
markets to make predictions about the developments in less mature markets.

(b) Turnarounds or recovery situations - These are companies that
historically have performed poorly where there are early signs of
improvement. They often involve a restructuring or sale.

(c) Unrecognized growth - Growth companies selling on relatively low
valuations in the stock market because their growth characteristics have not
yet been recognized.  They may be unusual or complex, not widely followed,
or the growth division is hidden in a more widely based business.

(d) Attractive assets - Companies are sought which sell at a large discount
to their underlying assets.  These could be listed investments, property or
other easily realizable assets.

(e) Corporate potential - Companies that have an above average chance of
being taken over in the medium term, where this factor is not reflected in
the valuation of the shares.

Generally, the Fidelity portfolio manager tends to find most of his ideas
outside the market leaders, and among the medium-sized and smaller
companies, because most mis-valued or misunderstood companies tend to be
those that are least researched by the investment community.  The relative
size of the holdings in Fidelity Special Values 's portfolio is dictated by
the level of conviction that the portfolio manager has in the company.

Borrowing

Fidelity Special Values has borrowed a total of GBP25 million under existing
facilities.  Fidelity Special Values 's board of directors keeps the level
of borrowings under review and will seek to increase and/or to decrease
borrowings when the Fidelity Special Values board considers this is likely,
taking into account, amongst other matters, the terms on which borrowings
are available or can be repaid, to benefit Fidelity Special Values and
Fidelity Special Values Shareholders.  Fidelity Special Values has the power
to borrow up to a sum equal to adjusted capital and reserves (as defined in
Fidelity Special Values 's Articles of Association) but Fidelity Special
Values 's board of directors has resolved not to borrow if as a result the
aggregate of all borrowings would exceed 25% of Fidelity Special Values 's
net assets.  Fidelity Special Values 's board of directors expects to make
further borrowings to take advantage of market opportunities.

Dividend Policy

Having regard to the relatively low dividend yield expected to be received
from Fidelity Special Values' portfolio it is unlikely that any amount
available for dividend will be significant even after charging a portion of
such expenses and costs to capital reserves.  However in order to qualify as
an investment trust, Fidelity Special Values may not retain in any
accounting period more than 15% of the income it derives from shares or
securities.

Performance

The performance record of Fidelity Special Values for the period ending on
November 13, 2003 is shown in this table:

                6 months       1 year       3 years     5 years

Fidelity Special Values 's Share Price total return
                  31.92%       39.21%        41.36%     174.68%
FTSE All Share Index total return
                  13.61%       15.80%      (21.40)%     (1.48)%

Source: Datastream

Govett Strategic Trust Shareholders should be aware that past performance is
not necessarily indicative of likely future performance and that the price
and/or net asset value of the Fidelity Special Values Shares and the income
derived from such shares may go down as well as up and Govett Strategic
Trust Shareholders may get back less than the amount originally invested in
such shares under the Proposals.

Fidelity Investments International

Fidelity Special Values is managed by Fidelity Investments International
(authorized and regulated by the Financial Services Authority) under a
contract terminable by one year's notice.  Fidelity Investments
International is part of the Fidelity organization, which, as at September
30, 2003, had total assets under management exceeding GBP624 billion.

Additional Reconstruction

Govett Strategic Trust Shareholders should note that Fidelity Special
Values' board of directors and Fidelity are in discussions with another
investment trust that has a fixed life.  Fidelity Special Values Shares may
be offered to shareholders of such other trust as one of a number of
options, including a full cash exit, which it is expected will be put
forward as part of the reconstruction of such other trust.


GOVETT STRATEGIC: Appoints Gartmore Manager of Money Market Fund
----------------------------------------------------------------
The Money Market Fund - a successor vehicle

Govett Strategic Trust Shareholders may elect to roll some or all of their
investment in the Company over into the Money Market Fund, an authorized
unit trust.  At midnight on November 7, 2003, Gartmore Fund Managers Limited
was appointed as the manager of the Money Market Fund and Gartmore
Investment Limited was appointed as the Money Market Fund's investment
adviser.  The Money Market Fund's name was changed from Govett Money Market
Fund to Gartmore Govett Money Market Fund at the same time.

Govett Strategic Trust Shareholders will be able to realize their Money
Market Fund Units for their cash equivalent at any time upon submitting the
appropriate redemption documentation to the manager.  The manager will
complete the settlement within four business days following the day on which
the manager receives the redemption documentation.  For the purposes of
determining the number of Money Market Fund Units to be issued, a value
equal to 99.25% of the Company's FAV will be used.  The balance equal to
0.75% of FAV attributable to the entitlement of the Govett Strategic Trust
Shareholders who elect or are deemed to elect for Money Market Fund Units
will represent an enhancement for the benefit partly of Govett Strategic
Trust Shareholders electing for Fidelity Special Values Shares and partly of
Fidelity Special Values Shareholders.

Cash

Govett Strategic Trust Shareholders may elect to roll some or all of their
investment in the Company into immediate cash.  For the purposes of
determining the amount of cash to be distributed to such Govett Strategic
Trust Shareholders, a value equal to 99.25% of the Company's FAV will be
used.  The balance equal to 0.75% of FAV attributable to the entitlement of
the Govett Strategic Trust Shareholders who elect or are deemed to elect for
cash will represent an enhancement for the benefit partly of Govett
Strategic Trust Shareholders electing for Fidelity Special Values Shares and
partly of Fidelity Special Values Shareholders.

Costs and Expenses

The Company and Fidelity Special Values will each bear its own costs arising
out of the Proposals.  The costs of the Proposals attributable to the
Company will be met by the Company out of the Liquidation Fund.  The
Liquidators' retention is expected to be GBP50,000.  The total costs of the
Proposals to the Company, before taking account of any costs associated with
the realization of the Company's assets or the termination payment due under
the Management Agreement, are expected to amount to approximately GBP740,838
(including VAT), which will be deducted from the net  assets of the Company
when calculating the FAV.

Illustrative Entitlements under the Proposals

Under the Proposals, Govett Strategic Trust Shareholders are being offered
Fidelity Special Values Shares at the Rollover Price, which will be at a
premium of 3.25% to the Fully Diluted Net Asset Value of Fidelity Special
Values on the Calculation Date.  For the purposes of determining the
entitlement of Govett Strategic Trust Shareholders to Fidelity Special
Values Shares under the Proposals, a value equal to 99.75% of FAV will be
used.  The balance equal to 0.25 % of FAV attributable to the entitlement of
Govett Strategic Trust Shareholders who elect for Fidelity Special Values
Shares will represent an enhancement for the benefit of Fidelity Special
Values Shareholders.  Fidelity will make a contribution (for the benefit
partly of Govett Strategic Trust Shareholders electing for Fidelity Special
Values Shares and partly of Fidelity Special Values Shareholders) to
Fidelity Special Values of an amount equal to 0.75% of the aggregate value
of the assets attributable to those Govett Strategic Trust Shareholders who
elect for Fidelity Special Values Shares under the Scheme.  To achieve this,
Fidelity will reduce its Fidelity Special Values management fee for the
final quarter in 2003 by an equivalent amount.

For the purposes of determining the entitlement of Govett Strategic Trust
Shareholders to Money Market Fund Units and cash under the Proposals, a
value equal to 99.25% of FAV of a Govett Strategic Trust Share on the
Calculation Date will be used.

Money Market Fund Units will be issued to electing Govett Strategic Trust
Shareholders (or to Govett Strategic Trust Shareholders who fail to make any
election) at their issue price.  The balance equal to 0.75 % of FAV
attributable to the entitlement of Govett Strategic Trust Shareholders who
elect or are deemed to elect for Money Market Fund Units or cash will
represent an enhancement for the benefit partly of Govett Strategic Trust
Shareholders electing for Fidelity Special Values Shares and partly of
Fidelity Special Values Shareholders.

The number of new Fidelity Special Values Shares or Money Market Fund Units
or the amount of cash to which a Govett Strategic Trust Shareholder electing
for any of these Options will become entitled under the Proposals can only
be determined after the Effective Date of the Proposals.

By way of illustration only, however, had the Proposals become effective on
September 18, 2003, based on the market value of a Govett Strategic Trust
Share and of an Fidelity Special Values Share of 105p and 311p respectively
and on a net asset value of a Govett Strategic Trust Share and an FS V Share
of 124.99p and 291.56p respectively (net revenue being included in such net
asset value calculations), all as at September 18, 2003 and the assumptions
set out in the notes below, a Govett Strategic Trust Shareholder holding a
Govett Strategic Trust Share who elected for Fidelity Special Values Shares
or Money Market Fund Units or cash would have been entitled to receive 0.41
new Fidelity Special Values Shares or 1.22 new Money Market Fund Units, or
122.42p respectively.

               Attributable       Attributable % Market Value as
            NAV as at 18/9/ Market Value as at        at 18/9/03
                        03            18/9/03

Fidelity Special Values  Option
                  120.16p            124.06p            118.15
Money Market Fund/Cash Option
                    122.42p            122.42p            116.59


Notes:

(1) Attributable values are calculated on the assumption that elections for
Fidelity Special Values Shares are made in respect of 50 % of Shares.

(2) The costs of the Proposals (exclusive of VAT) borne by the Company are
estimated to be GBP928,303 excluding VAT, and the Liquidators' retention is
expected to be GBP50,000.

(3) It is assumed that the termination fee payable to Govett Investment
Management will be GBP297,803 and it is further assumed that no VAT is
payable on such amount.  It is assumed that no discretionary payment is made
on termination of the Management Agreement.

(4) The above figures do not take into account any costs incurred by the
Company in reorganizing the Portfolio and realizing its investments under
the Scheme.

(5) It is assumed that Fidelity Special Values will incur costs (exclusive
of VAT) in connection with the Scheme of GBP412,766. No provision has been
made for the reinvestment costs or stamp duty that Fidelity Special Values
may incur in investing the assets it receives under the Scheme.

(6) The illustration is prepared on the basis that Fidelity Special Values
does not pay stamp duty on the securities (cash and gilts) that it receives
under the Scheme.

(7) The attributable NAV under the Fidelity Special Values Option is
calculated on the basis of the Fully Diluted Net Asset Value of Fidelity
Special Values, having taken into account the benefit of the contribution to
be made by Fidelity of 0.75% of the value of the monies transferred to
Fidelity Special Values.

(8) The figures shown are illustrative only and do not constitute forecasts.
The figures resulting from the Proposals will depend on the FAV per Govett
Strategic Trust Share, the net asset value per Fidelity Special Values Share
and the respective market values of Govett Strategic Trust Shares and
Fidelity Special Values  Shares at the time of implementation of the
Proposals.

(9) The market value of a Govett Strategic Trust Share and of an Fidelity
Special Values Share on 18 September 2003 (being the date prior to the
announcement of the Proposals) represented respectively, a discount of
15.99% and a premium of 6.67% to the net asset value on that date of a
Govett Strategic Trust Share or an Fidelity Special Values Share.  By way of
comparison, in the twelve months down to September 18, 2003, Fidelity
Special Values Shares traded at an average premium of 3.29% to their net
asset value, whereas, over the same period, Govett Strategic Trust Shares
traded at an average discount of 15.35 % to their net asset value.  The
market value of a Govett Strategic Trust Share and of an Fidelity Special
Values Share on November 13, 2003 represented respectively, a discount of
6.53% and a premium of 3.39% to the net asset value on that date of a Govett
Strategic Trust Share or an Fidelity Special Values Share.  In this context,
however, Govett Strategic Trust Shareholders should note that past
performance is not necessarily indicative of likely future performance.

(10) It is assumed that the issue price of a Money Market Fund Unit on
September 18, 2003 was 100.42p.

(11) The attributable NAV shown in the above table represents, in the case
of the Fidelity Special Values Option, 96.13% of the NAV of a Govett
Strategic Trust Share on 18 September 2003, and, in the case of the Money
Market Fund/Cash Option, 97.94% of the NAV of a Govett Strategic Trust Share
on that date.


GOVETT STRATEGIC: To Pay Second Interim, Special Dividend
---------------------------------------------------------
In order to maintain the Company's status as an approved investment trust
for United Kingdom taxation purposes in respect of the period ending on
September 2003, the Directors intend to pay a second interim dividend to
Govett Strategic Trust Shareholders which is expected to be not less than
1.7p per Govett Strategic Trust Share.

In addition, in order to maintain the Company's status as an approved
investment trust in respect of the period from October 1, 2003 to the date
of liquidation of the Company, the Directors intend to pay a special
dividend to Govett Strategic Trust Shareholders which is expected to be not
less than 0.4p per Govett Strategic Trust Share.

It is expected that both such dividends will be paid on or around December 1
8, 2003 to Govett Strategic Trust Shareholders on the register of members on
December 5, 2003.

Management Agreement

The Management Agreement will terminate on the Effective Date. The
Management Agreement provides for the management fee and the performance fee
to be payable up to the Effective Date.  In addition, it provides for
compensation to be payable for termination being made without the required
twelve months' notice being given.  The compensation comprises a Terminal
Management Payment and a Terminal Performance Payment.  The Company has
agreed that the Manager's performance fee will be calculated and (if earned)
payable for the period up to the First EGM rather than the date of
termination of the Management Agreement.  In lieu of a performance fee for
the period between the First EGM and the Effective Date, the Board may make
a discretionary payment to the Manager in an amount of up to 0.2% of NAV
(plus VAT) at the close of business on 19 December 2003.

The Company and the Manager have further agreed in the Supplemental
Management Agreement that if the Management Agreement were terminated on or
before July 25, 2004, compensation would be calculated as if notice of
termination had been served on July 25, 2003: this has the result of
reducing the compensation otherwise payable to the Manager so that, instead
of 12 months' compensation, approximately seven months' compensation will be
payable.  The Terminal Management Payment will be calculated as
approximately seven twelfths of the annual management fee and will amount to
GBP297,803.  The Terminal Performance Payment will be nil.


GOVETT STRATEGIC: Plans to Invest in U.K. Gilt-edged
Securities ---------------------------------------------------------------Se
gregation and Realization of the Portfolio

Prior to the First EGM, the Portfolio will be divided into separate funds,
corresponding to the Options available to Govett Strategic Trust
Shareholders and the Liquidation Fund to be retained by the Liquidators
against the Company's liabilities.

The Company has commenced, and may continue, the realization of its
Portfolio and will invest substantially all the cash proceeds of sale in
U.K. gilt-edged securities but will seek to maintain market exposure through
the use of derivative contracts.  If Govett Strategic Trust Shareholders
approve the Proposals at the First EGM, each of the four segregated funds
will seek to realize all its investments through sales in the market in
order to facilitate the Scheme.  The major part of the cash proceeds will
then be invested in long-dated and short-dated U.K. gilt-edged securities,
such proportion to be adjusted to reflect the elections actually made by
Govett Strategic Trust Shareholders.


GOVETT STRATEGIC: Schedules First EGM December 10
-------------------------------------------------
The Proposals are conditional on the passing by Govett Strategic Trust
Shareholders of the Resolutions to be proposed at the First EGM convened for
9.00 a.m. on December 10, 2003 and at the Second EGM convened for 7.00 a.m.
on December 22, 2003.

The Proposals are conditional upon not only Govett Strategic Trust
Shareholder approval, but also (i) approval by Fidelity Special Values 's
shareholders of Fidelity Special Values 's participation in the Scheme, (ii)
Fidelity Special Values 's allotment of Fidelity Special Values Shares and
(iii) the U.K. Listing Authority agreeing to admit, subject to allotment,
the Fidelity Special Values  Shares to be issued pursuant to the Scheme to
the Official List.

Failure to make an election

Govett Strategic Trust Shareholders who do not make a valid election for the
purposes of the Proposals will be deemed to have elected to receive Money
Market Fund Units, unless they are Govett PEP/ISA Investors, in which case
they will be deemed to have elected for cash.  It is therefore important for
Govett Strategic Trust Shareholders to elect for their preferred Option(s).

Expected Timetable

Friday December 5, 2003

Record date for entitlements of Govett Strategic Trust Shareholders to the
second interim dividend and the special dividend expected to be paid on
December 18, 2003;

Monday December 8, 2003                   9.00 a.m.

Latest time and date for receipt of Forms of Proxy for the First EGM;

                                         5.00 p.m.
Record Date for entitlements of Govett Strategic Trust Shareholders under
the Proposals;

                                         5.00 p.m.
The Company's register of Govett Strategic Trust Shareholders closes;

                                         5.00 p.m.
Latest time and date for receipt of Forms of Election from Govett Strategic
Trust Shareholders;

Wednesday December 10, 2003               9.00 a.m.
First EGM;

Thursday December 18, 2003                8.00 a.m.
Opening of registers in respect of Reclassified Shares and dealings in
Reclassified Shares expected to commence;

Second interim dividend and special dividend paid to Govett Strategic Trust
Shareholders;

Friday December 19, 2003                  4.30 p.m.
Dealings in Reclassified Shares suspended;

                                          5.00 p.m.
Expected calculation time for the valuation of the Company's assets for the
purposes of determining the entitlements of Govett Strategic Trust
Shareholders under the Proposals;

Saturday December 20, 2003                7.00 a.m.
Latest time and date for receipt of Forms of Proxy for the Second EGM;

Monday December 22, 2003                  7.00 a.m.

Second EGM and Effective Date for the implementation of the Proposals and
commencement of liquidation;

Fidelity Special Values Shares and Money Market Fund Units issued pursuant
to the Scheme;

Fidelity Special Values Shares issued in uncertificated form credited to the
stock accounts in CREST of the persons entitled thereto;

Tuesday December 23, 2003

Allocation acknowledgements expected to be dispatched in respect of Money
Market Fund Units;

Wednesday December 24, 2003
Dispatch of cheques;

Tuesday December 30, 2003
Certificates expected to be dispatched in respect of Fidelity Special Values
Shares issued in certificated form;

Wednesday December 22, 2004
Listing of Reclassified Shares cancelled

CONTACT:  GOVETT
          Sir John Riddell, Chairman
          Phone: 0191 279 4222

          CAZENOVE & CO. LTD
          Angus Gordon Lennox
          Phone: 020 7588 2828


J.G. NAYLOR: Joint Administrators Auction Business, Assets
----------------------------------------------------------
The Joint Administrators offer for sale the business and assets of the J.G.
Naylor & Co. Limited, manufacturers & suppliers of abrasives & other
industrial products.

Principal features include:

(a) Fully equipped leasehold premises in Gtr. Manchester
(b) Turnover circa GBP3 million (2002)
(c) Good forward order book
(d) Excellent customer base
(e) Full range of manufacturing plant
(f) Experienced workforce

For further information contact the joint administrators agents.

CONTACT:  PHILIP DAVIES & SONS
          Ref: MJG or SRM
          Phone: 0161 429 0300
          Fax: 0161 429 0313
          E-mail: sg@pdsauctioneers.co.uk


IMCO PLASTICS: Avalon Buys Firm Out of Administration
-----------------------------------------------------
Administrative receivers KPMG have confirmed that the business and trading
assets of Glastonbury-based IMCO Plastics have been sold to Avalon Plastics
Limited.  The sale completed on the evening of Friday, November 14, saving
the jobs of the 119 employees who work at the company.

Administrative receiver Richard Hill commented: "I am delighted that we were
able to reach agreement with Avalon Plastics, which has been interested in
the business since we were first appointed.  It is always very satisfying to
see any business survive, particularly when it involves local manufacturing.
I would like to thank all the customers, suppliers and especially the
employees who have continued to support IMCO through very difficult
circumstances.  I hope they will show the same loyalty to Avalon Plastics
and I wish the new company every success."

Mr. Hill confirmed that the purchaser would continue to trade from IMCO's
premises under a new lease and that he was now inviting offers from parties
who are interested in acquiring the freehold property.

CONTACT:  Rachael Halliday, PR manager, KPMG
          Phone: 0117 9054373
          Mobile: 07747 102909
          E-mail: rachael.halliday@kpmg.co.uk


LEEDS UNITED: Names Deloitte's Robin Binks Restructuring Advisor
----------------------------------------------------------------
Leeds United has appointed Robin Binks, a corporate financier with Deloitte,
the accountancy firm, as restructuring advisor, according to the Financial
Times.

Mr. Binks will help the club draw out new terms for its GBP80 million
long-term debt, and obtain sufficient working capital so that it could last
until the end of the football season.

Leeds United has additional funding requirements not covered by the GBP4.4
million equity injection it has secured recently.  It is believed close to
securing the interim financing it needs and an announcement is expected
soon, according to the report.

Leeds, which recently appointed Trevor Birch, a company turnaround
specialist, as chief executive, made record losses of GBP49.5 million due to
excessive spending on players by the club's previous management.  The dire
situation in the club is further aggravated by its failure to qualify for
lucrative European competition.

Leeds was forced to sell star players, including Rio Ferdinand, to raise
cash needed to pay debt.  Its remaining players had to revive the club's
game if they intend to stay in the Premier League.

It is currently in search of a new manager after Peter Reid resigned last
week.


TATRA PLASTICS: Assets and Business Up for Sale
-----------------------------------------------
The Joint Administrators of Tatra Plastics Limited, JJ Schapira ACA and SD
Swaden FCA offer for sale the assets and business of the leading
manufacturer of plastics injection moldings.

Tara Plastics, established over 40 years ago, has GBP7.7 million turnover in
year ended November 30, 2002.  It has approximately 80,000 sq. ft. freehold
premises in Stevenage, Herts, and large skilled workforce.  The sale
includes all stock, plant and machinery, order book, premises etc

For further details contact Stephen Briggs at Leonard Curtis & Co, One Great
Sumberland Place, London W1H 7LW; Phone: 020 7535 7000; Fax: 020 7723 6059;
E-mail: swb@leonardcurtis.co.uk


                            *********


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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Canson, and Laedevee Gonzales, Editors.

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

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