/raid1/www/Hosts/bankrupt/TCREUR_Public/040422.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, April 22, 2004, Vol. 5, No. 79
Headlines
F I N L A N D
METSO CORPORATION: To Supply Machines in Stora Enso's New Mill
F R A N C E
AVX CORPORATION: Restructuring European Operations
VIVENDI UNIVERSAL: NBC Merger Gets Regulator's Nod
VIVENDI UNIVERSAL: Maintains 2004 Outlook
G E R M A N Y
COMMERZBANK AG: Loan Participation Notes for URALSIB Rated 'B-'
I T A L Y
LOGIKA COMP: Inviting Bids for Assets on Sale
L U X E M B O U R G
MILLICOM INTERNATIONAL: First-quarter EBITDA Up 55%
TEKSID ALUMINUM: Senior Unsecured Notes Downgraded to 'CCC+'
N E T H E R L A N D S
ROYAL SHELL: Faces Several U.S. Class Action Lawsuits
R U S S I A
AGRO-PROM-TRANS: Voronezh Court Commences Bankruptcy Proceedings
AUTO-REPAIR: Kemerovo Court Appoints Insolvency Manager
BUILDING PARTS: Insolvent Status Confirmed
GAZ CAPITAL: Proposed Loan Participation Notes Rated 'BB-'
KEMEROVO-METAL: Deadline for Proofs of Claim August 11
KHIM-PROM: Under Bankruptcy External Management Procedure
KONSTANTINOVSK-AGRO: Ordered to Undergo Bankruptcy Supervision
KONSTANTINOVSKY HPP: Court Names Insolvency Manager
LARGE-PANEL: Court Sets May 27 Hearing
VYAZNIKOVSKY FLAX: Under Bankruptcy Supervision Procedure
S P A I N
CABLEUROPA SAU: Planned Refinancing Earns Positive Outlook
ONO GROUP: Ratings Raised on Improved Results
U K R A I N E
ATZT FARMAKON: Declared Insolvent
RAJAGROBUD: Under Bankruptcy Supervision Procedure
UKRAINE-EGYPT: Court Appoints Insolvency Manager
YAVORIV-INVEST: Exits Bankruptcy Supervision Procedure
U N I T E D K I N G D O M
AFT PROJECTS: Shareholders Approve Winding up of Business
ALLEN FLINDALL: Winding up Resolution Passed
AMERAP LIMITED: Calls in Liquidator from Baker Tilly
ATHENA CLOTHING: Winding up Resolutions Passed
BRIDGELEAP EUROPE: Final Meeting Set May 27
CANARY WHARF: CWG Acquisition Offer Remains Open Until Friday
C D GROUP: Shareholders Okay Voluntary Winding up
CLEANING LIMITED: Voluntary Winding up Resolution Approved
CORUS GROUP: Shareholders to Take up Usmanov's Proposal Today
ECKERSLEY FOLD: Hires Liquidator from Nuttalls Insolvency
EGG PLC: Auction Process Silent for Some Time
EG LATCHFORD: Creditors General Meeting Set May 21
EQUITABLE LIFE: Policyholders Offered Flicker of Hope
EUROMETAL LIMITED: Winding up Resolutions Passed
EUROTUNNEL PLC: First-quarter Operating Revenue Slightly Down
FORTDIVE LIMITED: Hires Liquidator from Valentine & Co
HIGH ALPHA: General Meeting Set May 17
HOLLAM FARM: Calls in Liquidator
HOLLAND ELECTRICAL: Members General Meeting Set May 25
HUBRON LIMITED: Hires Administrative Receiver
IAS LIMITED: Appoints KPMG Administrator
IFS REALISATIONS: Appoints Jackson Jolliffe Cork Administrator
INDEPENDENT ACCESS: Hires Receivers from KPMG
J.A.K HOLDINGS: Brings in Liquidators from Begbies Traynor
JOHN NEAL: Shareholders General Meeting Set May 25
LARK VALLEY: Sets General Meeting May 4
LIBERTY FLEX: Hires Liquidators from Deloitte & Touche
LONDON CLUBS: Rights Issue Receives Overwhelming Support
MAGENKO LIMITED: Winding up Resolutions Passed
M & H COMMUNICATIONS: Calls in Liquidators
NAMCO OPERATIONS: Hires KPMG Liquidator
NETWORK RAIL: Rail Regulator Explains Programs for Industry
NEWSPOINT GROUP: Appoints Liquidator from Francis Clark
REALLY GOOD: Calls in Liquidator from Grant Thornton
STYLECROSS LIMITED: Appoints Poppleton & Appleby Administrator
TEMPS LIMITED: Winding up Special Resolution Passed
TRIDENT FASHIONS: Hires Receivers from Begbies Traynor
VERSAILLES: Founder Declines to Testify in Fraud Case
WEDGE AJP: Calls in Liquidator
WEMBLEY PLC: BLB Investors Increases Offer to GBP308.6 Million
WINTON WARREN: Appoints Liquidator from Slater Maidment
*********
=============
F I N L A N D
=============
METSO CORPORATION: To Supply Machines in Stora Enso's New Mill
--------------------------------------------------------------
Metso Paper will supply Stora Enso's Kvarnsveden mill in Sweden
with a new production line for high-quality SC paper. Start-up
is scheduled for end of 2005. The order is the largest in
Metso's and Metso Paper's history. The value of the order is
not disclosed.
The scope of Metso Paper's delivery practically comprises of the
entire new SC paper mill for PM 12, excluding the building
itself. Included are the main papermaking machinery, process
systems, auxiliary systems, electrification and services. Metso
Automation will supply a wide range of control and monitoring
systems. Also included in the order is an expansion of
woodroom, TMP and bleaching plant, needed to support the new
production line. With a wire width of 11.3m and a design speed
of 2,000 m/min, the new PM 12 will be the world's largest paper
machine. The capacity of the new line will be 420,000 tons/year
and the line will be one of the largest in the world.
* * *
Stora Enso's Kvarnsveden mill was founded in 1900 at the
Dalalven River, in the town of Borlange, in central Sweden.
Today, the mill has an annual production capacity of
approximately 700,000 tons of newsprint, improved newsprint and
uncoated magazine paper on four paper machines.
Stora Enso is an integrated paper, packaging and forest products
company producing publication and fine papers, packaging boards
and wood products. The Group's sales totaled EUR12.2 billion in
2003. The Group has approximately 44,000 employees in more than
40 countries.
Metso Corporation is a global supplier of process industry
machinery and systems, as well as know-how and aftermarket
services. The Corporation's core businesses are fiber and paper
technology (Metso Paper), rock and mineral processing (Metso
Minerals) and automation and control technology (Metso
Automation). In 2003, the net sales of Metso Corporation were
EUR4.3 billion. Metso has approximately 26,000 employees in 50
countries. Metso Corporation is listed on the Helsinki and New
York Stock Exchanges
CONTACT: METSO CORPORATION
Leo Allo
SVP, Communications
Phone: +358 40 544 9509
===========
F R A N C E
===========
AVX CORPORATION: Restructuring European Operations
--------------------------------------------------
AVX (NYSE: AVX) has concluded discussions with local
administration and labor union representatives in France in
connection with plans to exit the ferrite component market in
Europe and to close a related factory in Beaune, France, which
employs approximately 200 people. Operations in a factory in
St. Apollinaire, France that manufactures ceramic, film and
power components will not be impacted.
John Gilbertson, AVX's Chief Executive Officer and President,
announced: "We regret the negative impact this decision will
have on the employees in this facility, but the sales prices in
the ferrite components market have made production at this
facility uncompetitive. We will continue to reorganize our
worldwide operations in order to focus on those electronic
components and connector products with the best growth and
margin opportunities and to improve manufacturing efficiency."
The plant closure and related severance costs and asset
impairment charges are estimated at US$18 million.
AVX, headquartered in Myrtle Beach, South Carolina, is a leading
international manufacturer and supplier of a broad line of
passive electronic components and related products.
Please visit our Web site at http://www.avxcorp.com
CONTACT: AVX CORPORATION
Myrtle Beach
Kurt Cummings
Phone: 843-946-0691
E-mail: finance@avxus.com
VIVENDI UNIVERSAL: NBC Merger Gets Regulator's Nod
--------------------------------------------------
The United States Federal Trade Commission has given the green
light to the proposed merger of Vivendi Universal's U.S.
entertainment business with NBC. The transaction will see NBC's
broadcast network combine with Vivendi Universal Entertainment,
the holding company for the French giant's movie studio, U.S.
television and theme park assets. The deal will be completed
within the next few weeks, the media giant said.
The regulator, according to the Financial Times, tuned out
antitrust concerns, citing similar transactions in the past
involving Walt Disney and Viacom, which merged with ABC and CBS,
respectively. Under the deal, Vivendi will retain a 20% stake
in the combined group and receive US$3.8 billion in cash.
The transaction makes NBC the fifth corporate parent of Vivendi
Universal Entertainment within ten years. The future owner is
expected to implement wide-ranging shake-up that would alter the
company's board composition and lead to significant job losses,
the paper said. The General Electric subsidiary is reportedly
targeting US$300 million in savings a year.
VIVENDI UNIVERSAL: Maintains 2004 Outlook
-----------------------------------------
Vivendi Universal [(Paris Bourse: EX FP) (NYSE:V)] strongly
denies rumors that it has modified its 2004 outlook. At the
presentation of its 2003 results on March 17, the company
forecasted:
(a) Very strong growth in adjusted net income;
(b) Strong growth in operating income, excluding VUE, NBC
Universal and Telepiu;
(c) Stable consolidated cash flow from operations, excluding
VUE, NBC Universal and Telepiu;
(d) Net debt below EUR5 billion; and
(e) Dividend in 2005.
CONTACT: VIVENDI UNIVERSAL
Media
Paris
Antoine Lefort
Phone: +33 (1) 71711180
Agnes Vetillart
Phone: +33 (1) 71713082
Alain Delrieu
Phone: +33 (1) 71711086
Investor Relations
Paris
Daniel Scolan
Phone: +33 (1) 71713291
Laurence Daniel
Phone: +33 (1) 71711233
New York
Eileen McLaughlin
Phone: +(1) 212.572.8961
=============
G E R M A N Y
=============
COMMERZBANK AG: Loan Participation Notes for URALSIB Rated 'B-'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' senior
unsecured debt rating to the proposed Loan Participation Notes
to be issued on a limited recourse basis by Commerzbank AG (A-
/Negative/A-2) for the purpose of financing a loan to Ural-
Siberian Bank OJSC (URALSIB; B-/Stable/C), a Russian bank. The
amount and the maturity of the issue are to be confirmed.
"The rights and interests of Commerzbank as lender to URALSIB
will be charged to a trustee for the benefit of the noteholders
under a trust deed," explained Standard & Poor's credit analyst
Ekaterina Trofimova.
"The credit rating of the issue reflects the capacity and
willingness of URALSIB to honor its financial obligations, and
thus reflects the counter-party credit rating of URALSIB, rather
than the legal structure of the issue," she added.
Ms. Trofimova said that the ratings on URALSIB reflect the
bank's weak, albeit improving, core profitability and high level
of concentration in loans and deposits when compared
internationally. These negative factors are partly mitigated by
URALSIB's dominant commercial position in the Republic of
Bashkortostan (BB-/Stable/--) and close relationship with the
regional government. The entrance of a new strategic investor,
the Russia-based NIKoil financial group (NIKoil; not rated),
removed recent ownership concerns, although the full strategic
implications for the bank are uncertain. URALSIB recently
announced that NIKoil controls 72.5% of the bank's shares (this
increasing holding is still subject to the Central Bank of
Russia approval, however).
URALSIB ranks as one of the 10 largest banks in Russia, with
total assets of Russian ruble RUR67.8 billion ($2.3 billion) and
equity of RUR10 billion at Dec. 31, 2003. The Government of
Bashkortostan remains the second-largest shareholder in URALSIB
with a stake of 23%. The ownership structure of URALSIB is more
transparent now. However, the potential government support
factored into the ratings on the bank in the past has now
diminished. The change in ownership should, however, help to
develop and diversify the bank's customer base and revenue
resources. Continuing expansion outside its home region will
reduce the bank's dependence on the republic, but might also
challenge its credit risk and overhead cost management.
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
ekaterina_trofimova@standardandpoors.com
irina_penkina@standardandpoors.com
FIG_Europe@standardandpoors.com
=========
I T A L Y
=========
LOGIKA COMP: Inviting Bids for Assets on Sale
---------------------------------------------
The Bankruptcy Procedures [Court] is collecting preliminary
offers for parties in interest for the divestiture of the
business, prior to the eventual rental for a period no longer
than 3/6 months, consisting of these two branches:
(a) planning, production, installation and commercialization of
systems for custom-made plastic cards (number of employees
roughly 30);
(b) custom made plastic cards for third-party companies (number
of employees roughly 30).
Operational center, rented by a third party, in Cinisello
Balsamo, Via De Vizzi no.77.
The offers have to be received by May 5, 2004, via registered
mail and sent in advance via fax to the Official receiver, Mr.
Cesare P. Franzi, Piazza San Pietro in Gessate n. 2, 20122 Milan
(Italy), Phone 0039 02 55 18 56 47, Fax 0039 02 55 01 13 92 whom
is currently at your disposal for any further clarifications.
===================
L U X E M B O U R G
===================
MILLICOM INTERNATIONAL: First-quarter EBITDA Up 55%
---------------------------------------------------
Millicom International Cellular S.A. (Nasdaq Stock Market: MICC,
Stockholmsborsen: MIC), the global telecommunications investor,
announces results for the quarter ended March 31, 2004.
Financial summary for the quarters ended March 31, 2004 and
2003[*]
March 31 March 31 Change
2004 2003
Worldwide subscribers (i)
- proportional cellular (ii) 4,128,030 2,962,603 39%
- total cellular 5,897,371 4,248,714 39%
US$ '000
Revenues 213,859 138,703 54%
Operating profit before depreciation and
amortization, EBITDA(iii) 106,790 68,961 55%
EBITDA margin 50% 50%
Profit for the period 14,730 26,226
Basic profit per common share (US$) 0.22 0.40
Diluted profit per common share (US$) 0.20 0.40
Weighted average number of shares
(thousands) 65,963 65,136
Weighted average number of shares and
dilutive potential shares (thousands) 79,930 65,136
(a) Subscriber figures represent the worldwide total number of
subscribers of cellular systems in which MIC has an
ownership interest. Subscriber figures do not include
divested operations.
(b) Proportional subscribers are calculated as the sum of MIC's
percentage ownership of subscribers in each operation.
(c) EBITDA; operating profit before interest, taxation,
depreciation and amortization, is derived by deducting cost
of sales, sales and marketing costs, and general and
administrative costs from revenues.
[*] Due to local issues in El Salvador, MIC discontinued
consolidating El Salvador on a proportional basis from May 2001
to September 2003.
Figures for 2003 in this press release therefore exclude
divested operations and El Salvador in respect to subscribers
and for financial results, down to and including EBITDA.
Figures for 2004 include El Salvador and exclude divested
operations for subscribers and financial results, down to and
including EBITDA.
Marc Beuls, MIC's President and Chief Executive Officer stated:
"We have changed our financial reporting to reflect the five
operational clusters in the group which are South East Asia,
South Asia, Africa, Central America and South America.
Countries within a cluster have historically shown similar
developments and breaking down the numbers in this way provides
greater transparency and enables our shareholders, bondholders
and analysts to gain a better understanding of the trends we see
in certain parts of the company.
"MIC has had a buoyant start in 2004, building on the growth
seen last quarter, by producing increases in revenues and EBITDA
of 54% and 55% respectively over the first quarter of 2003. Our
African operations in particular continued to show very
impressive growth with revenues up 76% and EBITDA up 92% year on
year, fuelled by annual total subscriber growth of 81%. Asia
continued to perform well and we are encouraged by definite
signs of recovery in South America.
"Our priority for 2004 is to accelerate the growth of our
existing operations, whilst seeking opportunities in adjacent
markets. Our current license renewals are progressing well. We
signed a Memorandum of Understanding in Vietnam and, in
Pakistan, our license extension has been confirmed and
negotiations continue with the Ministry of Telecoms regarding
final terms."
FINANCIAL AND OPERATING SUMMARY*
Subscriber growth:
(a) An annual increase in worldwide total cellular subscribers
of 39% to 5,897,371 at March 31, 2004.
(b) 28% underlying annual growth in total cellular subscribers
excluding El Salvador.
(c) An annual increase in proportional cellular subscribers of
39% to 4,128,030 at March 31,
2004.
(d) 24% underlying annual growth in proportional subscribers
excluding El Salvador.
(e) In the first quarter of 2004 MIC added 206,829 net new total
cellular subscribers.
(f) Proportional prepaid subscribers increased to 3,641,976 from
2,641,734 at March 31, 2003.
Financial highlights:
(a) Revenues for the first quarter of 2004 were $213.9 million,
an increase of 54% from the first quarter of 2003. Excluding El
Salvador the increase was 30%.
(b) EBITDA increased by 55% in the first quarter of 2004 to
$106.8 million, from $69.0 million for the first quarter of
2003. Excluding El Salvador, the increase was 34%.
(c) From the first quarter of 2004, MIC is providing greater
disclosure in its financial reporting by reflecting the five
operational clusters in the group; South East Asia, South Asia,
Africa, Central America and South America.
Total cellular minutes increased by 57% for the three months
ended March 31, 2004 from the same quarter in 2003 and increased
by 41% excluding El Salvador, with prepaid minutes increasing by
70% in the same period and by 59% excluding El Salvador.
On February 4, 2004 MIC's subsidiary in Vietnam, Comvik
International Vietnam signed a Memorandum of Understanding with
its partner VMS, a subsidiary of the Vietnam Posts and
Telecommunications, to confirm their intention to extend the co-
operation for the long term.
On February 5, 2004 MIC acquired 26% of Millicom Tanzania Ltd.
from the Government of Tanzania, bringing its ownership to 84%.
MIC now controls Millicom Tanzania Ltd.
An Extraordinary General Meeting of Shareholders held on
February 16, 2004, approved a stock split of the issued shares
of MIC by which each share with a par value of $6 was split into
four new shares with a par value of US$ 1.50. The stock split
became effective after close of business on February 20, 2004.
On February 17, 2004 MIC signed a management agreement with
Rafsanjan Industrial Complex (RIC) in Iran to manage a
nationwide GSM network to be owned by RIC under a build, operate
and transfer contract between RIC and Telecommunications Company
of Iran. The contract allows RIC to build and operate the
network for 2 million prepaid subscribers for a period of 11
years. MIC will be paid a share of the revenues generated by
the network and has been awarded an option to acquire 47% of the
company that will operate it.
On March 19, 2004 MIC formally requested the Trustee to call the
entire outstanding amount of 2% Senior Convertible PIK Notes
(the 2% PIK Notes) for redemption in cash on April 26, 2004 in
accordance with the terms of the Indenture covering these Notes.
During the quarter ended March 31, 2004, 40% of the 2% PIK Notes
outstanding at year-end were converted.
MIC's listing on the Stockholmsborsen (Swedish Stock Exchange)
became effective on March 30, 2004.
A copy of the results is available free of charge at
http://bankrupt.com/misc/MICQ104RESULTSFINAL.pdf
TEKSID ALUMINUM: Senior Unsecured Notes Downgraded to 'CCC+'
------------------------------------------------------------
Standard & Poor's Rating Services lowered its long-term
corporate credit rating on Bermuda-based aluminum auto parts
manufacturer TK Aluminum Ltd. (TKA) to 'B' from 'B+' owing to
weaker-than-expected production volumes in 2003 and 2004. In
addition, the rating on the guaranteed EUR240 million senior
unsecured notes that TKA issued through its financing unit,
Teksid Aluminum Luxembourg S.a.r.l., S.C.A., was lowered to
'CCC+' from 'B-', reflecting solely their subordination to all
existing and future priority debt.
All ratings were removed from CreditWatch, where they were
placed on December 19, 2003. The outlook is stable. These
actions conclude the credit review carried out by Standard &
Poor's over the past few weeks.
"Standard & Poor's considers TKA's business environment to be
weaker, following lower-than-expected improvements in production
volumes in 2003, lower-than-expected production volumes and
higher pricing pressures in 2004, and currently unfavorable
foreign exchange exposure," said Standard & Poor's credit
analyst Martin Amann. "This is likely to affect TKA's financial
performance in 2004, so that credit protection measures are
commensurate with a 'B' rating."
The rating also reflects the operating challenges the company
must overcome to increase its capacity utilization and improve
operating efficiencies, as well as increase production volumes.
"The stable outlook is based on our expectation that TKA's
credit protection measures will improve gradually in the
foreseeable future, and that its financial profile will remain
in line with the 'B' rating level," said Mr. Amann. Free
operating cash flow generation is expected to become permanently
positive from 2005. The outlook also assumes that liquidity
will remain sufficient and that TKA remains in compliance with
financial covenants.
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
martin_amann@standardandpoors.com
bob_ukiah@standardandpoors.com
CoporateFinanceEurope@standardandpoors.com
=====================
N E T H E R L A N D S
=====================
ROYAL SHELL: Faces Several U.S. Class Action Lawsuits
-----------------------------------------------------
Royal shell confirmed it is facing 15 class action lawsuits in
the U.S., according to the Scotsman. Six of the lawsuits were
filed after the company revealed in January it overstated proven
reserves by 3.9 billion barrels. Six more added the following
month, when the Securities and Exchange Commission investigated
the issue. The remaining three came out in March after the
departure of Chairman Sir Philip Watts and senior director
Walter van de Vijver.
On Monday the company said it would restate its oil reserves by
recategorizing a total of 4.35 billion of oil equivalent as at
end 2002. It also announced the exit of finance director Judy
Boynton, bringing to three the number of senior official
resignations in the company.
Meanwhile, speculations are circulating that the company may
eventually dump its Anglo-Dutch listing as it reviews corporate
governance. Rumors say it might create a single global
headquarters in London with a sole listing on the London stock
market to increase transparency. A spokesman refused to comment
on the issue, according to the report.
===========
R U S S I A
===========
AGRO-PROM-TRANS: Voronezh Court Commences Bankruptcy Proceedings
----------------------------------------------------------------
The Arbitration Court of Voronezh region declared OJSC Agro-
Prom-Trans insolvent and introduced bankruptcy proceedings. The
case is docketed as A14-1716-04/16/7b. Mr. V. Kornienko has
been appointed insolvency manager. Creditors have until April
26, 2004 to submit their proofs of claim to the insolvency
manager at: Russia, Voronezh region, Pavlovsk, Lermontova
str.1a-2.
CONTACT: AGRO-PROM-TRANS
Russia, Voronezh region, Pavlovsk, Stroitelnaya str.7
Mr. V. Kornienko, insolvency manager
Russia, Voronezh region, Pavlovsk,
Lermontova str.1a-2
AUTO-REPAIR: Kemerovo Court Appoints Insolvency Manager
-------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on LLC Auto-Repair Factory. The case is
docketed as A27-17103/2003-4. Ms. E. Kickel has been appointed
temporary insolvency manager. Creditors are asked to submit
their proofs of claim to:
(a) Temporary insolvency manager at: 650070,Russia, Kemerovo70,
Post User Box 3190;
(b) Debtor: 652701, Russia, Kemerovo region, Kiselevsk,
Soyuznaya 1B;
(c) Arbitration Court of Kemerovo region: 650009, Kemerovo,
Krasnaya str.8.
A hearing will take place on May 26, 2004, 1:30 p.m. at the
Arbitration Court of Kemerovo region.
CONTACT: AUTO-REPAIR FACTORY
652701, Russia, Kemerovo region, Kiselevsk,
Soyuznaya 1B
Ms. E. Kickel, temporary insolvency manager
650070,Russia, Kemerovo70, Post User Box 3190
Arbitration Court of Kemerovo region:
650009, Kemerovo, Krasnaya str.8
BUILDING PARTS: Insolvent Status Confirmed
------------------------------------------
The Arbitration Court of Voronezh region declared OJSC Building
Parts Factory insolvent and introduced bankruptcy proceedings.
The case is docketed as A14-6918-03/26/7b. Mr. D. Zakaryan has
been appointed insolvency manager. Creditors have until May 26,
2004 to submit their proofs of claim to the insolvency manager
at: 394030, Russia, Voronezh, Srednemoskovskaya str.12.
CONTACT: BUILDING PARTS FACTORY
Russia, Voronezh, Bazovaya str.77
Mr. D. Zakaryan, insolvency manager
394030, Russia, Voronezh, Srednemoskovskaya str.12
GAZ CAPITAL: Proposed Loan Participation Notes Rated 'BB-'
----------------------------------------------------------
On April 20, 2004, Standard & Poor's Ratings Services assigned
its 'BB-' long-term rating to the proposed senior unsecured loan
participation notes issued by finance vehicle Gaz Capital S.A.
for the sole purpose of financing the loan to Russian gas giant
OAO Gazprom (BB-/Stable/--) within the framework of a $5 billion
MTN program.
The rating on the notes mirrors the corporate credit rating on
Gazprom because the noteholders will rely solely on the
company's credit quality for servicing the notes.
The ratings on Gazprom are constrained by adverse domestic gas
price regulations in the Russian Federation (Foreign currency
BB+/Stable/B; local currency BBB-/Stable/A-3) and the company's
leveraged financial profile and high capital expenditure needs.
The ratings on Gazprom are supported, however, by the company's
role as the owner and operator of essentially all exploration,
production, processing, transportation, and export assets in
Russia's natural-gas sector, as well as its privileged position
as a supplier to the large and growing Western European natural-
gas market.
The amount and maturity of the issue will be determined during
the placement, but Gazprom's management expects the amount to be
about $1.2 billion. The proceeds are expected to be used to
refinance the company's short-term debt.
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
elena_anankina@standardandpoors.com
eric_tanguy@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
KEMEROVO-METAL: Deadline for Proofs of Claim August 11
------------------------------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
supervision procedure on OJSC Kemerovo-Metal-Opt-Torg. The case
is docketed as A27-3037/04-4. Ms. S. Makarov has been appointed
temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 650055, Russia, Kemerovo, Post
User Box 5228. A hearing will take place on August 11, 2004 at
the Arbitration Court of Kemerovo region.
CONTACT: KEMEROVO-METAL-OPT-TORG
650021, Russia, Kemerovo, Shaturskaya str.10
Ms. S. Makarov, temporary insolvency manager
650055, Russia, Kemerovo, Post User Box 5228
Arbitration Court of Kemerovo region
650009, Kemerovo, Krasnaya str.8
KHIM-PROM: Under Bankruptcy External Management Procedure
---------------------------------------------------------
The Arbitration Court of Moscow commenced bankruptcy external
management procedure on LLC Khim-Prom-Invest until September 9,
2004. The case is docketed as A41-K2-10087/03. Mr. I.
Milantyev has been appointed external insolvency manager.
Creditors are asked to submit their proofs of claim to the
external insolvency manager at: 107113, Russia, Moscow, Post
User Box 12.
CONTACT: KHIM-PROM-INVEST
140730, Russia, Moscow region, Roshal,
Kosyakova str.18
Mr. I. Milantyev, external insolvency manager
107113, Russia, Moscow, Post User Box 12
KONSTANTINOVSK-AGRO: Ordered to Undergo Bankruptcy Supervision
--------------------------------------------------------------
The Arbitration Court of Amur region commenced bankruptcy
supervision procedure on unitary enterprise agriculture
industrial chemical company, Konstantinovsk-Agro-Prom-Khimiya.
The case is docketed as A04-5577/03-10/177B. Mr. A. Dovlatbegov
has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: Russia, Amur region,
Blagoveschensk, Teatralnaya str.94-17. A hearing will take
place on April 20, 2004, 10:00 a.m. at the Arbitration Court of
Amur region.
CONTACT: KONSTANTINOVSK-AGRO-PROM-KHIMIYA
676980, Russia, Amur region, Konstantinovka,
Sovetskaya str.96
Mr. A. Dovlatbegov, temporary insolvency manager
Russia, Amur region, Blagoveschensk,
Teatralnaya str.94-17
KONSTANTINOVSKY HPP: Court Names Insolvency Manager
---------------------------------------------------
The Arbitration Court of Amur region declared state unitary
enterprise, Konstantinovsky HPP, insolvent and introduced
bankruptcy proceedings. The case is docketed as A04-3052/03-
10/84B. Mr. A. Dovlatbegov has been appointed insolvency
manager.
Creditors are asked to submit their proofs of claim to the
insolvency manager at: Russia, Amur region, Blagoveschensk,
Teatralnaya str.94-17. A hearing will take place on July 19,
2004, 8:30 a.m. at the Arbitration Court of Amur region.
CONTACT: KONSTANTINOVSKY HPP
676980, Russia, Amur region, Konstantinovka,
Schosseynaya str.1
Mr. A. Dovlatbegov, temporary insolvency manager
Russia, Amur region, Blagoveschensk,
Teatralnaya str.94-17
LARGE-PANEL: Court Sets May 27 Hearing
--------------------------------------
The Arbitration Court of Voronezh region commenced bankruptcy
supervision procedure on LLC Large-Panel Housing Construction
Factory #1. The case is docketed as A14-1342-04/15/16b. Mr. N.
Korobkin has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 394015, Russia, Voronezh-5,
Post User Box 15. A hearing will take place on May 27, 2004,
10:30 a.m. at the Arbitration Court of Voronezh region.
CONTACT: LARGE-PANEL HOUSING CONSTRUCTION FACTORY #1
394016, Russia, Voronezh, Yasny proezd
Mr. N. Korobkin, temporary insolvency manager
394015, Russia, Voronezh-5, Post User Box 15
The Arbitration Court of Voronezh region,
394030, Russia, Voronezh, Srednemoskovskaya
str.77, Hall 302
VYAZNIKOVSKY FLAX: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of Vladimir region commenced bankruptcy
supervision procedure on OJSC Vyaznikovsky Flax Combine. The
case is docketed as A11-1502/2004-K1-19B. Mr. M. Glazov
(Moscow) has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to the
temporary insolvency manager at: 601440, Russia, Vladimir
region, Vyazniki, Institutskaya str.1. A hearing will take
place on August 8, 2004 at the Arbitration Court of Vladimir
region.
CONTACT: VYAZNIKOVSKY FLAX COMBINE
601440, Russia, Vladimir region, Vyazniki,
Institutskaya str.1
Mr. M. Glazov, temporary insolvency manager
601440, Russia, Vladimir region, Vyazniki,
Institutskaya str.1
(0922)376991, 376867.
The Arbitration Court of Vladimir region
Russia, Vladimir, Oktyabrsky prosp.14, Hall 57
=========
S P A I N
=========
CABLEUROPA SAU: Planned Refinancing Earns Positive Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook
on Spanish cable operator Cableuropa S.A.U. to positive from
stable, following the group's continuing operating progress and
proposed refinancing. At the same time, Standard & Poor's
affirmed its 'CCC+' long-term corporate credit rating on
Cableuropa and its 'CCC-' senior unsecured debt rating on
related entity ONO Finance PLC.
The rating actions follow the company's announcement on April
16, 2004, of a tender offer for up to EUR300 million ($358
million) principal amount of its outstanding notes subject to
obtaining the related financing through an offering of senior
debt securities. Pro forma for the refinancing, Cableuropa's
total debt at December 31, 2003, would be EUR1.1 billion.
"The rating actions reflect Cableuropa's continuing operating
and financial progress and proactive stance to strengthen its
balance sheet and liquidity through the proposed bond buyback
and refinancing transactions," said Standard & Poor's credit
analyst Leandro de Torres Zabala. "The company will remain
challenged, however, to grow into its over-leveraged capital
structure and to comply with tightening covenants in the medium
term."
The ratings on Cableuropa could be raised over the medium term
if the company continues to grow earnings and deleverage, thus
improving headroom under its bank covenants, and takes action to
improve the equity content of its loans from shareholders (by
either capitalizing them and/or extending their maturity beyond
the maturity of any new senior debt securities offering).
CONTACT: STANDARD AND POORS RATING SERVICES
Analyst E-mail Addresses
leandro_detorreszabala@standardandpoors.com
simon_redmond@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
ONO GROUP: Ratings Raised on Improved Results
---------------------------------------------
Moody's upgraded the ratings of the ONO group due to the
company's continued financial and operational progress.
Cableuropa S.A. and its subsidiaries together form the ONO group
of companies. It owns and operates a number of cable
communications franchises. Recently, it announced a tender
offer and related senior notes refinancing.
Moody's notes the potential positive impact of the capital fund-
raising exercise, as well the company's strong management team,
and the support of its shareholders. It notes, however, that
the company continues to be constrained by significant debt
levels and substantial on-going capital expenditure
expectations, among others.
ONO's revenue for the quarter ending 31 December 2003 increased
to EUR101million (2002: EUR75 million). EBITDA was EUR34.2
million in Q4 2003 versus EUR13.0 million in Q4 2002). The
company's debt levels remain high with net debt/and EBITDA of
approximately 7.6x at December 2003 (reduced from 18.0x at 31
December 2002 -- pro forma for the subsequent Dutch tender bond
offer and re-capitalization), according to Moody's. The ratings
affected are:
ONO Finance plc:
(a) Senior implied rating to B3 from Caa1
(b) Senior unsecured issuer rating to Caa3 from Ca
(c) Senior unsecured bond ratings to Caa2 from Caa3
Cableuropa S.A:
(a) Senior secured bank facility rating to B3 from Caa1
The outlook for all ratings is positive.
=============
U K R A I N E
=============
ATZT FARMAKON: Declared Insolvent
---------------------------------
The Economic Court of Kyiv declared ATZT Farmakon (code EDRPOU
21592128) insolvent and introduced bankruptcy proceedings on
March 23, 2004. The case is docketed as 24/371-b. Arbitral
manager Mr. Anisimova Viktor Mikolayovich (license AA 047853
approved October 15, 2001) has been appointed as
liquidator/insolvency manager.
Creditors have until May 14, 2004 to submit their proofs of
claim. ATZT Farmakon holds account 26004301000193 with AKB
Mriya of Kyiv, MFO 321767).
CONTACT: Mr. Anisimov V., Liquidator/Insolvency Manager
Phone: (044) 547-89-22
ECONOMIC COURT OF KYIV
01030, Ukraine, Kyiv, Bohdan Hmelnitski str., 44-b
RAJAGROBUD: Under Bankruptcy Supervision Procedure
--------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on District Inter-facilities Enterprise of
Agri-industrial production Rajagrobud (code EDRPOU 03586549).
The case is docketed as 12/8. Mr. Kekin Oleksandr
Valentinovich, holder of license AA 668271 approved September
22, 2004, has been appointed as a temporary insolvency manager.
Creditors have until May 14, 2004 to submit proofs of claim.
Rajagrobud holds account 1260005885 with GF APPB Aval, MFO
337524, and account 260060505500714 with SF KB Privatbank,
Seredino-Budsk branch, MFO 337546.
CONTACT: RAJAGROBUD
Ukraine, Sumi region
Seredina Buda, Radyanska str. 116
Mr. Kekin Oleksandr, Temporary Insolvency Manager
40007, Ukraine, Sumi, Borova str., 45/13
ECONOMIC COURT OF SUMI REGION
40000, Ukraine, Sumi, Ribalka str., 2
UKRAINE-EGYPT: Court Appoints Insolvency Manager
------------------------------------------------
The Economic Court of Kyiv declared Commercial house Ukraine-
Egypt Ltd. (code EDRPOU 30969466) insolvent and introduced
bankruptcy proceedings. Arbitral manager Mr. Yavorski S. M.
(license AA 419226 approved December 27, 2002) has been
appointed as liquidator/insolvency manager. Ukraine-Egypt Ltd.
holds account 26009012819287 with OSC Ukreksimbank, MFO 322313.
CONTACT: UKRAINE-EGYPT
03039, Ukraine, Kyiv
Saperno-Slobidska str., 25
Mr. Yavorski S.M.
Liquidator/Insolvency Manager
03150, Ukraine, Kyiv, Gorki str., 127
Phone: (044) 247-89-20
ECONOMIC COURT OF KYIV
01030, Ukraine, Kyiv
Bohdan Hmelnitski str., 44-b
YAVORIV-INVEST: Exits Bankruptcy Supervision Procedure
------------------------------------------------------
Yavoriv-Invest Ltd. (code EDRPOU 31003513) said it is no longer
under Bankruptcy Supervision Procedure. The company has
obtained additional business facilities.
===========================
U N I T E D K I N G D O M
===========================
AFT PROJECTS: Shareholders Approve Winding up of Business
---------------------------------------------------------
At a General Meeting of the AFT Projects Limited on March 25,
2004, the subjoined Special Resolution to wind up the Company
was passed. Philip Alexander Beck of 41 Kingston Street,
Cambridge CB1 2NU has been appointed Liquidator for the Company.
ALLEN FLINDALL: Winding up Resolution Passed
--------------------------------------------
At an Extraordinary General Meeting of the Members of the Allen
Flindall & Associates Ltd Company on April 14, 2004 held at 43
Blackstock Road, London N4 2JF, the Extraordinary Resolution to
wind up the Company was passed. Andreas Georgiou Kakouris of 43
Blackstock Road, London N4 2JF has been nominated Liquidator for
the purpose of the winding-up.
AMERAP LIMITED: Calls in Liquidator from Baker Tilly
----------------------------------------------------
There will be a Final Meeting of the Members of the Amerap
Limited Company on May 24, 2004 at 10:30 a.m. It will be held
at the offices of Baker Tilly, Marlborough House, Victoria road
South, Chelmsford, Essex CM1 1LN.
The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxies to be used at the Meeting must be lodged at
Baker Tilly, Marlborough House, Victoria Road South, Chelmsford,
Essex CM1 1LN not later than 12:00 noon, May 23, 2004.
CONTACT: BAKER TILLY
Marlborough House,
Victoria Road South, Chelmsford,
Essex CM1 1LN
Contact:
T E Callaghan, Joint Liquidator
ATHENA CLOTHING: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Athena Clothing
Limited Company on April 1, 2004 held at Newcastle Marriott
Metrocentre, Metrocentre, Gateshead, Tyne and Wear NE11 9XF, the
Ordinary and Extraordinary Resolutions to wind up the Company
were passed. Jonathan Lord of Bridgestones, 125-127 Union
Street, Oldham OL1 1TE has been appointed as Liquidator of the
Company for the purpose of such winding-up.
CONTACT: BRIDGESTONES
125-127 Union Street,
Oldham OL1 1TE
Contact:
Jonathan Lord, Liquidator
BRIDGELEAP EUROPE: Final Meeting Set May 27
-------------------------------------------
There will be a Shareholders Final Meeting of the Bridgeleap
Europe Limited on May 27, 2004 at 10:00 a.m. It will be held at
69-71 Queen Square, Bristol BS1 4JP.
Shareholders who want to be represented at the Meeting may
appoint proxies. Proxies to be used must be lodged at 69-71
Queen Square, Bristol BS1 4JP not later than 12:00 noon, May 26,
2004.
CANARY WHARF: CWG Acquisition Offer Remains Open Until Friday
-------------------------------------------------------------
CWG Acquisition announces that, for technical reasons, the Offer
has been extended for a period of 4 days and will therefore
remain open for acceptance until 3:00 p.m. (London time)/10:00
a.m. (New York time) on April 23, 2004. Documentation in
relation to CWG Acquisition's Further Revised Offer (announced
on April 16, 2004) is expected to be posted on or before April
23, 2004, and will contain details with respect to how long the
Further Revised Offer will remain open for acceptance.
CWG Acquisition also announces that, as at 3:00 p.m. on April
19, 2004, being a previously announced closing date of the
Offer, valid acceptances had been received in respect of a total
of 119,054,442 Canary Wharf Shares, representing approximately
20.4% of the issued share capital of Canary Wharf.
The total of valid acceptances received as at 3:00 p.m. on April
19, 2004 referred to above includes acceptances received in
respect of 105,843,338 Canary Wharf Shares held by concert
parties of CWG Acquisition (or by persons who may be deemed by
the Panel to be acting in concert with CWG Acquisition).
Acceptances relating to 105,713,539 of such Canary Wharf Shares
are pursuant to irrevocable undertakings given by Trilon and RF
Holdings described in the Offer Document.
At the start of the Offer Period (which began on June 6, 2003):
(i) CWG Acquisition did not hold or have any rights over any
Canary Wharf Shares;
(ii) concert parties of CWG Acquisition held or had rights
over 52,864,899 Canary Wharf Shares representing
approximately 9.0% of the issued share capital of Canary
Wharf; and
(iii) Mr. Paul Reichmann and the Reichmann Interests, who may
be deemed by the Panel to be acting in concert with CWG
Acquisition, held or had rights over 51,915,085 Canary
Wharf Shares representing approximately 8.9% of the
issued share capital of Canary Wharf.
Between June 6, 2003 and April 16, 2004 (being the latest
practicable date prior to the date of this announcement):
(i) CWG Acquisition has not directly acquired any Canary
Wharf Shares but has, pursuant to the irrevocable
undertakings described in the Offer Document, acquired
rights over 145,677,257 Canary Wharf Shares,
representing approximately 24.9% of the issued share
capital of Canary Wharf. The irrevocable undertaking
given by Franklin Mutual representing 39,963,718 Canary
Wharf Shares has now lapsed and, therefore, CWG
Acquisition has, at the date of this announcement,
rights over 105,713,539 Canary Wharf Shares,
representing approximately 18.1% of the issued share
capital of Canary Wharf;
(ii) Trilon has acquired 1,048,454 Canary Wharf Shares
representing approximately 0.18% of the issued
share capital of Canary Wharf;
(iii) other concert parties of CWG Acquisition have acquired
1,036,516 Canary Wharf Shares representing approximately
0.18% of the issued share capital of Canary Wharf and
disposed of 877,757 Canary Wharf Shares representing
approximately 0.15% of the issued share capital of
Canary Wharf, none of such acquisitions and disposals
being connected with the Offer; and
(iv) Mr. Paul Reichmann and the Reichmann Interests, who may
be deemed by the Panel to be acting in concert with CWG
Acquisition, have reorganized certain of their
arrangements in relation to the 51,915,085 Canary Wharf
Shares referred to above (as more particularly described
in the Offer Document). The shareholdings and dealings
of Lehman, financial adviser to Mr. Paul Reichmann and
the Reichmann Interests, remain as stated in the Offer
Document.
Save as disclosed above, neither CWG Acquisition, nor any person
who was or may have been deemed to be acting in concert with CWG
Acquisition, held any Canary Wharf Shares or rights over Canary
Wharf Shares before the start of the Offer Period, nor have they
acquired or agreed to acquire any Canary Wharf Shares or rights
over Canary Wharf Shares since that date.
Canary Wharf Shareholders who have not yet accepted the Offer
and who wish to do so are encouraged to complete and return the
Form of Acceptance, whether or not their Canary Wharf Shares are
held in uncertificated form (i.e. in CREST), by post or (during
normal business hours) by hand to Computershare Investor
Services PLC, PO Box 859, The Pavilions, Bridgwater Road,
Bristol BS99 1XZ or (during normal business hours) by hand only
to Computershare Investor Services PLC, 7th Floor, Jupiter
House, Triton Court, 14 Finsbury Square, London EC2A 1BR, as
soon as possible and, in any event, so as to arrive no later
than 3:00 p.m. (London time)/10:00 a.m. (New York time) on April
23, 2004.
Terms defined in the Offer Document have the same meaning in
this announcement.
CONTACT: CANARY WHARF
Brascan
Katherine Vyse
Phone: +1 (416) 363 9491
DEUTSCHE BANK
Debbie Robertson-Bond
David Church
James Agnew
Phone: +44 (0) 20 7545 8000
MERRILL LYNCH INTERNATIONAL
Kevin J. Smith
Simon Fraser
Paul Golding
Phone: +44 (0) 20 7628 1000
THE MAITLAND CONSULTANCY
Angus Maitland
Philip Gawith
Martin Leeburn
Phone: +44 (0) 20 7379 5151
C D GROUP: Shareholders Okay Voluntary Winding up
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the C D
Group of Companies Limited Company on April 8, 2004 held at
Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed. Elizabeth Arakapiotis has been appointed
Liquidator for the Company.
CLEANING LIMITED: Voluntary Winding up Resolution Approved
----------------------------------------------------------
Name of Companies:
We Are Cleaning Limited
We Are Cleaning (Birmingham) Limited
We Are Cleaning (Bristol) Limited
We Are Cleaning (East Midlands) Limited
We Are Cleaning (Home Counties) Limited
We Are Cleaning (London) Limited
We Are Cleaning (North West) Limited
We Are Cleaning (South West) Limited
We Are Cleaning (South Midlands) Limited
We Are Cleaning (West Midlands) Limited
At a General Meeting of the registered holders of these
Companies on March 25, 2004, the subjoined Special Resolutions
to wind up the Companies were passed. Philip Alexander Beck of
41 Kingston Street, Cambridge CB1 2NU has been appointed
Liquidator for the Companies.
CORUS GROUP: Shareholders to Take up Usmanov's Proposal Today
-------------------------------------------------------------
Shareholders are to vote today on the proposal of Russian
businessman Alisher Usmanov to place his nominee on the board of
Anglo-Dutch steelmaker, Corus.
Mr. Usmanov, who holds 13.4% stake in Corus, is endorsing
Adrianus van der Velden, former head of Corus' strip-steel unit,
to join the board to help the company steer its course towards
profitability. He needed the support of majority shareholders
to succeed in his plan. One shareholder backing him is Oleg
Derispaska, controlling shareholder of OAO Russian Aluminum. He
holds less than 3% of Corus.
Corus has urged investors to reject the proposal, which they
consider a "distraction" in their efforts to revive the fortunes
of the company. The company has lost a total of GBP2.5 billion
(US$4.5 billion).
ECKERSLEY FOLD: Hires Liquidator from Nuttalls Insolvency
---------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Eckersley Fold Homes Limited Company on March 30, 2004 held at
Bridge House, Heap Bridge, Bury BL9 7HT, the Extraordinary
Resolutions to wind up the Company were passed. Philip Andrew
Nuttall of Nuttalls Insolvency Solutions Limited, Bridge House,
Heap Bridge, Bury BL9 7HT has been appointed as Liquidator for
the purpose of the voluntary winding-up.
CONTACT: NUTTALLS INSOLVENCY SOLUTIONS LIMITED
Bridge House, Heap Bridge,
Bury BL9 7HT
Contact:
Philip Andrew Nuttall, Liquidator
EGG PLC: Auction Process Silent for Some Time
---------------------------------------------
Egg plc, the Internet bank, is yet to fix the schedule of its
annual meeting and reporting of annual results where it is
expected to announce results of its auction, according to The
Telegraph.
The company held its last convention April 29 2003. By law, it
has to hold an assembly by the end of July to comply with
regulatory requirements stating annual meetings must be no more
than 15 months apart.
The lender will only hold its annual general meeting after the
auction is concluded, Chief Executive Paul Gratton said on a
conference call with journalists, according to Bloomberg News.
Prudential, 79% owner of Prudential, put its stake up for sale
in January, after an unsolicited approach from a party widely
believed to be Royal Bank of Scotland. Since then analysts
received but minimal information about the process, making them
believed the auction has stalled.
In the conference call, Mr. Gratton told journalists: "We're
actively engaged in a process and that can't go on forever."
A decision on the sale will be reached "relatively soon," he
added.
EG LATCHFORD: Creditors General Meeting Set May 21
--------------------------------------------------
There will be a General Meeting of the EG Latchford & Son
Limited Company on May 21, 2004 at 10:00 a.m. It will be held
at Salisbury House, Station Road, Cambridge CB1 2LA.
The purpose of the Meeting is to lay before the Members the
account of how the winding-up of the Company has been conducted.
Creditors who want to be represented at the Meeting may appoint
proxies.
EQUITABLE LIFE: Policyholders Offered Flicker of Hope
-----------------------------------------------------
Equitable Life's lawyers said the society's policyholders may
have grounds to sue the government for compensation, according
to The Telegraph.
The report said Herbert Smith, the insurer's legal adviser, and
two of the country's leading QCs, told policyholders in a letter
they could argue that government regulators breached European
insurance directives, specifically, the European Commission's
Third Life Directive by placing excessive value on a reinsurance
treaty in the society's financial accounts.
The Financial Services Authority, in 1998, required the society
to enter a GBP809 million reinsurance contract to ensure
compliance with solvency rules. The contract became void in
2000 after Equitable Life lost a test case at the House of Lords
over the payment of guaranteed pensions.
The lawyers warned, though, the case is "lengthy and costly" and
has little chance of succeeding against the Government or FSA in
the U.K. The case could go to the European Court, they said.
The Parliamentary Ombudsman, though, may recommend compensation
if it discovered lapses on the way government regulators
supervised the company.
Meanwhile, according to the report, the insurer said it will
allow the Equitable Members Action Group to put a resolution for
the society to grant a GBP2 million fund for policyholders to
pursue the government for compensation.
EUROMETAL LIMITED: Winding up Resolutions Passed
------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Eurometal (U.K.) Limited Company on April 8, 2004 held at
Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed. Elizabeth Arakapiotis has been appointed
Liquidator for the purpose of such winding-up.
EUROTUNNEL PLC: First-quarter Operating Revenue Slightly Down
-------------------------------------------------------------
Eurotunnel, operator of the Channel Tunnel, announced its
revenue and traffic for the first quarter of 2004.
Operating Revenue
Despite the strong volume performance from Eurotunnel's truck
shuttle business, total shuttle revenues declined by 8% at
constant exchange rates compared to the first quarter of 2003.
This was mainly due to lower truck yields. Eurotunnel
maintained its car market share and achieved higher yields than
in the same period last year, but the reduction in the number of
vehicles carried also contributed to the decline in revenues.
Railways revenue increased by 2% to GBP57.5 million. This
amount included payments due under the Minimum Usage Charge
arrangements.
GBP million Q1 2004 Q1 2003 %
change Q1 2003
Unaudited* Restated*
reported**
Shuttle services 64.1 69.9 - 8%
71.4
Railways 57.5 56.6 + 2%
57.5
Transport activities 121.6 126.5 - 4%
128.9
Non-transport activities 4.0 3.6 + 7%
3.7
Operating revenue 125.6 130.1 - 4%
132.6
* exchange rate GBP1=EUR1.502 (2003 operating revenue has been
restated at an exchange rate of GBP1=EUR1.502 to permit a direct
comparison with 2004)
** exchange rate GBP1= EUR 1.450
Eurotunnel Shuttle Services
Truck shuttles
The short straits truck market returned to growth during the
first quarter, showing a 2% increase.
Eurotunnel carried 326,003 trucks in the first quarter of 2004,
an increase of 7% compared to 2003. Market share for the
quarter improved by two-points to 43%. Average yields were
substantially lower than in the first quarter of 2003, resulting
in lower revenues. The market remains intensely competitive.
Passenger shuttles
The short straits market contracted by 13% during the quarter
compared to the first quarter of 2003, during which traffic was
supported by day trip price promotions. The short straits
market also continues to suffer from competition from low-cost
airlines.
Eurotunnel was able to maintain its market share at 55% in a
very competitive market place.
The coach market declined by 8%, with Eurotunnel volumes falling
by 17% for the quarter compared to the same period in 2003.
Market share fell by four points to 38%. Scheduled coach
services were significantly reduced due to competition from
low-cost airlines.
Q1 2004 Q1 2003 % change
Market(1)
Truck shuttles 326,003 trucks 305,946 trucks + 7% + 2%
Passenger
shuttles 421,070 cars(2) 483,654 cars(2) - 13% - 13%
11,867 coaches 14,219 coaches - 17% - 8%
(1) the reference market is short straits: Folkestone-Dover-
Ramsgate/ Calais-Zeebrugge-Dunkerque
(2) including motorcycles, cars, vehicles with trailers,
caravans and campervans
Railways (Eurostar & rail freight)
The Channel Tunnel is also used by other rail services not
managed by Eurotunnel
Eurostar for high-speed passenger-only services on London/Paris
and London/ Brussels, and EWS and SNCF for international rail
freight services.
Eurostar
Eurostar passengers* traveling through the Channel Tunnel in the
first quarter of 2004 increased by 19% compared to the first
quarter of 2003, continuing the strong growth achieved since the
opening of the first section of the U.K. high-speed rail link.
Rail freight
The volume of rail freight transported through the Channel
Tunnel continues to recover with 468,390 tons carried in the
first quarter, an increase of 7%.
Revenues from Eurostar and rail freight services through the
Channel Tunnel are protected by the Minimum Usage Charge (MUC)
paid to Eurotunnel by the Railways.
This payment continues until November 2006.
Q1 2004 Q1 2003 %
change
Eurostar 1,606,789 passengers 1,346,502 passengers + 19%
Rail freight (SNCF/EWS)
468,390 tons 438,870 tons + 7%
* The passenger number given is for Eurostar passengers who
traveled through the Channel Tunnel, and excludes passengers
between Paris/Calais and Brussels/Lille.
Eurotunnel manages the infrastructure of the Channel Tunnel and
operates accompanied truck shuttle and passenger shuttle (car
and coach) services between Folkestone, U.K. and Coquelles,
France. It is market leader for cross-Channel travel.
Eurotunnel also earns toll revenue from other train operators
(Eurostar for rail passengers, and EWS and SNCF for rail
freight), which use the Tunnel. Eurotunnel is quoted in London,
Paris and Brussels.
CONTACT: Kevin Charles
Phone: + 44 (0) 1303 288728
FORTDIVE LIMITED: Hires Liquidator from Valentine & Co
------------------------------------------------------
At an Extraordinary General Meeting of the Fortdive Limited
Company on April 8, 2004 held at the offices of Valentine & Co.,
4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed. Robert Valentine of 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS has been appointed Liquidator for the
purpose of such winding-up.
CONTACT: VALENTINE & CO
4 Dancastle Court,
14 Arcadia Avenue,
London N3 2HS
Contact:
Robert Valentine, Liquidator
HIGH ALPHA: General Meeting Set May 17
--------------------------------------
Pursuant of section 94 of the Insolvency Act 1986, there will be
a General Meeting of the High Alpha (U.K.) Limited Company on
May 17, 2004 at 11:00 a.m. It will be held at 58 Queen Square,
Bristol BS1 4LF.
The purpose of the Meeting is to lay before the Members the
account of how the winding-up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
HOLLAM FARM: Calls in Liquidator
--------------------------------
At an Extraordinary General Meeting of the Hollam Farm Limited
Company on April 7, 2004 held at 4 Dancastle Court, 14 Arcadia
Avenue, London N3 2HS, the subjoined Special and Ordinary
Resolutions to wind up the Company were passed. Robert
Valentine of 4 Dancastle Court, 14 Arcadia Avenue, London N3 2HS
has been appointed as Liquidator of the Company.
CONTACT: Robert Valentine, Liquidator
4 Dancastle Court,
14 Arcadia Avenue,
London N3 2HS
HOLLAND ELECTRICAL: Members General Meeting Set May 25
------------------------------------------------------
There will be a General Meeting of the Members of the Holland
Electrical Installations Limited Company on May 25, 2004 at
11:30 a.m. It will be held at 5 South Square, Boston,
Lincolnshire PE21 6JA.
The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
HUBRON LIMITED: Hires Administrative Receiver
---------------------------------------------
Name of Companies:
Hubron Limited
Hubron Manufacturing Division Limited
Hubron Specialty Products Limited
Nature of Business: Manufacture of Plastic Pellets
Trade Classification: 11 Other Manufacture
Date of Appointment: March 31,2004
Joint Administrative Receiver: ERNST & YOUNG LLP
100 Barbirolli Square,
Manchester M2 3EY
Receivers:
Simon Allport
Garry Wilson
(IP Nos 8763, 9062)
IAS LIMITED: Appoints KPMG Administrator
----------------------------------------
Name of Company: IAS (1999) Limited
Nature of Business: Holding Company
Trade Classification: 23
Date of Appointment: April 7, 2004
Joint Administrative Receiver: KPMG LLP
Peat House, 1 Waterloo Way,
Leicester LE1 6LP
Receivers:
Peter John David Rilett
Richard James Philpott
(IP Nos 5386, 9226)
IFS REALISATIONS: Appoints Jackson Jolliffe Cork Administrator
--------------------------------------------------------------
Name of Company: IFS Realisations Limited
(formerly known as Integrated Fibre Services
Limited)
Nature of Business: Software Consultancy and Supply
Trade Classification: 7220
Date of Appointment: April 13, 2004
Administrative Receiver: JACKSONS JOLLIFFE CORK
Lowgate House, Lowgate,
Hull HU1 1EL
Receiver:
Matthew Colin Bowker
(IP No 8106)
INDEPENDENT ACCESS: Hires Receivers from KPMG
---------------------------------------------
Name of Company: Independent Access Supplies Limited
Nature of Business: Hire of Powered Access Platforms
Trade Classification: 23
Date of Appointment: April 7, 2004
Joint Administrative Receiver: KPMG LLP
Peat House, 1 Waterloo Way,
Leicester LE1 6LP
Receivers:
Peter John David Rilett
Richard James Philpott
(IP Nos 5386, 9226)
J.A.K HOLDINGS: Brings in Liquidators from Begbies Traynor
----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the J.A.K.
Holdings Limited Company on April 7, 2004 held at Holiday Inn
Leicester, 129 St Nicholas Circle, Leicester LE1 5LX, the
Extraordinary and Ordinary Resolutions to wind up the Company
were passed. Richard Howard Toone and Paul Michael Davis of
Begbies Traynor, 32 Cornhill, London EC3V 3LJ have been
appointed Joint Liquidators of the Company for the purpose of
the voluntary winding-up.
CONTACT: BEGBIES TRAYNOR
32 Cornhill,
London EC3V 3LJ
Contact:
Richard Howard Toone, Liquidator
Paul Michael Davis, Liquidator
JOHN NEAL: Shareholders General Meeting Set May 25
--------------------------------------------------
Pursuant to section 94 of the Insolvency Act 1986, a General
Meeting of the Members of the John Neal Farms Limited Company
will be on May 25, 2004 at 12:30 p.m. It will be held at 5
South Square, Boston, Lincolnshire PE21 6JA.
The purpose of the Meeting is to lay before the Members the
account how the winding-up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
LARK VALLEY: Sets General Meeting May 4
---------------------------------------
Pursuant to section 94 of the Insolvency Act 1986, a General
Meeting of the Lark Valley Carriage Co. Limited will be on May
4, 2004 at 10:00 a.m. It will be held at Highfield Court,
Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ.
The purpose of the Meeting is to lay before the Members the
account of how the winding-up of the Company has been conducted.
Members who want to be represented at the Meeting may appoint
proxies.
LIBERTY FLEX: Hires Liquidators from Deloitte & Touche
------------------------------------------------------
At a General Meeting of the Liberty Flex Holdings Limited
Company, the Special and Ordinary Resolutions to wind up the
Company were passed. James Robert Drummond Smith and Nicholas
James Dargan of Deloitte & Touche, 180 Strand, London WC2R 1WL
have been appointed Liquidators for the Company.
CONTACT: DELOITTE & TOUCHE
180 Strand,
London WC2R 1WL
Contact:
James Robert Drummond, Liquidator
Nicholas James Dargan, Liquidator
LONDON CLUBS: Rights Issue Receives Overwhelming Support
--------------------------------------------------------
London Clubs International plc announced that the 1 for 2 rights
issue of 73,692,413 New Ordinary Shares at 70 pence per share,
as detailed in the announcement made by the Company on 5 March
2004 and in the Prospectus published on the same date, closed
Monday at 10:30 a.m.
Valid acceptances have been received in respect of 70,456,533
New Ordinary Shares, which represents a take-up of approximately
95.6%.
The balance of the New Ordinary Shares for which valid
acceptances were not received (referred to as the Rump Shares),
being 3,235,880 New Ordinary Shares, has been placed with
institutional investors at a price of 122 pence per share (gross
of expenses). Accordingly, sub-underwriters will not be
required to subscribe for any New Ordinary Shares.
Non-participating shareholders will be sent a cheque for their
share of the premium over the Issue Price less the related
expenses of procuring investors including commissions and
amounts in respect of value added tax, in accordance with the
terms of the Rights Issue, save that amounts of less than
GBP3.00 per holding will be retained for the benefit of the
Company.
Fractional entitlements to New Ordinary Shares have been sold in
the market for the benefit of the Company as part of the placing
referred to above.
CREST accounts have been credited with New Ordinary Shares. It
is expected that definitive share certificates in respect of the
New Ordinary Shares will be dispatched by 27 April 2004.
All Directors, except Barry Hardy, have taken up their rights in
accordance with the intentions stated in the Prospectus. Barry
Hardy has subscribed for a total of 230,262 New Ordinary Shares
(being a greater number of New Ordinary Shares than had been
indicated in the Prospectus) and has sold the balance of his
entitlement (rights to 230,262 New Ordinary Shares) as part of
the above placing. The figure for valid acceptances noted above
includes a total 739,662 New Ordinary Shares subscribed for by
the Company's Directors taking up their rights.
Following the Rights Issue, and as notified to the Company by
the close of business on Monday each of the Directors, the
shareholdings of the Directors (and their associates) are:
Director No. of shares Total holding Resultant holding % of
enlarged issued share
subscribed post Rights capital
Issue
Michael Beckett 25,000 75,000 0.03%
Barry Hardy 230,262 1,151,310 0.52%
Ronald Hobbs 49,400 148,200 0.07%
Linda Lillis 32,500 97,500 0.04%
William Timmins 375,000 1,125,000 0.51%
Roy Ramm 27,500 82,500 0.04%
Martin Watson Nil Nil Nil
Definitions used in the Prospectus have the same meaning when
used in this announcement, unless the context requires
otherwise.
CONTACT: LONDON CLUBS INTERNATIONAL PLC
Barry Hardy
Linda Lillis
Phone: +44 (0) 20 7518 0000
ROTHSCHILD
Robert Leitao
Ben Davey
Phone: +44 (0)20 7280 5000
PANMURE GORDON
Andrew Godber
Gilbert Ellacombe
Phone: +44 (0) 20 7187 2000
COLLEGE HILL ASSOCIATES
Matthew Smallwood
Phone: +44 (0) 20 7457 2020
MAGENKO LIMITED: Winding up Resolutions Passed
----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Magenko Limited Company on April 13, 2004 held at 63 Walter
Road, Swansea SA1 4PT, the Extraordinary and Ordinary
Resolutions to wind up the Company were passed. Gary Stones of
Stones & Co., 63 Walter Road, Swansea SA1 4PT has been appointed
Liquidator for the Company.
CONTACT: STONES & CO
63 Walter Road
Swansea SA1 4PT
Contact:
Gary Stones, Liquidator
M & H COMMUNICATIONS: Calls in Liquidators
------------------------------------------
At an Extraordinary General Meeting of the M & H Communications
Limited Company on April 7, 2004 held at The Bonnington Hotel,
92 Southampton Row, London WC1B the subjoined Extraordinary
Resolution to wind up the Company was passed. David Paul Hudson
of Begbies Traynor, The Old Exchange, 234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG and Malcolm Cork of Moore
Stephens, 1 Snow Hill, London EC1A 2EN have been appointed Joint
Liquidators for the purpose of such winding-up.
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road,
Southend-on-Sea, Essex SS1 2EG
Contact:
David Paul Hudson, Liquidator
MOORE STEPHENS
1 Snow Hill,
London EC1A 2EN
Contact:
Malcolm Cork, Liquidator
NAMCO OPERATIONS: Hires KPMG Liquidator
---------------------------------------
At an Extraordinary General Meeting of the Namco Operations
Irael (Holdings) Limited Company on April 5, 2004 held at Namco
House, Acton Park Estate, The Vale, London W3, the Special and
Ordinary Resolutions to wind up the Company were passed. Jeremy
Simon Spratt and Finbarr Thomas O'Connell of KPMG LLP, 8
Salisbury Square, London EC4Y 8BB, have been appointed Joint
Liquidators for the purpose of such winding-up.
CONTACT: KPMG LLP
8 Salisbury Square,
London EC4Y 8BB
Contact:
Jeremy Simon Spratt, Liquidator
Finbarr Thomas O'Connell, Liquidator
NETWORK RAIL: Rail Regulator Explains Programs for Industry
-----------------------------------------------------------
Following newspaper reports with respect to the SRA's submission
to the Government's rail review, the SRA made these statement.
The SRA confirms that following extensive discussions with the
railway industry, it has submitted a comprehensive proposal to
the Secretary of State for Transport that, if implemented, will
lead to substantial savings and improved performance and
accountability. The railway is a public service and it should
be publicly specified and privately delivered. Whilst much
detail still needs to be worked through, at this stage the key
principles are:
A single agency of Government is created known as the Railways
Agency responsible for specification of the outputs required in
return for taxpayers' investment. It will combine at a
strategic level the current specification roles of the SRA and
the ORR. A greater role is proposed for regional and local
bodies but brought together through the Railways Agency to
ensure a coherent national strategy.
A new private sector organization, National Rail, is created
that combines the management of railway infrastructure through
one division based around Network Rail, and train services
through a second division based around the SRA's franchise
management and procurement activity. The SRA's planning
activity in all its forms is a key part of this new
organization. A single point of accountability will then exist
between the new Government agency and National Rail.
The new franchising model developed by the SRA over the last two
years forms the bedrock of the relationship between National
Rail and the train operating companies. The emphasis of this
new franchise has been stability, clarity and certainty for
passengers, taxpayers and investors and this remains unchanged,
indeed is made clearer. By creating National Rail as described,
the train operators are relieved of the complexity that is
currently created by separate relationships with SRA and Network
Rail.
The HMRI's role in respect of safety enforcement and regulation
is transferred to the renamed Office of Economic and Safety
Regulation (OESR). All standards setting, a vital driver of
cost and performance in the industry, is brought into National
Rail to ensure the management of National Rail takes full
ownership of and accountability for the costs of standards.
Independent Economic Regulation is retained and its purpose
clarified. Third-party investors and open access operators, who
will be reinvigorated by the clearer industry structure
proposed, will be protected by the OESR, which will ensure that
the network operator, National Rail, does not abuse its
position. Whilst the Railways Agency will be entitled to
determine the total amount of public money invested in the
railway, the OESR will ensure that the outputs required of
National Rail are consistent with that funding, thus protecting
the rights of third party investors.
Nothing in the SRA's proposal alters the strength of the credit
support arrangements that underpin the very successful
commercial paper and Medium Term Note issuances by Network Rail,
or the proposals being developed around the concept of
securitization.
Richard Bowker, Chairman of the SRA, said:
"The SRA's submission is driven by the desire to strip
thoroughly unnecessary cost out of the industry and focus
everyone's minds on improving performance whilst ensuring
stability, clarity and certainty for all stakeholders. If the
U.K. rail industry is to deliver, then we must all share total
commitment to reducing costs and improving performance. This
will require major cultural change. Costs are too high at
present and projected to be too high over the next few years.
By stripping away complexity, we can ensure absolute focus. It
is the only basis on which the future of this vital national
transport asset can be secured.
"We must ensure continuity of the positive changes already seen
across the whole industry including the successful commercial
paper and Medium Term Note issuances by Network Rail. Further,
the SRA's new franchising model has been welcomed by passengers
and investors alike, so the new franchising agreement forms a
key part of our proposal. We must ensure that in any transition
to new arrangements we maintain the momentum and confidence now
established.
"It is now for the Department for Transport to evaluate all
submissions, including that of the SRA, and for Ministers to
determine the appropriate way forward."
NEWSPOINT GROUP: Appoints Liquidator from Francis Clark
-------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Newspoint Group Limited Company on April 5, 2004 held at 12
Vaughan Parade, The Harbourside, Torquay, the Special Resolution
to wind up the Company was passed. Stephen James Hobson of
Francis Clark, Southernhay House, 36 Southernhay East, Exeter
EX1 1NX has been appointed Liquidator for the purpose of such
winding-up.
CONTACT: FRANCIS CLARK
Southernhay House,
36 Southernhay East,
Exeter EX1 1NX
Contact:
Stephen James Hobson, Liquidator
REALLY GOOD: Calls in Liquidator from Grant Thornton
----------------------------------------------------
At an Extraordinary General Meeting of The Really Good Card
Company Limited Company on April 6, 2004 held at Old Mast House,
The Square, Abingdon, Oxfordshire OX14 5AR, the Special
Resolution to wind up the Company was passed. Roy Welsby of
Grant Thornton, 1 Westminster Way, Oxford OX2 0PZ has been
appointed Liquidator of the Company for the purpose of the
voluntary winding-up.
CONTACT: GRANT THORNTON
1 Westminster Way,
Oxford OX2 0PZ
Contact:
Roy Welsby, Liquidator
STYLECROSS LIMITED: Appoints Poppleton & Appleby Administrator
--------------------------------------------------------------
Name of Company: Stylecross Limited
(t/a GB Furniture)
Nature of Business: Retail Furniture Household etc.
Registered Office of Company:
Gable House, 239 Regents Park Road, London N3 3LF
Trade Classification: 5244
Date of Appointment: April 8, 2004
Joint Administrative Receiver: SPW POPPLETON & APPLEBY
Gable House,
239 Regents Park Road,
London N3 3LF
Receivers:
D L Platt
M S E Solomons
(IP Nos 2669, 9043)
TEMPS LIMITED: Winding up Special Resolution Passed
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the Temps
L Limited Company on March 31, 2004 held at Hill House, Highgate
Hill, London N19 5UU, the Special Resolution to wind up the
Company was passed. John Alexander and Melvyn Julian Carter
have been appointed as Joint Liquidators for the purpose of such
winding-up.
TRIDENT FASHIONS: Hires Receivers from Begbies Traynor
------------------------------------------------------
Name of Company: Trident Fashions Public Limited Company
Nature of Business: Retail Sale of Clothing
Trade Classification: 17
Date of Appointment: April 2, 2004
Joint Administrative Receiver: BEGBIES TRAYNOR
32 Cornhill,
London EC3V 3LJ
Receiver:
Vivian Murray Bairstow
(IP No 5316)
BEGBIES TRAYNOR
4th Floor, Newater House,
11 Newhall Street,
Birmingham B3 3NY
Receiver:
James Patrick Nicholas Martin
(IP No 8316)
VERSAILLES: Founder Declines to Testify in Fraud Case
-----------------------------------------------------
Versailles' founder, Carl Cushnie, refused to defend himself in
the fraud case launched against him in relation to the collapse
of the trade finance firm, according to The Telegraph.
Mr. Cushne is accused of swindling GBP36 million from the
company. He has denied the allegations, dismissing conspiracy
with his former finance director, Fred Clough.
On Tuesday, his party told the jury at the Southwark Crown Court
it may drawn down its verdict after Mr. Cushnie decided not to
testify on the case.
At the trial, a transcript of an interview from February 2000
between Mr. Cushnie and accountants PricewaterhouseCoopers was
read to the court. In the document, Mr. Cushne said he already
had suspicions of irregularities back then. But he also
admitted frequently signing blank checks passed to him by Mr.
Clough.
The prosecutor disputed the claim Mr. Clough was tricked in the
process that lead to the downfall of the company. Anthony Evans
QC said: "The fraud with which we are concerned in this case was
not a fraud which was kept secret from Mr. Cushnie."
"Indeed, he was responsible for carrying out and allowing, and
indeed perpetuating part of the fraud," he said.
Prosecutor Anthony Evans QC told Southwark Crown Court on
Tuesday said the Serious Fraud Office estimated Mr. Clough's
spoils at GBP19 million, according to the report.
The trial is now expected to finish within the next few weeks
instead of dragging on into the summer.
WEDGE AJP: Calls in Liquidator
------------------------------
At an Extraordinary General Meeting of the Wedge AJP Limited
Company on April 7, 2004 held at Queen Anne House, 4 & 6 New
Street, Leicester LE1 5NR, the Special, Ordinary and
Extraordinary Resolutions to wind up the Company were passed.
Jane Lindsay Gandon of 2 Preston Park Avenue, Brighton BN1 6HJ
has been appointed Liquidator for the purpose of such winding-
up.
WEMBLEY PLC: BLB Investors Increases Offer to GBP308.6 Million
--------------------------------------------------------------
Summary
(a) The management committee of BLB Investors and the Wembley
Board announce the terms of a recommended increased cash
offer for the entire issued and to be issued share capital
of Wembley not already owned by BLB Investors.
(b) Under the terms of the Increased Offer, Wembley Shareholders
will receive 860 pence in cash for each Wembley Share. In
addition, Wembley Shareholders will receive LPR Shares pro
rata to their shareholdings in Wembley (although Wembley and
BLB Investors reserve the right to agree to the distribution
of an alternative economic interest substantially equivalent
to the LPR Shares).
(c) The Increased Offer values the entire issued and to be
issued share capital of Wembley at approximately GBP308.6
million, before taking into account any additional value of
the LPR Shares.
(d) The Increased Offer represents a premium (in all cases
before ascribing any value to LPR) of:
(e) 2.4% over the Revised MGM Proposal of 840 pence for each
Wembley Share;
(f) 7.5% over the original offer of 800 pence for each Wembley
Share announced by BLB Investors on 30 March 2004;
(g) 40.4% over the Closing Price of 612.5 pence for each Wembley
Share on 26 January 2004, the day prior to the announcement
of the Original MGM Proposal; and
(h) 63.0% over the Closing Price of 527.5 pence for each Wembley
Share on 19 November 2003, the day prior to the announcement
by Wembley that it had received approaches from a number of
parties interested in acquiring some or all of the assets of
Wembley.
(i) LPR is an English private limited company formed as part of
the Lincoln Park Reorganization, the purpose of which is to
separate from the Wembley Group (simultaneously with its
acquisition by the Offeror) any potential liability for, and
associated costs of, the Lincoln Park Litigation.
(h) Under the Lincoln Park Reorganization, LPRI, a Rhode Island
limited liability company, will become the entity subject to
the Lincoln Park Litigation. Upon completion of the
Increased Offer, LPRI will be a wholly-owned subsidiary of
LPR and will be LPR's only asset, save for a cash balance
which, together with LPRI's cash balances, will aggregate
US$16.3 million (approximately GBP9.0 million, equivalent to
approximately 25 pence per Wembley Share). This will
include US$8.0 million which has been deposited into an
escrow account following agreement with the U.S. Attorney
that this is the maximum aggregate fine that would be sought
under the Lincoln Park Litigation. On this basis, the
Wembley Directors believe, following legal advice, that LPRI
will have sufficient funds to meet its potential liability
for, and associated costs of, the Lincoln Park Litigation.
(i) On resolution of the Lincoln Park Litigation, LPR will
return any remaining cash to LPR Shareholders. If LPRI is
acquitted on all counts at the trial of the Lincoln Park
Litigation, US$8.0 million (approximately GBP4.4 million,
equivalent to approximately 12 pence per Wembley Share) will
be distributed to shareholders, together with any cash
balances remaining after the payment of legal and other
costs.
(j) Given the limited liability status of LPR and LPRI, Wembley
Shareholders should have no legal or financial exposure
(beyond the cash retained in LPR and LPRI) relating to the
outcome of the Lincoln Park Litigation arising out of their
interests in LPR, nor should Wembley or the BLB Investors
Group have any legal or financial exposure relating to such
litigation (although BLB Investors will receive LPR Shares
pro rata to its shareholding in Wembley).
(k) The Increased Offer is conditional upon, among other things,
completion of the Lincoln Park Reorganization (including the
receipt of any necessary approvals, consents, clearances or
confirmations relevant to it) and receipt of regulatory
clearances from the Rhode Island Department of Business
Regulation, the Rhode Island Lottery Commission and other
Relevant regulators. Applications for clearance from the
Rhode Island Department of Business Regulation and the Rhode
Island Lottery Commission were filed by BLB Investors by 1
April 2004.
(l) Pursuant to agreements dated 10 March and 18 March 2004, BLB
Investors has acquired 7,732,500 Wembley Shares from Active
Value (representing approximately 22.2% of Wembley's issued
share capital), all at a price of 800 pence for each Wembley
Share.
(m) All of the Wembley Directors, together owning or controlling
an aggregate of 94,891 Wembley Shares, representing 0.3% of
the existing issued share capital of Wembley, have confirmed
to BLB Investors that they intend to accept the Increased
Offer.
Commenting on the Increased Offer on behalf of BLB Investors,
Jeff Dishner said:
"We are pleased that our increased offer has received the
recommendation of the Wembley Board. BLB Investors believes
that it is best positioned to realize the full potential of
Wembley's businesses and is pleased to make the agreed offer to
Wembley Shareholders. Our increased offer is superior to the
Revised MGM Proposal and represents a 63% premium over Wembley's
share price before any talks were announced."
To see full copy of offer free of charge:
http://bankrupt.com/misc/BLB_Revised_Offer.htm
CONTACT: WEMBLEY PLC BLB
BLB Investors
Jeff Dishner
Phone: +44 (0) 20 7353 4200
JPMORGAN
Murray Orr
Edward Banks
Phone: +44 (0) 20 7742 4000
TULCHAN COMMUNICATIONS
Andrew Grant
Andrew Honnor
Phone: +44 (0) 20 7353 4200
WEMBLEY
Claes Hultman
Mark Elliott
Phone: +44 (0) 20 8795 8003
HAWKPOINT
Paul Baines
Vinay Ghai
Phone: +44 (0) 20 7665 4500
MERRILL LYNCH
Simon Mackenzie-Smith
Phone: +44 (0) 20 7628 1000
COLLEGE HILL
Matthew Smallwood
Justine Warren
Phone: +44 (0) 20 7457 2020
WINTON WARREN: Appoints Liquidator from Slater Maidment
-------------------------------------------------------
At an Extraordinary General Meeting of the Winton Warren Limited
Company on April 6, 2004 held at The Coach House, Higham Lane,
Northiam, Rye, East Sussex TN31 6JT, the Special Resolution to
wind up the Company was passed. Christopher Wray Sudlow of
Slater Maidment, 7 St James's Square, London SW1Y 4JU has been
appointed Liquidator for the purpose of such winding-up.
CONTACT: SLATER MAIDMENT
7 St James's Square,
London SW1Y 4JU
Contact:
Christopher Wray Sudlow, Liquidator
*********
S U B S C R I P T I O N I N F O R M A T I O N
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Liv Arcipe, Editors.
Copyright 2004. All rights reserved. ISSN 1529-2754.
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