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/raid1/www/Hosts/bankrupt/TCREUR_Public/040227.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, February 27, 2004, Vol. 5, No. 41 Headlines F R A N C E OPTICAL CABLE: Authorities Query Prexy on Local Plant Closure G E R M A N Y DEUTSCHE LUFTHANSA: Several Parties Interested in U.S. Business H U N G A R Y PARMALAT HUNGARIA: Suppliers Only Hope of Surviving I R E L A N D ELAN CORPORATION: To Present at Lehman Brothers Conference IRISH FERRIES: Sends Home 450 Workers; Blames Warring Unions L U X E M B O U R G N-INVEST SA: Eurobond to Finance NIKoil Loan Assigned 'B' Rating P O L A N D NETIA SA: Management Board Member Resigns R U S S I A ELECTROMEDOBORUDOVANIYE: Under Bankruptcy Supervision Procedure ENGELS: Deadline for Proofs of Claim March 21 FML LTD.: Long-term Corporate Credit Rated 'B-'; Outlook Stable IMPULS: Under Bankruptcy Supervision Procedure KORNILOVSKY: Declared Insolvent LENSTANKOMASH: Under Bankruptcy Supervision Procedure ROSKONTAKT: Court Finds Firm Insolvent USOLYE-SIBIRSKY: Pharmaceutical Firm Declared Insolvent U N I T E D K I N G D O M AMP LIMITED: Expects Net Profit after Tax to Exceed AU$535 Mln AMP LIMITED: Buyback Plan Behind Moody's Outlook Revision ATLANTIC PLANT: Appoints KPMG Administrator AUSTIN REED: Receives GBP10.7 Million for Sackville Property BUTE COURT: Final Meeting Set March 23 CANARY WHARF: Shareholders Have Until March 23 to Accept CWG Bid DITECO ANALYTICAL: Winding up Resolution Passed DONISTHORPE & CO.: Shutting down 100-year-old Leicester Plant EINSTEIN GROUP: New Fiscal Year Ends June EMERGING SCIENCES: Creditors Meeting Set March 5 FORKDEAL LIMITED: Names PricewaterhouseCoopers Liquidator GOSHAWK INSURANCE: Director Andrew Gammell Leaves Board HALLWAYS LIMITED: Winding up Resolution Passed HYDRODYNAMIC DEVELOPMENTS: Appoints Hickling Liquidator INVENSYS PLC: Ratings Lowered to 'B+'; High Leverage Cited KANEMATSU LIMITED: Schedules General Meeting April 1 KERSAINT COBB: KPMG to Update Shareholders of Winding up April MANAGED LIMITED: Creditors Meeting Set March 3 MCD Limited: General Assembly Set April 19 MERLIN DYEING: Appoints Wilson Pitts Administrator PPL THERAPEUTICS: Sells Intellectual Rights to Revivicor PPL THERAPEUTICS: Sells Remaining Interest in Revivicor Holdings QUEENS MOAT: Assets Sale Attracts Two More Potential Buyers SCOTTISH & NEWCASTLE: CEO Won't Rule Out Further Plant Closures SEAFORGE LIMITED: Names Joint Administrators SEASTRUCTURES LIMITED: Royal Bank of Scotland Calls in Receivers TREKDEAL LIMITED: PricewaterhouseCoopers Execs Named Liquidators YORKSHIRE GROUP: Peter Gyllenhammar Named to Board ********* =========== F R A N C E =========== OPTICAL CABLE: Authorities Query Prexy on Local Plant Closure ------------------------------------------------------------- French police questioned the president of a bankrupt British fiber-optic cable company after he illegally shut down operations of a factory located south of Paris, Expatica News said, citing Agence France-Presse. Paul Welch reportedly dismissed without prior notice 15 workers and removed equipment from the Optical Cable Technology plant in Dourdan, France. The closure follows the insolvency of the main Optical Cable Technology company in Maidstone, southeast England. According to a company spokesman, the company ceased trading on Friday because it was unable to meet its debts and all workers worldwide had been made redundant. Offices in France, Britain and Singapore have closed. A statement issued via the Insolvency Advisory Service Limited, which was called in to assist staff in any claims against the company, confirmed Optical Cable Technology could no longer continue supporting the Dourdan operation. This after years of heavy investment. French laws provide that companies sacking staff for economic reasons has to inform employees and regional authorities well in advance, provide a significant payout per employee and prepare paperwork for the French unemployment office. ============= G E R M A N Y ============= DEUTSCHE LUFTHANSA: Several Parties Interested in U.S. Business --------------------------------------------------------------- Lufthansa is in talks "with a number of parties" regarding the sale of its loss-making U.S. business, an executive said, according to the Financial Times. This development emerged as the Germany-based company reported its biggest loss since its privatization last year. Preliminary results of the company estimates net loss of EUR980 million for 2003, compared with a profit of EUR717 million last year. It scrapped dividend for 2003. Lufthansa's core airline operation improved over the year, but poor performance of its airline catering business is expected to weigh down results. This led to an exceptional charge of EUR800 million, including EUR700 million to writedown the value of its U.S. Chef Solutions divisions, which supplies prepared food to supermarkets and restaurants. Chris Avery, airline analyst, at JP Morgan estimated the unit was losing EUR100 million a year. Lufthansa already made 8,000 job cuts in its catering business. More redundancies are expected as the company wields the axe across the group as part of a plan to cut costs by EUR1.2 billion by 2005. CONTACT: DEUTSCHE LUFTHANSA Head Office Von-Gablenz-Strasse 2-6 50679 Cologne Germany Phone: +49 221 82 60 Fax: +49 221 8 26-38 18 Home Page: http://www.lufthansa.com ============= H U N G A R Y ============= PARMALAT HUNGARIA: Suppliers Only Hope of Surviving --------------------------------------------------- Parmalat Hungaria's creditors may be the only interested parties in the sale of the company, observers say, according to Budapest Business Journal. Industry executives and experts believe professional investors are unlikely to be attracted to buy the subsidiary of Italian dairy company Parmalat Finanziaria S.p.A. because of a lack of promise in the company's future. The report quoted Eva Nagygyorgy, corporate communications director at local dairy producer, SOLE Hungaria Rt, saying: "The company's only valuable asset is its brand name. I doubt that any local company is willing to buy surplus production capacity in the current (difficult) market situation, and launching a new brand three months ahead of EU accession is even less realistic." Instead, a consortium of unpaid suppliers of the dairy might try to launch a bid to keep the company running during liquidation. Ms. Nagygyorgy said: "(I)t's in the best interests of suppliers to keep the company operating, because it would be very difficult to sell the surplus milk." Parmalat Hungaria CEO Cristiano Villani was unavailable for comment. His secretary's office said a press release containing information about the sale of the company is due to come out soon, the report said. According to Miklos Istvanfalvi, representative of the suppliers' consortium, the group submitted a bid to Parmalat about a month ago but has received no official response. According to him, the bid proposes to take over Parmalat Hungaria by swapping 30% of the unsettled November-December debts of the company for a stake. It would then gain a majority through a capital decrease followed by a capital increase. Earlier press reports say a Croatian investor, an Israeli investor and Austrian milk producer NOM AG expressed an interest in buying all Parmalat's subsidiaries in Central Europe, but none of the companies would confirm the reports. ============= I R E L A N D ============= ELAN CORPORATION: To Present at Lehman Brothers Conference ---------------------------------------------------------- Elan Corporation, plc announces that it will present at the Lehman Brothers Seventh Annual Global Healthcare Conference in Miami, Florida on Wednesday, March 3, at 10.45 a.m. Eastern Standard Time, 3.45 p.m. Greenwich Mean Time. Interested parties may access a live audio Web cast of the presentation by visiting Elan's Web site at http://www.elan.comand clicking on the Investor Relations section, then on the event icon. About Elan Elan Corporation, plc is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing and marketing advanced therapies in neurology, autoimmune diseases, and severe pain. Elan (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. CONTACT: ELAN CORPORATION Investors: Emer Reynolds Phone: +353-1-709-4000 800-252-3526 Media: Anita Kawatra, 212-407-5755 800-252-3526 IRISH FERRIES: Sends Home 450 Workers; Blames Warring Unions ------------------------------------------------------------ Irish Ferries brought down the axe on hundreds of employees due to ongoing disputes over its cost-cutting measures. The ferry company laid off 450 staff, less than the 600 expected. The move follows the suspension of three of Irish Ferries' four vessels. In a statement, the company blamed the refusal by the Seamen's Union of Ireland to negotiate jointly with the other union at Irish Ferries, SIPTU, for the layoffs. The company is seeking over 50 redundancies and an increase in officers' time at sea as part of a EUR3.4 million cost-cutting plan. It has been discussing the program since the middle of last year. Last month, it said it could not deal with the unions separately. The Labor Court recommended the SUI enter negotiations jointly with SIPTU but SUI refused, saying it has negotiated separately for the past 14 years. SUI claims that the two unions have a conflict of interest that makes the negotiation process impossible. =================== L U X E M B O U R G =================== N-INVEST SA: Eurobond to Finance NIKoil Loan Assigned 'B' Rating ---------------------------------------------------------------- Fitch Ratings assigned an expected rating to N-Invest S.A.'s upcoming loan participation notes for the ultimate purpose of financing a loan to Russia's NIKoil IBG Bank at Long-term 'B'. The rating is contingent upon receipt of final documentation conforming materially to information already received and the final rating will be confirmed at that time. Limited recourse loan participation notes will be issued by N- Invest S.A., a Luxembourg-domiciled special purpose vehicle (SPV) for the sole purpose of financing a fiduciary deposit with a fiduciary bank (Deutsche Bank Luxembourg S.A.) under a fiduciary deposit agreement. The deposit will in turn be used for the sole purpose of financing a loan to NIKoil IBG under a loan agreement. The SPV will only pay noteholders amounts (principal and interest), if any, received from the fiduciary bank under the fiduciary deposit agreement and the fiduciary bank will only pay the SPV amounts received from NIKoil IBG under the loan agreement. Under a trust deed, the issuer will charge to the trustee, The Bank of New York, as security for its payment obligations in respect of the notes and for the benefit of noteholders, its rights to all payments payable by the fiduciary and amounts deposited under the fiduciary deposit agreement in an account of the issuer. The loan agreement between the fiduciary bank and NIKoil IBG contains a cross default clause and a covenant that the fiduciary bank's claims under the loan agreement will rank at least pari passu with the claims of other unsecured and unsubordinated borrowers. Other covenants limit mergers (notably those that result in a ratings downgrade) and disposals by NIKoil IBG, transactions with affiliates and dividend payments. A legal merger with NIKoil IBG's sister bank, Avtobank, is being considered for 2004. NIKoil IBG is also required to maintain a minimum consolidated total capital ratio of 13% (calculated using data from the group's latest International Financial Reporting Standards financial statements). The loan agreement also contains a negative pledge clause, which allows for a degree of securitization by NIKoil IBG. Were such a deal to be undertaken, Fitch comments that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. Noteholders will have a put option in the event of a change of control of NIKoil IBG. NIKoil IBG is the commercial banking arm of Financial Corporation NIKoil (rated Long-term 'B'), a Russian financial services group ultimately owned by two individuals, including the group's President. Other group activities include retail banking (including through Avtobank, which was acquired in 2002), private banking, investment banking and insurance, although the group's balance sheet is dominated by a 6.8% stake in LUKoil, Russia's largest oil company. Financial Corporation NIKoil also owns a stake in Ural-Siberian Bank (rated Long-term 'B'). Financial Corporation NIKoil already has effective control of Ural-Siberian Bank at a supervisory board level and is looking increasingly likely to purchase the bank imminently. Fitch Rating's Support and Individual Ratings for Banks: Fitch's Individual ratings assess how a bank would be viewed if it were entirely independent and could not rely on external support. Its Support ratings deal with the question of whether a bank would receive support from its owners or from the state if it were to get into difficulty. These ratings are not debt ratings but rather, respectively, an assessment of the intrinsic strength of a bank and of any level of outside support that may, or may not, be available to it. CONTACT: FITCH RATINGS James Longsdon London Phone: +44 20 7417 4309 Media Relations: Campbell McIlroy London Phone: +44 20 7417 4327 =========== P O L A N D =========== NETIA SA: Management Board Member Resigns ----------------------------------------- Netia S.A. (WSE: NET), Poland's largest alternative provider of fixed-line telecommunications services, announced that Mr. Zbigniew Lapinski resigned Wednesday from the Management Board with immediate effect. The Supervisory Board thanked Mr. Lapinski for his special contribution in the management of the Company. Duties of the financial director of Netia will be temporarily performed by Mr. Dariusz Sokolowski, who was appointed proxy (prokurent) by the Company. Previously, Mr. Sokolowski was the Management Board member and the financial director of RST El-Net S.A. ***** Netia Holdings announced unaudited first quarter 2003 net loss of PLN80.3 million (US$19.8 million), a year-on-year decrease of 67% achieved due to improved operating results and lower financial expense following the financial restructuring. CONTACT: NETIA SA Investor Relation: Anna Kuchnio Phone: +48 22 330 2061 Media: Jolanta Ciesielska Phone: +48 22 330 2407 Taylor Rafferty London Mark Walter Phone: +44 (0) 20 7936 0400 Taylor Rafferty New York Abbas Qasim Phone: 212 889 4350 =========== R U S S I A =========== ELECTROMEDOBORUDOVANIYE: Under Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Saint-Petersburg and Leningrad region commenced bankruptcy supervision procedure on Closed JSC electromedical equipment factory, Electromedoborudovaniye. The case is docketed as A56-1306/04. Igor Ziganov was appointed temporary insolvency manager February 10, 2004. Bankruptcy hearing will take place at 10.00(MT) on July 20, 2004 at the Arbitration Court of Saint-Petersburg and Leningrad region. CONTACT: ELECTROMEDOBORUDOVANIYE 198095, Saint-Petersburg Schevzova str.41 Igor Ziganov, Temporary Insolvency Manager 192212, Russia, Saint-Petersburg Belgradskaya str.32, off.15 ENGELS: Deadline for Proofs of Claim March 21 --------------------------------------------- The Arbitration Court of Saratov region commenced bankruptcy supervision procedure on OJSC Engels, a fuel filters factory. The case is docketed as A57-104B/03-31. Yuri Petrov has been appointed temporary insolvency manager. Creditors have until March 21, 2004 to submit their proofs of claim to the temporary insolvency manager at: 410005, Russia, Saratov, Atkarskaya str.53, of.3, and to The Arbitration Court of Saratov region: 410031, Saratov, Pervomayskaya 74, off.31. CONTACT: OJSC ENGELS 413100, Saratov region Engels, Demokraticheskaya str.1 FML LTD.: Long-term Corporate Credit Rated 'B-'; Outlook Stable --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' long-term corporate credit and 'ruBBB-' Russia national scale ratings to FML Ltd. (East Line Group), a Manx holding company, which operates the second-largest airport, Domodedovo, in Moscow and has other interests in Russia. The outlook is stable. At the same time, Standard & Poor's assigned its 'B-' senior unsecured rating to special-purpose entity East Line Capital S.A.'s proposed eurobond issue, which benefits from guarantees by multiple East Line group companies. "The ratings on East Line are constrained by the group's complex and nontransparent structure, the critical role the chairperson plays in most important matters concerning the company, a high reliance on its leasehold and operations of the Domodedovo airport complex, and limited access to capital markets," said Standard & Poor's credit analyst Tatiana Kordyukova. Standard & Poor's also notes that although consolidated accounts are audited by Deloitte & Touche Regional Consulting Services Ltd., individual group companies are audited by local firms, which adds to information risk. These factors are mitigated to an extent by the competitive advantage of Domodedovo in terms of quality of rendered services; management's track record in the implementation of its modernization program and growth strategy at Domodedovo, and relatively moderate debt usage, even taking lease obligations and the proposed eurobond into account (net debt adjusted for leases was $92 million at Sept. 30, 2003). Standard & Poor's expects that the group will retain control over its main asset -- Domodedovo -- and will be able to expand operations and increase passenger traffic through the airport. Following divestitures, cash flow levels to comply with the covenants of the eurobond will depend on a combination of Domodedovo's growth along with an increase in high-margin components of the revenue mix. CONTACT: STANDARDS AND POORS Analyst E-Mail Addresses: tatiana_kordyukova@standardandpoors.com bob_ukiah@standardandpoors.com CorporateFinanceEurope@standardandpoors.com IMPULS: Under Bankruptcy Supervision Procedure ---------------------------------------------- The Arbitration Court of Volgograd region commenced bankruptcy supervision procedure on OJSC machine-building factory, Impuls, based in Krasnopolyanskaya. The case is docketed as A12- 1213/04-c55. Y. Podgornov, a member of TP Interregional self- regulated organization of arbitral managers Sodruzhestvo, has been appointed temporary insolvency manager. Creditors have until March 21, 2004 to submit their proofs of claim to: 400075, Volgograd, Krasnopolyanskaya str.72. A court hearing will take place on May 25, 2004 at the Arbitration Court of Volgograd region. CONTACT: IMPULS Volgograd Krasnopolyanskaya str.72 SODRUZHESTVO Volgograd -87 Novorossiyskaya str.67 KORNILOVSKY: Declared Insolvent ------------------------------- The Arbitration Court of Saint-Petersburg and Leningrad region declared private limited company, Kornilovsky, maker of electric porcelain, insolvent. The case is docketed as A56-35206/03. Sergey Kovalyov, a member of TP Interregional self-regulated organization of arbitral managers, has been appointed insolvency manager. Creditors have until March 21, 2004 to submit their proofs of claim to the insolvency manager at: 199034, Saint-Petersburg, Vasilievsky Island, line16, 7, build.1, off.1305. CONTACT: KORNILOVSKY 195197, Saint-Petersburg Polystrovsky prosp. 59 SERGEY KOVALYOV 199034, Saint-Petersburg Vasilievsky Island, line16 7, build.1, off.1305 LENSTANKOMASH: Under Bankruptcy Supervision Procedure ----------------------------------------------------- The Arbitration Court of Saint-Petersburg and Leningrad region commenced bankruptcy supervision procedure on Closed JSC machine-tool constructing and repair factory, Lenstankomash. The case is docketed as A56-4944/03. A. Brehov, a member of TP Interregional self-regulated organization of arbitral managers, ICEPM, has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to the temporary insolvency manager at: 191186, Saint-Petersburg, Kazanskaya, 9, Post User's Box 84, for A. Brehov. CONTACT: LENSTANKOMASH 193079, Saint-Petersburg Oktyabrskaya naberezhnaya (quay)104) ICEPM 194100, Saint-Petersburg Tuchachevskogo str.27/2, off.1655 ROSKONTAKT: Court Finds Firm Insolvent -------------------------------------- The Arbitration Court of Ryazan region declared OJSC Roskontakt insolvent. The case is docketed as A54-2862/03-C20. Nikolay Safronov has been appointed insolvency manager. Creditors have until April 21, 2004 to submit their proofs of claim to: 390023, Ryazan, Novaya str.102. CONTACT: OJSC ROSKONTAKT 391303, Ryazan region Bochkary, Prombasa USOLYE-SIBIRSKY: Pharmaceutical Firm Declared Insolvent ------------------------------------------------------- The Arbitration Court of Irkutsk region declared OJSC Usolye- Sibirsky Chemical, a pharmaceutical factory, insolvent. The case is docketed as A19-6719/01-8-34. Yuri Vasilyev, a member of TP Interregional self-regulated organization of arbitral managers Kontinent, has been appointed insolvency manager. Creditors have until April 21, 2004 to submit their proofs of claim to: 196084, Saint-Petersburg, Post User's Box 241. CONTACT: USOLYE-SIBIRSKY 665479, Irkutsk region Usolye Sibirskoye =========================== U N I T E D K I N G D O M =========================== AMP LIMITED: Expects Net Profit after Tax to Exceed AU$535 Mln -------------------------------------------------------------- AMP Limited provided an update on its annual results for the year to December 31, 2003. These results are due for finalization and release on March 4, 2004. AMP Chief Executive Officer Andrew Mohl said the underlying business results were now expected to be considerably higher than the pro-forma forecasts provided in the Explanatory Memorandum for the demerger. The Explanatory Memorandum forecast net profit after tax (before goodwill amortization and other items) in a range from AU$402 million to AU$535 million. AMP indicated at the time the Explanatory Memorandum was released on October 16, 2003 that it expected the result to be closer to the top end of the forecast range. Mr. Mohl said it was now likely that net profit after tax (before goodwill amortization and other items) would be in the range of AU$600 million to AU$620 million. "The better-than-expected profit result reflects, in roughly equal parts, improved business unit performance, particularly in the final months of the year, and a number of positive one-off items that emerged in the end of year review process," Mr. Mohl said. "The stronger business unit performance has seen AMP Financial Services, AMP Capital Investors and Cobalt/Gordian all exceed the top end of their respective ranges provided in the Explanatory Memorandum." Mr. Mohl said the balance sheet of AMP was also significantly stronger at year-end than had been anticipated at the time of the release of the Explanatory Memorandum. In particular, AMP Life was in a position at the end of December 2003 to transfer AU$725 million to AMP Limited due to: (a) higher operating profits; (b) capital management initiatives; (c) investment out performance; and (d) improved market conditions. The solvency position of AMP Life, even after this transfer of AU$725 million, was significantly stronger at the end of 2003 than mid-year. It was also stronger than at the end of 2001 and 2002 due to the same factors. Acceleration of debt repayment program AMP currently has debt of AU$3.2 billion. The company indicated in the Explanatory Memorandum that it intended to pay down a net AU$600 million of existing debt securities to achieve the Explanatory Memorandum pro-forma debt level of AU$2.6 billion with the nature and allocation of this restructure to be determined. With its improved balance sheet, AMP is now in a position to pay down over AU$1.2 billion of external debt, in effect immediately, and reduce its debt to around AU$2 billion. AMP has determined that the first step to achieve this reduction is to buy back as much of its AU$1.24 billion in outstanding Income Securities (AMQHA) as possible. AMP will make an offer to all Income Securities holders to buy back their holdings at a premium to the current market price. Mr. Mohl said AMP was taking this step because interest rate changes have increased the cost of the Income Securities to the company relative to other debt instruments, and it has too much hybrid debt, most of which is Income Securities. AMP therefore plans to write to all Income Securities holders with an offer to buy back their holdings at $98.00 plus accrued interest. The closing price of the securities on Friday February 20, 2004 was AU$94.10. Income Securities holders do not need to accept this offer, as the securities are perpetual instruments that will continue to trade on the Australian Stock Exchange while they are on issue. AMP has separately reached agreement with a third party who was contesting the impact of the demerger on the status of AMP's Income Securities in the Federal Court. AMP will acquire the party's stake at the same price of AU$98.00 plus accrued interest and the party has agreed to cease its legal proceedings. "With the demerger now successfully completed, our focus is on rebuilding and rejuvenating AMP as quickly as possible," Mr. Mohl said. "The improved performance in underlying results and acceleration in our ability to repay debt are both very good news for our shareholders." CONTACT: AMP LIMITED Level 24, 33 Alfred Street Sydney NSW 2000 Australia ABN Phone: 49 079 354 519 Investor Inquiries: Mark O'Brien Phone: +61 2 9257 7053 AMP LIMITED: Buyback Plan Behind Moody's Outlook Revision --------------------------------------------------------- Moody's Investors Service revised the outlook of AMP Group's long-term ratings to stable from negative after the company provided an update of its annual results for 2003. AMP said it plans to buy back as much as AU$1.24 billion in outstanding Income Securities at AU$98. It also said that two holders of its securities retracted legal actions against the company. These issues could have cross-defaulted and accelerated all of the group's senior debt. The outlook revision was also supported AMP's announcement that its 2003 net profit would be above the higher range projected in the demerger Explanatory Memorandum, the planned up-streaming of some AU$725 million from AMP Life to AMP Limited. Other rating actions following the update includes the affirmation of: (a) AMP Life Ltd. Insurance financial strength rating's at A1; (b) AMP Group Holdings Ltd. Senior debt ratings at Baa1; (c) AMP (U.K.) Finance Services plc Senior debt rating at Baa1; (d) AMP Group Finance Services Ltd. Senior debt rating at Baa1 and Subordinated debt rating at Baa2; (e) AMP Bank Ltd. Long-term deposit rating at Baa1; (f) Long-term senior debt at Baa1; (g) Long-term subordinated debt at Baa2; and (h) Long-term junior subordinated debt at Baa2. The ratings have a stable outlook. These ratings have been affirmed with a continuing stable outlook: (a) AMP (U.K.) Finance Services plc P-2 commercial paper; (b) AMP Group Finance Services Ltd P-2 commercial paper; (c) AMP Bank Ltd P-2 commercial paper; (d) D bank financial strength. ATLANTIC PLANT: Appoints KPMG Administrator ------------------------------------------- Name of Company: Atlantic Plant (Plymouth) Limited Reg. No: 03026726 Nature of Business: Marine and Civil Engineers Trade Classification: 45240 Administration Order made: February 13, 2004 Administrator: KPMG Plym House, 3 Longbridge Road, Plymouth PL6 8LT Contact: Richard John Hill, Joint Administrator David John Crawshaw, Joint Administrator (Office Holders Nos 8027, 8814) Phone: (01752) 632100 Fax: (01752) 632110 Web site: http://www.kpmg.com AUSTIN REED: Receives GBP10.7 Million for Sackville Property ------------------------------------------------------------ In the interim results released on 9 October 2003, the Board of Austin Reed Group PLC announced that it was reviewing a number of options relating to the Company's freehold property in Sackville Street, London, which adjoins the Regent Street flagship store. The Board's review concluded that the most appropriate course of action would be to sell the Property. In line with these plans, on February 25, 2004, the Company exchanged contracts with GPE (Sackville Street) Limited, a wholly owned subsidiary of Great Portland Estates plc, for the sale of the Property. The cash consideration for the sale of the Property is GBP10.7 million, with GBP1.1 million payable on exchange and the balance payable on completion. There are no material conditions relating to the sale, and completion is anticipated by February 27, 2004. The net consideration after accounting for expenses of GBP0.2 million will be GBP10.5 million. This is in line with an independent valuation of the Property of GBP10.5 million at January 31, 2004 for the purposes of the Company's full year results. The net proceeds from the sale will be used to reduce the indebtedness of the Company. The Company has agreed to lease back the retail and retail related areas of the Property on the ground and lower ground floors on normal commercial terms from the Acquiror. The Company has also agreed a short-term leaseback arrangement for its office, which currently occupies the second to fourth floors of the Property. The Company has already identified a number of suitable lower cost alternatives in the London area and intends to relocate in the next few months. The Board will continue to investigate opportunities to optimize value for shareholders through exploiting the Company's strong asset base, as well as focusing on improving trading at Austin Reed and Country Casuals. CONTACTS: AUSTIN REED GROUP PLC David Lowbridge, Chief Executive Geoff Gibson, Financial Director Phone: 020 7534 7703 BUTE COURT: Final Meeting Set March 23 -------------------------------------- A General Meeting of the Bute Court Hotel Limited Company will be on March 23, 2004 at 10:00 a.m. It will be held at 1 Barnfield Crescent, Exeter, Devon EX1 1QY. The purpose of the meeting is to present the account lay before the Members how the winding up has been conducted as well as the property of the company disposed of. J A O'Sullivan, Liquidator Web site: http://www.butecourthotel.co.uk CANARY WHARF: Shareholders Have Until March 23 to Accept CWG Bid ---------------------------------------------------------------- Further to the revised and increased offer for Canary Wharf announced by CWG Acquisition on February 12, 2004, CWG Acquisition announces that the Offer Document in relation to the Offer, being made by Deutsche Bank and Merrill Lynch on behalf of CWG Acquisition (and, in the United States, by CWG Acquisition), was posted to Canary Wharf Shareholders on February 24, 2004, together with the Form of Acceptance. On the same day, CWG Acquisition also posted to Canary Wharf Shareholders who may lawfully receive it the Thames River Document containing details of the Class A Ordinary Shares and Class B Restricted Shares in Thames River Office Properties PLC and the proposed admission of the Class A Ordinary Shares to the Alternative Investment Market of the London Stock Exchange. The Class A Ordinary Shares and Class B Restricted Shares are being offered to Canary Wharf Shareholders under the terms of the Offer. Forms of Acceptance should be completed, signed and returned, in accordance with the instructions set out in the Offer Document and on the Form of Acceptance, so as to be received as soon as possible and, in any event, no later than 3:00 p.m. (London time) on March 23, 2004. Any extensions to the offer will be publicly announced by 8:00 a.m. (London time) on the business day following the date on which the Offer is due to expire. CONTACT: CANARY WHARF CWG Brascan Katherine Vyse Phone: +1 (416) 363 9491 DEUTSCHE BANK Debbie Robertson-Bond David Church James Agnew Phone: +44 (0) 20 7545 8000 MERRILL LYNCH INTERNATIONAL Kevin J. Smith Michael Profenius Mark Brooker Phone: +44 (0) 20 7628 1000 THE MAITLAND CONSULTANCY Angus Maitland Philip Gawith Martin Leeburn Phone: +44 (0) 20 7379 5151 DITECO ANALYTICAL: Winding up Resolution Passed ----------------------------------------------- At an Extraordinary General Meeting of the Diteco Analytical Limited Company on February 11, 2004, held at 4143 Billy Mitchell Drive, Addison, Texas 75001, USA, the subjoined Special Resolutions to wind up the Company were passed. The Company appointed Ian Donald Williams of Benedict Mackenzie, of 62 Wilson Street, London EC2A 2BU, Liquidator. CONTACT: BENEDICT MACKENZIE 62 Wilson Street, London EC2A 2BU Contact: Ian Donald Williams, Liquidator Phone: 020 7247 1174 Fax: 020 7247 3494 E-mail: info@benemack.co.uk Company Address: 58 Montrose Ave Twickenham Middx Phone: (020) 8893 3842 Fax: (020) 8755 4308 DONISTHORPE & CO.: Shutting down 100-year-old Leicester Plant ------------------------------------------------------------- Thread supplier Donisthorpe & Co. Ltd. will end more than 100 years of operation in Bath Lane, Leicester, just-style.com reported citing the Leicester Mercury. The company cited the exodus of customers out of Europe as the reason for the shutdown. It said the distance makes it difficult and costly to supply its products to these companies. The closure will result to the loss of 80 jobs, with 50 having to go at the end of May, and the rest by early 2005. Only 26 workers will be left to continue to man a service and distribution center in Leicester. Donisthorpe will sell its 1.7-acre Friar Mills factory site to Leicester-based developer Wilson Bowden City Homes, which will turn it into residential units. Donisthorpe has a nationwide network of customer service centers in Leicester, Bury, Glasgow and Dublin providing local customer service within the U.K. Internationally it provides service through a distribution center in Rabat, Morocco with a daily delivery service to surrounding areas including Casablanca, Sale and Tangier. Since May 2000 it has a similar facility in Bucharest which services U.K. based manufacturers in Romania. CONTACT: DONISTHORPE & CO. Bath Lane Leicester LE1 9BQ Phone: 0116 222 2244 Fax: 0116 222 2245 Home page: http://www.donisthorpe.com/ EINSTEIN GROUP: New Fiscal Year Ends June ----------------------------------------- Summary (a) Net profit of GBP453,000 for six months to 31 December principally due to the reduction of group liabilities following the liquidation of a subsidiary. (b) CVA approved in January 2004 with creditors accepting 10 pence in the pound in shares. (c) Year-end changed to June to reflect full impact of the period of Administration and Compulsory Voluntary Arrangement. (d) Working relationship with Baker Street Media Finance established and sufficient working capital put in place to enter CVA. The company is currently considering board appointments and the raising of additional working capital. Interim Statement Six Months Ended December 31, 2003 Einstein announces the release of its interim statement to December 31, 2003. The Company's directors, in consultation with their advisers, have decided to change the Company's accounting reference date to June 30. The new current accounting period will run from January 1, 2003 to June 30, 2004. This disclosure will enable shareholders and the financial markets to assess the full effect of the Period of Administration and the Company Voluntary Arrangement in one accounting period. The impact of the liquidation of the Einstein TV subsidiary and the effect of the cost savings during the administration resulted in the Company showing a profit of GBP453,000 during the six month period to December 31, 2003. The balance sheet at December 31, 2003 reflects assets and liabilities of the Company prior to the approval of the CVA proposal and includes a provision for the costs of the Administration during the period. These liabilities will be eliminated by the end of the new accounting period on June 30, 2004. Overview The Company went into Administration on July 30, 2003. For the remainder of the year the directors concentrated on securing the future for the Company and planning a Company Voluntary Arrangement. Trading The Company continued to trade during the Period of the Administration. Prospects The directors identified and developed a working relationship with a specialist film and TV funding company - Baker Street Media Finance Limited. Sufficient funding was put in place for the Administrator to propose that the Company enter into a Company Voluntary Arrangement. The CVA proposals were sent out to creditors and shareholders for their approval in January 2004. Following approval of the proposals, the Company entered a CVA on January 22, 2004 and is currently considering further board appointments and a fundraising for additional working capital. Further announcements relating to the Company's future will be made in due course. To see financial statements: http://bankrupt.com/misc/Einstein_2003.htm EMERGING SCIENCES: Creditors Meeting Set March 5 ------------------------------------------------ A Meeting of Creditors of the Emerging Sciences Limited Company will be on March 5, 2004 at 12:00 noon. It will be held at the offices of Valentine & Co., 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS. The Resolutions proposed at the Meeting may include a Resolution or Resolutions specifying the terms, which the Liquidator or Liquidators are to be remunerated. The Meeting may also receive information about the costs of preparing the statement of affairs and convening the Meeting of Creditors. Notice is further given that a list of the names and addresses of the Company's Creditors may be inspected at the offices of Valentine & Co. between 10:00 a.m. and 4:00 p.m. on the two working days preceding the date of the Meeting stated above. By Order of the Board. FORKDEAL LIMITED: Names PricewaterhouseCoopers Liquidator --------------------------------------------------------- At an Extraordinary General Meeting of Forkdeal Limited held on January 29, 2004, the subjoined Resolutions to wind up the Company were passed. Richard Setchim and Tim Walsh of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, are appointed Joint Liquidators of the Company. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Contact: Richard Setchim, Liquidator Tim Walsh, Liquidator Phone: (44) (20) 7583 5000 Fax: (44) (20) 7822 4652 Web site: http://www.pwcglobal.com GOSHAWK INSURANCE: Director Andrew Gammell Leaves Board ------------------------------------------------------- Further to the announcement on November 10, 2003 of his intention to retire from the board of GoshawK Insurance Holdings plc, GoshawK announces that Andrew Gammell has now resigned as a director of GoshawK with effect from February 24, 2004. ***** Goshawk is currently in the process of putting its Syndicate 102 into run-off. CONTACT: GOSHAWK INSURANCE HOLDINGS PLC Paul Spencer, Chairman Andrew Castell, Finance Director Phone: 020 7621 0777 COLLEGE HILL ASSOCIATES James Henderson Phone: 020 7457 2020 HALLWAYS LIMITED: Winding up Resolution Passed ---------------------------------------------- At an Extraordinary General Meeting, Creditors of the Hallways Limited Company on February 13, 2004 at Harvester House, 37 Peter Street, Manchester M2 5QD, the Special Resolution to wind up the Company was passed. Stephen Conn of Begbies Traynor has been appointed as Liquidator of the Company. CONTACT: BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Contact: Stephen Conn, Liquidator Phone: 0161 839 0900 Fax: 0161 839 7436 Web site: http://www.begbies.com HYDRODYNAMIC DEVELOPMENTS: Appoints Hickling Liquidator ------------------------------------------------------- At an Extraordinary General Meeting Creditors of the Hydrodynamic Developments Limited on February 4, 2004 held at Rushbury House, Winchcombe, Cheltenham, Gloucestershire GL54 5AE, the subjoined Resolutions to wind up the company were passed. Neil Francis Hickling of Smith & Williamson Limited is appointed Liquidator for the Company. CONTACT: SMITH & WILLIAMSON LIMITED No 1 Riding House Street London W1A 3AS Phone: 020 7637 5377 Fax: 020 7631 0741 Web site: http://www.smith.williamson.co.uk CUNNINGHAM COATES STOCKBROKERS 19 Donegall Street Belfast BT1 2HA Phone: 028 9032 3456 Fax: 028 9023 1479 Web site: http://www.smith.williamson.co.uk Contact: Neil Francis Hickling, Liquidator INVENSYS PLC: Ratings Lowered to 'B+'; High Leverage Cited ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K.-based engineering company Invensys PLC to 'B+' from 'BB-' as a result of the group's expected high levels of leverage in the medium term. Standard & Poor's also lowered its existing debt ratings on Invensys to 'B-' from 'B'. All ratings were removed from CreditWatch, where they were placed on February 13, 2004. The outlook is negative. At the same time, Standard & Poor's assigned its 'B+' debt rating to the proposed senior secured bank loan facilities and second lien bank facility to be issued by Invensys International Holdings Ltd. A 'B-' debt rating was also assigned to the proposed new bond to be issued by Invensys. All ratings are subject to final documentation. "The lowering of the ratings on Invensys reflects the group's expected very high level of leverage in the medium term and its subsequent challenging credit metrics," said Standard & Poor's credit analyst Bob Ukiah. Net debt to EBITDA, including lease and pension adjustments is likely to approach 7x, while adjusted EBITDA interest coverage is likely to range between 2.0x and 2.5x over the next few years. Furthermore, there are many demands on the group's cash flow, resulting in Standard & Poor's expectation that the group will be unlikely to materially reduce its debt burden from underlying trading over this period. Invensys' businesses retain some good competitive positions, which should enable the group to recover its sales and margins to some extent. Nevertheless, it competes against several larger, better- capitalized companies. Standard & Poor's expects trading performance and credit metrics to improve gradually over the foreseeable future. There is, however, a risk that results could fall short of expectations, in which case the ratings would be reviewed. The ratings assume that the refinancing will be completed as planned. CONTACT: STANDARD AND POORS Analyst E-Mail Addresses bob_ukiah@standardandpoors.com leigh_bailey@standardandpoors.com anne-charlotte_pedersen@standardandpoors.com CorporateFinanceEurope@standardandpoors.com KANEMATSU LIMITED: Schedules General Meeting April 1 ---------------------------------------------------- The Final General Meeting of the Kanematsu (U.K.) Limited Company will be on April 1, 2004 at 10:30 a.m. It will be held at 1 More London Place, London SE1 2AF. Proxies for use at the Meeting must be lodged at the offices of Ernst & Young LLP, at 1 More London Place, London SE1 2AF, no later than 12:00 noon on March 31, 2004. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Contact: P J Brazzill, Joint Liquidator Phone: +44 (0) 20 7951 2000 Fax: +44 (0) 20 7951 1345 Web site: http://www.ey.com KERSAINT COBB: KPMG to Update Shareholders of Winding up April -------------------------------------------------------------- A General Meeting of the Members of the Kersaint Cobb 7 CO. Limited Company will be on April 19, 2004 at 10:00 a.m. It will be held at KPMG, 2 Cornwall Street, Birmingham B3 2DL. The purpose of the meeting is to present the account laid before the Members how the winding-up has been conducted as well as the property of the company disposed of. M J Orton and A W Graham of KPMG Corporate Recovery are the company's Joint Liquidators. CONTACT: KPMG 2 Cornwall Street Birmingham B3 2DL Contact: M J Orton, Joint Liquidator A W Graham, Joint Liquidator Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk Company Address: Gorsey Lane, Coleshill Birmingham B46 1JU Phone: 01675 430430 Fax: 01675 430222 Web site: http://www.kersaintcobb.co.uk ***** Kersaint Cobb, established in 1988, offers one of the widest selections of quality natural and pure wool floor coverings in today's market. MANAGED LIMITED: Creditors Meeting Set March 3 ---------------------------------------------- There will be a Creditors Meeting of the Managed Limited Company will be on March 3, 2004 at 10:30 a.m. It will be held at 8 Baker Street, London W1U 3LL. For the purposes of approving the aim of the Administration Order as well as to appoint a Creditors' Committee. Creditors who wish to vote must submit that debt claimed to be due from the Company. It should be given to D J Gilbert the Joint Administrator of the Company at 8 Baker Street, London W1U 3LL, not later than 12:00 noon on March 2, 2004. CONTACT: D J Gilbert, Joint Administrator 8 Baker Street, London W1U 3LL MCD Limited: General Assembly Set April 19 ------------------------------------------ MCD (U.K.) Limited MCD (Nottingham) Limited Tayrich Limited Cablebroard Limited Smith, culpeck & co., limited A General Meeting of the Members of these Companies will be on April 19, 2004 at 10:00 a.m. It will be held at KPMG, 2 Cornwall Street, Birmingham B3 2DL. The purpose of the meeting is to present the account lay before the Members how the winding-up has been conducted as well as the property of the company disposed of. Hearing any explanation that may be given by the Joint Liquidators, M J Orton and A W Graham of KPMG Corporate Recovery. CONTACT: KPMG 2 Cornwall Street Birmingham B3 2DL Contact: M J Orton, Joint Liquidator A W Graham, Joint Liquidator Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk MERLIN DYEING: Appoints Wilson Pitts Administrator -------------------------------------------------- Name of Company: Merlin Dyeing And Finishing Limited Nature of Business: Finishing of Textiles Trade Classification: 1730 Date of Appointment: February 12, 2004 Joint Administrative Receiver: WILSON PITTS Glendevon House, Hawthorn Park, Coal Road Leeds LS14 1PQ Receivers: D F Wilson J N R Pitts (IP Nos 703, 7851) PPL THERAPEUTICS: Sells Intellectual Rights to Revivicor -------------------------------------------------------- PPL announces that it's subsidiary, PPL Therapeutics (Scotland) Limited, has entered into unconditional agreements to dispose of its in-licensed rights to Revivicor's gene targeting patents and related know-how in the field of the production of proteins for use in pharmaceuticals and nutraceuticals to Exeter Life Sciences, Inc. The consideration of $0.15 million (GBP80,000), which is payable in cash, is expected to be received from Exeter. PPL had fully expensed development related to the gene targeting intellectual property; as such the net book value of the gene targeting intellectual property at June 30, 2003 was GBPnil. Therefore, the sale of the gene targeting intellectual property gives rise to an estimated gain on disposal of $0.15 million (GBP80,000). The proceeds receivable of $0.15 million (GBP80,000) less tax and selling expenses will be used to supplement PPL's existing cash resources with a view to maximizing short-term value for shareholders. PPL will continue to provide further updates to shareholders at the appropriate time. CONTACT: PPL THERAPEUTICS PLC Chris Greig, Chairman Adam Christie, Business Development Director Phone: 0131 440 4777 Alistair Mackinnon-Musson Philip Dennis Hudson Sandler Phone: 020 7796 4133 E-mail: ppl@hspr.co.uk PPL THERAPEUTICS: Sells Remaining Interest in Revivicor Holdings ---------------------------------------------------------------- PPL announces that it has entered into an unconditional agreement to sell its 1 million Series A Preferred Stock in Revivicor Holdings Inc. to UPMC, Fujisawa Investments for Entrepreneurship I LP, Fujisawa Investments for Entrepreneurship II LP and Highmark Health Ventures Investment Fund LP (together the other shareholders) in that business for a gross consideration of $400,000 (approximately GBP213,000) payable in cash at completion. In April 2003, PPL announced it had sold its subsidiary, PPL Therapeutics Inc. and certain intellectual property relating primarily to its research in the area of regenerative medicine, in particular its xenotransplantation and stem cell projects based in the U.S.A (the Regenerative Medicine Business) to Regenecor Holdings Inc. Regenecor Holdings Inc was a new company established by UPMC, Fujisawa Investments for Entrepreneurship I LP, Fujisawa Investments for Entrepreneurship II LP and Highmark Health Ventures Investment Fund LP to facilitate the acquisition. Following the disposal Regenecor Holdings Inc. changed its name to Revivicor Holdings Inc. In part consideration for the sale of the Regenerative Medicine Business PPL received 1 million Series A Preferred Stock of $1 each in Revivicor credited as fully paid. The Company has now agreed to sell its 1 million Series A Preferred Stock in Revivicor to the other shareholders in that business for a gross consideration of $400,000 (approximately GBP213,000). The disposal of the Revivicor Shares includes the termination of the rights and obligations of PPL under the various agreements related to the sale of the Regenerative Medicine Business in April 2003. The net book value of the shares as at June 30, 2003 was GBP0.6 million. PPL will incur a loss on disposal of the shares of GBP0.4 million. In the period of PPL's ownership of the Regenerative Medicine Business in the six month period ended June 30, 2003 the aggregate Research, Development and Administrative costs was GBP0.4 million, other operating income was GBP0.2 million and the loss before taxation was GBP0.2 million. The gross proceeds of approximately GBP213,000 receivable in cash less selling expenses from the disposal will be used to supplement PPL's existing cash resources with a view to maximizing short-term value for shareholders. With regard to discussions in connection with maximizing short- term value for Shareholders, the Company has been in exclusive discussions with one party since early February and is hopeful of announcing shortly proposals for an offer around the current share price, which reflects the company's realizable asset value. CONTACT: PPL THERAPEUTICS PLC Chris Greig, Chairman Lindsay Dunsmuir, Chief Financial Officer Phone: 0131 440 4777 Alistair Mackinnon-Musson Philip Dennis Hudson Sandler Phone: 020 7796 4133 Email: ppl@hspr.co.uk QUEENS MOAT: Assets Sale Attracts Two More Potential Buyers ----------------------------------------------------------- Blackstone Ventures and Terra Firma Capital Partners joined British bank HBOS on a possible bid for the hotel portfolio of Queens Moat Houses, sources close to the process said, according to Reuters. The firms have already received memoranda on the assets, and are yet to make firm offers for all or part of Queen Moat Houses' properties. Both declined to comment on the report. HBOS has teamed up with Macdonald Hotels and private investors David and Simon Reuben for the bid. Binding offers are due in late March, the sources said. Morgan Stanley MWD.N is advising Queens Moat QMOT.L on the possible sale. QMH, which has debts of around GBP600 million pounds and net assets of around GBP90 million, detailed a portfolio of 67 hotels spread across Britain, Germany and the Netherlands in its 2002 results. It earlier sold three U.K. hotels, and is currently in the process of closing the sale of Edinburgh Capital Moat House. SCOTTISH & NEWCASTLE: CEO Won't Rule Out Further Plant Closures --------------------------------------------------------------- Scottish & Newcastle group chief executive Tony Froggatt refused to comment on speculation it could close its Tyne brewery in Newcastle, according to The Scotsman. "We do not give guarantees. We will always be looking at areas where we can get greater efficiencies," Mr. Froggatt said. The closure will leave Scottish & Newcastle, which recently announced the shutdown of Edinburgh's Fountainbridge, with only its Reading, Manchester and Tadcastle plants in Yorkshire. However, John Dunsmore, chairman and managing director of Scottish Courage, the company's U.K. brewing arm, believes the closure could be avoided. According to him, it is possible to hit Scottish & Newcastle's target of saving GBP45 million over the next three years without closing another brewery. Scottish Courage explained that the closure of its Edinburgh Brewery at Fountainbridge was done against a background of the mature and competitive U.K. beer market, a priority for Scottish Courage in 2004 is to reduce costs in the U.K. business. It said: "There are a number of factors, including the Fountain Brewery's high fixed operating costs, low capacity utilization, and City center location which combine to mean that continued production from the site is no longer commercially viable." The rise in Scottish & Newcastle's pro-forma annual profits, recently announced, made workers bitter at the recent decisions. Brian Revell, national organizer of the Transport and General Workers Union, said: "The increasing profits in Scottish & Newcastle come at a price to the workforce to create a benefit for shareholders. Ruthlessly cutting off its roots may produce short gain, but the lack of loyalty to the workforce will ultimately undermine consumer loyalty." SEAFORGE LIMITED: Names Joint Administrators -------------------------------------------- Name of Company: Seaforge Limited Reg. No: 04535521 Nature of Business: Marine and Civil Engineers Trade Classification: 45240 Administration Order made: February 13, 2004 Administrator: KPMG Plym House, 3 Longbridge Road, Plymouth PL6 8LT Contact: Richard John Hill, Joint Administrator David John Crawshaw, Joint Administrator (Office Holders Nos 8027, 8814) Phone: (01752) 632100 Fax: (01752) 632110 Web site: http://www.kpmg.com SEASTRUCTURES LIMITED: Royal Bank of Scotland Calls in Receivers ---------------------------------------------------------------- Name of Company: Seastructures Limited Reg. No.: 02848370 Nature of Business: Marine and Civil Engineering Trade Classification: 45240 Date of Appointment of Joint Administrative Receivers: February 13, 2004 Name of Person Appointing the Joint Administrative Receivers: Royal Bank of Scotland plc Joint Administrative Receivers: KPMG Plym House, 3 Longbridge Road, Plymouth PL6 8LT Receivers: Richard John Hill David John Crawshaw (Office Holder Nos 8027, 8814) Company Address: Breakwater Works Breakwater Road Plymstock Plymouth PL9 7HJ England Phone: +44 (0) 1752 406901 Fax: +44 (0) 1752 401084 E-mail: seastructures@seastructures.com ***** Seastructures is a marine and specialist civil engineering contractor operating throughout the U.K. and internationally. It provides expertise in coastal and inland waterways construction, piling and remedial works to docks, harbors and associated structures. Seastructures maintain a diving capability to undertake subsea inspections and underwater construction. As part of their specialist operations they provide the full range of bridge works from foundation to deck level for both railway and road infrastructures. Contract values range from GBP5,000 to GBP10,000,000. TREKDEAL LIMITED: PricewaterhouseCoopers Execs Named Liquidators ---------------------------------------------------------------- At an Extraordinary General Meeting of Trekdeal Limited, on January 29, 2004, the subjoined Special Resolutions to wind up the Company were passed. Richard Setchim and Tim Walsh of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT, are appointed Joint Liquidators of the Company. CONTACT: PRICEWATERHOUSECOOPERS LLP Plumtree Court London EC4A 4HT Contact: Richard Setchim, Liquidator Tim Walsh, Liquidator Phone: (44) (20) 7583 5000 Fax: (44) (20) 7822 4652 Web site: http://www.pwcglobal.com YORKSHIRE GROUP: Peter Gyllenhammar Named to Board -------------------------------------------------- The Board of Yorkshire is pleased to announce the appointment of Peter Gyllenhammar as a non-executive director of the Company. Mr. Gyllenhammar, 50, is currently also a director of Montpellier Group plc, Jarvis Porter Group plc, Yorklyde plc and Browallia Holdings Limited (formerly Union plc). He was a director of Cape plc and Darby Group Limited (formerly Darby Group plc) within the last five years. Mr. Gyllenhammar specializes in investing in companies in financial difficulty and was a director of Reece plc, which entered into administration in November 2001 and was subsequently liquidated in August 2002. He was also a director of Browallia U.K. Limited, which was solvent when it was dissolved in March 2000. No further details require disclosure pursuant to paragraph 16.4 of the Listing Rules. Certain terms used in this announcement are defined in the circular dispatched to Shareholders on February 3, 2004. ***** Yorkshire said previously that as announced in its 2003 interim results, trading conditions have continued to be very difficult with relative stabilization in Europe more than offset by adverse conditions in America and Asia. In the six months ended June 30, 2003, Yorkshire's European division succeeded in reducing its pre-exceptional operating loss to GBP3.1 million from a pre-exceptional operating loss of GBP5.5 million in the corresponding period in 2002. The Board anticipates that turnover for the Group will continue to decline in 2004, although the extent of the decline is anticipated to be lower than in 2002 and 2003 as a result of the management actions, which are being taken to focus on growing the Group's market share in certain segments. CONTACT: YORKSHIRE GROUP PLC Andrew Dick (Chairman and Chief Executive) Jim Perrie (Chief Financial Officer) Malcolm Shilton (Company Secretary) Phone: 0113 244 3111 HAWKPOINT PARTNERS LIMITED Andrew Speirs Phone: 020 7665 4500 HOGARTH PARTNERSHIP LIMITED Nick Denton Phone: 020 7357 9477 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, and Liv Arcipe, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *