---

        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, March 11, 2004, Vol. 5, No. 50

                            Headlines

B E L G I U M

NGK SLAVNEFT: Local Unit Sued for Alleged Illegal Fund Transfer


F R A N C E

BULL SA: Clarifies Nature of Second 'State Aid'


G E R M A N Y

BAYER AG: Reserves EUR300 Mln for Baycol/Lipobay Claims
WCM GROUP: Group Earnings Improve to -EUR98 Mln from -EUR165 Mln
WESTLB AG: Hires Citigroup as Odeon Stake Sale Adviser


G R E E C E

ROYAL OLYMPIA: MV Triton Begins Voyage Though Future Hangs


H U N G A R Y

NABI RT: Hopes to Ink Refinancing Deal with Banks by Month's End
PARMALAT HUNGARIA: Court Upholds Earlier Ruling, Rejects Appeal


I R E L A N D

ELAN CORPORATION: Offer of Series Z Warrants Expires August 2005


I T A L Y

PARMALAT FINANZIARIA: Bethia Determined to Snatch Chilean Unit
PARMALAT USA: Debtors Apply for Joint Administration of Cases


N E T H E R L A N D S

LAURUS N.V.: Price War Fails to Buck Strong Profit Bounce
SUN SAGE: Proposed US$200 Million Senior, Sub-notes Rated 'B+'


R U S S I A

AGROPROMENERGO: Under Bankruptcy Supervision Procedure
ANILINE-COLOR FACTORY: Kemerovo Opens Bankruptcy Proceedings
CHISTOPOLSKY SHIP-REPAIR: Declared Insolvent
CORPORATION PORT: Under Bankruptcy Supervision Procedure
NIZHNE-MALZEVSKY: Ryazan Court Appoints Insolvency Manager

SMOLENSKOYE PIVO: Under Bankruptcy Supervision Procedure
SUE GORSVET: Begins Bankruptcy Supervision Procedure
TOMSK LEASING: Declared Insolvent
UVINSKY BRICKWORKS: Bankruptcy Procedure to Last Until June 21
VOLOGDA TOOL: Declared Insolvent


S W E D E N

LINDEX GROUP: President Resigns as Results Further Deteriorate


U N I T E D   K I N G D O M

ABBEY NATIONAL: Annual Report Available at UKLA
ABL REALISATIONS: Hires Ernst & Young as Liquidator
ACE LABELS: Henegan Appoints Menzie Administrative Receiver
ALTERNIS LIMITED: Hires Liquidator
ARCHWAY MANAGEMENT: Creditors Meeting Set March 15

ARISTON LIMITED: Meeting of Creditors March 18
BARKBURY INTERIORS: Creditors Meeting Set March 16
BERKELEY INTERNATIONAL: Hires Liquidator from Begbies Traynor
BROADWELL LIMITED: Winding up Resolution Passed
BRONTE CIVIL: Creditors Assembly Set March 16

CASHTEC SERVICES: In Administrative Receivership
CHARTER PLC: Board Adopts 2003 Statutory Accounts
CHEMDAL LIMITED: Passes Special Resolution to Wind up
DALTON CONSTRUCTION: Designates Begbies Traynor Liquidator
DUOMO GROUP: Creditors Meeting Set March 16

EDOLI LIMITED: Names Rhodes Robson Liquidator
EQUITABLE LIFE: Penrose Report Offers Policyholders No New Hope
EQUITABLE LIFE: Policyholders Bringing Case to European Union
FINANCETRACK LIMITED: Names Franklin & Co. Receiver
FIZZ LIMITED: Appoints Harlow Khandhia Mistry Administrator

HARRADALE LIMITED: Appoints BDO Stoy Hayward Liquidator
HENLYS GROUP: Blue Bird Underperformance to Drive Pre-tax Loss
HOLLINGER INC.: Faces US$173 Mln Claim from Lord Black's Firm
IMPERIAL CHEMICAL: Top Executives Admit Poor Performance
LIVING MASK: Peter Henegan Appoints Menzies Receiver

MALLETT PLC: Warns of Lower-than-expected Full-year Results
MARCONI CORPORATION: In Third Part of Senior Notes Redemption
RICHARD ROBERTS: Creditors Meeting Set March 19
SKYEPHARMA PLC: Names Financial Adviser
STCP LIMITED: Calls in Administrator from Smith & Williamson

THOMAS COOK: EUR100 Mln Cost-cutting Plan Excludes Divestment
THOMAS COOK: Full-year Loss Reaches EUR251 Million
WATFORD LEISURE: EGM Approves GBP5.25 Mln Refinancing Plan
WATFORD LEISURE: Gives Update Regarding Open Offer
WEBPOST LIMITED: Voluntary Winding up Resolution Passed


                            *********


=============
B E L G I U M
=============


NGK SLAVNEFT: Local Unit Sued for Alleged Illegal Fund Transfer
---------------------------------------------------------------
Vostok Nafta Investment Ltd. [through its 100% subsidiary Austro
(Cyprus)] filed a writ of summons against Slavneft-Belgium in
the court of commerce in Antwerp on March 5, 2004.  This step
marks the first stage in international legal action against NGK
Slavneft, its affiliates and shareholders.  Vostok Nafta is
engaged in an extensive legal campaign to recover US$1.2 billion
in lost revenues, which have been transferred from
Megionneftegaz to NGK Slavneft and its affiliates over the
course of 2002 and the first nine months of 2003 by entering
into below-market transactions.  To date, Vostok Nafta has filed
four legal actions in Russia.

The aim of the case in Belgium is to seek monetary compensation
of US$60 million from Slavneft Belgium to be returned to
Megionneftegaz because transactions between Slavneft and
Megionneftegaz are invalid on the basis that they did not
receive appropriate shareholder approval.  This amount
represents the estimated profit that Slavneft-Belgium earned by
trading with Megionneftegaz during 4th quarter 2002 under
contracts, which were not approved by shareholders in accordance
with the requirements of Russian corporate law.  Vostok Nafta
maintains that no shareholder approval was sought because
related party transactions entered into by Megionneftegaz were
clearly not in the company's interest and would have been
blocked by minority shareholders such as Vostok Nafta.

The case against Slavneft-Belgium will be tried in Belgium,
however, Vostok Nafta will request the court to apply Russian
law in accordance with the Belgium International Private Law.
Vostok Nafta believes that Slavneft-Belgium clearly breached
Russian law furthermore Slavneft-Belgium (as a subsidiary of NGK
Slavneft) was aware of the requirements of Russian law.  In
addition, half of the Board members of Slavneft-Belgium were
simultaneously Board members or executive officers of NGK
Slavneft and/or Megionneftegaz.

(a) Sales to Slavneft-Belgium accounted for 42.9% of
    Megionneftegaz sales during the 4th quarter 2002;

(b) Megionneftegaz earned US$7.86 per barrel in revenue from
    oil sales during the 4th quarter 2002 (based on data from
    Form No.2 profit & loss and using an exchange rate of
    Roubles 31.78 per US$).  During this period the average
    price for Urals grade crude was US$24.64 per bbl;

(c) Slavneft-Belgium had 4 employees in 2002, the company's
    turnover was EUR1,381 million;

(d) Slavneft-Belgium has seven directors and one commissioner;
    four of the seven directors are executive officers of NGK
    Slavneft and/or Megionneftegaz.

CONTACT:  NGK SLANNEFT
          Alex Williams, Director Vostok Nafta
          Phone: +41 22 319 66 00
          Richard Gwynne, Partner
          Stephenson Harwood, London
          Phone: +44 (0) 207329 4422


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


BULL SA: Clarifies Nature of Second 'State Aid'
-----------------------------------------------
Bull confirmed on March 5 that the government has submitted a
financial restructuring aid for Bull and is now discussing with
the European Commission the conditions under which this aid
would be carried out.

As mentioned in Bull's press release on March 5, this
notification is part of the recapitalization plan approved by
the Board of Directors on November 20, 2003 and made public the
same day.  As a reminder, Bull's recapitalization plan is
twofold: on one side, the decrease of 90% of the economic value
of the financial debts (EUR500 million corresponding to the
State rescue aid, including interest, and EUR204 million
corresponding to bonds) and, on the other side, a capital
increase of EUR44 million (of which EUR33 million are backed by
investors).

Bull specifies that this aid, recently notified to the European
Commission, is meant to enable the French government to ensure
its contribution to the financial restructuring of Bull, and
would be granted upon agreement from the European Commission,
once the rescue aid granted by the French government in
2001-2002 has been reimbursed.  This aid would not be aimed at
contributing to the capital increase of the Company, and would
not have to be reimbursed, but would benefit from a profit
sharing agreement, similar to the one described in the
recapitalization plan announced on November 20, 2003.

CONTACT:  BULL S.A.
          Press:
          Marie-Claude Bessis
          Phone:  +33 (0) 1 39 66 70 55
          Mobile: +33 (0) 6 80 64 18 81
          E-mail: marie-claude.bessis@bull.net


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


BAYER AG: Reserves EUR300 Mln for Baycol/Lipobay Claims
-------------------------------------------------------
In negotiations with the insurance companies concerning the
Lipobay(R)/Baycol(R) litigation, an agreement has been reached
with the majority of the insurers.  The insurers had previously
proceeded only on a provisional basis under a customary
reservation of rights.  The insurers that are parties to this
agreement have now withdrawn the reservations of rights.  Thus,
Bayer expects the insurance coverage for Lipobay(R)/Baycol(R) to
be approximately US$1.2 billion.  Based on the agreement reached
with the insurers and in consideration of further expected
settlements and further defense costs, the company has taken
accounting measures of EUR300 million for fiscal year 2003.

Without acknowledging any liability, the company had settled
2,224 Baycol cases as of March 5, 2004, resulting in settlement
payments totaling approximately US$842 million.

As of that date, 9,948 cases were pending in the U.S. where
facts have been developed in the course of the litigation; it so
far appears that the vast majority of plaintiffs did not suffer
serious side-effects.


WCM GROUP: Group Earnings Improve to -EUR98 Mln from -EUR165 Mln
----------------------------------------------------------------
WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft announces
that the result for the AG and the Group has been consolidated
in the context of the work on the annual financial statements.

The operating EBIT for the AG is EUR119 million against minus
EUR111 million in the previous year.  This represents an
improvement in operating EBIT of EUR230 million.  The result of
ordinary operations before taking into account non-recurring
effects is EUR101 million for the AG, against minus EUR107
million year-on-year.  The result of ordinary operations taking
into account non-recurring effects is minus EUR240 million
compared to minus EUR621 million in the previous year.

These are the figures for WCM Group for the same data:

(1) Operating EBIT EUR171 million against minus EUR150 million
year-on-year.  This represents an improvement of EUR321 million.

(2) The result of ordinary operations before non-recurring
effects is EUR54 million against minus EUR279 million
year-on-year.

(3) The result of ordinary operations taking into account
non-recurring effects is minus EUR286 million against minus
EUR828 million year-on-year.

The corresponding non-recurring effects mainly derive from the
deconsolidation of GEHAG GmbH as at December 31, 2003 and the
reduction of risk positions in connection with SIRIUS/IVG.  Both
the deconsolidation of GEHAG and the expenses for the adjustment
of the SIRIUS/IVG commitment had no significant impact on
liquidity.

(4) As at December 31, 2003, equity totaled EUR270,8 million for
the AG and EUR304,4 million for the Group.  All figures are
interim figures and have not been audited.

                         Results overview 2003
                          (In EUR million)
                                WCM AG

                                         2003     2002

Operating EBIT                            119    -111
Participation result
  without non- recurring effects           30      49
Financial result
  without non- recurring effects          -48     -44
Result of ordinary operations before
  non- recurring effects                  101    -107
Expenses from non- recurring effects
  in the participation result            -341    -176
Expenses from non- recurring effects
  in the financial result                   0    -338
Result of ordinary operations after
non- recurring effects                   -240    -621
EBT                                      -240    -621
EBIT                                     -186    -564
EBITDA                                    -47    -160

                         (In EUR million)
                            WCM Group

                                         2003     2002

Operating EBIT
                                          171   -150
Participation result
  without non- recurring effects          -22    -27
Financial result
  without non- recurring effects         -103   -111
Result of ordinary operations before
non- recurring effects                    54   -279
Expenses from non- recurring effects
in the participation result             -341   -211
Expenses from non- recurring effects
in the financial result                    0   -338
Result of ordinary operations after
non- recurring effects                  -286   -828
EBT                                      -294   -836
EBIT                                     -190   -747
EBITDA                                    -98   -165

All figures are interim figures and have not been audited.

WCM will present the complete annual financial statements for
2003 at its accounting press conference on April 21, 2004.  The
company will publish the result for Q1 2004 on May 24, 2004.

CONTACT:  WCM GROUP
          Ms. Maren Moisl
          Phone: +49 (0) 69 90026-510
          Fax:   +49 (0) 69 90026-110
          E-mail: presse@wcm.de


WESTLB AG: Hires Citigroup as Odeon Stake Sale Adviser
------------------------------------------------------
Citigroup has replaced Morgan Stanley as adviser in the sale of
WestLB's stake in Britain's biggest cinema chain, Odeon,
according to The Telegraph.  The change came after WestLB
granted a consortium of shareholders, made up of Robert
Tchenguiz and Entertainment Cinemas, the option to buy its 43%
stake within a specified time frame.

WestLB started selling assets such as the Odeon stake after
booking a record loss in 2002.  Should the current deal falls,
Citigroup and Goldman Sachs are expected to launch an auction of
the shareholding.  Mr. Tchenguiz, who heads the Rotch property
group, owns 35% of Odeon while the Entertainment Group, run by
Michael and Trevor Green, holds 22%.


===========
G R E E C E
===========


ROYAL OLYMPIA: MV Triton Begins Voyage Though Future Hangs
----------------------------------------------------------
Royal Olympic Cruises (Nasdaq: ROCLF) announced that the vessel
M/V Triton started its planned three- and four-day itineraries
following the decision of the Greek Maritime Court of Appeal of
Piraeus pursuant to section 45 of Law 1892/1090.

However, it is important to note that the full amount of working
capital necessary for normal operations of the Company during
the summer of 2004 has not yet been secured.  Even if sufficient
working capital were secured, unless the Company is able to work
out a comprehensive agreement with its existing creditors, it
may not be able to continue operations.

Following the appointment of a mediator from the court and the
court decision, three new members, Mr. G. Yiannoulis, Mr.
Richard Smalley Jr. and Mrs. Stephanie Gallagher have joined its
board.  These individuals have experience in the areas of
General Management, Finance and Sales and Marketing.  Mr. A.
Potamianos and Y. Pantazis have stepped down from the board.

                              *****

Troubled Company Reporter on March 3, 2004 said that the Greek
Maritime Court of appeal of Piraeus has included these
subsidiaries in the proceedings stipulated in section 45 of Law
1892/1990:

(1) "Elliniki Etairia Diipeirotikon Grammon A.E.",

(2) "Valentine Oceanic Trading Inc.",

(3) "Freewind Shipping Company" and

(4) "Ocean Quest Seacarriers Limited".

These subsidiaries own the vessels Odysseus, Triton, World
Renaissance and Olympia I, and "Royal Olympic Cruises Ltd." (the
Management Company).  Section 45 of Law 1892/1990 is the local
equivalent of the U.S. Chapter 11 bankruptcy.

The Court also appointed an administrator (mediator) for a
period of six months in order to try and find a compromise
agreement with creditors.


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


NABI RT: Hopes to Ink Refinancing Deal with Banks by Month's End
----------------------------------------------------------------
The chairman of bus maker Nabi Rt expects to strike an agreement
with banks over the company's debt refinancing in the coming
weeks, according to Budapest Business Journal.

In an interview with business daily Napi Gazdasag, Nabi Chairman
Peter Rona said negotiations are progressing and he foresees
agreement by the end of March.  Nabi Rt failed to strike a deal
with banks at the end of February.  Ten Hungarian banks are
taking part in the talks; the pool includes Budapest Bank Rt,
K&H Bank Rt and OTP Bank Rt.

Nabi, which reported full-year loss of US$15.8 million last
year, has $84 million of short-term debt and also has to pay $46
million in debt service this year on its long-term borrowings.
Peter Makray, an equity analyst covering the company for Erste
Bank Investment Rt, blamed low sales for the company's trouble.
Bus sales in 2003 fell 400 short of forecast.  The company has a
plant in Anniston, Alabama, two factories in Hungary, and a U.K.
arm, Optare Ltd.

CONTACT:  NABI RT
          Andras Bodor, Corporate Affairs Director
          Phone: +36-1-401-7100
          Fax:   +36-1-407-2931
          E-mail: andras.bodor@nabi.hu


PARMALAT HUNGARIA: Court Upholds Earlier Ruling, Rejects Appeal
---------------------------------------------------------------
The Fejer Country Court rejected anew Parmalat Hungaria Rt's
petition for bankruptcy protection, according to Budapest
Business Journal.

The court had earlier dismissed the first petition because it
duplicated the filing of a consortium of five Parmalat
creditors.  The dairy company appealed this ruling, but the
court refused to heed.

Meanwhile, the liquidation proceeding initiated by the suppliers
is still pending due to missing details in the company's
insolvency declaration.  The data pertains to some debts and
their maturities.  A liquidator may be appointed by the middle
of March, Judge Gyula Soos said.  The court has called a
conciliatory meeting between the representatives of Parmalat and
its creditors.


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


ELAN CORPORATION: Offer of Series Z Warrants Expires August 2005
----------------------------------------------------------------
Responding to a number of recent inquiries from the investment
community, Elan Corporation, plc on Tuesday reiterated the terms
of its Series Z warrants.  As reported in Elan's Annual Report
on Form 20-F for the fiscal year ended December 31, 2002, each
Series Z warrant is exercisable into 0.127585 of an Elan
American Depositary Share (ADS).  Each ADS represents one Elan
Ordinary Share, at an exercise price of $26.72 per ADS, subject
to certain anti-dilution adjustments.  The Series Z warrants
expire at 5:00 p.m. Eastern Time on August 31, 2005.

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
          Phone: 212-407-5755
                800-252-3526


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


PARMALAT FINANZIARIA: Bethia Determined to Snatch Chilean Unit
--------------------------------------------------------------
Chilean investment firm, Inversiones Bethia, is still interested
in acquiring the local unit of Italy's Parmalat, reports
Estrategia.

Bethia's announcement came after Parmalat Chile filed for
protection from creditors last week. Bethia is just waiting to
see which of the three options Parmalat will choose to resolve
its debt problems.  These options include the incorporation of a
strategic partner, a capital infusion from its parent company or
other sources, and the sale of its assets.  Sources say that no
matter what Parmalat will choose to take, Bethia will be
involved.  Bethia has already made an offer for Parmalat's plant
in Victoria, and is said to be interested in Parmalat's 7%
market share, hoping to use the brand name for several years
under license.

Sources add that the most likely scenario is that, even if the
Victoria plant is sold to Bethia, the latter will also provide
US$20 million in cash, taking a 51% share of the Company's
shares.  (TCR-Latin America Vol. 5. No. 49)


PARMALAT USA: Debtors Apply for Joint Administration of Cases
-------------------------------------------------------------
At the U.S. Parmalat Debtors' behest, Judge Drain directs the
joint administration of the Chapter 11 cases of Parmalat USA
Corporation, Farmland Dairies LLC, and Milk Products of Alabama
LLC for procedural purposes.

The U.S. Debtors' cases will be consolidated under one caption:

   UNITED STATES BANKRUPTCY COURT
   SOUTHERN DISTRICT OF NEW YORK
                                    x
   In re                            :   Chapter 11 Case No.
                                    :
   PARMALAT USA CORP., et al.,      :   04-11139 (RDD)
                                    :
                     Debtors.       :   (Jointly Administered)
                                    :
                                    x

Gary T. Holtzer, Esq., at Weil, Gotshal & Manges LLP, in New
York, relates that the joint administration of the three cases
will avoid duplicative notices, applications, and orders,
thereby saving the U.S. Debtors considerable time and expense.
The Bankruptcy Court also will be relieved of the burden of
entering duplicative orders and maintaining duplicative files.
The supervision of the administrative aspects of the cases by
the United States Trustee for the Southern District of New York
will also be simplified.

Rule 1015(b) of the Federal Rules of Bankruptcy Procedure allows
the joint administration of two or more cases.  Bankruptcy Rule
1015(b) provides, in relevant part, that if two or more
petitions are pending in the same court by or against a debtor
and an affiliate, the court may order a joint administration of
the estates.

Section 101(2) of the Bankruptcy Code defines "affiliate" to
include:

  (a) an entity that directly or indirectly owns, controls or
      holds with power to vote 20% or more of the debtor's
      outstanding voting securities; or

  (b) a corporation 20% or more of whose outstanding voting
      securities are directly or indirectly owned, controlled,
      or held with power to vote, by the debtor, or by an entity
      that directly or indirectly owns, controls, or holds with
      power to vote, 20% or more of the debtor's outstanding
      securities.

According to Mr. Holtzer, the U.S. Debtors are "affiliates" as
that term is defined under Section 101(2).  Parmalat USA is a
wholly owned direct subsidiary of Parmalat S.p.A., which in turn
is a wholly owned subsidiary of Parmalat Finanziaria S.p.A.
Parmalat USA is the sole owner of Farmland, which owns 80% of
Milk Products.  The U.S. Debtors' core business is the
processing, packaging, and sale of fresh milk to retail
customers, primarily supermarkets, for the ultimate sale to
consumers.

Mr. Holtzer notes that the rights of creditors will not be
adversely affected, as the joint administration is only
administrative, and not substantive, consolidation of the
estates.  Each creditor may still file its claim against a
particular estate.  In fact, the rights of all creditors will be
enhanced by the reduced costs that will result from the joint
administration of the cases.

Headquartered in Wallington, New Jersey, Parmalat U.S.A
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue.  The Parmalat Group's
40-some brand product line includes milk, yogurt, cheese,
butter, cakes and cookies, breads, pizza, snack foods and
vegetable sauces, soups and juices and employs over 36,000
workers in 139 plants located in 31 countries on six continents.
The Company filed for chapter 11 protection on February 24, 2004
(Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and
Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP
represent the Debtors in their restructuring efforts.  On June
30, 2003, the Debtors listed EUR2,001,818,912 in assets and
EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No.
7; Bankruptcy Creditors' Service, Inc., 215/945-7000)


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


LAURUS N.V.: Price War Fails to Buck Strong Profit Bounce
---------------------------------------------------------
Laurus N.V. bared its 2003 results recently.  These are the
highlights:

Achievements in 2003

(a) Positive net income

(b) Stable back-office at lower cost

(c) Divestment of major bleeders

(d) Reduction of interest bearing debt

Priorities 2004

(a) Further cost reductions

(b) Repositioning banners

(c) Sustaining and to the extent possible enlarge market share

                                     2003            2002

Consolidated net income         EUR9 million    EUR(128) million

Consolidated operating income   EUR27 million   EUR(2) million
(EBIT)

Operating income (EBIT)         EUR39 million   EUR31 million
Netherlands

Operating income (EBIT)         EUR82 million   EUR49 million
Netherlands before special
items

Consolidated net sales          EUR4.1 billion  EUR5.5 billion

Net financial charges           EUR(34) million EUR(60) million

Interest-bearing debt           EUR403 million  EUR562 million

Net income                      EUR9 million

During 2003, all efforts at Laurus was aimed expressly at a
single objective: a return to profitability.  The company
succeeded in this despite the price war, which broke out in
October.  Laurus' net income was EUR9 million in 2003, a major
improvement on 2002, when there was a net loss of EUR128
million.  Unlike 2002, Laurus was no longer carrying the
loss-making Spanish activities (2002: loss EUR23 million) in
2003.

In addition, partly as a result of the sale of a significant
part of the activities in Belgium, Belgian losses were limited
to EUR6 million (2002: -EUR56 million).

The discounting of prices implemented in the fourth quarter in
connection with the price war obviously depressed Laurus'
result.  Cost savings in the logistics infrastructure, in ICT
and in finance & administration as well as the conversion of
Konmar Supermarkets to Super De Boer and Edah stores did,
however, partially offset this.

Net sales, gross operating income, operating income

Consolidated net sales in 2003 was EUR4.1 billion, which was
sharply down on 2002 (EUR5.5 billion).  In the Netherlands, net
sales fell to EUR3.8 billion (2002: EUR4.3 billion).  In
Belgium, net sales fell to EUR229 million (2002: EUR583
million).

The falls were mainly the result of:

(a) The sale of the Spanish activities in 2002, effect EUR621
     million

(b) The sale of Belgian activities (363 stores) in 2003, effect
    EUR354 million

(c) The sale and closure of stores in the Netherlands (Spar: 258
    stores, Basismarkt: 166 stores, and 81 stores to Sperwer and
    others) in 2002-2003, effect some EUR286 million

(d) A downward trend in like-for-like consumer sales in the
    Netherlands, effect some EUR120 million.

The average consolidated gross operating income grew from 18.2%
to 19.3%.  In the Netherlands, gross operating income grew from
18.6% to 19.8% as a result of lower leakage and lower logistics
costs.  There was also a purchasing gain arising from the
alliance with Casino and the new purchasing structure (Laurus
Central Purchasing and Category Management).

The consolidated operating income for 2003 was EUR27 million
positive compared with a EUR2 million loss in 2002.  This
improvement was brought about in part by the sale of loss-making
activities in Belgium and Spain, cuts in the workforce as a
result of the conversion of Konmar Supermarkets to Super De Boer
and Edah stores, and the initial effects of the back-office
reorganization and the rationalization of the logistics network.
Laurus' overheads were still too high in 2003 in relation to
sales, as were logistics costs.  In both areas, further
reorganization and restructuring were started in September 2003
and these will take full effect in mid-2004.

Special items
In 2003 Laurus had special items amounting to EUR43 million,
formerly classified as extraordinary items.  Laurus'
consolidated operating income before special items would have
been EUR70 million (2002: EUR16 million).  These special items
were as follows:

(a) A provision of EUR20 million is formed for restructuring the
    business, broken down into EUR10 million for the
    reorganization of overhead departments, EUR8 million for the
    reorganization of the logistics network and EUR2 million for
    staff cuts at the Konmar Supermarkets.  These measures are
    expected to generate savings of EUR14 million to EUR16
    million annually from 2005.  The initial effects of some
    EUR8 million will be evident in 2004.

(b) As a result of the deterioration in the property market,
    EUR15 million (2002: EUR12.5 million) is added to the
    provision for lease liabilities.

(c) A provision of EUR5 million is formed for future long-
    service awards to employees.

(d) An addition of EUR3 million is made to the provision for
    legal claims.

Divestments

Divestments in the Netherlands in 2003 were limited to the
closure (in March) of the regional distribution center in
Heerenveen and the sale of 43 stores to Sperwer and others.  In
the spring, a significant proportion of the Laurus Belgium
organization was sold to the Belgian Colruyt group - completion
being on 30 April.  Following this sale, Laurus still owned 28
stores in Belgium.

In August, Laurus reached agreement with Carrefour Belgium on
the sale of 20 stores.  These are being acquired individually
during 2004 by Carrefour Belgium's franchisees, a process that
has to be completed in April 2004.  Stores that have not been
acquired by then will be taken over by Carrefour itself.  Since
solutions for the remaining eight stores were found, this will
bring Laurus' food-retailing activities in Belgium to an end.

Net financial charges and financing

Net financial charges improved from EUR60 million to EUR34
million.  At the balance sheet date, long-term bank financing
was EUR403 million (2002: EUR562 million).  Facilities available
from a consortium of banks totaled EUR950 million: EUR530
million for the Netherlands (EUR120 million of which has been
drawn down), EUR340 million for Spain (EUR212 million of which
has been drawn down) and EUR80 million for Belgium (of which nil
has been drawn down).  The facilities for Spain and Belgium were
granted in connection with the restructuring.  As the facility
for Belgium has not been used, it was cancelled in February
2004.

In addition to these facilities, Excess Liability Facilities
(ELFs) of EUR250 million were available in 2003 for the
reorganizations in Belgium and Spain.  Laurus terminated them in
January 2004, in consultation with the banks concerned.

Taxation

Tax on the result from ordinary activities was EUR8 million
positive (2002: EUR30 million positive).  This is mainly a
result of the capitalization of an amount for deferred tax
assets, related to losses in Belgium (EUR14 million), which can
be offset in the Netherlands against future taxable income.  In
2002, a deferred tax asset of EUR32 million was capitalized for
losses in Spain.  Shareholders' equity EUR90 million.

After retention of the net income of EUR9 million, shareholders'
equity rose in 2003 to EUR90 million (2002: EUR81 million).

No dividend for 2003

In accordance with the articles of association concerning profit
appropriation there will be no dividend for 2003.  Belgium
Mainly as a result of the sale of stores, net sales fell by
EUR354 million to EUR229 million.  The operating income came out
at a loss of EUR12 million (2002: EUR18 million loss).

Netherlands

The operating income before special items of the Dutch
activities rose from EUR49 million in 2002 to EUR82 million in
2003.  The operating income, including special items, of the
Dutch activities rose from EUR31 million in 2002 to EUR39
million in 2003.  The increase was a result of lower costs
thanks to efficiencies in logistics and overhead departments and
less leakage.  The core activities in the Netherlands (Edah,
Konmar and Super De Boer) generated net sales of EUR3.8 billion
in 2003 (2002: EUR4.2 billion).  Total consumer sales generated
by the three Dutch banners was EUR4.5 billion (2002: EUR4.9
billion).  The combined like-for-like consumer sales of the
three banners decreased with 3.2%.  The joint market share of
Edah, Konmar and Super De Boer was 18.3% in 2003 (2002: 20.3%).

There were two main factors behind the adverse sales trend in
2003.  Firstly, the sale of stores to Sperwer and others in 2002
and 2003 and the sale of Spar and the closure of Basismarkt in
2002.  The second factor was the difficult market conditions and
the price war that engulfed the Dutch supermarkets in the last
months of the year, involving heavy discounting of prices by the
Laurus banners.  The Group Management Board designed a recovery
plan in the first half of 2003, which set out the ambitions for
the next five years.  A clear objective was set for 2003: a
return to profitability, to be achieved mainly by measures in
the back office.  The justification for this course was
confirmed by the price war.  The structural price reductions
implemented by Laurus in order to compete were only possible
thanks to a stable and cost-effective operation.   At the end of
2003, the focus of the recovery plan switched from the back
office to the banners.

Measures are implemented or in preparation at all banners to
make them more distinctive in their respective market segments.
Structural price reductions, amongst others, are an essential
element of the repositioning of the Laurus banners.  The
introduction of a C brand (a first price 'fighting' brand),
developed and purchased in co-operation with Casino, that will
be available to each banner from the spring of 2004, is also
part of this development.  About EUR66 million has been budgeted
for capital expenditures in the stores in 2004.

Edah

Consumer sales at Edah was EUR1.3 billion.  On a like-for-like
basis consumer sales was down 0.6%, with growth of 2.3% by
franchisees and a 1.4% decrease by company-operated stores.  At
the end of 2003, there were 269 stores (year-end 2002: 263), of
which 58 (year-end 2002: 66) were franchised.  At the end of
2001 there were 287 Edah stores.  Market share was 5.5% (2002:
5.7%).  Edah generated positive operating income for 2003.
Konmar Consumer sales at Konmar was EUR1.1 billion.  On a
like-for-like basis consumer sales was down 10.2% with an
increase of 3.4% by the franchisees and a 10.5% decrease by
company-operated stores.  There were 90 stores at the end of
2003 (year-end 2002: 134), of which 4 were franchised.  At the
end of 2001 there were 137 Konmar stores.   Konmar's market
share was 4.1% (2002: 5.1%).  Konmar is still making an
operating loss, but improved compared with 2002, thanks in part
to less leakage.

Super De Boer

Consumer sales at Super De Boer was EUR2.1 billion.  On a
like-for-like basis consumer sales was down 1.7%.  The
company-operated stores and the franchisees reported a decrease
of 3.6% and 0.7%, respectively.  There were 369 stores at the
end of 2003 (year-end 2002: 374), of which 214 (year-end 2002:
237) were franchised.  At the end of 2001 there were 427 Super
De Boer stores.  Super De Boer's market share was 8.7% (2002:
9.5%).  Super De Boer generated positive operating income for
2003.

Further cost reductions Despite the ongoing price war, in 2004
the Group Management Board is continuing with the recovery plan
drawn up in 2003.  The price war has, however, resulted in
different priorities in the company's recovery process.  In 2004
food retailing most likely will face lower margins.  This means
that Laurus will have to control operating costs even more
tightly.  Consequently, further cost savings will still be
needed in 2004, in addition to the cost cutting measures
announced in 2003.   Some cost reductions in 2004 will be built
on measures already implemented.  Others, however, are of a
different nature: it is inevitable that costs in the store
operation, including the cost of labor per hour, will have to be
reduced.  The rationalization of store operations is in line
with the more focused profiles of the banners expected for 2004.
The Group Management Board has engaged management consultants
McKinsey International to support Laurus in this.   The central
works council has been asked to render its advice.

Outlook

The year 2003 was clearly characterized for Laurus by the return
to profitability; there are two targets for 2004: Repositioning
the banners while at least maintaining market sales and further
cost cutting.   It is not clear how the price war that started
in 2003 will evolve in 2004.  In addition, it is unclear how the
pace and effectiveness of the measures already implemented and
still to be implemented shall materialize.  In view of these
uncertainties, the Group Management Board is not making a
forecast of the result for 2004.

Important dates:

Publication of the sales figures           April 21, 2004
for the first quarter of 2004

Publication of the 2003 annual report      April 26, 2004

General Meeting of Shareholders            May 14, 2004

Publication of the sales figures for       July 21, 2004
the second quarter of 2004

Publication of the 2004 half-year          September 1, 2004
figures

Publication of the sales figures for       October 20, 2004
the third quarter of 2004

Publication of the sales figures for       January 19, 2005
2004

CONTACT:  LAURUS NV
          Press:
          F.  Kremer
          Phone: 0031 (0) 73 622 37 14
                 0031 (0) 6 22 45 88 57


SUN SAGE: Proposed US$200 Million Senior, Sub-notes Rated 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its long-term 'BB'
rating to Sun Sage B.V., reflecting the credit quality of its
sole operating entity, Korean automotive parts supplier Mando
Corp.  At the same time, Standard & Poor's assigned its 'B+'
rating to the proposed issue by Sun Sage of $200 million in
senior secured and subordinated notes, due 2009.  The outlook on
the ratings is positive.  Sun Sage is a Netherlands-based
non-operating holding company established for the sole purpose
of holding shares in Mando.

The proposed issue will be structurally subordinated to debt
obligations at Mando, and proceeds will be used to repay loans
and provide long-term loans to its shareholders, JP Morgan
Partners and UBS Capital.  As a matter of rating policy,
Standard & Poor's assigns ratings on structurally subordinated
debt issuances two notches lower than its issuer ratings on
entities in the speculative grade category.

"The rating on Sun Sage reflects Mando's competitive position as
the primary supplier of brakes, steering, and suspension systems
for Hyundai Motor and other Korean automakers, its strong
earnings, and its moderate financial profile," said Standard &
Poor's credit analyst Eun Jin Kim.

"These strengths are offset by Mando's high customer
concentration to Hyundai and Kia Motors, its still limited
product diversification compared with its global peers, and
pressure on prices from major customers," Ms. Kim added.

With about 75% of its sales derived from Hyundai and Kia,
Mando's business risk profile is susceptible to demand swings in
the domestic automobile market.  Korean automakers also face
challenges in expanding their global market positions in a
highly competitive industry.

Mando has increased orders from major automakers such as General
Motors Corp. and DaimlerChrysler AG, securing about US$2 billion
of new contracts in 2003.  However, its track record of sales to
non-Korean automakers is still limited, at 21% of 2003 sales.
As major global automakers focus increasingly on reducing
material costs, Standard & Poor's expects Mando to be able to
diversify its customer base in the next two to three years, and
possibly decrease its sales concentration to Korea-based
automakers to around 60% by 2007.

Mando maintains strong profitability and cash flow, backed by
its strong cost competitiveness.  The company's consolidated
EBITDA margin is expected to remain at about 20% and its ratio
of funds from operations to debt to improve to about 70% in the
next few years.   The company's management maintains a moderate
financial policy, with capital spending requirements expected to
be funded through internal cash flow and a relatively high debt
burden, which is expected to remain around the current W376.2
billion.  Consolidated total debt to capitalization at the Sun
Sage level was about 60% in 2003.  Nevertheless, although Sun
Sage's consolidated debt leverage will increase with a proposed
debt issue, Standard & Poor's expects the group's debt burden to
remain manageable.

The rating on Sun Sage could be raised in the next few years if
Mando can further increase customer diversification outside
Korea and continue to strengthen its earnings and cash flow
generation.


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


AGROPROMENERGO: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Altaysk region commenced bankruptcy
supervision procedure on Agricultural power company Unitary
Enterprise Agropromenergo.  The case is docketed as
A03-12398/-5.  N. Kudryavzev has been appointed temporary
insolvency manager.

Creditors have until April 6, 2004 to submit their proofs of
claim to the insolvency manager at: 659100, Russia, Altaysk
region, Zarinsk, Stroiteley prosp. 20-60.  A hearing will take
place on May 31, 2004 at 10:30 a.m. at the Arbitration Court of
Altaysk region.

CONTACT:  AGROPROMENERGO
          659100, Russia, Altaysk region
          Zarinsk, Svetlaya str.14

          N. Kudryavzev, Temporary Insolvency Manager
          659100, Russia, Altaysk region, Zarinsk
          Stroiteley prosp.20-60


ANILINE-COLOR FACTORY: Kemerovo Opens Bankruptcy Proceedings
------------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on OJSC Aniline-Colour Factory.  The case
is docketed as A27-2496/04-4.  Timur Frank has been appointed
temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 650000, Russia, Kemerovo,
Sovetsky prosp. 61, Post User Box 981.  A hearing will take
place on July 22, 2004 at 15:00 at the Arbitration Court of
Kemerovo region.

CONTACT:  ANILINE-COLOR FACTORY
          650001, Russia, Kemerovo
          Cheremcovskaya str.1.

          Timur Frank, Temporary Insolvency Manager
          650000, Russia, Kemerovo
          Sovetsky prosp.61, Post User Box 981


CHISTOPOLSKY SHIP-REPAIR: Declared Insolvent
--------------------------------------------
The Arbitration Court of Republic of Tatarstan declared
Ship-repair factory OJSC Chistopolsky Ship-Repair Factory
insolvent, and introduced bankruptcy proceedings on the company.
The case is docketed as A65-18188/2003-SG4-27.  S. Kondratyev, a
member of TP Self-regulated organization of arbitral managers in
Republic of Tatarstan, has been appointed insolvency manager.

Creditors have until May 6, 2004 to submit their proofs of claim
to the insolvency manager at: 420126, Russia, Republic of
Tatarstan, Post User Box 188.

CONTACT:  CHISTOPOLSKY SHIP-REPAIR FACTORY
          422983, Russia, Republic of Tatarstan
          Chistopol, Pionerskaya str.1

          S. Kondratyev, Insolvency Manager
          420126, Russia, Republic of Tatarstan
          Kazan, Post User Box 188

          The Arbitration Court of Republic of Tatarstan
          420014, Russia, Republic of Tatarstan
          Kazan, Kreml


CORPORATION PORT: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Saint-Petersburg and Leningrad region
commenced bankruptcy supervision procedure on Industrial
investment company, Closed JSC Corporation PORT.  The case is
docketed as A56-51029/03.  Vasily Protazky, a member of TP
Self-regulated organization of arbitral managers Continent, has
been appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 196084, Russia,
Saint-Petersburg, Post User Box 241.  A hearing will take place
on June 15, 2004, 11:00 a.m. at the Arbitration Court of
Saint-Petersburg and Leningrad region.

CONTACT:  CORPORATION PORT
          Russia, Saint-Petersburg
          Rabfakovskaya str.3, lit I, c.3, off.5n.

          Vasily Protazky, Temporary Insolvency Manager
          196084, Russia, Saint-Petersburg
          Koli Tomchaka str.28, off.301
          Post User Box 211


NIZHNE-MALZEVSKY: Ryazan Court Appoints Insolvency Manager
----------------------------------------------------------
The Arbitration Court of Ryazan region commenced bankruptcy
supervision procedure on Chemical plant OJSC Nizhne-Malzevsky
Chemical Plant.  The case is docketed as A54-31/04-C6.  Igor
Ryumin, a member of TP Self-regulated organization of arbitral
managers RSNE, has been appointed temporary insolvency manager.

Creditors have until April 6, 2004 to submit their proofs of
claim to the insolvency manager at: 390044, Russia, Ryazan,
Moskovskoye shosse.20, off.37.  A hearing will take place on
June 24, 2004, 10:00 a.m. at the Arbitration Court of Ryazan
region.

CONTACT:  Igor Ryumin, Temporary Insolvency Manager
          390044, Russia, Ryazan
          Moskovskoye shosse.20, off.37


SMOLENSKOYE PIVO: Under Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Smolensk region commenced bankruptcy
supervision procedure on Brewery OJSC Smolenskoye Pivo.  The
case is docketed as A62-560-N/03.  Vasily Litvinov has been
appointed temporary insolvency manager.

Creditors have until April 6, 2004 to submit their proofs of
claim to the insolvency manager at: 214012, Russia, Smolensk
region, Smolensk, Zavodskaya str.2.

CONTACT:   SMOLENSKOYE PIVO
           214012, Russia, Smolensk region
           Smolensk, Zavodskaya str.2

           Vasily Litvinov, Temporary Insolvency Manager
           214012, Russia, Smolensk region
           Smolensk, Zavodskaya str.2


SUE GORSVET: Begins Bankruptcy Supervision Procedure
----------------------------------------------------
The Arbitration Court of Penza region has commenced bankruptcy
supervision procedure on The Light Power Company Unitary
Enterprise Gorsvet.  P. Shvagirev has been appointed temporary
insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: Russia, Penza region, Penza,
Shmidt str.4.  A hearing will take place on April 22, 2004,
10:00 a.m., at the Arbitration Court of Penza region.

CONTACT:  GORSVET
          Russia, Penza region
          Penza, Titov str.66

          P. Shvagirev, Temporary Insolvency Manager
          Russia, Penza region
          Penza, Shmidt str.4


TOMSK LEASING: Declared Insolvent
---------------------------------
The Arbitration Court of Tomsk region declared leasing company,
OJSC Tomsk Leasing Company, (TIN7021047852) insolvent and
subsequently introduced bankruptcy proceedings on the company.
The case is docketed as A64-307/03.  Andrey Michtachov, a member
of TP Siberian Interregional self-regulated organization of
arbitral managers, has been appointed insolvency manager.

Creditors have until April 6, 2004 to submit their proofs of
claim to the insolvency manager at: 634021, Russia, Tomsk-21,
Post User Box 1795.

CONTACT:  TOMSK LEASING COMPANY
          634034, Russia, Tomsk
          Uchebnaya str.37a

          Andrey Michtachov, Insolvency Manager
          634021, Russia, Tomsk-21
          Post User Box 1795


UVINSKY BRICKWORKS: Bankruptcy Procedure to Last Until June 21
--------------------------------------------------------------
The Arbitration Court of Republic of Udmurtiya has placed LLC
Uvinsky Brickworks (TIN 1821000299) under bankruptcy supervision
procedure until June 21, 2004.  The case is docketed as
A71-252/2003-G26.  A. Danilov, a member of TP Privolzhskaya
self-regulated organization of arbitral managers, has been
appointed temporary insolvency manager.

Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 426039, Russia, Izhevsk,
Dzerzhinsky str.47-46.

CONTACT:  UVINSKY BRICKWORKS
          427240, Russia, Republic of Udmurtiya
          Uvinsky Area, Uva-Podmoy, Lesnaya str.2

          A. Danilov, Temporary Insolvency Manager
          426039, Russia, Izhevsk, Dzerzhinsky str.47-46


VOLOGDA TOOL: Declared Insolvent
--------------------------------
The Arbitration Court of Vologda region declared tool factory,
OJSC Vologda Tool Factory, insolvent and bankruptcy proceedings
were introduced on the company.  The case is docketed as
A13-5467/03-18.  Viktor Sereda, a member of TP Nord-Western
self-regulated organization of arbitral managers, has been
appointed insolvency manager.

Creditors have until May 6, 2004 to submit their proofs of claim
to the insolvency manager at: 160035, Russia, Vologda, Sovetsky
prosp.34.

CONTACT:  VOLOGDA TOOL FACTORY
          160010, Vologda, Zalineynaya str.22

          Viktor Sereda, Insolvency Manager
          160035, Russia, Vologda, Sovetsky prosp.34
          Phone: 72-14-65

          TP NORD-WESTERN
          Vologda, Predtechenskaya str.31-207


===========
S W E D E N
===========


LINDEX GROUP: President Resigns as Results Further Deteriorate
--------------------------------------------------------------
Lindex's provisional result after financial income and expenses
for the second quarter of the 2003/2004 financial year is
expected to amount to -SEK55 million after being affected by
significantly larger 'sale' volumes than planned. Partly as a
result of this, Jorgen Johansson, in consultation with the Board
of Directors, has agreed to step down as President.  The Board
of Directors has appointed Conny Karlsson as Acting President.

The weak sales growth during the autumn and the Christmas period
in the retail clothing markets in which Lindex operates
continued during January.  According to the Swedish Retail and
Wholesale Trade Research Institute (HUI), the Swedish market
grew by only 0.6% during the period September-January.  The
combination of this market weakness and over-optimistic
purchasing volumes led to an exceptionally long 'sale' period
with very large price reductions, especially in the Swedish
market.

Lindex's purchasing volumes have been too optimistic in relation
to market growth.  This has involved increased write-downs,
clearance sales and price reductions aimed at reducing
inventories.

The larger product volume has also involved higher staff costs
in the stores as a result of increased product handling and
marketing costs.

Lindex's sales for the second quarter (December-February
2003/2004) are provisionally estimated to amount to SEK1,366
million (1,330) and the result after financial income and
expenses to -SEK55 million (20). The gross margin has reduced to
48.4% (51.9).

Lindex is adapting both the purchasing volumes and its costs for
the spring in order to secure a good result for the second half
of the 2003/2004 financial year.  Lindex's long-term strategy
stands and the trend for the future looks promising.

"Jorgen Johansson has been dedicated to the extensive
development and change program within Lindex.  The result for
the second quarter is obviously a disappointment but the company
is currently entering a new phase, which will demand a fresh
approach. Against this background, the Board of Directors, in
consultation with Jorgen Johansson, has decided that he will
step down as President of AB Lindex.  Jorgen Johansson will
leave Lindex on April 1, 2004 but will be available to support
the company for 12 months," says Birgitta Johansson-Hedberg,
Chairwoman of AB Lindex.

The Board of Directors has appointed Conny Karlsson as Acting
President.  Conny Karlsson is a Member AB Lindex's Bard of
Directors and has previously been President of Duni AB and has
worked for 12 years within Procter & Gamble, partly as head of
the Scandinavian countries.

The Board of Directors has started the process for recruiting a
new President.

Lindex also intends to move all Twilfit's head office functions
to Lindex's office in Gothenburg and, as a result, Asa Gabriel
will resign as President of Twilfit.

As previously stated, the full Interim Report for the second
quarter will be published on March 24, 2004.

Board of Directors AB Lindex (publ)

The Lindex Group comprises two retail chains: Lindex which has
314 stores in the Nordic market and 30 stores in Germany, and
Twilfit which has 60 stores in Sweden, of which 10 are operated
as franchise stores.  The Group's business areas are Lingerie,
Ladies' Wear and Children's Clothing.

CONTACT:  LINDEX
          Birgitta Johansson-Hedberg
          Chairwoman
          Mobile: +46 702 18 02 83

          Jorgen Johansson
          President and CEO
          Tel: +46 31 739 50 02
          Mobile: +46 705 94 21 22

          Peter Andersson
          Chief Financial Officer
          Tel: +46 31 739 50 10
          Mobile: +46 705 84 44 37


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


ABBEY NATIONAL: Annual Report Available at UKLA
-----------------------------------------------
Abbey National plc Annual Report and Accounts 2003
Abbey National plc Annual Review 2003
Abbey National plc Notice of Annual General Meeting 2004
Abbey National plc 2004 Annual General Meeting Form of Proxy

A copy of the above documents have been submitted to the U.K.
Listing Authority and will shortly be available for inspection
at the U.K. Listing Authority's Document Viewing Facility
situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

                              *****

Last month, Abbey National reported an overall Group pre-tax
loss of GBP686 million (2002:loss of GBP947 million), consisting
of:

   (i) personal financial services trading profit;
       less

  (ii) personal financial services 'non-trading' charges of
       GBP786 million (2002: GBP1,398 million).  These include a
       GBP373 million life assurance provision largely relating
       to the pending introduction of new financial services
       authority regulations in this sector on 'realistic'
       balance sheet reporting and related matters (as flagged
       in the third quarter statement); and

(iii) Portfolio Business Unit losses of GBP (921) million
       (2002: -GBP768 million); reflecting successful and rapid
       reduction of assets, and write-down of certain remaining
       assets to estimated sale values.


ABL REALISATIONS: Hires Ernst & Young as Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the ABL Realisations
Limited Company on February 26, 2004 held at 2½ Devonshire
Square, London EC2M 4BA, the Special Resolution to wind up the
Company was passed.

A Lovett and P J Brazzill, of Ernst & Young LLP, One More London
Place, London SE1 2AF, are appointed Joint Liquidators for the
Company.

CONTACT: ERNST & YOUNG LLP
         One More London Place,
         London SE1 2AF
         Contact:
         A Lovett, Liquidator
         P J Brazzill, Liquidator
         Phone: +44 [0] 20 7951 2000
         Fax:   +44 [0] 20 7951 1345
         Web site: http://www.ey.com


ACE LABELS: Henegan Appoints Menzie Administrative Receiver
-----------------------------------------------------------
Name of Company: Ace Labels (Harlow) Limited

Reg No 01926524

Previous Name of Company: Ace Labels (Harlow) plc

Nature of Business: Self Adhesive Label Manufacturer

Trade Classification: Division 2 - 10 Paper, Printing and
Publishing

Date of Appointment of Joint Administrative Receivers:
February 23, 2004

Name of Person Appointing the Joint Administrative Receivers:
Peter Henegan and Vivien Henegan

Joint Administrative Receivers: MENZIES CORPORATE RESTRUCTURING
                                17-19 Foley Street,
                                London W1W 6DW
                                Receivers:
                                Simon James Underwood
                                Jason James Godefroy
                                (Office Holder Nos 2603, 9097)


ALTERNIS LIMITED: Hires Liquidator
----------------------------------
In a General Meeting of the Members of the Alternis Limited
Company on February 17, 2004, the Special Resolution to wind up
the Company was passed.

Melvyn L Rose, of Elliot, Woolfe & Rose, Equity House, 128-136
High Street, Edgware, Middlesex HA8 7TT, is appointed Liquidator
for the Company.


CONTACT: WOOLFE & ROSE
         Equity House
         128-136 High Street,
         Edgware, Middlesex
         HA8 7TT
         Contact:
         Melvyn L Rose, Liquidator


ARCHWAY MANAGEMENT: Creditors Meeting Set March 15
--------------------------------------------------
There will be a Creditors Meeting of the Archway Management &
Building Services Limited Company on March 15, 2004 at 3:30 p.m.
It will be held at The Squire Inn, 67 Broad Street, Chipping
Sodbury, Gloucestershire BS37 6AD.

A list of the names and addresses of the Company's Creditors
will be available for inspection, free of charge, at Benedict
Mackenzie, The Grange, Aston on Carrant, Tewkesbury GL20 8HL,
between the hours of 10:00 a.m. and 4:00 p.m. on March 11 and
12, 2004.  Notice is also given that, for the purpose of voting,
secured Creditors must (unless they surrender their security),
lodge at the registered office of the Company, at The Grange,
Aston on Carrant, Tewkesbury GL20 8HL, before the Meeting, a
statement giving particulars of their security, the date when it
was given and the value at which it is assessed.

CONTACT:  BENEDICT MACKENZIE
          The Grange,
          Aston on Carrant,
          Tewkesbury GL20 8HL


ARISTON LIMITED: Meeting of Creditors March 18
----------------------------------------------
There will be a Creditors Meeting of the Ariston Limited Company
of March 18, 2004 at 12:00 noon.  It will be held at the Kallis
& Co, 1148 High Road, Whetstone, London N20 0RA.

Creditors wishing to vote during the Meeting must submit their
proofs of debt and (unless attending in person) their proxies at
Kallis & Co, 1148 High Road, Whetstone, London N20 0RA not later
than 12:00 noon on or before March 17, 2004.  By Order of the
Board.

CONTACT:  KALLIS & CO
          1148 High Road,
          Whetstone, London N20 0RA


BARKBURY INTERIORS: Creditors Meeting Set March 16
--------------------------------------------------
There will be a Creditors Meeting of the Barkbury Interiors
Limited Company on March 16, 2004 at 11:00 a.m.  It will be held
at Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH.

Creditors must submit a statement of their claim to the Company
at Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH not
later than 12:00 noon on or before March 15, 2004.

CONTACT:  POPPLETON & APPLEBY
          35 Ludgate Hill,
          Birmingham B3 1EH
          Contact:
          A Turpin, Liquidator


BERKELEY INTERNATIONAL: Hires Liquidator from Begbies Traynor
-------------------------------------------------------------
Pursuant to Section 98 of the Insolvency Act 1986, the Creditors
of the Berkeley International PLC will have a Meeting on March
26, 2004 at 11:30 a.m.  It will be held at the Prospect House,
Footscray High Street, Footscray, Sidcup, Kent DA14 5HN.

Proxy forms to be used for the purposes of the Meeting must be
lodged, accompanied by statement of claim, at the registered
office of the Company at The Old Exchange, 234 southchurch Road,
Southend on Sea, Essex SS1 2EG, not later than 12:00 noon on or
before March 25, 2004.

Notice is also given, pursuant to section 98(2)(a) of the
Insolvency Act 1986, that Nedim Ailyan, of Begbies Traynor,
Prospect House, Footscray High Street, Footscray, Sidcup, Kent
DA14 5HN, is qualified to act as an Insolvency Practitioner for
the Company.  By Order of the Board.

CONTACT: BEGBIES TRAYNOR
         Prospect House,
         Footscray High Street,
         Footscray, Sidcup,
         Kent DA14 5HN
         Contact:
         Nedim Ailyan, Liquidator
         Phone: 0113 244 0044
         Fax:   0113 244 5820
         Web site: http://www.begbies.com


BROADWELL LIMITED: Winding up Resolution Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Broadwell Limited
Company on February 23, 2004 held at Stella Way, Stoke Orchard
Road, Bishops Cleeve, Cheltenham, the subjoined Special
Resolutions to wind up the Company were passed.

Philip John Gorman, of Hazlewoods, Windsor House, Barnett Way,
Barnwood, Gloucester GL4 3RT, is appointed Liquidator of the
Company.

CONTACT:  HAZLEWOODS
          Windsor House,
          Barnett Way, Barnwood
          Gloucester GL4 3RT
          Contact:
          Philip John Gorman, Liquidator


BRONTE CIVIL: Creditors Assembly Set March 16
---------------------------------------------
There will be a Creditors Meeting of the Bronte Civil
Engineering Limited Company on March 16, 2004 at 11:00 a.m.  It
will be held at Begbies Traynor, 30 Park Cross Street, Leeds LS1
2QH.

Creditors wishing to vote at the Meeting must submit full
statement of account at the registered office at Begbies
Traynor, 30 Park Cross Street, Leeds LS1 2QH.

A list of the names and addresses of the Company's Creditors may
be inspected, free of charge, at Begbies Traynor, 30 Park Cross
Street, Leeds LS1 2QH between 10:00 a.m. and 4:00 p.m. on March
14 and 15, 2004.  Resolutions to be taken at the Meeting may
include a Resolution specifying the terms on which the Joint
Liquidators are to be remunerated.  The Meeting may receive
information about, or be called upon to approve, the costs of
preparing the statement of affairs and convening the Meeting.
By Order of the Board.

CONTACT: BEGBIES TRAYNOR
         30 Park Cross Street,
         Leeds LS1 2QH
         Phone: 0113 244 0044
         Fax:   0113 244 5820
         Web site: http://www.begbies.com


CASHTEC SERVICES: In Administrative Receivership
------------------------------------------------
Name of Company: Cashtec Services Limited

Nature of Business:
Servicing and Management of Automatic Teller Machines

Trade Classification:
Finance and Business Services-Other Business Services

Date of Appointment: February 26, 2004

Administrative Receiver: Stephen Cork (IP No 8627)
                         Bartlett House,
                         9-12 Basinghall Street,
                         London EC2V 5NS


CHARTER PLC: Board Adopts 2003 Statutory Accounts
-------------------------------------------------
Following the dispatch on Monday March 8, 2004 of the
Provisional Allotment Letters in respect of the Rights Issue to
Qualifying non-CREST Shareholders (other than certain Non-U.K.
Shareholders) and the crediting of the Nil Paid Rights to the
stock accounts of Qualifying CREST Shareholders (other than
certain Non-U.K. Shareholders) at 8:00 a.m. on Monday, the Board
of Charter announces that the statutory accounts for the year
ended December 31, 2003 have now been adopted by the Board of
Charter and audited.  These accounts contain a positive
statement in respect of going concern and the report of the
auditors contains no qualification or modification.  The Board
of Charter intends to post the annual report and accounts for
the year ended December 31, 2003 as soon as practicable.

Definitions used in the Charter plc prospectus dated February
20, 2004 shall have the same meanings when used in this
announcement, unless the context requires otherwise.

                              *****

Not for distribution or transmission, directly or indirectly in
or into the United States, Canada, Australia, Japan, the
Republic of Ireland or the Republic of South Africa.

CONTACT: CHARTER PLC
         David Gawler
         David Eilbeck
         Phone: 020 7404 5959

         HOARE GOVETT LIMITED
         Philip Dayer
         Neil Collingridge
         Phone: 020 7678 8000

         BRUNSWICK
         Andrew Fenwick
         Pamela Small
         Phone: 020 7404 5959


CHEMDAL LIMITED: Passes Special Resolution to Wind up
-----------------------------------------------------
At an Extraordinary General Meeting of the Chemdall Limited
Company on February 27, 2004 held at The Old Vicarage, Great
Altcar, Liverpool L37 5AA, the Special Resolution to wind up the
Company was passed

Ian C Brown, of Parkin S Booth & Co is hereby appointed
Liquidator for the Company.

CONTACT: PARKIN S BOOTH & CO
         Ian C Brown, Liquidator


DALTON CONSTRUCTION: Designates Begbies Traynor Liquidator
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Dalton
Construction Company Limited on February 27, 2004 held at the
offices of Dalton Construction Company Limited, 14 Church
Street, Ormskirk, Lancashire, the Special Resolution to wind up
the Company was passed.

David Moore and Guy Huntington, of Begbies Traynor, No 1 Old
Hall Street, Liverpool L3 9HF, are hereby appointed Joint
Liquidators for the purposes of such winding-up.

CONTACT: BEGBIES TRAYNOR
         No 1 Old Hall Street,
         Liverpool L3 9HF
         Contact:
         David Moore, Liquidator
         Guy Huntington, Liquidator


DUOMO GROUP: Creditors Meeting Set March 16
-------------------------------------------
There will be a Creditors Meeting of the Duomo Group Limited
Company on March 16, 2004 at 11:00 a.m.  It will be held at 641
Green Lanes, London N8 0RE.

A list of the names and addresses of the Company's Creditors
will be available for inspection, free of charge, at 641 Green
Lanes, London N8 0RE, on March 12, 2004 and 15, 2004.

Creditors who wish to vote during the Meeting must submit a
statement of claim and proxy intended to be used at the Meeting
at 641 Green Lanes, London N8 0RE not later than 12:00 noon on
or before March 15, 2004. By Order of the Board.


EDOLI LIMITED: Names Rhodes Robson Liquidator
---------------------------------------------
In a General Meeting of the Creditors of the Edoli Limited
Company passed a written Resolution in accordance with Section
381A of the Companies Act 1985 (as amended) top voluntarily wind
up the Company.

The Company appointed, Simon Peter Bower and Michael John Hore,
of RSM Robson Rhodes, 186 City Road, London EC1V 2NU, be
appointed as Joint Liquidators for the purpose of such
winding-up, for and on behalf of Capital Opportunities Trust Plc

CONTACT: RSM ROBSON RHODES
         186 City Road,
         London EC1V 2NU
         Contact:
         Simon Peter Bower, Liquidator
         Michael John Hore, Liquidator


EQUITABLE LIFE: Penrose Report Offers Policyholders No New Hope
---------------------------------------------------------------
The Lord Penrose report into the collapse of Equitable Life
found the company's management mainly responsible for the
troubles that nearly brought it down four years ago.

Equitable Life closed to new business after the House of Lords
ruled in 2000 it unlawfully cut guaranteed payouts on policies
it had sold since the 1950s.  It was then told to honor the
guaranteed policies at the cost of more than GBP1.5 billion.

The report found the company's senior executives over-dominant
and its board weak.  It also said there was "manipulation and
concealment on the part of some of the company's previous senior
management."

The government was itself cited for negligence in its
supervision of the company, but report maintained that the fault
lies in the inherent flaw of the regulatory framework rather
than on the negligence of officials.

With this, the Treasury ruled out giving compensation to
policyholders.

The best hope of compensation now lies with the Parliamentary
Ombudsman Ann Abraham reopening her investigation, according to
The Scotsman.

Ann Abraham last year cleared the FSA from accusations of
negligence in its administration of Equitable Life.  She had at
the time rejected calls for a deeper investigation into the
collapse of the mutual life insurer.


EQUITABLE LIFE: Policyholders Bringing Case to European Union
-------------------------------------------------------------
Class Law filed with the Commission of the European Communities,
a formal complaint regarding the failure of the U.K. Government
and the Regulators to regulate the affairs of Equitable Life in
accordance with the European Insurance Directive.

The solicitor said:

"If you are a policy holder or former policyholder, who wishes
to support such a complaint, please send us an e-mail with your
details.

You should also write to your MEP asking him/her to support a
forthcoming petition to the European Parliament.  More details
will be posted shortly."

CONTACT:  CLASS LAW, SOLICITORS
          One Great Cumberland Place
          London W1H 8DQ
          DX: 44428 Marble Arch
          Phone: + 44-20 77 24 25 26
          Fax:   + 44 -20 7723 2988


FINANCETRACK LIMITED: Names Franklin & Co. Receiver
---------------------------------------------------
Notice is hereby given pursuant to section 46(1)(a) of the
Insolvency Act 1986 that Stephen Franklin of Panos Eliades,
Franklin & Co, Albany House, 18 Theydon Road, London E5 9NZ, was
appointed Administrative Receiver of the Financetrack Limited
Company (Reg No 4266669) on February 24, 2004 by Paravid
Research Limited under the powers contained in a Debenture dated
December 11, 2002 whereby fixed and floating charges were
created over the whole of the assets and undertaking of the
Company.


FIZZ LIMITED: Appoints Harlow Khandhia Mistry Administrator
-----------------------------------------------------------
Name of Company: Fizz (Underwear) Limited

Nature of Business: Manufacture of Underwear

Trade Classification: 08

Date of Appointment: February 11, 2004

Joint Administrative Receiver: HARLOW KHANDHIA MISTRY
                               The Old Mill,
                               9 Soar Lane,
                               Leicester LE3 5DE
                               Receivers:
                               Kirankumar Mistry
                               John Phillip Walter Harlow
                               (IP Nos 008795, 008319)


HARRADALE LIMITED: Appoints BDO Stoy Hayward Liquidator
-------------------------------------------------------
At an Extraordinary General Meeting of the Harradale Limited
Company on February 25, 2004 held at Connaught House, Alexandra
Terrace, Guildford, Surrey GU1 3DA, the subjoined Special
Resolution to wind up the Company was passed.

D B Coakley, of BDO Stoy Hayward LLP, Connaught House, Alexandra
Terrace, Guildford, Surrey GU1 3DA, is appointed Liquidator for
the purposes of such winding-up.

CONTACT: BDO STOY HAYWARD LLP
         Connaught House,
         Alexandra Terrace, Guilford
         Surrey GU1 3DA
         Contact:
         D B Coakley, Liquidator


HENLYS GROUP: Blue Bird Underperformance to Drive Pre-tax Loss
--------------------------------------------------------------
Henlys Group plc announces that the Loss Before Tax for the year
to September 30, 2004 is now expected to be around GBP11 million
higher than previously anticipated.  This consists of two
elements:

    (i) GBP22 million lower Profit Before Tax arising mainly in
        Blue Bird from lower sales growth, particularly for
        coaches and commercial buses, and a  reduced rate of
        operating performance improvement.  This also takes
        account of the reduction in the 2003 results of TransBus
        referred to in The Mayflower Corporation's trading
        update of February 19, 2004.

   (ii) An increase of approximately GBP11 million in Profit
        Before Tax arising from the settlement of a claim for
        recovery of overpaid VAT.  The Group expects to receive
        payment of the GBP11 million, including interest on the
        accepted claim, over the next few weeks.  This payment
        will be treated partly as exceptional income and partly
        as a credit to the Group's interest expense, both in
        2004.  The claim relates to VAT overpaid in the period
        1973 to 1997 by Henlys Ltd., the U.K. car distribution
        company, which was the main business of Henlys Group at
        that time.

Despite lower expectations for the current year, there has been
encouraging improvement in Blue Bird's operational control.
Good progress has been made in resolving the manufacturing and
quality problems at the North Georgia plant and the new school
bus production line at Fort Valley started up on time and with
high quality output.  Tighter operational discipline and cash
focus across all sites has reduced inventory levels by over $35
million compared with 12 months ago.

The Group is continuing discussions with its lenders regarding
the reduced expectations for 2004.

CONTACT:  HENLYS GROUP PLC
          Allan Welsh- Chief Executive
          Bill Gillespie- Finance Director
          Phone: 020 8953 9953


HOLLINGER INC.: Faces US$173 Mln Claim from Lord Black's Firm
-------------------------------------------------------------
Ravelston, a private Canadian company controlled by former
Hollinger International CEO and Chairman, Lord Black, has lodged
a US$173 million claim for fees and damages against Mr. Black's
former employer, according to the Independent.

The case lodged with the Ontario Superior Court wants Hollinger
International to pay for wrongful termination of management
agreement.  Hollinger International stopped paying millions of
dollars in fees for "management services" in November.  It is
asserting in a separate case that the charge was excessive.  It
is in turn demanding that Lord Black and other Ravelston
directors return US$200 million of the payment.

Ravelston's claim includes Hollinger International's debts,
charges for wrongful termination of the contract, and for the
economic harm done by cutting the company's main source of
income.

It is accusing Hollinger of planning to take the company's 73%
voting stake in the company.  Ravelston had debt to service but
its only source of income was the management fees.  A default on
this debt would have led it to be stripped of the
majority-voting stake, according to the report.


IMPERIAL CHEMICAL: Top Executives Admit Poor Performance
--------------------------------------------------------
Statement of Chairman and Chief Executive Officer:

At the beginning of 2003, when we looked ahead we believed it
would be another challenging year for business.  Certainly
markets in quarter one were difficult, and in Imperial Chemical
Industries (ICI) we also faced particular business issues.

Now, at the beginning of 2004, we believe we have made progress
on a number of fronts.  We also are cautiously optimistic of an
upturn in the business climate but wary of predicting its
timing.

2003 Performance

2003 has been challenging indeed, and while we experienced
success in some areas, the results for the year overall were
less than satisfactory.  We are determined to change that.
Trading conditions in 2003 were generally tough, and we take no
comfort from knowing that peer companies were also finding it
difficult to make much progress.

Although demand for our products grew in China and other large
Asian markets, it was generally weak elsewhere in the world.
Sales and profits during quarter one were particularly affected
by a combination of sharp increases in raw material and energy
costs, which especially hit National Starch, and lower sales by
Quest's European food business, mainly as a result of business
lost following the customer service problem in 2002.  It became
plain that quarter one profits would fall well below
expectations, prompting the ICI Board to issue a trading
statement in March 2003.  National Starch raised prices, which
has since helped partially to offset the sharp cost increases.
In Quest we have seen no obvious sign of a further significant
erosion of business in its European foods unit during 2003,
although equally, no obvious improvement in sales.  However, in
quarter one it was also clear that far-reaching changes were
needed.  Beginning within the senior management team, the Board
appointed a new Chief Executive in April and also named Charles
Knott, formerly National Starch's Chief Operating Officer, to
lead Quest.  David Hamill joined the Board from Royal Philips
Electronics in December as the new Chairman and Chief Executive
of ICI Paints.  Fulfilling the succession plan the Company had
announced in June, Lord Trotman retired as ICI Chairman on
December 31, 2003.  We also decided on a course of action to
improve ICI's performance, starting with measures to reduce
costs and rebuild margins in order to deliver long-term income
growth.  These included a worldwide restructuring program aimed
to achieve more than GBP100 million of benefit to the profit and
loss account in 2005.  This included planned productivity
upgrades in ICI Paints, which we brought forward, and a series
of operating efficiency improvements in the specialty chemicals
businesses.  Thanks to the determined efforts of our people and
the tentative economic upturn in the U.S.A in the third and
fourth quarters, performance improved after the first quarter.
Nevertheless, only the Paints business achieved profit growth
for the full year, and Group profit before tax, exceptional
items and goodwill amortization for the year, at GBP341 million,
was 15% below last year, underlining the need for change.

The price of restructuring has been high for both employees and
shareholders.  And we cannot ignore the possibility that other
tough decisions may yet be necessary.  But significant
uncertainties that faced the Group 12 months ago have been
resolved, or at least quantified.  The triennial review of the
ICI U.K. Pension Fund -- by far the Group's largest -- was
completed.  We also completed a refinancing agreement with Ineos
Chlor and completed the sale of ICI's remaining interests in
Huntsman International Holdings.  ICI's debt, which stood at
GBP2.9 billion at the end of 2001, has been reduced to GBP1.3
billion following the rights issue and the Synetix and Huntsman
International divestments, and as a consequence of strong cash
generation.  It is time to look forward.

Renewed performance
With our third quarter results, we offered shareholders an
updated strategy for profitable growth and set out new financial
targets.  Our objective is to become the genuine leader in
formulation science.

We aim to achieve this by combining our outstanding knowledge of
customer needs with our leading edge technology platforms to
develop products that provide improved performance for customers
and consumers.  We have, and will continue to build, a portfolio
of businesses, which are leaders in their respective industries.
We do not believe, at this time, that shareholders' best
interests would be served by a major divestment.  This means
never, and we will continue to consider small bolt-off
divestments.  But it does mean that shareholder value needs to
be delivered in the near-term by achieving substantial
performance improvement throughout today's ICI.  We must
continue to strive for ever-increasing levels of effectiveness,
not rely on favorable market conditions to drive profit growth.
We will concentrate on growth regions and markets in order to
maximize shareholder value creation. Our review of the Group's
businesses and the opportunities available to them showed we
must strengthen our capabilities in crucial areas, improve the
allocation of our resources to ensure we invest in markets with
the greatest potential for profitable growth, and drive cost and
capital effectiveness harder than ever.

It is essential to be competitive on cost, but not enough. Of
course we must be efficient in managing procurement,
manufacturing and distribution.  But we must also improve our
marketing, pricing and customer relationship skills in order to
maximize shareholder value.  Continuous innovation is essential
to create commercially successful products.  Our customers will
buy elsewhere unless we command their loyalty with innovative,
superior or unique formulations that create competitive
advantage for their goods.  Our specific financial targets for
the next four years, announced with our strategic plan, are:

    (i) To achieve average comparable sales growth at or better
        than real growth in gross domestic product;
   (ii) To improve trading margins before exceptional items and
        goodwill amortization steadily by an average of 0.5%
        each year; and
  (iii) To improve after tax returns on capital employed by an
        average of 1% each year.

Successful delivery of these targets should lead to average
annual earnings per share growth before exceptional items and
goodwill amortization of more than 10%.  Talented, committed
people Inspired product renewal and refreshment is the key to
our future growth, and it will require all our research and
development, manufacturing expertise, consumer insight and
process understanding to achieve our objectives.  Innovations
result from relentless effort by everyone, every day, from the
laboratory to the production line to the support staff.  There
is great talent within ICI and our challenge is to make sure
that ICI is a place where people feel proud to work and a
business that is totally committed to success, never
rationalizing failure, but always striving to perform.

Some might think our task is a daunting one but we know first
hand the quality, dedication and stamina of ICI's staff and do
not doubt their commitment to deliver success.  Behind the
disappointing numbers, there were significant successes during
2003, such as growth in Asia, a number of successful product
launches in Paints, growing sales for National's nutritional
modified starches, and key wins in fine fragrances, among
others.  The teams that faced tough times with determination and
resolve deserve congratulations as much as those who achieved
sales growth in Asia.

We remain committed to the highest standard of corporate
governance, financial control and reporting. Our
responsibilities as Chairman and Chief Executive of ICI are
principally to the owners, employees and customers who have put
their trust in us.  We thank them for their support and hope to
report substantial progress next year.

Peter B Ellwood CBE Chairman
John D G McAdam Chief Executive

To see selected financial data:
http://bankrupt.com/misc/Imperial_Chemical2003.pdf


LIVING MASK: Peter Henegan Appoints Menzies Receiver
----------------------------------------------------
Name of Company: Living Mask Limited

Reg No 04435926

Nature of Business: Holding Company

Trade Classification:
Division 2 - 10 Paper, Printing and Publishing

Date of Appointment of Joint Administrative Receivers:
February 23, 2004

Name of Persons Appointing the Joint Administrative Receivers:
Peter Henegan and Vivien Henegan

Joint Administrative Receivers: MENZIES CORPORATE RESTRUCTURING
                                17-19 Foley Street,
                                London W1W 6DW
                                Receivers:
                                Simon James Underwood
                                Jason James Godefroy
                                (Office Holder Nos 2603, 9097)


MALLETT PLC: Warns of Lower-than-expected Full-year Results
-----------------------------------------------------------
Chairman's Statement

Dear Shareholder

In our interim report and in the statement issued to the Stock
Exchange on December 12, 2003, we indicated that trading
conditions were difficult and that the results for the year
ended 31st December 2003 would fall well short of market
expectations.  In the event, turnover fell by 37.5% from
GBP25,336,000 to GBP15,825,000 and profit before tax by 58.9%
from GBP5,193,000 to GBP2,134,000.  Earnings per share were
11.10p compared with 25.97p in the prior year.  Your board is
recommending a final dividend of 6.8p that, together with the
2.4p interim dividend, makes an unchanged total dividend of 9.2p
for the year.  The dividend is therefore covered 1.2 times by
post tax profits.  Subject to the approval of shareholders at
the Annual General Meeting to be held on May 12, 2004, the
dividend will be paid on May 14, 2004 to shareholders on the
register on April 16, 2004.

The single most important event in 2003 was the opening of our
new shop at 929 Madison Avenue, New York.  This shop has been
refurbished to an extremely high standard and I am pleased to
report that initial trading has been well above our original
expectations.  In addition we have gained many new clients and
valuable introductions that may lead to future business.  A
number of favorable articles about the shop, and our U.S.
business, have appeared in American magazines and newspapers.
This has been very useful for us.

Sales from the London shops in Bond Street and Bourdon House
have been materially affected by the lack of overseas visitors
to London.  Poor trading in London and the operational gearing
of our increased cost base have been the main contributory
factors to our disappointing fall in profits.  In addition, the
weakness of the dollar has negatively impacted profits, which
include a foreign exchange loss in 2003 of GBP238,000.

As shareholders will be aware, we have valuable leasehold
interests on our Bourdon House property.  We continue to assess
whether it is in shareholders' interests to retain this
outstanding property and, having taken legal and valuation
advice, we have decided to seek enfranchisement of the leases.
If successful, the leasehold title to Bourdon House will be
simplified and there is potential to enhance shareholder value.
Shareholders should be aware, however, that the issues involved
are complex and that both the timetable and outcome of the
enfranchisement process are uncertain.  During the year we have
also negotiated a new 25-year lease on our Bond Street property
on terms, which are commercially attractive.

Current trading conditions remain difficult and the weakness of
the U.S. dollar and the continuing international uncertainty
make it unusually hard to make any predictions as to the timing
and extent of any recovery.  Nevertheless, the performance of
the New York shop has provided evidence of the continuing global
market for high quality antiques and we believe that our London
businesses are well positioned to benefit in the event of any
recovery in international travel.

George Magan
CHAIRMAN

To see financial reports:
http://bankrupt.com/misc/Mallett_2003.htm

CONTACT:  MALLETT PLC
          Lanto Synge, Chief Executive
          Phone: 020 7499 7411


MARCONI CORPORATION: In Third Part of Senior Notes Redemption
-------------------------------------------------------------
Marconi Corporation plc (LSE: MONI; NASDAQ: MRCIY) announced on
Tuesday that it has given notice to the owners of its Senior
Notes pursuant to Section 3.02 of the Indenture dated as of May
19, 2003 made between the Company, the guarantors named therein
and the Law Debenture Trust Company of New York (the Trustee)
that pursuant to Section 3.07 of the Indenture $29.7 million
(approximately GBP16.0 million) aggregate principal amount of
Securities (the Redemption Securities) will be redeemed on March
23,2004.

The redemption price (the Redemption Price) shall be 110.0% of
the principal amount of the Redemption Securities redeemed plus
68 days accrued interest to the Redemption Date.  In line with
the mechanism used for the previous partial redemptions of the
Senior Notes, a pool factor will be applied to every holding.
Further details of the pool factor to be applied from the
Redemption Date will be announced once the pool factor has been
confirmed by the Registrar.

This mandatory partial redemption of the Senior Notes is taking
place following the receipt by Marconi of proceeds from the
final redemption of the Junior Notes, which took place on March
8, 2004.  Marconi received these proceeds due to its holdings of
$29.8 million (approximately GBP16.1 million) of Junior Notes
following the market repurchases undertaken on February 17, 2004
(which were announced previously).

The paying agent with respect to the Redemption Securities is:
The Bank of New York One Canada Square London E14 5AL England
Attention: Corporate Trust Office.  Any queries in respect of
payment, pool factor or related matters should be directed to
Emma Wilkes at Bank of New York on (+44) 20 7964 7662, who are
the Registrar, the Depositary and the Paying Agent.  On the
Redemption Date, the Redemption Price, together with accrued
interest and any Additional Amounts (as described in the
Indenture), will become due and payable.  Unless the Company
defaults in making the redemption payment, the Redemption
Securities shall cease to bear interest from and after the
Redemption Date. The Redemption Securities will be cancelled
following redemption by the Company. (Exchange rate, GBP1 = USD
1.85)

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications
equipment, services and solutions company.  The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.  The company's customer base includes
many of the world's largest telecommunications operators. The
company is listed on the London Stock Exchange under the symbol
MONI and on the Nasdaq under the symbol MRCIY.  Additional
information about Marconi Corporation can be found at
http://www.marconi.com

CONTACT: MARCONI CORPORATION PLC
         Press Inquiries:
         Joe Kelly
         Phone: 0207 306 1771
         E-mail: joe.kelly@marconi.com
         David Beck
         Phone: 0207 306 1490
         E-mail: david.beck@marconi.com

         Investor Inquiries:
         Heather Green
         Phone: 0207 306 1735
         E-mail: heather.green@marconi.com


RICHARD ROBERTS: Creditors Meeting Set March 19
-----------------------------------------------
Name of Companies:
Richard Roberts Fashions Limited
Richard Roberts Knitwear Limited
Richard Roberts International Limited
Seatonmill 2003 Limited

A notice is given to the Creditors of these Companies for a
Meeting on March 19, 2004 at 10:30 a.m.  It will be held at The
Holiday Inn Leicester, 129 St Nicholas Circle, Leiceser LE1 5LX.

The purpose of the meeting is to consider the proposal under
paragraph 49 of Schedule B1, to the Insolvency Act 1986, and to
consider establishing a Creditor's Committee.

N J Dargan and N B Kahn, Joint Administrators Deloitte & Touche
LLP, 180 Strand, London WC2R 1BL.

CONTACT: DELOITTE & TOUCHE LLP
         180 Strand, London WC2R 1BL
         Contact:
         N J Dargan, Joint Administrator
         N B Kahn, Joint Administrator
         Phone: +44 (0) 20 7936 3000
         Fax:   +44 (0) 20 7583 1198
         Web site: http://www.deloitte.com


SKYEPHARMA PLC: Names Financial Adviser
---------------------------------------
SkyePharma is pleased to announce the appointment of Credit
Suisse First Boston as sole corporate broker and financial
adviser to the Company.

About SkyePharma

SkyePharma PLC uses its world-leading drug delivery technology
to develop easier-to-use and more effective formulations of
drugs.  The majority of challenges faced in the formulation and
delivery of drugs can be addressed by one of the Company's
proprietary technologies in the areas of oral, injectable,
inhaled and topical delivery, supported by advanced
solubilization capabilities.  For more information, visit
http://www.skyepharma.com

                              *****

SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) said in its Trading
Update for the year ending December 31, 2003 that as a result of
delays in concluding a number of key deals in 2003, revenues for
the year will be substantially below the GBP85 million to GBP100
million range indicated at the time of the Interim Results in
September and below the GBP70 million achieved in 2002.

With revenues below our budgeted revenue target, coupled with
greater than expected research and development costs (arising
from delays to completion of agreements involving the transfer
of costs to the partner), the Company now expects to report a
loss for the second half of 2003 albeit less than the loss we
reported for the first half.

CONTACT:  SKYEPHARMA PLC
          Phone: +44 207 491 1777

          Michael Ashton, Chief Executive Officer

          Peter Laing, Director of Corporate Communications
          Phone: +44 207 491 5124

          Sandra Haughton, U.S. Investor Relations
          Phone: +1 212 753 5780

          BUCHANAN COMMUNICATIONS
          Phone: +44 207 466 5000
          Tim Anderson/Mark Court


STCP LIMITED: Calls in Administrator from Smith & Williamson
------------------------------------------------------------
Name of Company: STCP Limited

Nature of Business:
Provision of Executive Search Consultancy Services

Trade Classification: 46

Date of Appointment: February 27, 2004

Joint Administrative Receiver:  SMITH & WILLIAMSON LIMITED
                                No 1 Riding House Street,
                                London W1A 3AS
                                Receiver:
                                W D Joseph
                                I J Allan
                                (IP Nos 9247, 7310)


THOMAS COOK: EUR100 Mln Cost-cutting Plan Excludes Divestment
-------------------------------------------------------------
Thomas Cook AG confirmed that it is and will continue to be
active on all levels of the leisure travel value chain and in
all of Europe's key sales markets.

At a press conference in Frankfurt, the new chairman of the
management board of Thomas Cook AG, Wolfgang Beeser, put an end
to all speculation concerning a potential disintegration of the
group: "Significant changes in group structure are not on the
agenda.  We are not selling Thomas Cook U.K.  Nor will we be
disposing of our activities in France, or any of the group's
main other units."

According to Beeser, cost-cutting would be the clear focus of
Thomas Cook's activities this year, with the new four-man board
concentrating above all on the current problem areas -- the
German sales market and the German airlines.  Concerning the
organizational structure, the prerequisites for a more efficient
organization have already been met by the creation of profit
centers.  "In this way", Wolfgang Beeser continued, "a
management system has been established that is based exclusively
on earnings targets.  This creates cost discipline, clearly
defined responsibilities and improved orientation to the demands
of the market.  And that doesn't only apply to Germany, but to
our international markets too."

Thomas Cook AG has set itself the target of reducing unit costs
to a level that allows sufficient profits.  Wolfgang Beeser: "We
have to achieve this in order to regain cost leadership."

To this end, Thomas Cook is basing its strategy on the efforts
and projects of the previous year.  In the German sales market,
the cost-cutting plan is to be rigorously continued with the aim
of saving EUR50 million.  Moreover, savings will be made by
consolidating various company locations -- as in the case of the
Munich-based staff working for the tour operator brand Thomas
Cook Reisen, who will be moving to Oberursel near Frankfurt.
Furthermore the three current locations in Oberursel will be
consolidated in the group's headquarters.

In order to make the company's German airline operations more
competitive, Wolfgang Beeser also made it clear that the
airlines' costs will have to be improved significantly by more
than EUR100 million.  As a result, each individual cost item
connected with the airline will be subjected to close scrutiny.

In addition improvements in performance and an expansion of the
seat-only-business will yield substantial additional revenues.
Talks with social partners, service providers and suppliers are
currently taking place.

The path back into the profit zone will be an easier one if
customer demand recovers.  Wolfgang Beeser: "In this respect,
the signs are fortunately not looking bad.  In the course of the
past few weeks all our markets reported high growth in bookings.
Group-wide bookings for early March with Thomas Cook tour
operators were 3.7% up over the previous year.  This positive
development indicates that demand has bottomed out."

Thomas Cook expects the positive trend of the past few weeks to
prove to be stable and the European market for package tours to
grow by between 2 and 4% this year.  And the company is also
expecting booking figures for its own brands to outperform the
market average.

The main reason for his optimism, Wolfgang Beeser announced, was
the fact that Majorca, still the company's most important
destination, was showing clear signs of recovery.  After two
years of significant falls in demand, group-wide summer
bookings, for Majorca are currently 15% up on the previous year.
Wolfgang Beeser: "The value for money Majorca offers has become
more attractive again.  The hoteliers have seen the signs of the
times and acted appropriately.  The Eco-tax has been scrapped.
In the new government there are people with many years'
experience in the travel industry.  Majorca is well on the way
to clearly becoming Europe's most popular holiday island again."

Current developments prompted Thomas Cook AG's chairman of the
management board to draw the following conclusion: "What we can
do on the cost side ourselves, will be done.  If the market now
lends us its support -- which does seem likely -- then I have no
doubt whatsoever that we can achieve the significant improvement
in results planned by the end of this financial year."

Thomas Cook AG is one of the world's leading leisure groups.
Its shareholders are Deutsche Lufthansa AG (50%) and
KarstadtQuelle AG (50%).

CONTACT:  THOMAS COOK AG
          Corporate Communications
          Phone: +49 6171 65-1700
          Fax: +49 6171 65-1060
          E-mail: press-office@thomascookag.com
          Home Page: http://www.thomascook.info


THOMAS COOK: Full-year Loss Reaches EUR251 Million
--------------------------------------------------
The international leisure travel industry has gone through two
years of crisis.  The demand for leisure travel products in
Europe in 2003 continued to be significantly down on the
previous year, and further down based on original expectations
of a recovery.  As a result Thomas Cook, like the whole
industry, was affected by the fall in demand, which was due to
the Iraq war, SARS and the weak overall economic situation.

Guest numbers and sales down

The 2002/2003 financial year saw 12.5 million customers decide
to purchase a leisure travel product from Thomas Cook Group,
6.4% fewer than in the previous year.  Falling demand, enhanced
price sensitivity and persistently high capacity in the leisure
travel market put considerable pressure on prices.  The average
trip duration fell by 9.3% to 9.7 days, the average travel price
by 3.0% to EUR523 (EUR539 in the previous year).  Sales
generated by the Thomas Cook Group fell correspondingly by 10.1%
in the year under review to stand at EUR7.2 billion (EUR8.1
billion in previous year).

Group loss in line with expectations

The pressure on prices could not be fully offset by
appropriately reduced expenses with the effect of a loss before
interest, tax and amortization of goodwill (EBITA) amounting
to -EUR79.1 million (+EUR35.8 million in previous year).  After
tax, Thomas Cook is reporting a group loss for the 2002/2003
financial year totaling EUR251.0 million (119.5 million euros in
previous year), in line with expectations.

Investment at a low level
As in the previous year, the investment program was limited to
essential items.  Thomas Cook Group invested a total of 204.2
million euros in the year under review.

Rising guest numbers and improved results anticipated for
2003/2004

Meanwhile, the general economic situation in the key sales
markets has improved.  Thomas Cook is now forecasting market
growth in terms of guests of 2 to 4 percent for the 2003/2004
financial year, but is expecting to outperform the market.

At the same time, various measures designed to reduce costs have
been initiated and already partly realized, among them a change
in management structures, the consolidation of company
locations, a reduction of staff and diverse cost measures
focusing on the tour operators and airlines in Germany.

Even if Thomas Cook cannot expect to return to profit as early
as the 2003/2004 financial year, every effort is being made to
achieve a substantial and sustainable improvement in earnings.

Key figures of Thomas Cook Group

Turnover:
Group sales/EURm 7.241,5 (2002/03) / 8.058,6 (2001/02)
Guests carried/000 12.484,6 (2002/03) / 13.233,7 (2001/02)
Average travel price/EUR 523,0 (2002/03) / 539,0 (2001/02)
Average trip duration/ days 9,7 (2002/03) / 10,7 (2001/02)

Earnings:
EBITA/million EUR -79,1 (2002/03) / 35,8 (2001/02)
Group profit/loss after tax/m -EUR251 (2002/03)/-119,5 (2001/02)

Personnel:
Number of staff/Annual average 25.978 (2002/03)/27.906 (2001/02)
((2002/03) and (2001/02) from 1. November bis 31. Oktober)

Thomas Cook AG is one of the world's leading travel groups.
Deutsche Lufthansa AG and KarstadtQuelle AG each holds a 50
percent stake in Thomas Cook AG.

CONTACT:  THOMAS COOK AG
          Corporate Communications
          Phone: +49 6171 65-1700
          Fax: +49 6171 65-1060
          E-mail: press-office@thomascookag.com
          Home Page: http://www.thomascook.info


WATFORD LEISURE: EGM Approves GBP5.25 Mln Refinancing Plan
----------------------------------------------------------
Result of EGM

The Company is pleased to announce that all the resolutions put
to the shareholders of the Company at the extraordinary general
meeting held Tuesday, details of which were set out in the
circular to shareholders dated 14 February 2004, were duly
passed.

In addition a resolution to alter the articles of association of
Watford Association Football Club Limited, a subsidiary of
Watford Leisure, was put to shareholders of the Club at a
meeting also held Tuesday and was duly passed.

                     *****
In February, Watford Leisure PLC announces that it proposes to
raise up to approximately GBP5.25 million (GBP4.90 million net
of expenses) by way of a firm placing and an open offer:

(a) The Firm Placing comprises the issue of 5,263,157 New
    Ordinary Shares in aggregate to Graham Simpson, his wife
    Yianna Simpson and a new investor, Valley Grown Salads, at
    66.5 pence per share and the issue of GBP1,000,000 nominal
    of convertible loan notes to Graham Simpson to raise GBP4.5
    million (before expenses).

(b) The Open Offer is an offer of 1,127,984 New Ordinary Shares
    at 66.5 pence per Open Offer Share to raise approximately
    GBP0.75 million (before expenses).  The Open Offer is fully
    underwritten by Strand Associates.

(c) The majority of the funds raised pursuant to the Firm
    Placing and Open Offer will provide working capital for the
    Company.  However it is intended that, subject to suitable
    debt finance being available to the Company and the Club's
    first team remaining in Division One of the Nationwide
    Football League at the end of the current season, a portion
    of the funds raised in the Firm Placing and Open Offer will
    be used for the buy back of Vicarage Road Stadium.


WATFORD LEISURE: Gives Update Regarding Open Offer
--------------------------------------------------
On February 16, 2004 the Company announced a firm placing and
open offer of 6,391,141 new ordinary shares of 10p each in the
Company (New Ordinary Shares) at a price of 66.5p per share and
the issue of GBP1,000,000 nominal of convertible loan notes to
raise approximately GBP5.25 million before expenses.  Of the New
Ordinary Shares, 5,263,157 were placed firm and 1,127,984 were
offered to Qualifying Shareholders under the Open Offer.

The Open Offer closed at 3:00 p.m. on March 5, 2004.  Valid
applications were received in respect of 47,057 New Ordinary
Shares representing 4.17% of the New Ordinary Shares the subject
of the Open Offer.  The balance of the New Ordinary Shares will
be taken up under the terms of the Placing and Open Offer
Agreement.

Application has been made to the London Stock Exchange for the
re-admission of the 5,999,750 ordinary shares of 10p each
arising under the Capital Reorganization and the admission of
4,511,442 New Ordinary Shares (other than, at this stage, the
Subsequent Firm Placing Shares) to trading on AIM.  It is
expected that Admission will become effective and that dealings
in the Ordinary Shares and the New Ordinary Shares (other than,
at this stage, the Subsequent Firm Placing Shares) will commence
on March 10, 2004.

Unless the context otherwise requires, defined terms used in
this announcement shall have the meanings given to them in the
circular to shareholders of the Company dated February 14, 2004
and in the announcement made on February 16, 2004.

CONTACT:  WATFORD LEISURE PLC
          Graham Simpson, Chief Executive Officer
          Phone: (01923) 496 000

          STRAND PARTNERS LIMITED
         (Financial Adviser to Watford Leisure)
          Rory Murphy, Director
          Phone: (020) 7409 3494


WEBPOST LIMITED: Voluntary Winding up Resolution Passed
-------------------------------------------------------
At an Extraordinary General Meeting of the Webpost Limited
Company on February 17, 2004 held at Albury Mill, Mill Lane,
Chilworth, Guildford, Surrey GU4 8RT, the subjoined Special
Resolution to wind up the Company was passed.

Richard Eaglesfield Floyd, of 29 Roseacre Gardens, Chilworth,
Guildford, Surrey GU4 8RQ, is hereby appointed Liquidator for
the purpose of such winding-up.

CONTACT: Richard Eaglesfield Floyd, Liquidator
         29 Roseacre Gardens, Chilworth


                            *********


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
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Copyright 2004.  All rights reserved.  ISSN 1529-2754.

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