TCREUR_Public/040622.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

             Tuesday, June 22, 2004, Vol. 5, No. 122

                            Headlines

C Z E C H   R E P U B L I C

MORAVAN-AEROPLANES: Officially Declared Bankrupt


F R A N C E

ALCATEL: Forges Space Alliance with Finmeccanica
ALSTOM SA: Affirms Goal to Return to Positive Cash flow by FY05


G E R M A N Y

HETTLAGE: Bankrupt Clothing Retailer to Close More Shops August
MG TECHNOLOGIES: Names Gerd Koppenhofer New Chairman
SENATOR ENTERTAINMENT: Shareholders Approve Rescue Plan


G R E E C E

ROYAL OLYMPIC: Failure to File 20-F Makes U.S. Delisting Certain


H U N G A R Y

SZOLNOKI MEZOGEP: Irish Customer Buys out Insolvent Firm


L U X E M B O U R G

STOLT-NIELSEN: Transportation Group to Integrate Offices


P O L A N D

AIRPOLONIA: Investor Promises to Propel Carrier to New Heights
ELEKTRIM SA: Deutsche Telekom Comes Back with Higher Bid for PTC


R U S S I A

METROMEDIA INTERNATIONAL: Files 1st-Quarter Report with U.S. SEC


U N I T E D   K I N G D O M

ACCELIO LIMITED: Special Winding up Resolution Passed
AMERINDO INTERNET: Shareholders May Opt to Cash out Shares
ARB SHOPFITTING: Final Meeting of Members July 21
ARCADIAM LIMITED: Names B & C Associates Administrator
BHL FABRICATIONS: Extraordinary Winding up Resolution Passed

BIG BAG: Calls in Liquidator
BRITISH ENERGY: Uncertainty Remains Despite Return to Profit
BRYAD INFRASTRUCTURE: Members Final Meeting Set July 12
BRYANT COUNTRY: Final Meeting of Members Set July 12
BRYANT PENSIONS: Sets Members Final Meeting

BURLINGHAM CARAVANS: Appoints F.A. Simms and Partners Liquidator
CABLE & WIRELESS: Completes Acquisition of Monaco Telecom
CANARY WHARF: Songbird Offer Extended Until June 24
CAR COSMETICS: Brings in Liquidator
CARPETS INTERNATIONAL: Hires KPMG Liquidator

CAR SUPERSTORE: Meeting of Unsecured Creditors June 29
CEROANNI LTD.: Owner Leaves Several Brides-to-be Teary-eyed
COLLINGWOOD DEVELOPMENTS: Hires Deloitte & Touche Administrator
COLTAN ENGINEERS: Winding up Resolutions Passed
CONISTON HOTELS: Final Meeting Set July 29

CROWNCAST LIMITED: Names Liquidator from Smith & Williamson
DECO HOLDINGS: Appoints Receivers from Begbies Traynor
EIDOS PLC: Considers Selloff After Third Profit Warning
EORIGEN LIMITED: Names Elwell Watchorn & Saxton Administrator
EVENTER LIMITED: Close Invoice Appoints Receivers

FORSBROOK FURNITURE: Names Liquidator from David Horner & Co
GILES MACHINE: Names Liquidator from Harris Lipman
GREYCOAT FINANCE: In Administrative Receivership
GREYCOAT MANAGEMENT: Eurohypo Aktiengesellschaft Names Receivers
HANDMADE SOAP: Hires Houghton Stone Business Administrator

H A WOODS: Hires Oury Clark Liquidator
HIT ENTERTAINMENT: Reduced Order from U.S. to Hit Profit
JARVIS PLC: Fastline Buyout Cleared of Antitrust Concern
K17 LIMITED: Appoints CBA Administrator
MARKS & SPENCER: Green Seeking Backer from U.S. Investors

MARKS & SPENCER: Survey Mirrors High Confidence in New Chief
MILBORNE LIMITED: Hires Begbies Traynor Administrator
MISYS PLC: Difficulties in Banking and Securities Hit Revenues
NEXTFINE LIMITED: Names Liquidator from Tenon Recovery
NORTHERN FOODS: Lodges Annual Report with Listing Authority

OPTICAL CABLE: Creditors Meeting Set July 1
PDUK SOLUTIONS: Meeting of Creditors Set July 1
PERCY THOMAS: To Become Part of Capita Symonds Group
PLASTIC RECLAMATION: Bibby Factors Appoints Receivers
PROFESSIONAL CARE: Appoints Tenon Recovery Liquidator

PYRAMID CONSERVATORIES: Sets Creditors Meeting June 24
ROYAL & SUNALLIANCE: Downplays Talk of Insurance Operations Sale
STELEX LIMITED: Names Receivers from DTE Leonard Curtis
SUTTON CONTRACTS: Creditors General Meeting Set June 29
TELEWEST COMMUNICATIONS: Annual Report Now Available at UKLA
WH SMITH: Permira Might Trim Bid by Up to GBP90 Mln, Reports Say

* Large Companies with Insolvent Balance Sheets


                            *********


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


MORAVAN-AEROPLANES: Officially Declared Bankrupt
------------------------------------------------
The Regional Court in Brno confirmed Friday the bankruptcy of
Moravan-Aeroplanes, according to the Czech News Agency.  The
company's management filed for bankruptcy on June 10 following a
similar action by workers.

Receiver Petr Hajtmar said, "As far as I know, the company owes
some CZK12 million to its employees on wages, CZK11 million to
the tax office and over CZK60 million to the social security
administration."

This is the third bankruptcy petition involving the company.
According to Mr. Hajtmar, two Moravan suppliers filed the first
petition in 2001; employees filed the other early this year.
Unionists welcomed the decision.  The company has not been
receiving orders and paying employees for a while, Troubled
Company Reporter-Europe earlier said.  About half of its 250
personnel have been on forced holiday since May 25.  Last week,
employees were sent home after production grounded to a halt.
Libor Soska, Moravan's board chairman, declined to comment on
the decision.

Moravan-Aeroplanes produces small civilian aircraft and training
and aerobatic planes.  It is part of a group comprising Letecke
zavody Kunovice, Moravan-Air Containers, Moravan-Transport
Systems, Moravan-Safety Belts and Moravan-Technicke sluzby
Otrokovice.  Its sister company Letecke Zavody has already been
declared bankrupt.


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F R A N C E
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ALCATEL: Forges Space Alliance with Finmeccanica
------------------------------------------------
Alcatel and Finmeccanica, signed a memorandum of understanding
to merge their space activities and form alliances in the space
sector through the creation of two sister companies JV's, to
which both partners will contribute their respective satellite
industrial and service activities.

The first company JV, Alcatel Alenia Space, of which Alcatel
will hold approximately 67% and Finmeccanica approximately 33%,
will combine Alcatel Space and Alenia Spazio's industrial
activities.  It will concentrate on the design, development, and
manufacturing of space systems, satellites, equipment,
instruments, payloads and associated ground systems.  The
management team of Alcatel Alenia Space will be located in
France.  The company will operate through five business
divisions (Telecommunications, Optical Observation and Science,
Observation Systems and Radar, Navigation, Infrastructure and
Transportation).  With estimated expected 2004 sales of EUR1.8
billion and around 7,200 people, it will create the undisputed
European leader within the global satellite industry.

The second company JV, of which Finmeccanica will hold
approximately 67% and Alcatel approximately 33%, will combine
Telespazio with Alcatel Space's operations and services
activities.  It will concentrate on operations and services for
satellite solutions, which includes control and exploitation of
space systems as well as value-added services for networking,
multimedia and earth observation.  Its management team will be
located in Italy.  With estimated an expected 2004 sales of
EUR350 millions and around 1,400 people, it will be a key player
in the space services market.

The two groups have decided to combine their respective
strengths in the space industry to better serve this growing
market and to benefit from of the expansion of their customer
base as well as to leverage the strong complementary nature of
the technologies and know-how contributed by both parties.  The
two groups have identified significant operational synergies and
economies of scale, in particular in R&D, product development,
procurement policy and increased industrial efficiency.  These
synergies will improve operating profitability by several points
and will be reached progressively, in line with business cycles.

Alcatel (Paris: CGEP.PA and NYSE: ALA) and Finmeccanica will
account for Alcatel Alenia Space and the services company
respectively using JV proportional consolidation.

Overall, the space alliance will be overseen and coordinated by
a dedicated Steering Committee, co-chaired by the CEOs of
Finmeccanica and Alcatel.

Commenting on the alliance, Serge Tchuruk, Chairman and Chief
Executive Officer, said:  "This is a major step in the
development of the European space industry.   Alcatel Alenia
Space will become the European leader for satellite   solutions
with balanced activities between commercial and institutional
markets.  The enhanced position of Alcatel Alenia Space in
institutional markets will also enable Alcatel to expand its
global leadership position in broadband access technologies."

Pier Francesco Guarguaglini, Chairman and Chief Executive
Officer of Finmeccanica, said:  "The Alliance emphasizes the
competencies of Alenia Spazio, Telespazio and Alcatel Space,
thanks to the strong complementary nature and the investments
made by the French and the Italian governments.  Regarding
Galileo, in particular, the combination of capabilities existing
in the two companies, will permit them to play a pre-eminent
role both in the field of satellite systems and operations and
services activities."

The installation of the creation of the new companies is
expected to be completed by the end of 2004, subject to the
signing of definitive agreements and necessary approvals by
shareholders and regulatory authorities.


ALSTOM SA: Affirms Goal to Return to Positive Cash flow by FY05
---------------------------------------------------------------
On 17 June 2004, Alstom S.A. filed with the U.S. SEC its annual
report and 20-F for the fiscal year ended 31 March 2004.  These
documents include a section on "risk factors", as is usual
practice for such documents.  ALSTOM confirms that the
information contained in the "risk factors" section does not
constitute a change in guidance and outlook.  The Company
reiterates its previously announced targets: 6% operating margin
and positive free cash flow in 2005/06.

CONTACT:  ALSTOM SA
          Press Relations:
          S. Gagneraud
          G. Tourvieille
          Phone: +33 1 47 55 25 87
          E-mail: Internet.press@chq.alstom.com

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


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


HETTLAGE: Bankrupt Clothing Retailer to Close More Shops August
---------------------------------------------------------------
Hettlage is set to close down most of its shops by end of
August, Frankfurter Allgemeine Zeitung says.  The German
clothing retailer filed an application for the opening of
insolvency proceedings in April, affecting 45 shops in Germany
and 13 shops in Austria.  The additional closures mean only 19
shops belonging to the MS Mode+Sport chain will remain
operational.  Hettlage booked turnover of EUR200 million last
year.


MG TECHNOLOGIES: Names Gerd Koppenhofer New Chairman
----------------------------------------------------
The supervisory board appointed Gerd Koppenhofer as new chairman
of the executive board of mg vermogensverwaltung ag (mgvv),
Frankfurt am Main.  He succeeds Michael Guntersdorf, who left
the company recently after ten years at the helm.  Mr.
Koppenhofer brings with him several years of experience in the
real estate business.  From 1971 to 2002, he chaired the board
of directors of Mubau Real Estate GmbH.  Prior to his
appointment to the executive board of mg vermogensverwaltung, he
was managing director at K & P Immobiliengesellschaft mbH.

mg vermogensverwaltung ag plans, coordinates and manages real
estate projects and properties, aside from providing these
services to the mg Group.  Its main operational functions are as
a property developer and building contractor.

mg technologies ag is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and components -- and plant engineering.
The company generated sales of roughly EUR6.4 billion excluding
discontinued operations in 2003.  At the end of 2003, the
company employed around 29,000 people, and it is one of the
world's market and technology leaders in 90 percent of its
businesses.

CONTACT:  MG TECHNOLOGIES AG
          Kommunikation
          Bockenheimer Landstrasse 73-77
          D-60325 Frankfurt am Main
          Phone: +49-69-7 11 99-241
          Fax:   +49-69-7 11 99-112
          E-mail: info.mg@mg-technologies.com
          Web site: http://www.mg-technologies.com


SENATOR ENTERTAINMENT: Shareholders Approve Rescue Plan
-------------------------------------------------------
Senator Entertainment will carry out a capital reduction aimed
at encouraging investment in the company, Frankfurter Allgemeine
Zeitung says.  The plan, which was approved by majority of
shareholders at an extraordinary general meeting, will be
carried out by swapping one new share for 10 old ones.

The capital reduction is part of the plan drawn up by insolvency
administrator Ralf Rattunde to clear the path for the takeover
of the company.  Mr. Rattunde said the move means Senator will
not need to be broken up for the time being.  He added several
investors have already expressed interest in acquiring a stake
in the company.

CONTACT:  SENATOR ENTERTAINMENT
          Kurfurstendamm 65
          D-10707 Berlin, Germany
          Phone: +49-30 880 91 700
          Fax: +49-30 880 91 714
          Home page: http://www.senator.de


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


ROYAL OLYMPIC: Failure to File 20-F Makes U.S. Delisting Certain
----------------------------------------------------------------
Royal Olympic Cruise Lines (Nasdaq: ROCLF) would miss the filing
deadline for its Annual Report on Form 20-F for the fiscal year
ended November 30, 2003.  The company previously filed for a 15-
day extension of the original filing date of June 1.

The extension request and current delay are brought about due to
the more complicated accounting and finance position stemming
from the ongoing Article 45 process in Greece involving the
Company's subsidiaries.

As previously announced, the Company had applied for listing on
the Nasdaq SmallCap market after failing to meet the criteria
for continued listing on the Nasdaq National Market.  Delisting
from the Nasdaq National Market had been delayed pending the
Company's application to the Small Cap Market.  It is expected
that Nasdaq will now reinstitute delisting procedures due to the
Company's failure to file its 20-F on time.

The Company is currently operating two cruise ships, however,
its financial position remains fragile.  Without resolution of
refinancing discussions there can be no guarantee of continued
operations.  The Company continues to discuss its options with
bankers and creditors within the Greek court Article 45 process.

CONTACT:  ROYAL OLYMPIC CRUISES LINES
          Jim Lawrence
          Mobile: +1-203-550-2621


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


SZOLNOKI MEZOGEP: Irish Customer Buys out Insolvent Firm
--------------------------------------------------------
Szolnoki Mezogep Rt has been sold for an undisclosed sum to
McHale Engineering, an Irish company that used to be one of its
major customers.  McHale promised to invest EUR3 million over
two years and employ 60-70 workers, receiver Gyorgy Molnar said.

Contracts with the Irish company will be signed within 15 days
with payment due after another eight days.  The transaction will
enable production at the agricultural machinery manufacturing
company to resume in mid-August.

At the request of its creditors, Szonoki Mezogep filed for
administration on March 11.  Szonoki's liquidation value was
pegged at HUF800 million, while its debts to some 200 creditors
amounted to HUF1.1 billion.


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


STOLT-NIELSEN: Transportation Group to Integrate Offices
--------------------------------------------------------
Stolt-Nielsen Transportation Group Ltd., a wholly owned
subsidiary of Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock
Exchange: SNI), on Friday announced organizational changes aimed
at increasing both the Company's service capabilities to
customers and its competitive advantage in the global
marketplace for parcel tanker and related services.

Otto H. Fritzner, SNTG's newly appointed chief executive
officer, said: "The enhancements we are announcing will increase
the efficiency of our operations and enable SNTG to provide
better service to its customers worldwide.  By realigning our
operations, maximizing the inherent strengths of our human
resources and optimizing our cost structure we will extend our
position as the high-quality, high-value leader in the
industry."

The planned changes, which will take place over the next nine
months, will create this organizational structure:

(a) SNTG's global operations will be organized into three
    regions -- the Americas, administered from Greenwich,
    Connecticut; Asia-Pacific, administered from Singapore; and
    Europe, the Middle East, India and Africa (EMEIA),
    administered from Rotterdam, SNTG's corporate headquarters.

(b) SNTG's Indian Ocean Service and the Europe-to-Asia Pacific
    Service will be operated out of Rotterdam, to be closer to
    the Company's customers in the fast-growing EMEIA region.
    Customers in North and South America will continue to be
    served from Greenwich, SNTG's second-largest office after
    Rotterdam.

(c) Certain staff functions will be relocated to SNTG's
    corporate headquarters in Rotterdam.

"By integrating our marketing, operational and back-office
functions in Rotterdam, where our ship management division is
already located, SNTG will achieve significant cost-savings and
efficiencies, while enhancing our ability to serve customer
needs in the fast expanding EMEIA region," said Mr. Fritzner.
"At the same time, our marketing operations in Greenwich will
remain as strong and as focused as ever on meeting the needs of
our parcel tanker customers in North and South America."

Niels G. Stolt-Nielsen, chief executive officer of Stolt-Nielsen
S.A., SNTG's parent company, said, "The organizational changes
we are announcing are, in fact, the final elements of a
strategic plan that we began to implement several years ago.  We
started in 2002 by establishing Rotterdam as SNTG's principal
place of business, by moving our shipowning functions and
domiciling our ships in The Netherlands.  Rotterdam is SNTG's
largest single office in the world.  When the current round of
initiatives is completed early in 2005, SNTG will be a stronger,
more streamlined and efficient global organization, and our
abilities to meet customer demand for quality and value will be
unmatched in the industry."

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. is one of the world's leading providers of
transportation services for bulk liquid chemicals, edible oils,
acids, and other specialty liquids.  The Company, through its
parcel tanker, tank container, terminal, rail and barge
services, provides integrated transportation for its customers.
Stolt Sea Farm, wholly-owned by the Company, produces and
markets high quality Atlantic salmon, salmon trout, turbot,
halibut, sturgeon, caviar, bluefin tuna, and tilapia.  The
Company also owns 41.7 percent of Stolt Offshore S.A. (NASDAQNM:
SOSA; Oslo Stock Exchange: STO), which is a leading offshore
contractor to the oil and gas industry.  Stolt Offshore
specializes in providing technologically sophisticated offshore
and subsea engineering, flowline and pipeline lay, construction,
inspection, and maintenance services.

CONTACT:  STOLT-NIELSEN S.A.
          Reid H. Gearhart
          Phone: (U.S.A) 1 212 922 0900
          E-mail: rgearhart@dgi-nyc.com

          Valerie Lyon
          Phone: (U.K.) 44 20 7611 8904
          E-mail: vlyon@stolt.com


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P O L A N D
===========


AIRPOLONIA: Investor Promises to Propel Carrier to New Heights
--------------------------------------------------------------
Poland's first budget airline, Airpolonia, has found an investor
and will be signing a contract next month, according to Warsaw
Business Journal.

The unnamed rescuer, who was described only as a shareholder in
air carriers across the world, will provide the company with new
capital and additional know-how in the business.  Airpolonia
will use the new capital to purchase new planes and enter new
airports.  It aims to become the number one budget carrier in
the whole of Europe.

TCR-Europe reported earlier that the airline is planning to cut
down its domestic flights this summer due to lack of planes and
working capital.  The company was then in need of a fourth plane
to accommodate the excess demand.  They wanted to lease but
don't have enough money.  As a result they decided to cancel
some flights, including those to Tenerife.


ELEKTRIM SA: Deutsche Telekom Comes Back with Higher Bid for PTC
----------------------------------------------------------------
Deutsche Telekom is reviving talks to buy the remaining shares
it does not own in Poland's biggest mobile phone group, PTC,
Financial Times Deutschland says.

French firm Vivendi Universal and Polish energy group Elektrim
currently hold these remaining shares.  The report quoted an
Elektrim spokeswoman saying the Polish and French groups were
"working on a joint offer" that could lead to a deal with
Deutsche Telekom.

Reports say Deutsche Telekom is offering EUR1.2 billion (US$1.4
billion) -- EUR100 million higher than the previous bid -- to
buy the 51% stake owned by Elektrim Telekomunikacja, a joint
venture between Vivendi and Elektrim.

The approach is the second attempt by the German
telecommunications giant to buy out the other shareholders.  It
started negotiations late last year, but discussions fell apart
following complicated debates between the owners.  Elektrim and
its creditors could not agree on how to spend the proceeds to
repay debt.  It also was unable to agree with Vivendi on how
they would share the joint venture's debt.


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


METROMEDIA INTERNATIONAL: Files 1st-Quarter Report with U.S. SEC
----------------------------------------------------------------
Metromedia International Group Inc. filed a Form 10-Q with the
United States Securities and Exchange Commission.

Basis of Presentation and Description of Business

The accompanying consolidated condensed financial statements
include the accounts of Metromedia International Group, Inc.
(the Company) and its consolidated subsidiaries.  All
significant intercompany transactions and accounts have been
eliminated.  The Company is a holding company with ownership
interests in telephony and cable television businesses in
Northwestern Russia and the Republic of Georgia.  For the three
months ended March 31, 2004, the telephony businesses generated
96% of consolidated revenues, while the cable television
businesses generated 4% of consolidated revenues.  Substantially
all of the Company's assets are located and revenues are
generated outside of the United States.

On September 30, 2003, the Board of Directors formally approved
management's plan of disposing its remaining non-core media
businesses.  As of March 31, 2004, the Company's non-core media
businesses were comprised of nineteen radio businesses operating
in Finland, Hungary, Bulgaria, Estonia, Latvia and the Czech
Republic and one cable television network, with operations in
Lithuania.

These consolidated financial statements also include the results
of the Company's discontinued business components.

The accompanying interim consolidated condensed financial
statements have been prepared without audit pursuant to the
rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted
pursuant to such rules and regulations, although the Company
believes that the disclosures made are adequate to make the
information presented not misleading.  These financial
statements should be read in conjunction with the consolidated
financial statements and related footnotes included in the
Company's Annual Report on Form 10-K for the year ended December
31, 2003.  In the opinion of management, all adjustments,
consisting only of normal recurring adjustments, necessary to
present fairly the financial position of the Company as of
March 31, 2004, and the results of its operations and its cash
flows for the three-month periods ended March 31, 2004 and 2003,
have been included.  The results of operations for the interim
period are not necessarily indicative of the results, which may
be realized for the full year.

Going Concern and Recent Developments

In the first quarter of 2003, the Company embarked on an overall
restructuring of its business.  The Restructuring was prompted
by and was intended to resolve the severe liquidity issues that
had confronted the Company since the beginning of 2002. In this
Restructuring, the Company undertook to sell its non-core
businesses, which at the beginning of the Restructuring included
nine cable television networks, twenty radio broadcasting
stations and various non-core telephony businesses located in
Western, Central and Eastern Europe.  Proceeds of these sales
mitigated short-term liquidity concerns and provided capital for
further core business development.  Upon completion of all
planned sales, the Company will emerge as a business with its
principal attention focused on the continued development of its
core telephony businesses in Northwest Russia and the Republic
of Georgia.  In connection with the Restructuring, the Company
also substantially downsized its corporate headquarters staff
and undertook actions with the intended objective of
significantly decreasing its corporate overhead cash-burn rate.
As of May 31, 2004, the Company's remaining non-core media
businesses held for sale consist of eighteen radio broadcast
stations operating in Finland, Hungary, Bulgaria, Estonia, and
the Czech Republic and one cable television network in
Lithuania.  Sale of these remaining non-core businesses is
expected during the first half of 2004 or promptly thereafter.
The Company relocated its corporate headquarters from New York
City, New York to Charlotte, North Carolina and has achieved a
significant reduction in its corporate personnel and office
related expenditures.  Further reductions in corporate overhead
expenditures are expected to follow the final disposition of all
non-core operations.  The Company's core telephony businesses
are now:

(a) PeterStar, the leading competitive local exchange carrier in
    St. Petersburg, Russia, in which the Company has a 71%
    ownership interest; and

(b) Magticom, the leading mobile telephony operator in the
    Republic of Georgia, in which the Company has an effective
    34.5% ownership interest.

Both of these business ventures are currently self-financed and
hold leading positions in their respective markets.
Furthermore, the Company also intends to retain its ownership in
Ayety TV, a cable television provider in Tbilisi, Georgia, in
which the Company has an 85% ownership interest and Telecom
Georgia, a long-distance transit operator in Tbilisi, Georgia,
in which the Company has a 30% ownership interest.  The Company
is a holding company; accordingly, it does not generate cash
flows from operations.  As of March 31, 2004 and May 31, 2004,
the Company had approximately $32.3 million and $30.9 million,
respectively, of unrestricted cash on hand.  In addition, as of
March 31, 2004, the Company's consolidated business ventures
held $1.5 million of cash.  Furthermore, as of March 31, 2004,
the Company's unconsolidated business venture had approximately
$17.7 million of cash on hand, $17.2 million of which is held in
banks in the Republic of Georgia.

The Company continues to actively pursue the sale of remaining
non-core businesses to raise additional cash and has undertaken
to maximize cash distributions from all of its business
ventures.  The Company projects that its current corporate cash
reserves, anticipated cash proceeds of non-core business sales
and anticipated continuing dividends from core business
operations will be sufficient for the Company to meet on a
timely basis its future corporate overhead requirements and
interest payment obligations, associated with its $152.0 million
aggregate principal amount (fully accreted) 10 1/2% Senior
Discount Notes, due 2007 (the Senior Notes).  However, the
Company cannot assure that dividends from core businesses will
be declared and paid nor can it assure that it will be
successful in selling any additional non-core businesses or that
these sales, if they occur, will raise sufficient cash to meet
short-term liquidity requirements. The Company also is subject
to legal and contractual restrictions, including those under the
indenture for the Senior Notes, on its use of any cash proceeds
from the sale of its assets or those of its business ventures.
Separately, the Company projects that it has sufficient
corporate cash on hand to support the Company's planned
operating, investing and financing cash flows through the end of
2004, including the Company's $8.0 million semi-annual interest
payment due on September 30, 2004 on its Senior Notes. This
projection does not include cash inflows that might reasonably
arise from operating business venture dividend distributions or
cash proceeds from the remaining non-core media businesses;
either of which would further strengthen our current liquidity
position.

However, the Company does not believe that it has sufficient
corporate cash on hand today to support the Company's planned
operating, investing and financing cash flows through March 31,
2005, including the Company's $8.0 million semi-annual interest
payment that is due on March 31, 2005 associated with its Senior
Notes.

If the Company is not able to satisfactorily address the
liquidity issues described above, the Company may have to resort
to certain other measures, including ultimately seeking the
protection afforded under the U.S. Bankruptcy Code. The Company
cannot provide assurances at this time that it will be
successful in avoiding such measures.  Additionally, the Company
has a stockholders' deficit and has suffered recurring operating
losses and operating cash deficiencies.

The factors discussed above raise substantial doubt about the
Company's ability to continue as a going concern.  The condensed
consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty.  During
2003, the Company engaged in discussions with representatives of
holders of a substantial portion of the Company's Senior Notes
concerning a restructuring of the Senior Notes.  To date, no
restructuring has been agreed upon and further restructuring
discussions with these substantial Senior Note holders were
suspended.

According to the terms of the Company's 7 1/4% cumulative
convertible preferred stock (the Preferred Stock), if the
Company does not make six consecutive dividend payments and
thereafter receives a written request from the holders of 25% of
the voting power of the outstanding Preferred Stock, then the
Company is obligated to call a special meeting of the holders of
the Preferred Stock for the purpose of electing two new
directors, except that no special meeting may be called during
the period within 60 days immediately preceding the date fixed
for the next annual meeting of the Company's stockholders.
Beginning in late 2003 and continuing into 2004, the Company has
had discussions with several holders of the Company's Preferred
Stock regarding the Preferred Stockholders' right to elect two
new directors to the Company's Board of Directors.  These
discussions have recently resulted in a tentative agreement,
which is expected to be finalized shortly, to appoint two
individuals identified by certain holders of the Preferred Stock
to the Company's Board of Directors for terms that end at the
Company's next annual meeting of stockholders.  It is presently
expected that, at that time, such individuals will, in
accordance with the terms of the Preferred Stock, stand for
election by a vote of the holders of the Preferred Stock.  The
Company believes that this agreement is advantageous to the
Company because it eliminates the need to hold a special
meeting, which would be both time consuming and expensive.
Opportunities to restructure the Company's balance sheet,
including to refinance the Senior Notes and Preferred Stock,
which had an aggregate preference claim of $257.4 million as of
March 31, 2004 are being pursued, but present Company plans
presume the continued service of the Senior Notes on current
terms and the continued deferral of the payment of dividends on
the Preferred Stock.

The Company cannot provide assurances at this time that a
capital restructuring effort will be undertaken or, if
undertaken, that such effort would produce a material
improvement in short-run cash flows or equity valuations.

A full copy of the 10-Q is available free of charge at
http://bankrupt.com/misc/Metromedia_Q12004.pdf.


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


ACCELIO LIMITED: Special Winding up Resolution Passed
-----------------------------------------------------
At an Extraordinary General Meeting of the Accelio U.K. Limited
Company on June 4, 2004 held at 345 Park Avenue, San Jose,
California, USA, the subjoined Special Resolution to wind up the
company was passed.  Malcolm Cohen of BDO Stoy Hayward LLP, 8
Baker Street, London W1U 3LL has been appointed Liquidator for
the purpose of such winding-up.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Contact:
          Malcolm Cohen, Liquidator


AMERINDO INTERNET: Shareholders May Opt to Cash out Shares
----------------------------------------------------------
The board of Amerindo Internet investment trust has recommended
a reconstruction proposal that is very similar to one the board
junked in April.  Under the plan, assets of the firm will be
divided into two pools.  One pool represents assets of
shareholders who want to acquire their investment and the other
represents assets of stockholders who are willing to take risk
in the company.

Assets of the first pool will be liquidated, then shareholders
belonging to this pool will get their cash through issuance of
redeemable shares.  If no third party buyer becomes interested
in these stocks, shareholders have the option to sell them back
to the continuing Amerindo vehicle.  However, a continuation
vehicle will only be created if the company has at least GBP25
million under management.

The proposal requires a minimum of 75% of vote cast at the
trust's extraordinary general meeting on July 9, 2004 to be
fully executable.  The board was forced to recommend the
reconstruction after more than 50% of shareholders voted in
favor of it.

Meanwhile, Chairman John Botts and director Alberto Vilar have
declared their intention to step down ahead of the AGM whose
agenda includes a proposal for their ejection.


ARB SHOPFITTING: Final Meeting of Members July 21
-------------------------------------------------
Members of ARB Shopfitting Limited Company will have a Final
Meeting on July 21, 2004 at 2:00 p.m.  It will be held at
Highfield Court, Tollgate, Chandlers ford, Eadtleigh, Hampshire
SO53 3TZZ.

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.  Proxies must be lodged with the joint liquidator at
Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire
SO53 3TZ not later than 12:00 noon, July 20, 2004.

CONTACT:  M R E Matthews, Joint Liquidator
          Highfield Court,
          Tollgate, Chandlers Ford,
          Eastleigh, Hampshire SO53 3TZ


ARCADIAM LIMITED: Names B & C Associates Administrator
------------------------------------------------------
The Arcadiam Limited Company has appointed Jeffrey Mark Brenner
of B & C Associates as joint administrative receiver.  The
appointment was made June 7, 2004.

The company is engaged in building and associated services.  Its
registered office address is located at Trafalgar House,
Grenville Place, Mill Hill, London NW7 3SA.

CONTACT:  B & C ASSOCIATES
          Trafalgar House,
          Grenville Place, Mill Hill,
          London NW7 3SA
          Receiver:
          Jeffrey Mark Brenner
          (IP No 9301)


BHL FABRICATIONS: Extraordinary Winding up Resolution Passed
------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the BHL
Fabrications Limited Company on June 1, 2004 held at 42 St James
Crescent, Swansea SA1 6DR, the Extraordinary Resolution to wind
up the company was passed.  Anthony Edward James of James &
Uzzell, 42 St James Crescent, Swansea SA1 6DR has been nominated
Liquidator for the purpose of the winding-up.

CONTACT:  JAMES & UZZELL
          42 St James Crescent
          Swansea SA1 6DR
          Contact:
          Anthony Edward James, Liquidator


BIG BAG: Calls in Liquidator
----------------------------
At an Extraordinary General Meeting of the Members of the Big
Bag Company One Ltd Company on June 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.

CONTACT:  Andreas Georgiou Kakouris, Liquidator
          43 Blackstock Road, London N4 2JF


BRITISH ENERGY: Uncertainty Remains Despite Return to Profit
------------------------------------------------------------
Highlights of results for the financial year ended March 31,
2004 (full year 2004) and the fourth quarter ended March 31,
2004 (fourth quarter):

Key Points - Full year 2004

(a) Progress has been made towards the completion of the
    restructuring, but it still remains subject to a large
    number of significant uncertainties and important
    conditions.  In October 2003, British Energy exchanged
    contractual agreements with the Government, BNFL and certain
    creditors regarding the terms of the Proposed Restructuring.
    The Secretary of State for Trade and Industry now expects to
    receive notification of a decision from the European
    Commission on the Government's State aid application during
    the autumn.

(b) U.K. operating profit was GBP57 million before exceptional
    items compared to GBP7 million in the prior year.  The
    improvement reflected the fact that, while average realized
    prices were GBP1.4/MWh lower at GBP16.9/MWh, total unit
    operating costs were reduced by GBP2.1/MWh to GBP16.5/MWh
    primarily as a result of higher output.  The increase in
    profit did not include the potential P&L account savings of
    GBP58 million from the revised BNFL back end contracts,
    which will not be recognized pre-restructuring.
    Restructuring costs of GBP43 million were incurred during
    the year, compared to GBP35 million last year.

(c) After net exceptional operating credits of GBP283 million,
    total U.K. operating profit for continuing activities after
    exceptional items was GBP340 million.  This compared with a
    U.K. operating loss for continuing activities, after
    Exceptional operating items, of GBP3.90 million last year.
    The Group profit after tax and after total net exceptional
    credits of GBP403 million was GBP234 million.  The U.K. loss
    before tax and before exceptional items for continuing
    activities was GBP194 million.

(d) A summary of the results and the comparatives is set out in
    this table:



                             FY 2004                   FY 2003
(Year end 31 March - GBPm)
U.K. operating profit before
exceptional items - continuing   57                        7
activities
Net exceptional
operating credits/(charges)     283                     (3,906)
U.K. operating profit/(loss)
after exceptional items -       340                     (3,899)
continuing activities
Group profit/(loss) after
tax and exceptional items       234                     (3,924)
U.K. (loss) before tax
and before exceptional items - (194)                    (274)
continuing activities (1)

-----
Note:

(1) The continuing activities described above exclude the
    results of Bruce Power and Huron Wind which were disposed of
    on 14 February 2003 and the share of profits from AmerGen
    which was disposed of on 22 December 2003.  For FY2004, this
    loss includes the revalorization charge of GBP187 million.
    Post-restructuring charges to the P&L account will reflect
    payments to the new Nuclear Liabilities Fund.

    (i) The Company conducted an asset impairment review at 31
        March 2003 writing down fixed assets by GBP3,738
        million.   The carrying value of fixed assets has been
        reviewed again as at 31 March 2004, and, as a result,
        there was a non - cash accounting upward adjustment of
        GBP295 million for the partial reversal of the write-
        down of fixed assets in the prior year, principally due
        to an expectation of higher electricity prices.

   (ii) Following the asset impairment review at 31 March 2003,
        no additions have been recorded to fixed assets in 2004.
        As a consequence the Company expensed an estimated
        GBP70 million to the FY2004 P&L account that may have
        been capitalized in the absence of the impairment
        review.  Expenditure previously treated as capital
        expenditure will continue to be fully expensed in the
        P&L account until it is possible to demonstrate that it
        enhances the value of the Company's fixed assets after
        taking into account the impairment review.

  (iii) Cash payments are being made to BNFL as if the revised
        back end contracts, which are contingent on the
        restructuring being implemented successfully, had become
        effective on 1 April 2003.  The benefit of the revised
        BNFL back end contracts, GBP179 million in FY2004, is
        reflected in the cash flow statements.

   (iv) EBITDA from continuing activities was GBP107 million.
        After including potential P&L account savings of GBP58
        million from the revised BNFL back end fuel contracts,
        adjusted EBITDA would have been GBP165 million in
        FY2004.  Group operating cash flow from continuing
        activities was GBP156 million, which includes the cash
        flow benefit of the revised BNFL contracts.


                               FY 2004               FY 2003
(Year end 31 March - GBPm)
EBITDA(1) - continuing activities
                                107(2) (3)              280
Adjusted EBITDA - continuing
activities after including P    165(4)                  280
&L savings from revised BNFL
back end fuel contracts

Capital expenditure
(expensed to P&L)               70 (2)                     -
Group operating cash flow       156                     336
Increase in total cash
and liquid funds(5)             240                     204

------
Notes:

(1) EBITDA is defined by the Company as operating income before
    interest expense, income taxes, depreciation and
    amortization.  The Company has included information
    concerning EBITDA because it believes that it is used by
    certain investors as one measure of the Company's financial
    performance.  EBITDA is not a measure of financial
    performance under United Kingdom generally accepted
    accounting principles and is not necessarily comparable to
    similarly titled measures used by other companies. EBITDA
    should not be construed as an alternative to operating
    income or to cash flows from operating activities (as
    determined in accordance with United Kingdom generally
    accepted accounting principles) as a measure of liquidity.

(2) EBITDA continuing activities for FY2004 does not include
    the potential P&L account savings from the revised BNFL back
    end contracts of GBP58 million.  Following the asset
    impairment review at 31 March 2003 (updated at 31
    March 2004) all expenditure of a capital nature has been
    expensed through the P&L account.  Capital expenditure in
    the table is shown for presentation purposes only.  Capital
    expenditure will continue to be fully expensed in the P&L
    account until it is possible to demonstrate that it enhances
    the value of the Company after taking account of the
    impairment review.  Based on U.K. GAAP, capital expenditure
    as referred to above cannot be added back to EBITDA. An
    amount estimated at GBP70 million may have been capitalized
    in the absence of the impairment review.

(3) During FY 2004 there was a major unplanned outage at Heysham
    1 with a resultant loss of output of some 3.2TWh, equivalent
    to some GBP71 million of lost profit contribution.

(4) Adjusted EBITDA includes the potential P&L account savings
    of GBP58 million from the revised BNFL back end contracts.

(5) Total cash and liquid funds is the sum of cash at bank and
    term deposits / bank balances.

    (i) Total output for the year was 72.6TWh.  Nuclear output
        was 65.0TWh, up from 63.8TWh last year, but below the
        Company's target of 67.0TWh.  Eggborough output was up
        1.9TWh to 7.6TWh.  The realized price for the year was
        GBP16.9/MWh, with a total operating cost of GBP16.5/MWh
        resulting in a positive margin of GBP0.4/MWh, an
        improvement over the negative margin of GBP0.3/MWh in
        the prior year.

   (ii) Total unit operating cost represents the average cost of
        generation of British Energy's entire output (both coal
        and nuclear), and includes depreciation and capital
        expenditure (expensed to the P&L account and estimated
        at GBP70 million) but does not include the P&L account
        benefits of the revised BNFL back end contracts of
        GBP58 million.

  (iii) A summary of output, realized prices and total operating
        unit costs is set out:

(Year-end 31 March)            FY 2004               FY 2003
Output (TWh)

Nuclear                          65.0                  63.8
Coal                              7.6                   5.7
                                 72.6                  69.5
Realized price (GBP/MWh)         16.9                  18.3

Total operating unit costs
(GBP/MWh)                        16.5                  18.6

Margin(GBP/MWh)                   0.4                  (0.3)

After adjusting Total operating unit costs for the revised BNFL
back end contract P&L account savings and depreciation, the
adjusted unit operating cost in FY2004 was GBP15.0/MWh resulting
in an adjusted margin of GBP1.9/MWh, as set out:

(Year-end 31 March 2004 GBP/MWH)

                                                      FY 2004
Total operating unit costs                              16.5

Revised BNFL back end contracts                         (0.8)

Depreciation                                            (0.7)

Adjusted operating unit cost                            15.0

Adjusted margin                                          1.9


(a) Our investment in AmerGen was sold for US$277m allowing the
    Government facility to be fully repaid.  The year-end cash
    and liquid funds balance was GBP573 million of which GBP297
    million was deposited in support of collateral requirements.
    Cash increased by GBP240 million in FY2004, with net debt of
    GBP310 million as of 31 March 2004.

Details of cash and net debt are summarized in the table below,
including an update as of 31 May 2004:
                                         Update

(GBPm)                   As at 31 Mar 04       as at 31 May 04
Cash and term deposits
not used for collateral     276                      203
Cash and term deposits
used for collateral         297                      304
Total Cash                  573                      507
Total Debt:
Pre restructuring           883                      883
Less: total cash           (573)                    (507)
Net Debt                    310                      376

(a) Following the implementation of the Proposed Restructuring,
    GBP700 million of debt will replace the existing debt, the
    RBS letter of credit, and certain PPA's included in the
    restructuring.  On this basis, pro forma net debt would have
    been GBP127 million at 31 March 2004 had restructuring
    become effective on that date.

(b) The Company is taking forward plans to improve the
    operational performance and reliability of its nuclear
    plants.  A major part of the drive is the Performance
    Improvement Program, which is central to the operational
    plans designed to enhance the prospects of the Group.  The
    cost implications of these plans are discussed below.

Key Points - Fourth Quarter

(a) No comparative data is available because the Company only
    commenced publishing quarterly reporting for the 3rd Quarter
    ended 31 December 2003.  In reviewing these results, it is
    important to note that, in general, output and realized
    prices tend to be higher in the third and fourth quarters of
    the year.

(b) A summary of the results for the quarter ended 31 March 2004
    is set out below:

(Quarter ended 31 March 2004)

                                                    GBPm
U.K. operating profit before exceptional items
- continuing activities                              51
Net exceptional operating credits                    310
U.K. operating profit after exceptional items
- continuing activities                              361
Group profit after tax and exceptional items         316

The U.K. operating profit of GBP361m was achieved after net
exceptional operating credits of GBP310 million, which included
a non-cash accounting upward adjustment of GBP295 million for
the partial reversal of the write-down of fixed assets in the
prior year.

(Quarter ended 31 March 2004)

                                                     GBPm
U.K. operating profit before exceptional items          51
Add:  Depreciation                                    14
EBITDA - Continuing activities (1)                    65
Add: P&L savings of revised BNFL back end contracts   21
Adjusted EBITDA - continuing activities (1)           86

-----
Note:

(1) See notes on EBITDA above

    (i) EBITDA from continuing activities was GBP65 million.
        Adjusted EBITDA, after including P&L account savings of
        GBP21 million from the revised BNFL back end contracts,
        was GBP86 million.

   (ii) Cash inflow from operating activities in the period was
        GBP155 million, which led to an increase in total cash
        and term deposits of GBP144 million.

  (iii) Total UK output for the quarter was 19.8TWh, of which
        nuclear output was 17.0TWh and Eggborough output was
        2.8TWh.

   (iv) The realized price was GBP18.2/MWh and the total
        operating cost was GBP16.1/MWh - this represents a
        positive margin of GBP2.1/MWh, significantly better
        than the margin in the first 9 months, largely due to
        seasonal factors and the effect high output has on unit
        cost.

Outlook

(a) The target nuclear output for FY2005 is 64.5TWh to take
    account of the replacement of cast iron pipework which is an
    important component of improving future reliability.

(b) FY2005 target nuclear output has been substantially
    contracted in order to hedge against price uncertainty.  A
    large majority of these contracts are at fixed prices.  As
    of the beginning of June, the average price of the fixed
    contracts for 2004/05 was GBP19.5/MWh.

(c) Market prices have continued to increase over the last six
    months.  Prices for annual baseload power for FY2005 were
    trading at around GBP22/MWh at the end of March 2004.  Since
    then the implied prices for annual baseload power have risen
    such that for the rest of the current year they have
    recently traded around GBP25/MWh.

(d) As part of the Company's plans to improve the condition and
    future reliability of the nuclear fleet, we are increasing
    year-on-year investment in major plant projects, repairs and
    strategic spares by some 34% to around  GBP175 million.

(e) In October 2003, the Company announced its projected three
    year average nuclear cost per MWh.  As a result of the
    planned increase in investment in nuclear plant and other
    costs, the Company has revised upwards the projected three
    year average nuclear cash cost by approximately GBP1.30 per
    MWh, on an equivalent basis, excluding the effects of
    inflation.

(e) It is the intention of the Company to pay dividends when the
    requirements of the business permit, subject to the
    distributable reserves position and restrictions under the
    restructuring arrangements.  No dividend is expected in
    respect of the two financial years ending March 2005 and
    March 2006, as the Board believes that investing in the
    business is a prerequisite for a successful turnaround.

Board/Management Changes

(a) Whilst the robustness of the Company's balance sheet depends
    on completing a successful financial restructuring, the long
    term success of the Company depends on achieving a
    comprehensive turnaround of the business, in particular its
    nuclear fleet.  It is for this reason that the Board was
    determined to make a number of key appointments in critical
    areas.

(b) During the year, four new non-executive Directors were
    appointed - William Coley (U.S.A), Dr Pascal Colombani
    (France), Sir Robert Walmsley (U.K.) and John Delucca (USA),
    have strengthened the Board.  In addition, as previously
    announced, Martin Gatto was appointed as Interim Finance
    Director.

(c) In addition, since the year end, we have announced the
    appointments of Roy Anderson as our new Chief Nuclear
    Officer who joins the company on 5 July.  Roy is currently
    President of PSEG and brings valuable experience from
    Previous nuclear turnarounds in the USA.  Neil O'Hara joined
    on 4 May as our new Trading Director.  Neil was previously
    at RWE, Centrica and AEP and has a key role in implementing
    and developing our trading strategy.

Adrian Montague, Chairman, said: "In the past twelve months we
have made considerable progress in agreeing the shape of the
proposed restructuring and the new British Energy with the
Government and our creditors.  In October, we reached agreements
with our major creditors on the restructuring plan.  The way
forward is subject to a large number of conditions including
approval by the European Commission, Court sanction and settling
certain documents with creditors.  We must also establish our
viability to the satisfaction of the Secretary of State for
Trade and
Industry.  It is intended that the Proposed Restructuring be
implemented in the current financial year but there is a great
deal to do in order to achieve this, and the size of the task
should not be underestimated."

Financial statements are available free of charge at
http://bankrupt.com/misc/BritishEnergy_Mar2004.htm.

CONTACT:  BRITISH ENERGY
          Paul Heward
          Phone: 01355 262201

          Andrew Dowler
          Financial Dynamics:
          Phone: 020 7831 3113


BRYAD INFRASTRUCTURE: Members Final Meeting Set July 12
-------------------------------------------------------
Members of Bryad Infrastructure Limited Company will have a
Final Meeting on July 12, 2004 at 12:10 p.m.  It will be held at
Sussux House, 8-10 Homesdale Road, Bromley, Kent BR2 9LZ.

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.


BRYANT COUNTRY: Final Meeting of Members Set July 12
----------------------------------------------------
Name of Companies:
Bryant Country Homes Central Limited
Bryant Country Homes Southern Limited
Bryant Country Homes Cotswold Limited

There will be a Final Meeting of the Members of these companies
on July 12, 2004 at 10:45 a.m., 11:00 a.m. and 11:45 a.m.
respectively.  It will be held at Sussex House, 8-10 Homesdale
Road, Bromley, Kent BR2 9LZ.

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 wan to be represented at the Meeting may appoint
proxies.


BRYANT PENSIONS: Sets Members Final Meeting
-------------------------------------------
There will be a Final Meeting of the Members of Bryant Pensions
Trust Limited Company on July 12, 2004 at 10:30 a.m.  It will be
held at Sussex House, 8-10 Homesdale Road, Bromley, Kent BR2
9LZ.

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.


BURLINGHAM CARAVANS: Appoints F.A. Simms and Partners Liquidator
----------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Burlingham Caravans Limited Company on June 7, 2004, the
Resolution to wind up the company was passed.  Richard Simms and
Alan Limb of F.A. Simms and Partners plc, Insol House, 39
Station Road, Lutterworth, Leicestershire LE17 5AP has been
appointed Liquidators for the company.

CONTACT:  F.A. SIMMS AND PARNTERS PLC
          Insol, House
          39 Station Road, Lutterworth,
          Leicestershire LE17 5AP
          Contact:
          Richard Simms, Liquidator
          Alan Limb, Liquidator


CABLE & WIRELESS: Completes Acquisition of Monaco Telecom
---------------------------------------------------------
On 2 June 2004, Cable and Wireless plc entered into a
conditional agreement to acquire for cash a 55% stake in Monaco
Telecom S.A.M. from Vivendi Universal through the acquisition of
100% of the issued share capital of Compagnie Monegasque de
Communication.

Having received the required approval of the Principality of
Monaco, Cable & Wireless is pleased to announce that it has on
Friday completed the acquisition.  Cable & Wireless will have
full management control over Monaco Telecom.

Cable & Wireless has entered into a shareholders' agreement with
the Principality, which contains, among other provisions, a
prohibition on either Cable & Wireless or the Principality
(subject to certain limited exceptions) selling their shares in
Monaco Telecom for 5 years, mutual pre-emption rights on the
transfer of shares and certain other limited rights in favors of
the Principality.  The Principality also has a put option
entitling it to put its 45% shareholding in Monaco Telecom at
certain times after 1 January 2008.  The exercise price under
the put option is fair market value, taking into account the
nature of the minority stake in Monaco Telecom.

Monaco Telecom is an integrated telecommunications operator
created in 1997 following the privatization of the
Principality's incumbent public telecommunications operator.
Monaco Telecom has a license to provide public
telecommunications services throughout Monaco, with exclusive
rights to provide fixed line, mobile, internet access, and cable
services in Monaco until at least 2014.  Internationally, Monaco
Telecom has operated a mobile network in Kosovo since 2000,
under a management contract and, at the beginning of 2003,
it was awarded the second GSM license in Afghanistan as the
strategic partner in a consortium 51% owned by the Aga Khan Fund
for Economic Development.

CONTACT:  CABLE & WIRELESS PLC
          Investor Relations:
          Virginia Porter
          Acting Director
          Phone: +44 20 7315 4460

          Craig Thornton
          Manager
          Phone: +44 20 7315 6225

          Glenn Wight
          Manager
          Phone: +44 20 7315 4468

          Media:
          Lesley Smith
          Group Director of Corporate & Public Affairs
          Phone: +44 20 7315 4410

          FINSBURY
          Alice Macandrew
          Phone: +44 20 7251 3801


CANARY WHARF: Songbird Offer Extended Until June 24
---------------------------------------------------
On 16 April 2004, Songbird announced the terms of a recommended
cash offer for the entire issued share capital of Canary Wharf.
The Offer Document, together with the AIM Document, was
subsequently posted to Canary Wharf Shareholders on 23 April
2004.  On 21 May 2004, Songbird declared that the Offer had
become unconditional in all respects and extended the Offer to 4
June 2004.  The Offer was subsequently extended until 10 June
2004 and then until 17 June 2004.

As at 1:00 p.m. (London time) on 17 June 2004, Songbird had
received valid acceptances, and Songbird Estates plc had
acquired, a total of 384,407,004 Canary Wharf Shares,
representing approximately 65.7% of the existing issued share
capital of Canary Wharf.

Included in this total are the 85,004,663 Canary Wharf Shares
held by the Glick Entities, representing approximately 14.5% of
the issued share capital of Canary Wharf, which have been
acquired by Songbird Estates.

Included within the acceptances are those acceptances received
pursuant to the irrevocable undertaking to accept the Offer
given by companies held by a trust for the benefit of HRH Prince
Alwaleed Bin Talal Abdulaziz Al Saud and his family in respect
of 13,288,000 Canary Wharf Shares, representing approximately
2.3 percent of the issued share capital of Canary Wharf.  Also
included in the acceptances are those received from the former
members of the Independent Committee, George Iacobescu and Peter
Anderson, who stated in the Offer Document their intention to
accept the Offer in respect of their beneficial holdings of
3,955,001 Canary Wharf Shares, representing approximately 0.7
percent of the issued share capital of Canary Wharf.

As at the close of business on 16 June 2004, the Morgan Stanley
Group was the beneficial owner of 732,328 Canary Wharf Shares
and held 27,295 Canary Wharf Shares on behalf of clients.  Valid
acceptances have been received by Songbird in respect of 748,573
of these Canary Wharf Shares.  As at the close of business on
16 June 2004, Goldman Sachs International was the beneficial
owner of 239 Canary Wharf Shares.  Valid acceptances have not
been received by Songbird in respect of these Canary Wharf
Shares.

Save as disclosed above, neither Songbird nor any person acting,
or deemed to be acting, in concert with Songbird held any Canary
Wharf Shares or rights over Canary Wharf Shares prior to the
Offer Period and neither Songbird nor any person acting, or
deemed to be acting, in concert with Songbird has acquired or
agreed to acquire any Canary Wharf Shares or rights over Canary
Wharf Shares during the Offer Period.

               Extension of Offer to 24 June 2004

Songbird announces that the Offer will remain open for
acceptances until 1:00 p.m. (London time)/8:00 a.m. (New York
time) on Thursday, 24 June 2004.  The Offer will then close
unless further extended.

Songbird also announces that Canary Wharf Shareholders will
continue to be able to elect to vary the proportions of Class B
Shares and cash consideration they receive in respect of their
Canary Wharf Shares.

As a result of the extension of the Offer until 24 June 2004,
Canary Wharf Shareholders will be able to accept the Offer and
make an election to vary the proportions of Class B Shares and
cash consideration that they receive in respect of their
holdings of Canary Wharf Shares.  If they so elect, Canary Wharf
Shareholders will be able to receive 295 pence in cash per
Canary Wharf Share.  However they will not be able to elect to
receive Class C Shares in lieu of consideration to which they
would otherwise be entitled.

As permitted by the terms and conditions of the Offer, Songbird
will elect to treat elections received (or validated or
completed) during the period from 1:00 p.m. (London time)/8:00
a.m. (New York time) on 17 June 2004 until 1:00 p.m. (London
time)/8:00 a.m. (New York time) on Thursday 24 June 2004 as
forming a separate pool of elections for the purposes of
determining the cash and Class B Shares available to meet such
elections.  The number of Class B Shares that will therefore be
made available to meet elections made after 1:00 p.m. (London
time)/8:00 a.m. (New York time) on 17 June 2004 until 1:00 p.m.
(London time)/8:00 a.m. (New York time) on Thursday 24 June 2004
for the purposes of paragraph 6 of Part B of Appendix 1 to the
Offer will be determined based upon the number of valid
acceptances received (or validated or completed) during that
period.

Canary Wharf Shareholders should note that, if any elections
received during this period purport to make an election for
Class C Shares, those elections will be deemed to be elections
for Class B Shares and will be dealt with accordingly.

Settlement of the consideration due to Canary Wharf Shareholders
who accept the Offer after 1:00 p.m. (London time)/8:00 a.m.
(New York time) on 17 June 2004 will be made within 14 days of a
valid acceptance.

Canary Wharf Shareholders who wish to accept the Offer, and who
have not done so, should complete their Form(s) of Acceptance in
accordance with the instructions printed thereon, whether or not
their Canary Wharf Shares are held in certificated or
uncertificated form, and return them by post or (during normal
business hours) by hand to Capita IRG Plc, Corporate Actions,
P.O. Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent
BR3 4TH as soon as possible and, in any event, so as to be
received by no later than 1:00 p.m. (London time)/8:00 a.m. (New
York time) on Thursday 24 June 2004.

Additional copies of the Offer Document, Forms of Acceptance and
the AIM Document can be obtained by telephoning Capita on 0870
162 3100 (or, if calling from outside the United Kingdom, Phone:
+44 20 8639 2157).

CONTACT:  CANARY WHARF
          Press Inquiries:
          MORGAN STANLEY
          Mark Warham
          Brian Magnus
          Phone: +44 20 7425 5000

          ROTHSCHILD
          Alex Midgen
          Ben Davey
          Phone: +44 20 7280 5000

          KPMG CORPORATE FINANCE
          Michael Higgins
          Richard Brown
          Phone: +44 20 7311 1000

          HOARE GOVETT
          Nigel Mills
          Ranald McGregor-Smith
          Phone: +44 20 7678 8000

          TULCHAN COMMUNICATIONS
          Andrew Grant
          Katie Macdonald-Smith
          Phone: +44 20 7353 4200

          SMITHFIELD FINANCIAL
          John Antcliffe
          Phone: +44 20 7360 4900

          FINSBURY LIMITED
          Phone: +44 20 7251 3801


CAR COSMETICS: Brings in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Car Cosmetics (Essex)
Ltd Company on June 9, 2004 held at Salisbury House, 31 Finsbury
Circus, London EC2M 5SQ, the Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Duncan R Beat
has been appointed Liquidator of the Company.


CARPETS INTERNATIONAL: Hires KPMG Liquidator
--------------------------------------------
At an Extraordinary General Meeting of the Carpets International
(U.K.) Limited Company on June 11, 2004 held at KPMG LLP, 1 The
Embankment, Neville Street, Leeds LS1 4DW, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Francis Graham Newton and Richard Dixon Fleming of KPMG LLP have
been appointed Joint Liquidators for the purpose of such
winding-up.

CONTACT:  KPMG LLP
          1 The Embankment,
          Neville Street, Leeds LS1 4DW
          Contact:
          Francis Graham Newton, Liquidator
          Richard Dixon Fleming, Liquidator


CAR SUPERSTORE: Meeting of Unsecured Creditors June 29
------------------------------------------------------
The unsecured Creditors of The Car Superstore Limited Company
will have a General Meeting on June 29, 2004 at 11:00 a.m.  It
will be held at BDO Stoy Hayward LLP, Commercial Buildings, 11-
15 Cross Street, Manchester M2 1BD.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, Commercial Buildings, 11-15
Cross Street, Manchester M2 1BD not later than 12:00 noon, June
28, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          Commercial Buildings
          11-15 Cross Street,
          Manchester M2 1BD
          Contact:
          D J Power, Joint Administrative Receiver


CEROANNI LTD.: Owner Leaves Several Brides-to-be Teary-eyed
-----------------------------------------------------------
Administrators have been appointed to Bristol-based wedding
dress shop Ceroanni Ltd. whose owner, Gaetano Nocera, has fled
to Italy, leaving many brides-to-be unable to claim their gowns.

Roger Isaacs, of Milsted Langdon chartered accountants and
insolvency practitioners, was appointed administrator Friday,
according to Europe Intelligence Wire.  Mr. Isaacs said, "We
have managed to salvage the position for the vast majority of
people.  The ones who have paid for their dresses that are not
in the shop are the real losers, because not only have they lost
their money, there is no dress for them."

Pinxit Bridal, which has been in talks with the administrators,
bought all of the company's stock with a view to sorting out the
chaos Mr. Nocera left.  David Brand, of Pinxit Bridal, said, "We
are not in a position to buy the company.  We have just bought
the stock.  As you can probably understand we are dealing with a
lot of very upset women."

"We are trying to reunite the girls with their dresses, which
are still in the shop and can be matched up.  We will make every
effort to give brides their dresses by working on behalf of the
administrators and will collect any outstanding balances for
them," Mr. Brand added.

CONTACT:  MILSTED LANGDON
          Winchester House
          Deane Gate Avenue
          Taunton
          TA1 2UH
          Phone: 01823 445566, 01823 445593
          Fax : 01823 445555
          E-mail: advice@milsted-langdon.co.uk
          Web site: http://www.milsted-langdon.co.uk


COLLINGWOOD DEVELOPMENTS: Hires Deloitte & Touche Administrator
---------------------------------------------------------------
Adrian Berry and Ian Brown of Deloitte & Touche have been
appointed joint administrative receivers for Collingwood
Developments Limited.  The appointment was made June 11, 2004.
The company develops properties.

CONTACT:  DELOITTE & TOUCHE LLP
          34-40 Grey Street,
          Newcastle upon Tyne NE1 6AE
          Receivers:
          Adrian Berry
          Ian Brown (IP No 8601, 7236)


COLTAN ENGINEERS: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the Coltan
Engineers Limited Company on June 8, 2004 held at Emerald House,
20-22 Anchor Road, Aldridge, Walsall WS9 8PH, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.  C
H I Moore has been appointed Liquidator for the purpose of such
winding-up.


CONISTON HOTELS: Final Meeting Set July 29
------------------------------------------
The Coniston Hotels (Sittingbourne) Ltd Company will have a
Final Meeting on July 29, 2004 at 10:00 a.m.  It will be held at
Bank Chambers, 1 Central Avenue, Sittingbourne, Kent ME10 4AE.

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.


CROWNCAST LIMITED: Names Liquidator from Smith & Williamson
-----------------------------------------------------------
At an Extraordinary General Meeting of the Crowncast Limited
Company on June 7, 2004 held at The Coniston Hotel, 70 London
Road, Sittingbourne, Kent ME10 1NT, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
Mark Newman of Smith & Williamson Ltd, First Floor, Holbrook
House, 72 Bank Street, Maidstone, Kent ME14 1SN has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  SMITH & WILLIAMSON LTD
          First Floor, Hoolbrook House,
          72 Bank Street, Maidstone,
          Kent ME14 1SN
          Contact:
          Mark Newman, Liquidator


DECO HOLDINGS: Appoints Receivers from Begbies Traynor
------------------------------------------------------
The Deco Holdings Limited Company has appointed Jamie Taylor and
David Paul Hudson of Begbies Traynor as joint administrative
receivers.  The appointment was made June 8, 2004.

The company manufactures furniture.  Its registered office
address is located at Blandford Hill, Milborne St Andrew, Dorset
DT11 0HZ.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea, Essex SS1 2EG
          Receivers:
          Jamie Taylor
          David Paul Hudson
          (IP Nos 002748, 008977)


EIDOS PLC: Considers Selloff After Third Profit Warning
-------------------------------------------------------
Computer games publisher Eidos has made a sale an option as it
reviews strategic alternative to survive in a highly competitive
market.

It announced it would entertain interest from rivals as it warns
of a potential small loss due to the rescheduling of the release
of "ShellShock: Nam 67", its latest video game, to September.

"The expected contribution from this rescheduled title will fall
into the financial year ending on 30 June 2005 and consequently
the company now expects to report a breakeven-to-small loss for
the financial year to 30 June 2004," it said.

The statement follows a second warning last month that sales
performance of "Hitman: Contracts" had proved disappointing and
would have a negative impact on profits.  It recognized then
that scale, diversity and financial strength, were becoming ever
more important in the computer games market.  Added to it is the
need to invest more heavily in research and development ahead of
the next hardware cycle.

"These market trends and the changing competitive landscape mean
that Eidos is becoming increasingly reliant on the performance
of key titles," the company said.

After Thursday's share movements, the company's market value was
GBP156 million.  According to independent.co.uk, interested
parties in Eidos might include Sony, Microsoft, Activision and
Electronic Arts.

CONTACT:  EIDOS INTERACTIVE LTD.
          Wimbledon Bridge House
          1 Hartfield Road
          Wimbledon
          London
          SW19 3RU
          Phone: (+44) 20 8636 3000
          Fax: (+44) 20 8636 3001
          Home Page: http://www.eidos.co.uk


EORIGEN LIMITED: Names Elwell Watchorn & Saxton Administrator
-------------------------------------------------------------
The Internet-based E-learning company, Eorigen Limited has
appointed Graham Stuart Wolloff and Richard John Elwell as joint
administrative receivers.  The appointment was made June 11,
2004.

CONTACT:  ELWELL WATCHORN & SAXTON
          2 Axon, Commerce Road,
          Lynchwood, Peterborough PE2 6LR
          Receivers:
          Graham Stuart Wolloff
          Richard John Elwell
          (IP Nos 8879, 6057)


EVENTER LIMITED: Close Invoice Appoints Receivers
-------------------------------------------------
Close Invoice Finance Limited called in Anthony Murphy, Roger
Tulloch and Robert Horton of Smith & Williamson Limited as
receivers for advertising and design consultancy firm, Eventer
Limited (Reg No 02602705).  The application was filed June 11,
2004.

CONTACT:  SMITH & WILLIAMSON LIMITED
          No 1 Bishops Wharf,
          Walnut Tree Close, Guildford,
          Surrey GU1 4RA
          Receivers:
          Anthony Murphy
          Roger Tulloch
          Robert Horton
          (Office Holder Nos 8716, 9174, 8922)


FORSBROOK FURNITURE: Names Liquidator from David Horner & Co
------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Forshbrook Furniture Limited Company on June 8, 2004 held at the
offices of David Horner & Co., 11 Clifton Moor Business Village,
James Nicolson Link, York YO30 4XG, the Ordinary and
Extraordinary Resolutions to wind up the company were passed.
David Anthony Horner of David Horner & Co, 11 Clifton Moor
Business Village, James Nicolson Link, York YO30 4XG has been
appointed Liquidator for the purpose of such winding-up.

CONTACT:  DAVID HORNER & CO
          11 Clifton Moor Business Village,
          James Nicolson Link,
          York YO30 4XG
          Contact:
          David Anthony Horner, Liquidator


GILES MACHINE: Names Liquidator from Harris Lipman
--------------------------------------------------
At an Extraordinary General Meeting of the Giles Machine Tools
Limited Company on June 10, 2004 held at the offices of Harris
Lipman, Atlantic House, Imperial Way, Reading RG2 0TD, the
Special, Ordinary and Extraordinary Resolutions to wind up the
company were passed.  Stephen L Harfitt of Harris Lipman,
AtlanticCourt, Imperial Way, Reading RG2 0TD has been appointed
Liquidator for the purpose of such winding-up.

CONTACT:  HARRIS LIPMAN
          AtlanticCourt
          Imperial Way,
          Reading RG2 0TD
          Contact:
          Stephen L Harfitt, Liquidator


GREYCOAT FINANCE: In Administrative Receivership
------------------------------------------------
Eurohypo Aktiengesellschaft called in Richard Heis and Jane
Bronwen Moriarty as receivers for Greycoat Finance Limited
Company (Reg No 3271970, Trade Classification: 70120).  The
application was filed June 11, 2004.  The company is engaged in
real estate operations.

CONTACT:  Richard Heis
          Jane Bronwen Moriarty
          (Office Holder Nos 8618, 9095)
          8 Salisbury Square, London EC4Y 8BB


GREYCOAT MANAGEMENT: Eurohypo Aktiengesellschaft Names Receivers
----------------------------------------------------------------
Eurohypo Aktiengesellschaft called in Richard Heis and Jane
Bronwen Moriarty receivers for Greycoat Management & Finance Ltd
Company (Reg No 00578094, Trade Classification: 93050).  The
application was filed June 11, 2004.  The company is engaged in
management services.

CONTACT:  Richard Heis
          Jane Bronwen Moriarty
          (Office Holder Nos 8618, 9095)
          8 Salisbury Square, London EC4Y 8BB


HANDMADE SOAP: Hires Houghton Stone Business Administrator
----------------------------------------------------------
The Handmade Soap Company Limited has appointed Simon Thornton
of Houghton Stone Business Recovery as joint administrative
receiver.  The appointment was made June 9, 2004.  The company
manufactures soap.

CONTACT:  HOUGHTON STONE BUSINESS RECOVERY
          The Conifers
          Filton Road, Hambrook,
          Bristol BS16 1QG
          Receiver:
          Simon Thornton
          (IP No 9031)


H A WOODS: Hires Oury Clark Liquidator
--------------------------------------
At an Extraordinary General Meeting of the H A Woods Limited
Company on June 11, 2004 held at Herschel House, 58 Herschel
Street, Slough SL1 1PG, the Special, Ordinary and Extraordinary
Resolutions to wind up the company were passed.  Elliot Harry
Green and Derrick Arthur Smith of Oury Clark, Herschel House, 58
Herschel Street, Slough, Berkshire SL1 1HD have been appointed
Joint Liquidators for the purpose of such winding-up.

CONTACT:  OURY CLARK
          Herschel House
          58 Herschel Street, Slough,
          Berkshire SL1 1HD
          Contact:
          Elliott Harry Green, Liquidator
          Derrick Arthur Smith, Liquidator


HIT ENTERTAINMENT: Reduced Order from U.S. to Hit Profit
--------------------------------------------------------
HIT Entertainment warned last week that its profit would be
below market expectations after a major U.S. costumer made a
significant reduction of its order for the children's television
company's products.  It now expects pre-tax profits for the year
to be 15 to 20% below market expectations of GBP41 million.

Shares in the company plunged from 83p to 210p or a drop of 28%
after the announcement, wiping off some GBP131 million on the
company's market capitalization.

HIT, which gets 60% of its revenues from the U.S., said that it
already had shipped additional stock to the U.S.  However, those
stocks are to be shipped back after its major retailer --
identified by Times Online as Wal-Mart -- decided to reduce
distribution of children's videos and DVDs.  Wal-Mart believes
that it would be more profitable if it devotes the space to
other products, according to the report.

According to independent.co.uk, analysts at Bridgewell
Securities commented that were surprised by the extent of the
profits hit.  "For this to have had such an impact 11 months
into its current trading year suggests a pretty sizeable stock
write-down," they said.  There are now worries that other
retailers may follow suit.

HIT chief executive Rob Lawes expressed that despite "this
disappointing development" HIT remains a highly profitable
company.  It had "one of the strongest portfolios of young
children's properties and a strong home entertainment release
schedule in the months ahead", he said.

Mr. Lawes asserted that HIT is still optimistic and is pleased
at the progress being made toward pursuing a plan to establish a
digital television pre-school channel in the U.S. with the cable
group Comcast and other partners.

CONTACT:  HIT ENTERTAINMENT PLC
          Maple House
          149 Tottenham Court Road
          London W1T 7NF
          U.K.
          Phone: +44 (0)20 7554 2500
          E-mail: sforrest@hitentertainment.com
          Home page: http://www.hitentertainment.com
    Contact:
          Simon Forrest, Director of Corporate Communications
                         Investor Relations


JARVIS PLC: Fastline Buyout Cleared of Antitrust Concern
--------------------------------------------------------
Competition Minister Gerry Sutcliffe is releasing Jarvis plc
from undertakings it gave in lieu of a merger reference to the
then Monopolies and Mergers Commission in 1998.

Mr. Sutcliffe said:

"The Office of Fair Trading has advised me that the undertakings
given by Jarvis in relation to its purchase of Fastline Group
Limited are no longer necessary.

"Given that Network Rail announced on 24 October 2003 that it no
longer intended to outsource maintenance contracts, competition
for such contracts will cease.  This removes the competition
concern which led to the undertakings originally being sought."

                            *   *   *

(a) The then Secretary of State accepted undertakings from
    Jarvis in lieu of reference on 12 February 1998.  This
    decision was taken under Section 75G of the Fair Trading Act
    1973.

(b) The acquisition of Fastline resulted in Jarvis owning over
    half of certain types of specialized railway infrastructure
    maintenance equipment necessary for infrastructure
    maintenance contractors (IMCs) -- of which Jarvis was one --
    wishing to compete for infrastructure maintenance contracts.
    The competition concern was that, in the short to medium
    term, IMCs seeking to compete against Jarvis for these
    contracts might not have adequate access to such equipment.
    The undertakings required Jarvis to set up a separate
    company for the hire of this equipment which would be
    operated on a non-discriminatory basis.  Since 1998, the
    supply of this equipment has become more competitive as the
    number of suppliers has increased.

(c) Copies of the original undertakings, and the present release
    document are available from Ian Lomas, CCP3, Department of
    Trade and Industry, Room 637, 1 Victoria Street, London SW1H
    0ET and e-mail Ian.Lomas@dti.gsi.gov.uk or call 020 7215
    5009 or fax 020 7215 6565.

                            *   *   *

Jarvis struggled after its reputation was tarnished by the train
derailment at Potters Bar in 2002.  In May broker Dresdner
Kleinwort Wasserstein lowered its earnings prediction for the
engineering group from GBP51 million to GBP40.4 million for
2004.


K17 LIMITED: Appoints CBA Administrator
---------------------------------------
The K17 Limited Company (Reg No 03695612) has appointed Neil
Charles Money and Mark Grahame Tailby of CBA as joint
administrators.  The appointment was made June 9, 2004.

The company is an agent in textiles, footwear among others.  Its
registered office address is c/o 435 Lichfield Road, Aston,
Birmingham B6 7SS.

CONTACT:  CBA
          Lichfield Place
          435 Lichfield Road, Aston,
          Birmingham B6 7SS
          Joint Administrators:
          Neil Charles Money
          Mark Grahame Tailby
          (Office Holder Nos 8900, 9115)


MARKS & SPENCER: Green Seeking Backer from U.S. Investors
---------------------------------------------------------
Entrepreneur Philip Green is trying to solicit support for his
attempt to take over clothing retailer Marks & Spencer from
across the continent, The Scotsman reports.

Mr. Green is understood to be arranging meetings with Marks &
Spencer's U.S. shareholders, particularly San Diego-based
investment fund Brandes.  Brandes has a stake of almost 12% and
is the firm's biggest shareholder.

Mr. Green refused to comment on speculation that he would
abandon the plan if he does not get the backing, according to
The Scotsman.  He also said he has no pending meetings "at the
moment."

Mr. Green approached the company last week with an increased
GBP8.4 billion-offer 375p-a-share), but was again turned down.
To note, analysts have warned that Marks & Spencer will not
entertain bids lower than GBP400 p-a-share.

Mr. Green reportedly told Marks & Spencer about an arranged
financing of up to GBP11.9 billion for the bid.  Under it,
Goldman Sachs, the U.S. investment bank, would be providing
GBP800 million through its private equity arm.


MARKS & SPENCER: Survey Mirrors High Confidence in New Chief
------------------------------------------------------------
Majority of Marks & Spencer customers is in favor of a
reorganization of the company under new chief executive Stuart
Rose rather than a selloff to billionaire Philip Green.

According to Reuters, an ICM survey shows 70% of Marks & Spencer
shoppers and 62% of all consumers surveyed said Mr. Rose should
be allowed to make his planned changes at the clothing retailer.

Mr. Stuart was brought in this month to ward off a takeover
attempt from the owner of Bhs department stores and Top Shop and
Dorothy Perkins fashion chains.  Last week he rejected an
improved GBP8.4 billion bid approach from Mr. Green.  He will
take charge of the women's clothing department to reassure
investors of sales growth and boost in share value.

The survey of 1,000 consumers by ICM, which was published in
trade magazine Retail Week, showed that 36% of consumers wanted
the shop to go back to how it was five to 10 years ago, against
just 31% who did not.

Marks & Spencer had increasingly lost customers to fashion rival
Next and supermarkets such as Tesco and Asda.  Mr. Rose has
brought in former colleagues such as Charles Wilson and Steven
Sharp to overhaul the company.


MILBORNE LIMITED: Hires Begbies Traynor Administrator
-----------------------------------------------------
The Milborne Limited Company has appointed Jamie Taylor and
David Paul Hudson as joint administrative receivers.  The
appointment was made June 8, 2004.  The company manufactures
furniture.

CONTACT:  BEGBIES TRAYNOR
          The Old Exchange,
          234 Southchurch Road,
          Southend-on-Sea, Essex SS1 2EG
          Receivers:
          Jamie Taylor
          David Paul Hudson
          (IP Nos 002748, 008977)


MISYS PLC: Difficulties in Banking and Securities Hit Revenues
--------------------------------------------------------------
Trading Update

Misys' Executive Chairman, Kevin Lomax said:

"Misys' performance as a Group is in line with expectations.  We
have seen an improved second half in both Banking and Securities
and Healthcare with increases in order intake in both and
significant customer wins that validate our product and market
focus.  However, in Banking and Securities conditions continue
to be challenging.  In Healthcare we continue to invest heavily
in our clinical products suite.  In Sesame there are signs that
the environment may be improving, but we are also investing in
the delivery of new market offerings ahead of the various
regulatory changes expected at the turn of the current calendar
year.  General Insurance continues to perform well."

Overview

The trading performance of the Group since the announcement of
the interim results in January 2004 has been in line with
expectations and consistent with the guidance we gave then.
Overall Group revenues for the year are expected to be 10% below
last year.  Continued weak market conditions led to a reduction
in revenues in both the Banking and Securities Division and the
Financial Services Division, and the disposal of two non-core
Banking and Securities businesses further reduced revenues in
that division.  In contrast, Misys Healthcare performed well
although the further strengthening of Sterling against the U.S.
Dollar means that reported revenues will be slightly below those
in the prior year.

Group operating margins for the first half were around two
percentage points below those reported in the comparable period
last year and the margins for the full year are expected to show
about the same level of reduction.

There were, nevertheless, signs of improvement in both the
Banking and Securities Division and in Sesame.  In Banking and
Securities, Initial License Fee (ILF) order intake, on a
comparable basis, was 8% ahead of last year in the second half
and marginally up for the year as a whole.  This increase
reflects a number of large orders signed in the second half. In
Sesame there was evidence towards the end of the year of
stabilization in the number of our registered individuals (RIs),
a positive trend in RI productivity and strong uptake of our new
mortgage and general insurance offerings.

Banking and Securities Division

Total divisional revenues for the full year are expected to be
down by 14% on last year although total revenues in the second
half, on a comparable basis, were broadly in line with the prior
period.  While there is evidence that some banks' IT budgets are
starting to grow again, banks remain cautious in initiating
larger IT projects.

Against this background, the Division's increased product and
market focus led to a number of high value deals being signed
during the year.  Misys Wholesale signed contracts for Midas
plus, our new global processing solution, with a number of
leading banks including HBOS, OCBC, Banco do Brasil and
Bayerische Landesbank.  The ILF order intake on these larger
deals averaged more than GBP1.6 million.  Misys Wholesale also
saw progress in emerging markets, including five new customer
wins at domestic banks in China.  Loan IQ, which we acquired
during the second half, and Crossmar Matching Service (CMS) have
both performed well.

Our increased strategic focus on the retail market is bearing
fruit, with Misys Retail closing a number of significant deals
during the year.  These included a major deal with CC Bank in
Germany, the consumer finance organization of Santander Group.
This deal has a substantial services component and will be
implemented over the next three years.  In addition, we have
also signed a number of large services only contracts including
Fundacion and Bank of Butterfield.  This activity, together with
several high value deals from Summit, which included Bayerische
Landesbank, FHLB, Bank of China and Mitsui, contributed to the
increase in both ILF and Professional Services backlog.

Expected revenues and order intake for the financial year are as
follows:

                                      % change from last year
                              As reported        On a comparable
basis *
                      Full year      H1       H2       Full year

Total divisional
revenues                -14%       -14%       -1%         -8%

Initial License Fees    -18%       -16%       -3%         -10%

Maintenance              -5%        +1%        0%          +1%

Professional Services   -30%       -38%       -2%         -23%


                                   Year ended 31 May 2004
                                      % change from last year
            GBPm          As          On a comparable basis *
                         reported

                                    H1       H2        FY
ILF order
intake full
year         67           -9%      -8%      +8%       +1%

Closing ILF
order book   27           +5%      -6%     +11%      +11%
---------
Footnote:

* On a comparable basis means at constant exchange rates,
excludes the incremental benefit in 2004 of the 2003 and 2004
acquisitions and excludes the results of the disposals from both
years.

Analysis of results on a comparable basis.  While ILF order
intake for the full year was 1% above last year, ILF order
intake in the second half at GBP38 million was 8% ahead of the
comparable period last year.  ILF taken to revenue was lower by
10%, but the closing ILF order book at GBP27 million was higher
than at the end of both May and November 2003.  The lower level
of ILF revenues over the last 12 months has continued to hold
back the growth in maintenance revenues.  Professional Services
revenues in the second half were, as anticipated in January,
ahead of those in the first half and only just below the
equivalent period last year.

Operating margins, excluding the effects of acquisitions and
disposals from both years, are expected to be below those
achieved last year, principally as a result of the reduced
revenue.

Acquisitions and disposals.  Towards the end of the first half
we announced the sale of the U.K. back office products business
from within Misys Asset Management Systems and certain equities
trading products from within Misys Securities Trading Systems
(MSTS), with the remaining elements of MSTS sold in early
December 2003.  From 1 June 2003 up to the dates of their
respective disposal, these businesses recorded revenue of GBP13
million (year to 31 May 2003: GBP44 million) and operated at
breakeven (2003: operating profit GBP7 million).

In late April 2003 we acquired Crossmar Matching Services (CMS),
which, during the year to May 2004, recorded revenues of GBP7
million (all of which were transaction services revenues).  In
January 2004 we acquired Loan IQ, which recorded revenues of
GBP5 million from then to the end of the year.  Both businesses
had operating margins broadly in line with the rest of the
Division.

Misys Healthcare Systems

Total underlying divisional revenues in U.S. Dollar terms, and
excluding the effect of the Misys CPR (formerly Patient1)
acquisition, are expected to be 3% ahead of last year.  The
further strengthening of Sterling against the U.S. Dollar has
continued to impact reported sterling revenues which, including
Misys CPR, are expected to be 1% below the equivalent period
last year.

Over the past year, we signed significant contracts that further
support our areas of clinical focus in each of the venues of
care - hospitals, physician offices and the patient's home.

In the hospitals venue we signed two significant contracts, with
POH Medical Center, our first CPR/EMR contract, and with Pascack
Valley Hospital, our first CPR/Laboratory contract.  We were
also successful in expanding our business with existing CPR and
departmental clients.  In physician offices, Misys EMR showed
strong growth in order intake, including a new contract with
Genesys Health Ventures, our largest ever EMR deal.  It is clear
that the rate of growth in the EMR market is accelerating.
Given this opportunity we are bringing forward our investment in
product development in this area.  This will result in an
incremental research and development spend of around GBP3
million in the current year.

Within the expanding patient homecare market, Misys Homecare
experienced continued strong growth highlighted by several large
deals including Catholic Healthcare West, St. Vincent's Medical
Center and New England Home Care.  We also announced Misys
Optimum, our enterprise clinical product suite, that operates
across all venues of care.

Expected revenues and order intake for the financial year are:

                              % change from last year
                     As reported      On a comparable basis *
                       Full year       H1      H2    Full year

Total divisional revenues  -1%         +6%     0%       +3%

Initial License Fees        1%        +14%     0%       +7%

Maintenance                 2%         +9%    +6%       +7%

Transaction Services       -8%         +2%    +1%       +2%


                              Year ended 31 May 2004
                                      % change from last year
                GBPm      As        On a comparable basis *
                       reported
                                    H1        H2       FY

ILF order
intake full year 54       -1%       -8%      +13%      +3%

Closing ILF
order book       31       -4%      -16%       -4%      -4%

--------
Footnote:

* On a comparable basis means at constant exchange rates,
excluding the incremental benefit of the current year
acquisition.

Analysis of results on a comparable basis.  Overall, the
Division reported good growth in revenues with both ILF and
maintenance revenue achieving 7% growth.  The slower growth in
transaction services revenues continues the trend that has been
evident over the last 18 months and is in line with the
experience of other suppliers in the market.

Total ILF order intake was 3% ahead of the prior year and
reflects a relatively weaker H1 (down 8%) but a considerably
stronger H2 (up 13%).  The closing ILF order book, on a
comparable basis (excluding Misys CPR), at GBP27 million, is
above November 2003 but below May 2003.  ILF revenues were ahead
in H1 by 14%.  This principally reflects the fact that Hospital
Systems have made good progress, particularly in the first half,
completing the final phase of a number of older orders, enabling
us to recognize the related revenues.  In H2 ILF revenues were
in line with the prior year period.

Operating margins in Healthcare, excluding Misys CPR and the
associated integration costs, are expected to be slightly ahead
of last year.  (For more information on the impact of exchange
rates see 'Notes for Guidance' at the end of this statement).

Acquisitions.  Misys CPR (formerly Patient1), acquired in July
2003, has made a strong start with ILF order intake, at GBP3m,
well ahead of our expectations.  We have signed a number of
large orders including our first combined Misys EMR/Misys CPR
deal. During the year Misys CPR recorded revenues of GBP15
million (including GBP2 million ILF) and, as expected, operated
at breakeven before integration costs.  In the full year these
one-off integration costs were approximately GBP3 million.  The
total integration costs are expected to amount to approximately
GBP7 million and nearly all of the balance of these costs will
be incurred in the current financial year.  These costs will not
be treated as exceptional costs and will be charged to operating
profits.

Financial Services Division

Revenues in Sesame for the full year are expected to be 18%
below last year.  As anticipated in January, while we have
continued to see a reduction in the overall number of registered
individuals (RIs) in our regulated network, the rate of decline
has slowed in the second half.  The overall number of RIs in our
regulated and unregulated networks has stabilized in the second
half as set out below.  In addition the productivity of our
members has improved during the period.  Ahead of the
forthcoming regulation of the mortgage and general insurance
markets, the take up of our new service offerings to members has
been well ahead of expectations.

            Average No of RIs for the   Closing No of RIs
                  year ended

             May     May                  May    Nov    May
             2003    2004                 2003   2003   2004

Regulated   6,450    5,000               5,600   4,800  4,550

Unregulated   650    1,300               1,000   1,250  1,550

Total       7,100    6,300               6,600   6,050  6,100

Operating margins in Sesame in the second half are expected to
be about half those in the first half.  This reduction is due to
the reduced number of RIs in the network, the full six-month
effect of the harmonization of pricing rates introduced in
August 2003, the increased cost of compliance and regulation
together with the additional investment required ahead of the
introduction of the regulation of mortgage and general insurance
in October 2004 and January 2005.  The continuation of this
investment together with preparations for the introduction of
multi-tie arrangements will result in Sesame operating at just
above break even in the first half of the year.  The revenues
associated with the new products will start to come through in
the second half.

The General Insurance business has delivered another good
performance with increased levels of order intake and a record
level of operating profit.  The business also saw record levels
of EDI transactions and successfully launched a number of new
products including Premium Finance, FSA Regulation and OASys
Commercial software modules.

Interest and Taxation

Interest charged during the year will be below that for last
year mainly reflecting lower average interest rates

As reported in January, in the first half the Group reached
agreement with various revenue authorities, particularly in the
US, covering a number of prior years.  The provisions at 31 May
2003 relating to these outstanding periods exceeded the
additional cash payments arising from the agreements and, as a
result, there will be a prior year tax credit in the Profit and
Loss Account amounting to GBP14.6 million.  Given the size of
this prior year item we intend to exclude it from our adjusted
EPS figures.  The underlying tax rate for the full year, before
prior year credits, is expected to be an effective rate on
profit before taxation, non-operating exceptional items and
goodwill amortization of no more than 15%.

Share Capital

During the year the Group has purchased 45.4 million shares
(either into the ESOP, or into Treasury or to be cancelled) all
of which have the effect of reducing the average number of
shares in issue used for the EPS calculation to 544m compared
with 564 million last year.

CONTACT:  MISYS PLC
          Andrew Farmer
          Head of Investor Relations
          Phone:  +44 (0) 20 7368 2307
          Mobile: +44 (0) 7909 895 094

          Susan Cottam
          Group Communications Director
          Phone:  +44 (0) 20 7368 2305
          Mobile: +44 (0) 7957 807 721


NEXTFINE LIMITED: Names Liquidator from Tenon Recovery
------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Nextfine Limited Company on June 3, 2004, the subjoined Special
Resolution to wind up the company was passed.  Ian William Kings
of Tenon Recovery, Tenon House, Ferryboat Lane, Sunderland SR5
3JN has been appointed Liquidator for the purpose of such
winding-up.

CONTACT:  TENON RECOVERY
          Tenon House
          Ferryboat Lane
          Sunderland SR5 3JN
          Contact:
          Ian William Kings, Liquidator


NORTHERN FOODS: Lodges Annual Report with Listing Authority
-----------------------------------------------------------
Copies of (a) Annual report, (b) Annual review, (c) Circular to
shareholders, (d) Form of Proxy, and (e) Form of Direction for
Participants of the company's Profit Sharing Scheme and Long
Term Incentive Plan 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, which is
situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS
Phone: (0) 20 7676 1000.

For and on behalf of
Northern Foods plc
Julian Wild
Company Secretary

                            *   *   *

Northern Foods' preliminary results issued early this month
showed a pre-tax profit before goodwill amortization and
exceptional items of GBP107.0 million down 7.4% year-on-year.


OPTICAL CABLE: Creditors Meeting Set July 1
-------------------------------------------
Creditors of Optical Cable Technology Limited Company will have
a Meeting on July 1, 2004 at 11:30 a.m.  It will be held at 60-
62 Old London Road, Kingston upon Thames, Surrey KT2 6QZ.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Marks Bloom, 60-62 Old London Road, Kingston upon
Thames, Surrey KT2 6QZ not later than 12:00 noon, June 30, 2004.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames,
          Surrey KT2 6QZ
          Joint Administrator:
          Andrew John Whelan


PDUK SOLUTIONS: Meeting of Creditors Set July 1
-----------------------------------------------
There will be a Creditors Meeting of the PDUK Solutions Limited
Company on July 1, 2004 at 10:00 a.m.  It will be held at 60-62
Old London Road, Kingston upon Thames, Surrey KT2 6QZ.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Marks Bloom, 60-62 Old London Road, Kingston upon
Thames, Surrey KT2 6QZ not later than 12:00 noon, June 30, 2004.

CONTACT:  MARKS BLOOM
          60-62 Old London Road,
          Kingston upon Thames,
          Surrey KT2 6QZ
          Administrator:
          Andrew John Whelan


PERCY THOMAS: To Become Part of Capita Symonds Group
----------------------------------------------------
The administrative receivers of Percy Thomas Architects have
sold the company for an undisclosed amount to professional group
Capita Symonds.  Grant Thornton's Richard Hawes and Nigel
Morrison were called in for the firm last week due to cash flow
problems.

Mr. Hawes said: "We are delighted to have facilitated a speedy
sale of the business to Capita, which has avoided uncertainty
for the firm's clients and the architectural practice's staff."

The company has 170 employees and is one of Wales' oldest and
most respected architectural firms.  Its flagship projects
include the GBP104 million Wales Millennium Center, and Second
Severn Crossing.  It has offices in London, Bristol, Birmingham
and Chinav.

Capita Symonds' building design division executive director
Andrew Murray said, "We are delighted to welcome Percy Thomas
Architects as part of Capita Symonds."  The company will be
renamed Capita Percy Thomas under new management.

"The combination of the resources and strong commercial
expertise of one of the U.K.'s largest multi-disciplinary
consultancies, with the creativity and flair of Percy Thomas,
will both augment our standing in current markets and open the
door to new possibilities in other growth sectors," he added.

CONTACT:  PERCY THOMAS ARCHITECTS
          10 Cathedral Road
          Cardiff
          CF11 9YF
          Phone: 02920 224 334
          E-mail: nicky.williams@percythomas.com
          Contact:
          Nicky Williams, Executive Assistant


PLASTIC RECLAMATION: Bibby Factors Appoints Receivers
-----------------------------------------------------
Bibby Factors Sussex Limited called in David Rankin and Stephen
Leonard Conn of Begbies Traynor as receivers for Plastic
Reclamation Limited (Reg No 3595313, Trade Classification: 11).
The application was filed June 3, 2004.  The company
manufactures recycled plastic products.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Receivers:
          David Rankin
          Stephen Leonard Conn
          (Office Holder Nos 9287, 1762)


PROFESSIONAL CARE: Appoints Tenon Recovery Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Professional Care Homes (Cumbria) Limited Company on June 3,
2004, the subjoined Special Resolution to wind up the company
was passed.  Ian William Kings of Tenon Recovery, Tenon House,
Ferryboat Lane, Sunderland SR5 3JN has been appointed Liquidator
for the purpose of such winding-up.

CONTACT:  TENON RECOVERY
          Tenon House
          Ferryboat Lane, Sunderland SR5 3JN
          Contact:
          Ian William Kings, Liquidator


PYRAMID CONSERVATORIES: Sets Creditors Meeting June 24
------------------------------------------------------
The Creditors Meeting of the Pyramid Conservatories Limited
Company will be on June 24, 2004 at 10:00 a.m.  It will be held
at Bulman House, Regent Centre, Gosforth, Newcasstle upon Tyne
NE3 3LS.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Tait Walker, Bulman House, Regent Centre,
Gosforth, Newcastle upon Tyne NE3 3LS not later than 12:00 noon,
June 23, 2004.

CONTACT:  TAIT WALKER
          Bulman House
          Regent Centre, Gosforth,
          Newcastle upon Tyne NE3 3LS
          Joint Administrators:
          Gordon S Goldie
          Allan David Kelly


ROYAL & SUNALLIANCE: Downplays Talk of Insurance Operations Sale
----------------------------------------------------------------
Royal & SunAlliance confirmed it is in discussions regarding the
disposal of its U.K. Life insurance operations, but warned that
the prospect of a deal is yet uncertain.

"These discussions are at an early stage and the amounts
referred to in the press are purely speculative.

As has been indicated for some time, the Group is reviewing
options for its U.K. Life insurance operations with respect to
releasing capital."

According to The Telegraph, Britain's second-largest general
insurer is understood to have received an approached from
investment vehicle Resolution Life Group.  Rumors say Resolution
had offered GBP750 million in cash plus a further GBP150 million
in deferred cash payments.  Analysts have valued the business at
around GBP600 million.

Other parties linked to a potential offer include Hugh Osmond's
investment vehicle, Sun Capital, and Christopher Flowers, the
former Goldman Sachs banker.

The U.K. Life insurance business closed to new business in 2002
after being pressured by new solvency requirements by the
Financial Services, the rising claims in the U.S., and slow down
in the market.


STELEX LIMITED: Names Receivers from DTE Leonard Curtis
-------------------------------------------------------
J M Titley and A Poxon of DTE Leonard Curtis have been appointed
joint administrative receivers for Stelex Limited Company.  The
appointment was made June 8, 2004.  The company manufactures
metal structures and parts.

COMPANY:  DTE LEONARD CURTIS
          DTE House,
          Hollins Mount, Bury BL9 8AT
          Receivers:
          J M Titley
          A Poxon
          (IP Nos 8617, 8620)


SUTTON CONTRACTS: Creditors General Meeting Set June 29
-------------------------------------------------------
There will be a General Meeting of the unsecured Creditors of
Sutton Contracts Limited Company on June 29, 2004 at 11:00 a.m.
It will be held at 8 Baker Street, London W1U 3LL.

Creditors who want to be represented at the Meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 8 Baker Street, London W1U
3LL not later than 12:00 noon, June 28, 2004.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street,
          London W1U 3LL
          Contact:
          D H Gilbert, Joint Administrative Receiver


TELEWEST COMMUNICATIONS: Annual Report Now Available at UKLA
------------------------------------------------------------
A copy of Annual Report 2003: Notice of AGM to be held on 21
July 2004 and Form of Proxy, have been submitted to the U.K.
Listing Authority, and will shortly be available for inspection
at the U.K. Listing Authority's Document Facility, which is
situated at:

Financial Services Authority, 25 The North Colonnade, Canary
Wharf, London, EH14 5HS. Phone: 020 7676 1000.

CONTACT:  TELEWEST COMMUNICATIONS
          Jane Hardman
          Director Of Corporate Communications
          Phone: 020 7299 5888


WH SMITH: Permira Might Trim Bid by Up to GBP90 Mln, Reports Say
----------------------------------------------------------------
Venture capital group Permira is considering cutting its offer
for WH Smith in the face of a multi-million-pension deficit it
stands to cover under the deal.

Permira plans to offer GBP940 million or GBP375p a share for WH
Smith, and is currently undertaking a due diligence on the
potential acquisition.  Yet, reports over the weekend say the
bid might still come up to GBP90 million lower when the review
of the company's book is completed.

WH Smith's pension fund shortfall is estimated at between GBP200
million and GBP250 million.  The company is understood to cover
the hole within ten years, and Permira as prospective new owner
is under pressure from pension holders to do the same.

The Mail on Sunday said that with such concerns Permira's offer
might be cut to 330p while the Sunday Express said it would be
340p, valuing the group at GBP850 million.

Spokesmen for both Permira and WH Smith declined to comment on
the matter, according to The Scotsman.  The report came a few
days after Martin Taylor, the chairman of pension trustees at WH
Smith, denied the company's pension fund deficit has become a
stumbling block to the company's takeover negotiations.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  -------   --------
AUSTRIA
-------
Libro A.G.                          (111)         174     (182)


BELGIUM
-------
Carestel                                          178      (68)
Real Software                                     176       17


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE
------
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo de France                                4,738    2,868
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Cofidur S.A.                          (5)         102       19
European Computer System            (110)         682      377
Grande Paroisse S.A.                (927)         629      330
Immobiliere Hoteliere                (68)         233       29
Pneumatiques Kleber S.A.             (34)         480      139
SDR Picardie                        (135)         413      N.A.
Soderag                                           404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Trouvay Cauvin            TRCN        (0)         134       10
Usines Chauson                       (23)         249       35


GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
F.A. Guenther & Sohn A.G. GUSG        (8)         111      N.A.
Kaufring A.G.             KAUG       (19)         151      (51)
Mania Technologi          MNI        (11)         101      (46)
Nordsee A.G.                          (8)         195      (31)
Primacom AG                                     1,264      (50)
Schaltbau A.G.            SLTG       (16)         163       20
Vereinigter
   Baubeschlag-Handel
   Holding A.G.           VBHG       (24)         307      (63)


ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Coin S.p.A.                                       974      (97)
Credito Fondiario
   e Industriale S.p.A.   CRF       (200)       4,218      N.A.


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
Numico N.V.                                     2,030       83
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Pan Fish ASA                                      807     (259)
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)


POLAND
------
Animex S.A.               ANX         (1)         108      (86)
Exbud Skanska S.A.        EXBUF       (9)         315     (330)
Media Capital                                     399      (85)
Mostostal Zabrze                      (6)         227     (366)
Stalexport S.A.                      (57)         229      (51)


RUSSIA
------
Kamchatskenergo                                   273   (7,870)
Zil Auto                                          333  (10,769)


SPAIN
-----
Altos Hornos de Vizcaya S.A.        (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (11)         137      (34)
Tableros de Fibr                                2,107     (125)


SWITZERLAND
-----------
Kaba Holding A.G.         KABZN      (47)         572      278
Swisslog Holding-R                                354      151


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Nuclear Fuels Plc         (2,627)      40,326     (977)
British Sky PLC                                 3,347     (144)
Center Parcs (UK)
    Group Plc                        (77)         423     (227)
Compass Group             CPG       (668)       2,972     (298)
Costain Group                                     396        4
Dawson Holdings           DWSN       (29)         142      (29)
Dignity PLC                                       485      (76)
Easynet Group                                     323       38
Electrical and Music      EMI
   Industries Group                 (885)       3,472     (293)
Euromoney                                         167        2
Gallaher Group            GLH       (543)       6,304      116
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109      (10)
HMV Group PLC             HMV       (211)         762      (66)
Intertek Testing Services ITRK      (134)         508       77
Invensys PLC                                    5,885      882
IPC Media Ltd.                      (685)         254       16
Lambert Fenchurch Group               (1)       1,827        3
Lattice Group                     (1,290)      12,410   (1,228)
Leeds United                                      144      (29)
Manchester City                      (17)         154      (21)
Misys PLC                 MSY       (161)         949       41
Mytravel Group                                  2,551     (533)
Orange PLC                ORNGF     (594)       2,902        7
Rentokil Initial Plc      RTO     (1,130)       3,245      (68)
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0

Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true
value of a firm's assets.  A company may establish reserves on
its balance sheet for liabilities that may never materialize.
The prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson,
Liv Arcipe, and Julybien Atadero, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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