/raid1/www/Hosts/bankrupt/TCREUR_Public/040707.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
Wednesday, July 7, 2004, Vol. 5, No. 133
Headlines
F R A N C E
RHODIA SA: Finalizes Sale of Phosphates Biz, R&D Facility
RHODIA SA: Appoints Bruno Mouclier Chief Financial Officer
VINIVAL: Grand Chais Acquires Loire Valley Wine Dealer
G E R M A N Y
DRESDNER BANK: More than 2,000 Workers to Resign Voluntarily
WESTLB AG: Appreciates Shadow Ratings of S&P, Fitch
H U N G A R Y
BORSODCHEM RT: Majority Shareholder Mulls Option for Stake
I T A L Y
FIAT SPA: To Redeem Bond Issued by Fiat Finance Luxembourg
FIAT SPA: Discloses Schedule of Board Meetings
PARMALAT U.S.A.: Court Extends Exclusive Filing Period
K Y R G Y Z S T A N
AINEK: Sets Public Auction July 13
ALMEX: Chui Court Commences Bankruptcy Supervision Procedure
ALONSO: Under Bankruptcy Supervision Procedure
IAAK: Bankruptcy Supervision Begins
SYN-TASH: General Meeting Set Friday
L U X E M B O U R G
TEKSID ALUMINUM: Unsecured Issuer Rating Downgraded to Caa2
N E T H E R L A N D S
ALMATIS HOLDING: Gets 'B+' Long-term Rating, Stable Outlook
ROYAL SHELL: Saudi Aramco Acquiring Part of Showa Shell Stake
VENDEX KBB: VDXK Offers Accelerated Settlement for Early Tenders
VENDEX KBB: Names Ronald van der Mark Chief Financial Officer
P O L A N D
KOMPANIA WEGLOWA: Shareholders Approve Capital Injection
R U S S I A
AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision Procedure
AGRO-TRANS: Deadline for Proofs of Claim August 12
AVIA-STROY: Court Sets October 6 Hearing
BAYMAKSKY MEET: To Auction Buildings, Equipment July 29
CAR SERVICE: Declared Insolvent
CHEREMKHOVSKY MACHINE: Irkutsk Court Appoints Insolvency Manager
MINE SOUTH-SIBERIAN: Insolvent Status Confirmed
SAW MATERIALS: Public Auction Set Friday
SPECIAL ENGINEERING: Selling Laboratory Complex for RUB4.1 Mln
TURANSKY BREAD: Under Bankruptcy Supervision Procedure
YUKOS OIL: Moody's Reviews Ratings for Possible Downgrade
YUKOS OIL: Investors Call on President Putin to Bare Motive
S P A I N
LYCOS EUROPE: Terminates Cooperation Treaty with Espotting Media
S W I T Z E R L A N D
BARRY CALLEBAUT: AM Foods Acquisition No Effect on Ratings
U K R A I N E
AGRICULTURAL AGROSVIT: Declared Insolvent
AGRICULTURAL DNIPRO: Under Bankruptcy Supervision Procedure
AGROPROMTEHNIKA: Poltava Court Starts Bankruptcy Supervision
GOLDEN HOUSE: Proofs of Claim Deadline July 16
ISTOK-RIA: Temporary Insolvency Manager Appointed
KONOTOP' AUTO: Sumi Court Confirms Insolvency
PERUN: Under Bankruptcy Supervision Procedure
SKARZHINETSKE: Bankruptcy Proceedings Begin
SPIVDRUZHNIST: Bankruptcy Supervision Starts
U N I T E D K I N G D O M
3RD ANGLE: Hires PricewaterhouseCoopers Liquidator
ACCLAIM: Bankruptcy Looms as Revenue Slide Continues
ADM COMPUTERS: Names Poppleton & Appleby Liquidator
A SALES: Hires Liquidator from Berley
AUTOTHERAPY LIMITED: In Administrative Receivership
AXESSABILL LIMITED: Final Meeting Set August 4
BALTIMORE TECHNOLOGIES: Earthport Demands Return of GBP4.5 Mln
BREWERTON ELECTRICAL: Calls in Liquidator
BROADFIELD BATHROOMS: Sets Creditors Meeting July 13
BURNLEY SHEETMETAL: Names Begbies Traynor Liquidator
COLT TELECOM: May Seek Merger to Survive Tough Competition
CUTTS BOX: Appoints Liquidator from Begbies Traynor
FARAGO GROUP: Sheds Workers as Administrators Seek Buyer
FII: Calls in Administrators from KPMG
FILTRONIC PLC: Chief Executive to Resign Next Year
GATEBROOK SYSTEMS: Calls in Liquidator
HOMEWARM ENERGY: Brings in Liquidator from Brebner Allen & Trapp
INVICTA CONSTRUCTION: Special Winding up Resolution Passed
IT IMAGE: Calls in Liquidator from David Buggy & Co.
J SAINSBURY: Campaign to Block Remuneration Report On
LEEDS UNITED: Hires KPMG Liquidator
MANOR FARM: Names Grant Thornton Administrator
MARTEN PROPERTIES: Calls in Liquidator
MICROGEN EQUIPMENT: Sets Final Meeting August 4
MUCKAWAY LIMITED: Winding up Resolutions Passed
ONE STEP: Hires Grant Thornton Liquidator
PHOENIX DEVELOPMENTS: Names Haine Watts Liquidator
PHYSIO-REHAB CENTRES: Calls in Joint Administrative Receivers
PREMIER FOODS: 'B+' Rating on CreditWatch After IPO Announcement
PRESTIGE AUTO: Creditors Meeting Set July 15
PRIME ARTS: Barclays Bank Appoints Numerica Receiver
SCOOTER PEOPLE: Appoints Receivers from Wilson Pitts
SHISO: Second Robertson Restaurant to Close Down
SPEA LIMITED: Names BDO Stoy Hayward Administrator
STEALTH MOTORSPORT: Creditors Meeting Tomorrow
SUSPENDED CEILING: First Liquidation Meeting Set July 13
VINNIE U.K.: Succumbs to Liquidation a Year After Launch
VOID DESIGN: Appoints Geoffrey Martin & Co Liquidator
WATERFORD WEDGWOOD: To Decide on Sale of All-Clad USA July 26
WEMBLEY PLC: JPMorgan Offer Fails to Attract Enough Subscription
WINSOR AGGREGATES: Winding up Resolutions Passed
*********
===========
F R A N C E
===========
RHODIA SA: Finalizes Sale of Phosphates Biz, R&D Facility
---------------------------------------------------------
Rhodia announces the finalization of two divestitures initiated
during the second quarter:
(a) The sale of the European specialty phosphates business to
Thermphos International, following the definitive agreement
signed June 22;
(b) The sale of Rhodia Research & Development property in
Aubervilliers, outside Paris, to the Compagnie des Entrepots
et Magasins Generaux de la Ville de Paris, following
the offer for sale signed April 26.
These transactions are part of the approximately EUR880 million
that Rhodia will achieve from divestitures in 2004 at an average
multiple of 10 times EBITDA.
(a) Rhodia finalizes the sale of the European specialty
phosphates business to Thermphos International
Following the definitive agreement signed with Thermphos
International on June 22, Rhodia announces that it has finalized
the sale of the European specialty phosphates business.
This business employs 270 people and generated net sales of
EUR75 million in 2003. It produces and sells specialty
phosphates for use in a wide variety of applications, including
food, pharmaceuticals, cleaning agents, water and metal
treatment, horticulture and textiles.
Thermphos International, produces and sells Elemental
Phosphorus, Phosphorus derivatives, Specialty Phosphates and
Phosphoric Acid. With its headquarters in Vlissingen, The
Netherlands, Thermphos also has production sites in Germany,
France, Argentina and China. Worldwide, Thermphos employs over
900 people and generated sales of EUR280 million in 2003.
(b) Finalization of the sale of the Rhodia Research &
Development property in Aubervilliers to the Compagnie des
Entrepots et Magasins Generaux de la Ville de Paris
Following the offer for sale signed with the Compagnie des
Entrepots et Magasins Generaux de la Ville de Paris on April 26,
Rhodia announces the signing of a definitive agreement
finalizing the sale of its Rhodia Research & Development
property located in Aubervilliers, outside Paris.
This sale, which is accompanied by a commercial lease for nine
years, will enable Rhodia to obtain value from its asset, taking
advantage of very favorable conditions in the Paris real estate
market.
Compagnie des Entrepots et Magasins Generaux de la Ville de
Paris is a real estate company that is part of the Group ICADE
Caisse des Depots that is developing a system of tertiary parks
around Paris. It had sales of EUR60.8 million in 2003.
Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals. Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs. Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide. Rhodia is listed
on the Paris and New York stock exchanges.
CONTACT: RHODIA S.A.
Press Relations
Anne-Laurence de Villepin
Phone: +33 1 55 38 40 25
Investor Relations
Nicolas Nerot
Phone: +33 1 55 38 43 08
RHODIA SA: Appoints Bruno Mouclier Chief Financial Officer
----------------------------------------------------------
Rhodia announces two new appointments to the Group's Executive
Committee:
(a) Bruno Mouclier joins Rhodia as Group Executive Vice
President and Chief Financial Officer. He will replace
Pierre Prot who is leaving the Group.
(b) Jean-Pierre Labroue joins Rhodia as Senior Vice President &
General Counsel. He will replace Yves Brissy who is
retiring.
Bruno Mouclier and Jean-Pierre Labroue will assume their new
responsibilities at the beginning of September 2004.
Bruno Mouclier, 46, a graduate of France's HEC business school
and holder of a degree in accounting, (DECS), began his career
as an auditor with Coopers & Lybrand in August 1982. In
September 1983, he moved to the Finance Department of the Remy
Cointreau Group where he held a number of positions both in
France and abroad: from January 1985 to January 1989, he was
Deputy Group Controller and, subsequently, Manager of the
Holding Company's Accounts Department before assuming
responsibility of Financial Control for Distribution Activities
in Europe, based in London. In July 1990, he was appointed
Financial Controller of the Champagne Division. In July 1993,
he moved to Hong Kong as Financial Controller for the
Asia/Pacific region. He was appointed Chief Financial Officer
of the Remy Cointreau Group in November 1997, serving in this
position and as a member of the Management Board until May 2004.
Jean-Pierre Labroue, 41, holds post-graduate degrees in
international law (DEA) and in international business law (DESS)
from the University of Paris X, completed the ESSEC-IMD business
school program and obtained a LL.M. degree in Corporate Law &
Finance from Widener University, DE. He began his career in
October 1988 with the Jeantet & Associes law firm in Paris. In
May 1989, he joined the Rhone-Poulenc Chimie's legal department
where he became more specifically involved in mergers &
acquisitions. In November 1993, he moved to the American Rhone-
Poulenc Rorer's headquarters in Collegeville, PA. He came back
to France in May 1996 to take the position of Vice President &
General Counsel, Europe and International of Rhone-Poulenc
Rorer. In December 1999, he was appointed Vice President,
General Counsel and Corporate Secretary of Aventis Pharma S.A.,
in charge of legal support to the commercial, industrial and
research and development operations in France. Since the
creation of the Europe region in Aventis on September 1st, 2003,
he was assuming additional responsibilities of Vice President
and Head of Legal Affairs, Europe.
Rhodia is a global specialty chemicals company recognized for
its strong technology positions in applications chemistry,
specialty materials & services and fine chemicals. Partnering
with major players in the automotive, electronics, fibers,
pharmaceuticals, agrochemicals, consumer care, tires and paints
& coatings markets, Rhodia offers tailor-made solutions
combining original molecules and technologies to respond to
customers' needs. Rhodia generated net sales of EUR5.4 billion
in 2003 and employs 23,000 people worldwide. Rhodia is listed
on the Paris and New York stock exchanges.
CONTACT: RHODIA S.A.
Press Relations
Anne-Laurence de Villepin
Phone: +33 1 55 38 40 25
Investor Relations
Nicolas Nerot
Phone: +33 1 55 38 43 08
VINIVAL: Grand Chais Acquires Loire Valley Wine Dealer
------------------------------------------------------
Alsace-based trader Les Grands Chais de France has acquired
Vinival, the Loire Valley's biggest dealer in still wines, Les
Echos reports.
The purchase would extend coverage of Grand Chais, the leading
exporter of French bottled wine, to Loire Valley. The company
currently operates in Alsace, Beaujolais-Burgundy, Jura,
Languedoc and Bordeaux.
Local wine cooperative Alliance Loire was previously tipped as
favorite bidder for Vinival, which almost went bankrupt last
year. In 2003, the company, which produces around 35 million
bottles a year, booked a net loss of EUR1.5 million despite a
stable turnover of EUR51.3 million.
=============
G E R M A N Y
=============
DRESDNER BANK: More than 2,000 Workers to Resign Voluntarily
------------------------------------------------------------
Allianz's banking division, Dresdner, has reached an agreement
with employees regarding job cuts, analyst Konrad Becker of
Merck Finck & Co. said in a research note.
About 2,200 bank employees have opted to resign voluntarily, New
Ratings says. The report did not indicate whether or not said
employees will receive anything in return, although it did say
that Dresdner will report the cost of the job reductions in its
2004 full-year results. The bank had earlier articulated plans
to reduce headcount by 4,700 at the end of 2005. Mr. Becker
rates Allianz "buy."
Dresdner Bank is aiming to break even at a net level this
year before restructuring charges. Last year the company
reported EUR460 million (US$556 million) in losses.
WESTLB AG: Appreciates Shadow Ratings of S&P, Fitch
---------------------------------------------------
WestLB welcomes the explicit recognition from S&P and Fitch of
the efforts of management and employees to fundamentally
strengthen the business model, management and profitability of
the Bank.
"We know that we have to fulfill our promise to the rating
agencies and successfully implement our strategy by 2005," said
Chairman of the Managing Board, Dr. Thomas Fischer, in
Dusseldorf on Thursday.
"The EUR1.5 billion capital increase, confirmed at the bank's
Shareholders' Meeting on Tuesday, raises WestLB's core capital
ratio to 7.3% and already represents an important contribution
from the savings banks of North Rhine-Westphalia towards that
goal."
WestLB will continue to hold regular discussions with the rating
agencies over the coming weeks, also involving representatives
of the bank's shareholders.
"The rating agencies have made it clear that we can achieve our
goal -- an A-rating when government guarantees
(Gewahrtragerhaftung and Anstaltlast) fall away in July 2005 --
provided WestLB and its shareholders continue to pursue our
agreed course single-mindedly, and work together closely and
consistently towards that result," said Dr. Fischer.
"We would have welcomed a Shadow-Rating in the 'A'-region, but
we have to recognize that S&P expects further efforts on the
part of our shareholders to establish support mechanisms," he
added. "The management and employees of the Bank, for their
part, will leave no stone unturned between now and July 2005 to
create the right conditions for a capital market-friendly 'A'-
based rating."
S&P have announced that the 'shadow rating' of WestLB has
improved to BBB+ from the BBB anticipated in November 2003. S&P
held out the prospect of further improvement to the A- based
rating, provided the link between WestLB and the Savings Banks
can be further strengthened; and provided WestLB can
successfully implement its new business model.
Fitch announced that it had removed its 'Negative Outlook' for
WestLB's Financial Strength Rating.
The publication of the Shadow Ratings has no implications for
the creditworthiness of WestLB's outstanding liabilities or
subsidiaries. As before, the existing 'AA' (Standard & Poor's)
rating alone applies to WestLB's outstanding long-dated
liabilities. The Shadow Rating has no impact on short-dated
liabilities. Likewise, current ratings of WestLB subsidiaries
remain unchanged despite the publication of these "hypothetical"
ratings. The 'Gewahrtragerhaftung' government guarantee applies
for all liabilities of WestLB entered into prior to 18 July
2005. For those liabilities entered into before 18 July 2001,
this applies in perpetuity; for those entered into between 18
July 2001 and 18 July 2005 this applies where the maturity does
not extend beyond December 2015.
=============
H U N G A R Y
=============
BORSODCHEM RT: Majority Shareholder Mulls Option for Stake
----------------------------------------------------------
Further to the announcement by BorsodChem Rt. on 8 June 2004
that it is reviewing its options in respect of its capital
structure, the Company announces that it has been advised by VCP
Capital Partners Unternehmensberatungs AG that VCP is
considering its options in respect of its holdings in
BorsodChem.
The VCP stake currently represents approximately 91.2% of the
issued share capital of BorsodChem. It is expected that the
Company's review of its capital structure and VCP's
deliberations in respect of its stake, and any appropriate
actions connected with either the Company's review or VCP's
deliberations, will be concluded in 2004.
The VCP stake is held by its subsidiaries CE Oil & Gas
Beteiligung and Verwaltung AG and VCP Industrie Beteiligungen
AG. HSBC Bank plc has been mandated to advise BorsodChem, CEOG
and VCPI in relation to these matters. A further announcement
will be made when appropriate.
* * *
THIS RELEASE IS NOT FOR DISTRIBUTION IN OR INTO THE UNITED
STATES OF AMERICA.
COTNACT: BORSODCHEM RT
Gabor Hegyi
Capital Communications
Phone: +36 1 266 0199
Laszlo F. Kovacs
Chief Executive Officer
=========
I T A L Y
=========
FIAT SPA: To Redeem Bond Issued by Fiat Finance Luxembourg
----------------------------------------------------------
Notice is hereby served that, as expected and indicated in the
2003 Annual Report, the bond exchangeable into General Motors
shares (Exchangeable GM) issued by Fiat Finance Luxembourg will
be almost entirely redeemed.
On April 23, 2004, Fiat repurchased on the market and cancelled
US$540 million of the Exchangeable GM. Following this
transaction, bonds still outstanding on the market totaled
US$1.69 billion.
Pursuant to the terms and conditions of the bond, bondholders
have requested the early redemption, which will be made in cash
on the early redemption date (July 9, 2004) utilizing available
liquidity.
Turin, June 25, 2004
CONTACT: FIAT SPA
Communication and Media Relations
Via Nizza, 250-Torino
Phone: 011/00 63088
Fax: 011/00 63798
E-mail: mediarelations@fiatgroup.com
FIAT SPA: Discloses Schedule of Board Meetings
----------------------------------------------
The calendar of the forthcoming Board of Directors meetings has
been rescheduled as:
(a) July 26, 2004: Results for the second quarter of 2004
(b) September 9: 2004 First-half Report
(c) October 28, 2004: Results for the third quarter of 2004
Turin, June 21, 2004
CONTACT: FIAT SPA
Communication and Media Relations
Via Nizza, 250-Torino
Phone: 011/00 63088
Fax: 011/00 63798
E-mail: mediarelations@fiatgroup.com
PARMALAT U.S.A.: Court Extends Exclusive Filing Period
------------------------------------------------------
In the Parmalat Group North America Chapter 11 cases, Stephen B.
Selbst, Esq., of McDermott Will & Emery, LLP in New York, tells
the Court that the U.S. Debtors' need for additional time to
develop a plan of reorganization stems from the change in their
strategy -- from an effort to sell all or substantially all
their assets to a stand-alone reorganization plan centered
around their Farmland Dairies, LLC unit. As in any large and
complex case, developing that stand-alone plan has required the
Debtors' management to spend time thinking about and discussing
with the creditor constituencies how to improve the
profitability of the business and developing models for the
appropriate capital structure for the reorganized Debtors.
Mr. Selbst adds that the U.S. Debtors made substantial progress
in their Chapter 11 cases during the initial 120 days without
any argument from Citibank. The law, according to Mr. Selbst,
is clear that progress toward reorganization is an element of
"cause" for extending the Exclusive Periods.
Moreover, despite Citibank's claim that the U.S. Debtors'
request was "unwarranted and excessive," Citibank did not cited
a single case where the initial extension was limited to 45 days
in a case of the Debtors' size and complexity.
Citibank's suggestion to extend the Exclusive Periods to 45
days, Mr. Selbst maintains, will simply saddle the U.S. Debtors
and the estates with unnecessary additional administrative
expenses by forcing them to return to the Court and seek another
extension.
In the weeks to come, Mr. Selbst relates that the U.S. Debtors
intend to:
(a) Obtain valuations of their assets to be used to negotiate
the fair treatment of their creditors;
(b) Compile information regarding the proofs of claim filed
in their cases;
(c) Retain a search firm to assist them in locating a new CEO to
lead them out of Chapter 11;
(d) Complete their investigation of claims against their non-
debtor affiliates;
(e) Continue to cooperate with the Official Committee of
Unsecured Creditors in its investigation of possible
avoidance claims against Citibank and GE Capital;
(f) Evaluate their leases and executory contracts to determine
which should be assumed and which should be rejected;
(g) Market and sell non-core assets; and
(h) Conduct a search for adequate exit financing.
* * *
Judge Drain overruled Citibank's objection and, accordingly,
extended the U.S. Debtors' Exclusive Filing Period through and
including September 28, 2004 and their Exclusive Solicitation
Period, through and including, November 27, 2004.
Headquartered in Wallington, New Jersey, Parmalat USA
Corporation -- http://www.parmalatusa.com/-- generates more
than EUR7 billion in annual revenue. The Parmalat Group's
product line includes milk, yogurt, cheese, butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices. The company employs over 36,000 workers in 139
plants located in 31 countries on six continents. The Company
filed for Chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq. and Marcia L.
Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the
Debtors in their restructuring efforts. On June 30, 2003, the
Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417
in debts. (Parmalat Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service, Inc., 215/945-7000)
===================
K Y R G Y Z S T A N
===================
AINEK: Sets Public Auction July 13
----------------------------------
The bidding organizer and insolvency manager of JSC Ainek set
the public auction of the firm's properties on July 13, 2004,
10:00 a.m. It will be held at Kyrgyzstan, Bishkek, Fatianova
Str. 1. Up for sale are 14 lots of office and technical
equipment.
The list of documentary requirements for participants is
available at Bishkek, Fatianova str. 1 until July 12, 2004. To
participate, bidders must deposit an amount equivalent to 10% of
the starting price.
CONTACT: Kyrgyzstan, Bishkek,
Fatianova Str. 1
ALMEX: Chui Court Commences Bankruptcy Supervision Procedure
------------------------------------------------------------
The Chui Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on JSC Almex. The case is
docketed as #4-252/5. Mr. Tokchoro Alybayev (License No. 007)
has been appointed temporary insolvency manager on June 25,
2004.
Creditors will have a general meeting on Friday at 10:00 a.m.
It will be held at Chui region, Alamudun district, Lebedinovka
village, Str. Lermontova 1, Building of the JSC Almex. Those
who wish to attend the meeting must submit their proofs of claim
to the insolvency manager. Proxies must have authorization to
vote.
CONTACT: Mr. Tokchoro Alybayev
Temporary Insolvency Manager
Phone: (0-312) 23-66-09, 23-69-12
ALONSO: Under Bankruptcy Supervision Procedure
----------------------------------------------
The Bishkek Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on LLC Alonso. The case is
docketed as 03-68-M-04c 2. Mrs. Djamila Turdakunova (License
No. 0321) has been appointed temporary insolvency manager on
April 1, 2004.
Creditors will have a general meeting on July 14, 2004 at 10:00
a.m. It will be held at Bishkek, Erkindik Ave. 57, Room 101.
Those who wish to attend the meeting must submit their proofs of
claim today to the insolvency manager. Proxies must have
authorization to vote.
CONTACT: Mrs. Djamila Turdakunova
Temporary Insolvency Manager
Phone: (0-312) 62-67-87, (0-517) 78-59-02
IAAK: Bankruptcy Supervision Begins
-----------------------------------
The Bishkek Inter-District Court on Economic Issues commenced
bankruptcy supervision procedure on LLC IAAK. Mrs. Djamila
Turdakunova (License No. 0321) has been appointed temporary
insolvency manager on April 2, 2004.
Creditors will have a general meeting on July 14, 2004 at 11:00
a.m. It will be held at Bishkek, Erkindik Ave. 57, Room 101.
Those who wish to attend the meeting must submit their proofs of
claim today to the insolvency manager. Proxies must have
authorization to vote.
CONTACT: Mrs. Djamila Turdakunova
Temporary Insolvency Manager
Phone: (0-312) 62-67-87, (0-517) 78-59-02
SYN-TASH: General Meeting Set Friday
------------------------------------
The Issyk-Atinsk district court commenced bankruptcy supervision
procedure on construction industry plant Syn-Tash on June 25,
2004. Mr. Toktobek Aitbayev (License No. 0251) was also
appointed temporary insolvency manager that day.
Creditors will have a general meeting on Friday at 10:00 a.m.
It will be held at Chui region, Issyk-Atinsk district, Telman
Village, Building of the Culture House. Those who wish to
attend the meeting must submit their proofs of claim to the
insolvency manager. Proxies must have authorization to vote.
CONTACT: Mr. Toktobek Aitbayev
Temporary Insolvency Manager
Phone: (0-312) 59-10-45
===================
L U X E M B O U R G
===================
TEKSID ALUMINUM: Unsecured Issuer Rating Downgraded to Caa2
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of TK Aluminum
Ltd. after a weak operating performance in the first quarter of
the year. The ratings downgraded are senior implied rating
(from B1 to B2), and unsecured issuer rating (from B2 to Caa2).
Moody's also downgraded the ratings on its 11.375% Senior Notes
due 2013 issued through TK Aluminum Luxembourg Sarl, SCA from B2
to Caa1. The outlook on all ratings is negative
The firm's weak operating performance in the first quarter is
partly due to losses sustained in relation to a dispute with a
major customer. Its revenues were EUR221.4 million or 6.2%
below the prior year's results. EBITDA was EUR11.2 million, or
37.4% below the prior year's reported EUR17.9 million.
While the customer dispute is already resolved, and Moody's
expect the company to recover losses, the rating agency warned
that the level of underlying profitability remains a concern
given the company's financial commitments.
It also expressed concern on financial flexibility given the low
level of headroom under the covenants of TK Aluminum's senior
credit facility. The headroom gained after Teksid renegotiated
its covenants early in 2004 has tightened as a result of the
profit deterioration in the first quarter, Moody's said.
It added: "The company was in compliance with its covenants as
of 1Q04 and expects to be compliant in 2Q04 and for the rest of
the year, however, in Moody's view, the amount of headroom is
uncomfortably slim and requires flawless execution for the rest
of the year and will likely require another covenant reset for
2005."
TK Aluminum Ltd., a Bermuda-based company with corporate offices
in Carmagnola, Italy is a leading global supplier of aluminum
casting components for the automotive industry worldwide.
=====================
N E T H E R L A N D S
=====================
ALMATIS HOLDING: Gets 'B+' Long-term Rating, Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services on Friday assigned its 'B+'
long-term corporate credit rating to the alumina-based specialty
chemicals producer Almatis Holding B.V. The outlook is stable.
At the same time, Standard & Poor's assigned a rating of 'B-' to
the proposed EUR150 million notes, due in 2012, issued by
Almatis. These notes are rated two notches below the company's
corporate credit rating, reflecting the level of liabilities
ranking ahead of note holders.
"The ratings reflect Almatis' relatively small size, lack of
track record as a standalone company, and aggressive financial
profile," said Standard & Poor's credit analyst Christine
Hoarau. "These factors are somewhat offset by the group's
strong market share in the niche specialty-aluminates market, as
well as its good profitability and cash flow generation."
The stable outlook reflects Standard & Poor's expectation that
Almatis will be able to maintain an FFO-to-net debt ratio of
15%. A moderate improvement in EBITDA margin, coupled with a
conservative capital-expenditure policy and an absence of debt-
financed acquisitions, should sustain the group's ability to
generate free cash flow and to gradually decrease debt in the
medium term.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Analysts' E-mail Addresses:
christine_hoarau@standardandpoors.com
olivier_beroud@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
ROYAL SHELL: Saudi Aramco Acquiring Part of Showa Shell Stake
-------------------------------------------------------------
Aramco Overseas Company B.V., a subsidiary of Saudi Arabian Oil
Company (Saudi Aramco, the national oil company of Saudi
Arabia), on Friday signed an agreement to acquire a strategic
shareholding in Showa Shell Sekiyu K.K., to form a partnership
with the company's largest shareholder, Royal Dutch/Shell Group,
which will enhance Showa Shell's refining and marketing business
in Japan.
Royal Dutch/Shell Group, the 50% shareholder of Showa Shell,
agreed to transfer a portion (37,540,000 shares or 9.96% of the
total shares issued) of its shares held to Saudi Aramco. The
transfer is effected by Shell Petroleum N.V. selling Shell Japan
Holdings B.V. a shareholder in the company, to Aramco Overseas
Company B.V., with the transfer expected to be completed in
August this year subject to obtaining regulatory approvals.
Saudi Aramco has also agreed in principle to acquire an
additional 18,840,000 shares in Showa Shell from Royal
Dutch/Shell Group subject to satisfaction of certain commercial
conditions.
The new partnership builds on the growing relationship between
Royal Dutch/Shell Group and Saudi Aramco, bringing global
synergies to Showa Shell aimed to provide solid profits based on
refined product sales in Showa Shell's markets, and the ability
to expand these markets steadily.
Rob Routs, Chief Executive Officer Shell Oil Products, said:
"Saudi Aramco brings crude supply strength through its scale,
crude mix and flexibility and will provide Showa Shell an
'affiliate' supply relationship which brings benefits of
economic value and security to Showa Shell."
"Showa Shell will now have the long term commitment and support
of two strong global energy shareholders, Royal Dutch/Shell
Group and Saudi Aramco, from which it draws a combination of
crude supply, refining and marketing strengths, to bolster its
future opportunities in and contributions to the Japanese
industry," added Mr. Routs.
Abdallah S. Jum'ah, President and Chief Executive Officer of
Saudi Aramco, said that Saudi Aramco's decades of experience
backing up its lifting, scheduling and delivery of crude oil
translates into reliable supply for Showa Shell refineries and
retail outlets. "Saudi Aramco's world-class upstream
capabilities, as well as our 60 years of refining experience,
will generate significant synergy with Showa Shell's strength as
a petroleum refining and marketing company in Japan, one of
Saudi Aramco's historical core markets in its global crude
supply chains."
Mr. Jum'ah, added, "Saudi Aramco also has a long history of
successful business alliances with international partners in
North America, Europe, the Middle East and the Far East.
Mutually beneficial joint ventures have become one of Saudi
Aramco's greatest strengths."
CONTACT: ROYAL DUTCH/SHELL
Investor Relations:
Gerard Paulides
Phone: +44 20 7934 6287
Bart van der Steenstraten
Phone: +31 70 377 3996
Harold Hatchett
Phone: +1 212 218 3112
Media Relations:
Andy Corrigan
Phone: +44 20 7934 5963
Herman Kievits
Phone: +31 70 377 8750
VENDEX KBB: VDXK Offers Accelerated Settlement for Early Tenders
----------------------------------------------------------------
With reference to the public announcements of 26 April, 19 May,
11 June, 15 June, 22 June and 28 June 2004 and the Offer
Memorandum of 21 May 2004, VDXK announces that any Ordinary
Shares in Vendex KBB that are tendered and delivered by Admitted
Institutions to ABN AMRO as Settlement Agent during the post
acceptance period prior to 3:00 p.m., Amsterdam time, (11:00
a.m. New York time) on Wednesday, 7 July 2004 will be paid for
no later than Monday, 12 July 2004. Payment for Ordinary Shares
so tendered will be an amount of EUR15.40 in cash for each
Ordinary Share.
As announced on 28 June 2004, the post-acceptance period expires
at 3:00 p.m., Amsterdam time (9:00 a.m. New York time) on 19
July 2004. Any Ordinary Shares not tendered by 5:00 p.m.,
Amsterdam time, (11:00 a.m. New York time) on Wednesday, 7 July
2004 can still be tendered during the remainder of the post-
acceptance period. VDXK expects to make an announcement
regarding the number of Ordinary Shares held by VDXK per the
last day of the post-acceptance period no later than Monday, 26
July 2004. Payment of the Offer Price per Ordinary Share for
any remaining Ordinary Shares that have been validly tendered
(or defectively tendered provided that such defect has been
waived by VDXK) and delivered during the post-acceptance period,
and have not been paid for, will take place no later than
Monday, 2 August 2004.
VDXK further announces that payment for the 78,640,190 Ordinary
Shares in Vendex KBB and 21,000 Preference Shares B in Vendex
KBB, which were tendered in respect of the initial acceptance
period of the public offer made by VDXK, occurred Monday, 5 July
2004.
Unless defined herein, defined terms used in this announcement
shall have the meanings given to them in the Offer Memorandum.
This press release appears in Dutch as well. In the event of
any inconsistency, the English version will prevail.
* * *
This is a press release of VDXK Acquisition B.V. in relation to
the recommended cash offer for the shares in Koninklijke Vendex
KBB N.V. Not for release, publication or distribution, in whole
or in part, in or into the Canada, Australia or Japan.
CONTACT: ROYAL VENDEX KBB
Investor Relations
De Klencke 6
1083 HH Amsterdam
The Netherlands
P.O. Box 7997
KONINKLIJKE VENDEX KBB N.V.
1008 AD Amsterdam
The Netherlands
Phone: + 31 (0) 20 549 0509
Fax: + 31 (0) 20 646 1099
E-mail: prospectus@vendexkbb.nl
The Settlement Agent
ABN AMRO BANK N.V.
ECM HQ 7006
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands
P.O. Box 283
1000 EA Amsterdam
The Netherlands
Phone: + 31 (0) 20 383 6707
Fax: + 31 (0) 20 62 80 004
E-mail: prospectus@nl.abnamro.com
VENDEX KBB: Names Ronald van der Mark Chief Financial Officer
-------------------------------------------------------------
Royal Vendex KBB intends to appoint Mr. Ronald van der Mark to
the Board of Management. As CFO Mr. Van der Mark will succeed
Mr. Marcel Smits, who has been appointed CFO of KPN. The
Central Works Council of Vendex KBB has advised positively on
the proposed appointment.
Mr. Van der Mark studied economics and is a chartered
accountant. During his career he has worked in accountancy, the
music and broadcasting industries, the trading and production of
building materials and the DIY sector. As CFO of Cementbouw
Handel & Industrie Holdings B.V. (a part of the building group
NMB-Amstelland) Mr. Van der Mark was closely involved in the
leveraged buy-out of this company in July 2001, and subsequently
in autumn 2003 in the sale of Cementbouw to CRH Plc., one of the
largest trading and production companies of building materials
in the world.
CONTACT: ROYAL VENDEX KBB
Investor Relations
De Klencke 6
1083 HH Amsterdam
The Netherlands
P.O. Box 7997
KONINKLIJKE VENDEX KBB N.V.
1008 AD Amsterdam
The Netherlands
Phone: + 31 (0) 20 549 0509
Fax: + 31 (0) 20 646 1099
E-mail: prospectus@vendexkbb.nl
The Settlement Agent
ABN AMRO BANK N.V.
ECM HQ 7006
Gustav Mahlerlaan 10
1082 PP Amsterdam
The Netherlands
P.O. Box 283
1000 EA Amsterdam
The Netherlands
Phone: + 31 (0) 20 383 6707
Fax: + 31 (0) 20 62 80 004
E-mail: prospectus@nl.abnamro.com
===========
P O L A N D
===========
KOMPANIA WEGLOWA: Shareholders Approve Capital Injection
--------------------------------------------------------
Polish coal distributor and reseller Kompania Weglowa is due to
receive PLN36 million in additional capital. The decision was
reached at a general shareholders meeting, Economy and Labor
Deputy Minister Jacek Piechota said. The plan involves the
injection of a 70% stake in coal distributor Weglozbyt.
Economy Ministry Energy Department Director Jan Bogolubow said
the additional cash will go towards improving sales and
marketing operations. In the January-May period, the company's
revenues totaled PLN3.33 billion, while in May revenues came to
PLN645.3 million. Profit on sales reached PLN279.2 million in
the first five months of 2004.
Aside from the PLN36 million, an additional equity boost is
further being considered by the government, according to
Interfax-Europe. The review on the plan is expected ready by
mid-July. Mr. Piechota warns it may be lower than the PLN900
million previously contemplated. The original plan was for the
coal mining company to receive PLN400 million by end of July,
with an additional to follow later.
The company was formed last year from the assets of coal
producers Bytomska, Rudzka, Gliwicka, Nadwislanska and Rybnicka.
It consists of 24 mines and nine servicing companies, employing
a total of 79,000 people. It reported net profit of PLN107.5
million in the first five months of 2004.
===========
R U S S I A
===========
AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision Procedure
---------------------------------------------------------
The Arbitration Court of NSO commenced bankruptcy supervision
procedure on agricultural industrial company OJSC Agro-Prom-
Khimiya. The case is docketed as A45-546/04-SB/9. Mr. D.
Skorospeshev has been appointed temporary insolvency manager.
Creditors have until August 12, 2004 to submit their proofs of
claim to 630075, Russia, Novosibirsk region, Post User Box 77.
CONTACT: AGRO-PROM-KHIMIYA
633344, Russia,
NSO, Bolotnoye,
40 Let Pobedy Str. 8a
Mr. D. Skorospeshev
Temporary Insolvency Manager
630075, Russia,
Novosibirsk region, Post User Box 77
AGRO-TRANS: Deadline for Proofs of Claim August 12
--------------------------------------------------
The Arbitration Court of NSO commenced bankruptcy supervision
procedure on agricultural transport company Agro-Trans. The
case is docketed as A45-546/04-SB/9. Mr. D. Skorospeshev has
been appointed temporary insolvency manager. Creditors have
until August 12, 2004 to submit their proofs of claim to 630075,
Russia, Novosibirsk region, Post User Box 77.
CONTACT: AGRO-TRANS
633344, Russia,
NSO, Bolotnoye,
40 Let Pobedy Str. 8a
Mr. D. Skorospeshev
Temporary Insolvency Manager
630075, Russia,
Novosibirsk region,
Post User Box 77
AVIA-STROY: Court Sets October 6 Hearing
----------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
supervision procedure on OJSC Avia-Stroy (TIN 7712016317, OGRN
1027700127564). The case is docketed as A45-7630/04-SB/98. Mr.
A. Reshetov has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 6330073,
Russia, Novosibirsk region, Ob-2, Post User Box 408. A hearing
will take place on October 6, 2004, 2:00 p.m. at the Arbitration
Court of Novosibirsk region.
CONTACT: AVIA-STROY
633104, Russia,
Novosibirsk, Ob-4,
Airport Tolmachevo
Mr. A. Reshetov
Temporary Insolvency Manager
6330073, Russia,
Novosibirsk region, Ob-2,
Post User Box 408
The Arbitration Court of Novosibirsk Region:
6630007, Russia,
Novosibirsk, Kirova Str. 3,
Room 911
BAYMAKSKY MEET: To Auction Buildings, Equipment July 29
-------------------------------------------------------
The insolvency manager of LLC Baymaksky Meet Combine set the
public auction of the firm's properties on July 29, 2004, 11:00
a.m. (local time). Up for sale are administrative buildings
with structures, equipment and warehouses located at Russia,
Republic of Bashkortostan, Krestyanskaya Str. 131. Starting
price: RUB7,100,000 (inclusive of VAT).
Preliminary examination and reception of bids are done daily
from 9:00 a.m. to 5:00 p.m. The list of documentary
requirements for participants is available at Russia, Republic
of Bashkortostan, Ufa, Sotsialisticheskaya Str. 45, office 25.
To participate, bidders must deposit an amount equivalent to 25%
of the starting price to the settlement account
40703810706000108800 in Bashkirskoye branch 8598 of SberBank of
Russia, TIN 0274094113, correspondent account
30101810300000000601 in GRKTs RB Bank of Russia, BIC 048073601.
CONTACT: BAYMAKSKY MEET COMBINE
Russia, Republic of Bashkortostan,
Krestyanskaya Str. 131
INITIATIVE
Russia, Republic of Bashkortostan,
Ufa, Sotsialisticheskaya Str. 45
Office 25
CAR SERVICE: Declared Insolvent
-------------------------------
The Arbitration Court of Tatarstan republic declared LLC Car
Service Factory insolvent and introduced bankruptcy proceedings.
The case is docketed as A65-13147/2002-SG4-16. Mr. I. Miftakhov
has been appointed insolvency manager. Creditors have until
August 10, 2004 to submit their proofs of claim to 423802,
Russia, Tatarstan republic, Naberezhnye Chelny, Gidrostroiteley
Str. 11.
CONTACT: CAR SERVICE FACTORY
423802, Russia,
Tatarstan Republic, Naberezhnye Chelny,
Gidrostroiteley Str. 11
CHEREMKHOVSKY MACHINE: Irkutsk Court Appoints Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
supervision procedure on CJSC Cheremkhovsky Machine-Building
Factory. The case is docketed as A19-6590/04-34. Mr. V.
Timonin has been appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 664049,
Russia, Post User Box 64. A hearing will take place on October
19, 2004, 11:00 a.m. at the Arbitration Court of Irkutsk region.
CONTACT: CHEREMKHOVSKY MACHINE-BUILDING FACTORY
665408, Russia,
Irkutsk region, Cheremkhovo,
4th Zavodskoy pereulok, 1
Mr. V. Timonin
Temporary Insolvency Manager
664049, Russia,
Post User Box 64
Phone: 53-17-37
The Arbitration Court of Irkutsk Region
664025, Russia,
Irkutsk, Gagarina Avenue, 70,
Room 319
MINE SOUTH-SIBERIAN: Insolvent Status Confirmed
-----------------------------------------------
The Arbitration Court of Kemerovo region declared LLC Mine
South-Siberian insolvent and introduced bankruptcy proceedings.
The case is docketed as A27-13178/03-4. Mr. A. Eponeshnikov has
been appointed insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to the temporary insolvency manager at 654011, Russia,
Kemerovo region, Novokuznetsk, Post User Box 351. A hearing
will take place on May 14, 2005.
CONTACT: MINE SOUTH-SIBERIAN
652870, Russia,
Kemerovo region, Mezhdurechensk
Mr. A. Eponeshnikov
Insolvency Manager
654011, Russia,
Kemerovo region, Novokuznetsk,
Post User Box 351
SAW MATERIALS: Public Auction Set Friday
----------------------------------------
The bidding organizer and insolvency manager of LLC Factory of
Saw Materials set for public auction the firm's properties on
July 9, 2004, 12:00 noon (local time). It will be held at
Russia, Kemerovo, Oktyabrsky Pr., 53/2-707. Up for sale is a
warehouse with equipment. Starting price: RUB600,000. Price
will be increased by increments of RUB1,000.
Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 4:00 p.m. The list of documentary
requirements for participants is available at 650066, Russia,
Kemerovo, Oktyabrsky Pr., 53/2-707.
To participate, bidders must deposit an amount equivalent to 20%
of the starting price to the settlement account
40702810900000000314 in OJSC Kemsotsinbank of Kemerovo, TIN
4207004665, correspondent account 30101810600000000720, BIC
043207720.
CONTACT: FACTORY OF SAW MATERIALS
Russia, Kemerovo region,
Leninsk-Kuznetsky, Korostyleva Str. 1
Insolvency Manager
650066, Russia,
Kemerovo, Oktyabrsky Pr., 53/2-707
Phone/Fax: 35-10-32
SPECIAL ENGINEERING: Selling Laboratory Complex for RUB4.1 Mln
--------------------------------------------------------------
The insolvency manager of state unitary enterprise Special
Engineering Bureau of Self-Propelled Mounting Equipment set the
public auction of the firm's properties on July 15, 2004, 12:00
noon (local time). It will be held at Russia, Moscow,
Rozhdestvenka Str. 21, Office 512. Up for sale are engineering
and laboratory complex located at Russia, Moscow region,
Solnechnogorsky region, Povarovo. Starting price: RUB4,100,000
each.
Preliminary examination and reception of bids are done daily
from 10:00 a.m. to 5:00 p.m. until July 9, 2004. The list of
documentary requirements for participants is available at
Russia, Moscow, Rozhdestvenka Str. 2, office 512.
To participate, bidders must deposit an amount equivalent to
20% of the starting price to the settlement account
40702810430300000152 in Bank PERVOYE OVK of Moscow,
correspondent account 30101810900000000233, BIC 044525233 (LLC
BEST, TIN/KPP 7702128283/770201001) on or before July 9, 2004.
CONTACT: BEST
Russia, Moscow,
Rozhdestvenka Str. 21,
Office 512
TURANSKY BREAD: Under Bankruptcy Supervision Procedure
------------------------------------------------------
The Arbitration Court of Tyva republic commenced bankruptcy
supervision procedure on OJSC Turansky Bread Baking Plant. The
case is docketed as A69-453/04-11. Mr. V. Egorov has been
appointed temporary insolvency manager. Creditors have until
July 10, 2004 to submit their proofs of claim to Tyva republic,
Turan.
CONTACT: TURANSKY BREAD BAKING PLANT
Tyva Republic, Turan
Mr. V. Egorov
Temporary Insolvency Manager
662713, Russia,
Krasnoyarsk Region,
Shushenskoye, Location 2, 50,
Apartment 16
YUKOS OIL: Moody's Reviews Ratings for Possible Downgrade
---------------------------------------------------------
Moody's Investors Service maintained its ratings on oil company
Yukos, but changed the direction of the review from 'uncertain'
to 'possible downgrade.' The ratings kept were senior implied
at B1 and issuer rating at B2.
The rating agency said there are two scenarios that could happen
after the Russian government ordered Yukos to pay US$3.4 billion
in back-dates tax claims for 2000, and to allow the government
to seize assets to recover the claim. One, Yukos will either
voluntarily or involuntary file for bankruptcy proceedings. A
bankruptcy filing in combination with a tax payment claim could
hamper the firm's debt servicing ability, derailing creditors
chances of full recovery. In such case, Moody's said it has to
downgrade the ratings.
Two, the government will seize Yukos' assets and either
partially or fully transfer ownership in Yukos to the State,
putting creditors in a better position. This is in view of a
possible intervention on the part of the government to avoid a
default on Yukos' obligations.
Granting the tax claims remain at a current level, creditors can
hope to remain protected and achieve full recovery due to the
company's continued large cash flows and coverage relative to
debt position, Moody's said. However, since tax claims for
subsequent years have yet to be determined, "the company's total
liabilities remain uncertain." There is also no certainty that
senior creditors will be treated equally once ownership of the
company is transferred to the government.
YUKOS OIL: Investors Call on President Putin to Bare Motive
-----------------------------------------------------------
Yukos Oil shareholders, led by Deka Investment GmbH and Janus
Capital Group Inc., on Wednesday wrote to President Vladimir
Putin urging him to help resolve the cloud that hangs over the
future of the oil producer.
"We believe there is an urgent need to meet with representatives
of the Russian government and/or the presidential
administration," the letter reads, according to Bloomberg News.
It warned: "A climate of fear and uncertainty has descended upon
the market regarding the state's ultimate intentions toward
Yukos..."
Deka is Germany's second-biggest mutual fund company, while
Janus is the ninth-largest U.S. stock and bond mutual fund
manager. Together they hold about 5% of Yukos. The report said
the Kremlin's press service declined to comment on whether the
letter had been received.
Earlier, President Putin said he does not want to see the
company go bankrupt. And yet, he has been silent on how Yukos'
tax debts can be resolved. Fears about a Yukos bankruptcy
intensified after the company received a demand for a second tax
claim for 2001, doubling its tax bill to US$6.8 billion. On
Saturday the company said it received a notice of default on a
US$1 billion loan. Foreign investors stand to post a record
loss if Yukos goes bankrupt.
CONTACT: OAO NK YUKOS
31A, Dubininskaya St.
115054 Moscow, Russia
Phone: +7-95-232-3161
Fax: +7-95-232-3160
Web site: http://www.yukos.com
=========
S P A I N
=========
LYCOS EUROPE: Terminates Cooperation Treaty with Espotting Media
----------------------------------------------------------------
Lycos Europe N.V. and Espotting Media Inc. are dissolving by
mutual agreement the cooperation agreement, which they entered
into in July 2002 with effect from July 1, 2004, fourteen months
earlier than originally planned. The agreement between the
portal provider Lycos Europe and the paid placement service
provider Espotting Media Inc., initially intended to run for
three years, governed the incorporation of sponsored links into
a dedicated area of the LYCOS European portal service. The
cooperation arrangements have earned LYCOS Europe some EUR5.8
million in sales each year. To compensate for the premature
termination of the contract, Espotting Media Inc. will make a
one-off payment of EUR2.1 million to Lycos Europe.
Further on, Espotting Media Inc. and Lycos Europe will continue
to cooperate under new and reduced conditions until such time as
Lycos Europe sells the online inventory concerned to another
buyer.
=====================
S W I T Z E R L A N D
=====================
BARRY CALLEBAUT: AM Foods Acquisition No Effect on Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said on Friday that the
announcement by Swiss chocolate group Barry Callebaut AG
(BB+/Stable/--) of its acquisition of AM Foods, the Sweden-based
chocolate and cappuccino vending mix products specialist, will
not affect the ratings on the group. AM Foods will strengthen
Barry Callebaut's higher margin gourmet division and provide
some manufacturing cost synergies with its Bensdorp and Van
Houten vending mix brands.
The acquisition will be funded from Barry Callebaut's existing
medium-term bank lines. The acquisition price, which has not
been disclosed, is not expected to materially weaken Barry
Callebaut's debt measures, which at present remain in line with
rating expectations.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Analyst E-mail Addresses
patrice_cochelin@standardandpoors.com
vincent_allilaire@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
=============
U K R A I N E
=============
AGRICULTURAL AGROSVIT: Declared Insolvent
-----------------------------------------
The Economic Court of Rivne region declared LLC Agricultural
Enterprise Agrosvit (code EDRPOU 30947620) insolvent and
introduced bankruptcy proceedings on May 26, 2004. The case is
docketed as 8/13. Initiating creditor representative Mrs.
Golubchitska Tetyana has been appointed liquidator/insolvency
manager.
Agricultural Enterprise Agrosvit holds account number
26007002309 at CB Zahidinkombank, Rivne branch, MFO 333614.
CONTACT: AGRICULTURAL ENTERPRISE AGROSVIT
35600, Ukraine, Rivne region,
Dubno, Mirogoshanska str. 57
Mrs. Golubchitska Tetyana
Liquidator/Insolvency Manager
35600, Ukraine, Rivne region,
Dubno, Mirogoshanska str. 57
ECONOMIC COURT OF RIVNE REGION
33001, Ukraine, Rivne region,
Yavornitski str. 59
AGRICULTURAL DNIPRO: Under Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Economic Court of Kirovograd region commenced bankruptcy
supervision procedure on LLC Agricultural Firm Dnipro (code
EDRPOU 30799083). The case is docketed as 10/58. Mr. Mukijenko
Andrij (License Number AA 487779 approved on April 25, 2003) has
been appointed temporary insolvency manager.
Creditors have until July 16, 2004 to submit their proofs of
claim to:
(a) AGRICULTURAL FIRM DNIPRO
27532, Ukraine, Kirovograd region,
Svitlovodsk district, Pavlivka
(b) Temporary Insolvency Manager
Ukraine, Kirovograd region,
Komunistichnij avenue, 6/5-49
(c) THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine, Kirovograd region,
Lunacharski str. 29
Agricultural Firm Dnipro holds account number 260071863 at JSPPB
Aval, Kirovograd regional branch, MFO 323538.
CONTACT: AGRICULTURAL FIRM DNIPRO
27532, Ukraine, Kirovograd region,
Svitlovodsk district, Pavlivka
Mr. Mukijenko Andrij
Temporary Insolvency Manager
Ukraine, Kirovograd region,
Komunistichnij Avenue, 6/5-49
THE ECONOMIC COURT OF KIROVOGRAD REGION
25022, Ukraine, Kirovograd region,
Lunacharski str. 29
AGROPROMTEHNIKA: Poltava Court Starts Bankruptcy Supervision
------------------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Agropromtehnika (code EDRPOU
03757531) on March 5, 2004. The case is docketed as 10/57.
Mr. Kruchkov S. (License Number 140406 approved on May 16, 2002)
has been appointed temporary insolvency manager.
Creditors have until July 16, 2004 to submit their proofs of
claim to:
(a) AGROPROMTEHNIKA
Ukraine, Poltava region,
Orzhitskij district, Zarig
(b) ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina str. 1
CONTACT: AGROPROMTEHNIKA
Ukraine, Poltava region,
Orzhitskij district, Zarig
ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina str. 1
GOLDEN HOUSE: Proofs of Claim Deadline July 16
----------------------------------------------
The Economic Court of Odesa region commenced bankruptcy
supervision procedure on LLC Company Golden House (code EDRPOU
22480880). The case is docketed as 32/55-03-2668. Arbitral
manager Mr. Miroshnichenko Sergij (License Number AA 250074
approved October 22, 2001) has been appointed temporary
insolvency manager.
Creditors have until July 16, 2004 to submit their proofs of
claim to:
(a) GOLDEN HOUSE
Ukraine, Odesa region,
Francuzkij Boulevard, 33
(b) Temporary Insolvency Manager
65111, Ukraine, Odesa region,
Dnipropetrovska doroga str.
134/1a a/b 92
(c) ECONOMIC COURT OF ODESA REGION
65032, Ukraine, Odesa region,
Shevchenko Avenue, 4
Golden House holds account number 2600230019031 at Ukrsocbank,
Odesa regional branch, MFO 328016.
CONTACT: GOLDEN HOUSE
Ukraine, Odesa region,
Francuzkij Boulevard, 33
Mr. Miroshnichenko Sergij
Temporary Insolvency Manager
65111, Ukraine, Odesa region,
Dnipropetrovska doroga str.
134/1a a/b 92
ECONOMIC COURT OF ODESA REGION
65032, Ukraine, Odesa region,
Shevchenko Avenue, 4
ISTOK-RIA: Temporary Insolvency Manager Appointed
-------------------------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
supervision procedure on LLC Istok-Ria (code EDRPOU 23791056).
The case is docketed as 25/81. Mr. Vereshak Mikola (License
Number 669674) has been appointed temporary insolvency manager.
Creditors have until July 16, 2004 to submit their proofs of
claim to:
(a) ISTOK-RIA
69035, Ukraine, Zaporizhya region,
Pivdennoukrajinska str. 5/45
(b) Temporary Insolvency Manager
69002, Ukraine, Zaporizhya region,
Kostyntin Velikij str. 16/16
Phone: 14-87-35
(c) ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana str. 4
Istok-Ria holds account number 26028303157299 at
Prominvestbank, Zaporizhya central branch, MFO 313355.
CONTACT: ISTOK-RIA
69035, Ukraine, Zaporizhya region,
Pivdennoukrajinska str. 5/45
Mr. Vereshak Mikola
Temporary Insolvency Manager
69002, Ukraine, Zaporizhya region,
Kostyntin Velikij str. 16/16
Phone: 14-87-35
ECONOMIC COURT OF ZAPORIZHYA REGION
69001, Ukraine, Zaporizhya region,
Shaumyana str. 4
KONOTOP' AUTO: Sumi Court Confirms Insolvency
---------------------------------------------
The Economic Court of Sumi region declared OJSC Konotop' Auto-
Transport Enterprise 15907 (code EDRPOU 03118541) insolvent and
introduced bankruptcy proceedings on November 10, 2003. The
case is docketed as 6/52. Mr. Kovtunenko Vyacheslav (License
Number AA 668260 approved on September 26, 2003) has been
appointed liquidator/insolvency manager.
Konotop' Auto-Transport Enterprise 15907 holds account number
26005275895001 at CB Privatbank, Sumi branch, MFO 337546.
CONTACT: KONOTOP' AUTO-TRANSPORT ENTERPRISE 15907
Ukraine, Sumi region, Konotop,
Uspensko-Trojitska str. 96
Mr. Kovtunenko Vyacheslav
Liquidator/Insolvency Manager
Ukraine, Sumi region,
Psilska str. 4, room 9
Phone: 8 (0542) 22-19-78
ECONOMIC COURT OF SUMI REGION
40030, Ukraine, Sumi region,
Ribalko str. 2
PERUN: Under Bankruptcy Supervision Procedure
---------------------------------------------
The Economic Court of Dnipropetrovsk region commenced bankruptcy
supervision procedure on LLC Perun (code EDRPOU 03742558). The
case is docketed as B 40/25/04. Mr. Shinkarenko O. (License
Number AA 668293) has been appointed temporary insolvency
manager. Perun holds account number 26003077120100 at
JSPP Aval, MFO 306856.
CONTACT: PERUN
53640, Ukraine, Dnipropetrovsk region,
Pokrovskij district, Drivka
Mr. Shinkarenko O.
Temporary Insolvency Manager
Ukraine, Dnipropetrovsk region,
Pavlograd, a/b 127/24
Phone: (232) 200-888
ECONOMIC COURT OF DNIPROPETROVSK REGION
Ukraine, Dnipropetrovsk region,
Kujbishev str. 1a
SKARZHINETSKE: Bankruptcy Proceedings Begin
-------------------------------------------
The Economic Court of Vinnitsya region declared LLC
Skarzhinetske (code EDRPOU 03735015) insolvent and introduced
bankruptcy proceedings. The case is docketed as 5/309-04.
Arbitral manager Mrs. Zajika Antonina (License Number AA 419223
approved on October 10, 2002) has been appointed
liquidator/insolvency manager.
Creditors have until July 16, 2004 to submit their proofs of
claim to:
(a) SKARZHINETSKE
22011, Ukraine, Vinnitsya region,
Hmilnik district, Skarzhintsi
(b) Liquidator/Insolvency Manager
Ukraine, Vinnitsya region,
40-richya Peremogi str.
(c) ECONOMIC COURT OF VINNITSYA REGION
21100, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
Skarzhinetske holds account number 260064006 at JSPPB Aval,
Hmilnik branch, MFO 302247.
CONTACT: SKARZHINETSKE
22011, Ukraine, Vinnitsya region,
Hmilnik district, Skarzhintsi
Mrs. Zajika Antonina
Liquidator/Insolvency Manager
Ukraine, Vinnitsya region,
40-richya Peremogi str.
ECONOMIC COURT OF VINNITSYA REGION
21100, Ukraine, Vinnitsya region,
Hmelnitske Shose, 7
SPIVDRUZHNIST: Bankruptcy Supervision Starts
--------------------------------------------
The Economic Court of Lugansk region commenced bankruptcy
supervision procedure on LLC Spivdruzhnist (code EDRPOU
31401517) on April 22, 2004. The case is docketed as 11/31 b.
Mr. Prosolupov Oleksandr (License Number AA 630090 approved on
December 11, 2003) has been appointed temporary insolvency
manager.
Creditors have until July 16, 2004 to submit their proofs of
claim to:
(a) SPIVDRUZHNIST
93011, Ukraine, Lugansk region,
Rubizhne, Lenin str. 4
(b) Mr. Prosolupov Oleksandr
Temporary Insolvency Manager
93000, Ukraine, Lugansk region,
Ushakov str. 9a
(c) ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroi VVV square., 3a
Spivdruzhnist holds account number 26008301657001 at CB
Privatbank, Lugansk branch, MFO 304795.
CONTACT: SPIVDRUZHNIST
93011, Ukraine, Lugansk region,
Rubizhne, Lenin str. 4
Mr. Prosolupov Oleksandr
Temporary Insolvency Manager
93000, Ukraine, Lugansk region,
Ushakov str. 9a
ECONOMIC COURT OF LUGANSK REGION
91000, Ukraine, Lugansk region,
Geroi VVV square., 3a
===========================
U N I T E D K I N G D O M
===========================
3RD ANGLE: Hires PricewaterhouseCoopers Liquidator
--------------------------------------------------
At the Extraordinary General Meeting of 3rd Angle Ltd on June
16, 2004, the Special and Ordinary Resolutions to wind up the
company were passed. Richard Setchim and Jonathan Sisson of
PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT have
been appointed Joint Liquidators of the Company for the purpose
of such winding-up.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Plumtree Court
London EC4A 4HT
Joint Liquidators:
Richard Setchim
Jonathan Sisson
ACCLAIM: Bankruptcy Looms as Revenue Slide Continues
----------------------------------------------------
Publisher Acclaim warns of possible bankruptcy after booking an
annual net loss of US$56 million, farrago.com reports.
In a statement, Acclaim said its revenue has continued to fall,
making it unable to assure stockholders that the company's
future operating cash flows will be sufficient to meet operating
and debt service requirements.
The company is currently seeking a loan to replace the one
obtained from GMAC Commercial Finance, which is running out next
month. A letter of intent from another lender amounting to
US$30 million was arranged for Acclaim to use, but the said deal
has not been completed.
ADM COMPUTERS: Names Poppleton & Appleby Liquidator
---------------------------------------------------
At an Extraordinary General Meeting of the ADM Computers
(Staffs) Limited Company on June 24, 2004 held at Poppleton &
Appleby, Brampton House Mews, 10 Queen Street, Newcastle under
Lyme, Staffordshire ST5 1ED, the Resolution to wind up the
company was passed. Robert Michael Young and Ian Michael Rose
of Poppleton & Appleby, Brampton House Mews, 10 Queen Street,
Newcastle under Lyme, Staffordshire ST5 1ED have been appointed
Joint Liquidators for the purpose of such winding-up.
CONTACT: POPPLETON & APPLEBY
Brampton House Mews
10 Queen Street
Newcastle under Lyme,
Staffordshire ST5 1ED
Liquidators:
Robert Michael Young
Ian Michael Rose
A SALES: Hires Liquidator from Berley
-------------------------------------
At an Extraordinary General Meeting of the A Sales Force.Com
Limited Company on June 24, 2004 held at 76 New Cavendish
Street, London W1G 9TB, the subjoined Extraordinary Resolution
to wind up the company was passed. Jeremy Berman of Berley, 76
New Cavendish Street, London W1G 9TB has been appointed as
Liquidator.
CONTACT: BERLEY
76 New Cavendish Street
London W1G 9TB
Liquidator:
Jeremy Berman
AUTOTHERAPY LIMITED: In Administrative Receivership
---------------------------------------------------
The Autotherapy Limited Company has appointed Clive Morris and
Robert Michael Young as joint administrative receivers. The
appointment was made June 29, 2004. The company manufactures
rehabilitation equipment.
CONTACT: MARSHALL PETERS
Heskin Hall Farm
Wood Lane, Heskin,
Preston PR7 5PA
Receiver:
Clive Morris
(IP No 8820)
POPPLETON & APPLEBY
Brampton House Mews,
10 Queen Street, Newcastle under Lyme,
Staffordshire ST5 1ED
Receiver:
Robert Michael Young
(IP No 7875)
AXESSABILL LIMITED: Final Meeting Set August 4
----------------------------------------------
Members of Axessabill Limited Company will have a Final Meeting
on August 4, 2004 at 10:45 a.m. It will be held at KPMG
Corporate Recovery, Arlington Business Park, Theale, Reading,
Berkshire RG7 4SD.
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 KPMG Corporate Recovery,
Arlington Business Park, Theale, Reading, Berkshire RG7 4SD not
later than 12:00 noon, August 3, 2004.
CONTACT: KPMG CORPORATE RECOVERY
Arlington Business Park,
Theale, Reading,
Berkshire RG7 4SD
Fax: +44 (0) 118 3731420
Liquidator:
R J Hill
BALTIMORE TECHNOLOGIES: Earthport Demands Return of GBP4.5 Mln
--------------------------------------------------------------
The Board of Baltimore Technologies plc on Friday received from
solicitors acting for Earthport plc details of potential claims
against Baltimore. These alleged claims arose out of agreements
entered into between Baltimore and Earthport in March 2001.
Earthport has not commenced legal proceedings in respect of
these claims. Its claims are for the return of its payment of
GBP4.5 million to Baltimore under these agreements, with
interest, plus additional damages which Earthport is currently
assessing but which it claims to be substantial.
The Board of Baltimore will urgently look into this matter but
knows of no foundation for these alleged claims.
CONTACT: SMITHFIELD
Andrew Hey
Will Swan
Phone: 020 7360 4900
BREWERTON ELECTRICAL: Calls in Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the Members of the
Brewerton Electrical Services Ltd Company on June 29, 2004 held
at Russell Square House, 10-12 Russell Square, London WC1B 5EH,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed. Martin Freeman has been appointed
Liquidator for the purpose of such winding-up.
BROADFIELD BATHROOMS: Sets Creditors Meeting July 13
----------------------------------------------------
Creditors of Broadfield Bathrooms Limited Company will have a
Meeting on July 13, 2004 at 10:00 a.m. It will be held at
Wesley House, Huddersfield Road, Birstall, Batley, West
Yorkshire WF17 9EJ.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Wesley House, Huddersfield Road, Birstall,
Batley, West Yorkshire WF17 9EJ not later than 12:00 noon, July
12, 2004.
CONTACT: O'HARA & CO
Wesley House, Huddersfield Road,
Birstall, Batley,
West Yorkshire WF17 9EJ
Administrator:
Peter O'Hara
BURNLEY SHEETMETAL: Names Begbies Traynor Liquidator
----------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Burnley Sheetmetal Fabrications Ltd Company on June 22, 2004
held at 1 Winckley Court, Chapel Street, Preston PR1 8BU, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. Gordon Craig of Begbies Traynor, 1 Winckley Court,
Chapel Street, Preston, Lancashire PR1 8BU has been appointed
Liquidator of the Company for the purpose of the voluntary
winding-up.
CONTACT: BEGBIES TRAYNOR
1 Winckley Court
Chapel Street, Preston,
Lancashire PR1 8BU
Liquidator:
Gordon Craig
COLT TELECOM: May Seek Merger to Survive Tough Competition
----------------------------------------------------------
Speculations are rife that fixed-line phone calls business may
finally approach giant rival Cable & Wireless for a possible
takeover, according to independent.co.uk.
The rumors came after Colt Telecom warned of a drop in earnings
in the last months, with the worse yet to come, due to tougher
competition. It insists, though, it has costs under control and
has enough cash to reach break-even next year.
"Analysts believe that it will take a merger to find the cost
savings needed to adapt to the new low margin environment," the
report said. It added that Cable & Wireless, with a GBP1.4
billion in ready cash, has long eyed Colt, but the latter has
always shied away.
CONTACT: COLT TELECOM GROUP PLC
Beaufort House, 15 St. Botolph St.
London
EC3A 7QN, United Kingdom
Phone: +44-207-863-5000
Fax: +44-207-390-3701
Web site: http://www.colt.net
CUTTS BOX: Appoints Liquidator from Begbies Traynor
---------------------------------------------------
At an Extraordinary General Meeting of the Members of the Cutts
Box Limited Company on June 25, 2004 held at 30 Park Cross
Street, Leeds LS1 2QH, the Ordinary and Extraordinary
Resolutions to wind up the company were passed. Rob Sadler and
Michael Richard Ellingworth of Begbies Traynor, 30 Park Cross
Street, Leeds LS1 2QH have been appointed Joint Liquidators of
the Company for the purpose of the voluntary winding-up.
CONTACT: BEGBIES TRAYNOR
30 Park Cross Street,
Leeds LS1 2QH
Liquidator:
Rob Sadler
Michael Richard Ellingworth
FARAGO GROUP: Sheds Workers as Administrators Seek Buyer
--------------------------------------------------------
Administrators of Farago Group have axed approximately 90
workers of the textile firm as they continue to save parts of
the business, according to just-style.com.
Farago and three of its subsidiaries -- Long Eaton Textiles,
Apex Dyers & Finisher and Paragon Prints -- went into
administration last month. Administrators had shut down one its
screen printer business based in Thurmaston and axed down 10
workers. Seventy employees were laid off in Beeston-based Long
Eaton, and 10 in Leicester-based Farago.
According to Stuart Maddison spokesman of PwC East Midlands they
are focused on getting prospective buyers for the companies.
Last Friday, Farago and Apex had interested buyers who will be
providing positive results within the week. However, Long Eaton
has attracted no potential buyer, making its liquidation almost
sure.
FII: Calls in Administrators from KPMG
--------------------------------------
Footwear company FII has gone into administration blaming the
proposed pensions law amendment for its troubles.
FII directors said KPMG were brought in as administrator on June
24 as a direct consequence of both the company's GBP70-million
pension fund deficit and the proposed changes in the law.
An interested buyer approached the company in December 2003.
However, before any agreement could be reached, the government
approved a legislation holding buyers of companies liable for
the pension fund liabilities of the acquired business.
FII has been forced to abandon plans to sell the business
because of fears that a GBP70-million pension liability would
follow the company to potential new owners.
Pensions legislation provided insolvent companies with a
lifeboat funding, whose adverse effect makes "any reconstruction
of the business on a solvent basis unworkable," FII added.
FII was once a big Marks & Spencer supplier, but has struggled
for years with a pension deficit. Shares remains at 6.75p since
October 2003.
FILTRONIC PLC: Chief Executive to Resign Next Year
--------------------------------------------------
Professor Christopher Snowden gave notice that he will be
resigning as a Director of Filtronic plc and from the post of
Chief Executive Officer, Filtronic ICS, in nine months time with
effect from 5 April 2005. Professor Snowden will be taking up
the post of Vice-Chancellor and Chief Executive of the
University of Surrey in July 2005.
During the last 6 years Chris has served as Director of
Technology and Joint Chief Executive Officer prior to his
current position. The Board would like to thank him for his
numerous contributions to the growth of the Company and in
particular to his dedication in creating a world leading
compound semiconductor facility in Newton Aycliffe, County
Durham, U.K.
Commenting, Professor David Rhodes, Executive Chairman, said: "I
would also like to thank him for his personal support over the
last 30 years and believe that he is the ideal person to make a
success of this prestigious appointment."
* * *
On 23 June 2004, Filtronic's Executive Chairman J D Rhodes
provided this trading update:
Wireless Infrastructure
"Sales in Wireless Infrastructure, our largest business,
improved in the second half by around 5% compared to the first
half of the financial year. As indicated in my announcement of
14 April 2004, results in the second half have been materially
impacted by adverse exchange rate movements and costs, in excess
of GBP1 million, incurred in maintaining production capacity
levels in established manufacturing sites whilst rapidly
expanding output from our Chinese facility.
This production strategy was instrumental in winning the
substantial program position with a new Original Equipment
Manufacturer customer, which I announced in April, and enables
Filtronic to satisfy the increasing world demand for cellular
base station infrastructure.
Sales to this new customer are expected to commence towards the
end of 2004 calendar year and to increase rapidly, with the
result that sales and profitability in this business area in
2004/05 financial year will be heavily weighted to the second
half. This business is currently experiencing improving demand
for transmit/receive modules as equipment manufacturers roll out
further 2G and 21/2G infrastructure and market indications are
that such demand is likely to continue to rise in the medium
term.
Costs of over GBP4 million have been incurred within the
Wireless Infrastructure business during 2003/04 in supporting
the development of complete power amplifier products
incorporating digital interfaces. Initial production quantities
of these integrated digital transmitters are expected to be
shipped to our first customer towards the end of the 2004
calendar year. Work is continuing with other Original Equipment
Manufacturers on power amplifier module developments but it is
increasingly likely that the market demand will be for the
complete integrated digital transmitters incorporating the
highly efficient gallium arsenide power amplifier modules.
Investment in this product area is continuing and increased
development expenditure budgeted for the new financial year is
likely to increase the net cost of this product area in the
2004/05 financial year by approximately 50%. The prime
objective of this expenditure will be to further reduce
production costs and increase operating margins.
Handset Products
As indicated in my statement of 2 February 2004, Handset
Products, our second largest business, has seen a marked
reduction in sales in the second half compared to the first half
due to adverse exchange rates and after particularly high
volumes in the first half for a single phone program, on which
Filtronic had a temporary exceptional market share. As a result
of this and with the impact of continuing price erosion,
operating margins have decreased to around 15% for the 2003/04
financial year as a whole. During financial year 2004/05, the
move to more mechanically integrated products incorporating
internal antennas is expected to continue. As these products
contain a higher proportion of bought in materials, margins are
not expected to return to previous levels. Revenues will
continue to be subject to substantial pricing pressure.
Integrated Products
Sales in Integrated Products, which comprises the Electronic
Warfare, Broadband Access and Compound Semiconductor divisions,
have shown an improvement in the second half compared to the
first half as increased revenues in the Electronic Warfare and
Compound Semiconductor areas have offset the impact caused by
the sale of the EW division of Filtronic Solid State, which
contributed GBP3.4 million of sales in the first half. Losses
have reduced in this division in the second half by over GBP3
million compared to those incurred in the first half even though
investment has continued in increasing the manufacturing
capacity for the power amplifier modules. A substantial
increase in revenues is expected in this business area in
financial year 2004/05 due to the commencement of shipments of
gallium arsenide switches and other compound semiconductor
products. This should result in further reductions in operating
losses in the first half and the achievement of monthly
profitability at the operating level before the end of the
2004/05 financial year.
Capital Investment
The growth in demand from both our existing and new customers
for wireless infrastructure transmit/receive modules is causing
Filtronic to commit further capital expenditure for test
equipment and facilitization, mainly in China. This investment
together with new generic manufacturing equipment and processes
to supply the mechanically integrated handset antenna products
using new foil technology and automated test equipment for the
production of integrated digital transmitters for 3G WCDMA
networks will result in total 2004/05 capital expenditure of
over GBP20 million, almost twice us much as that incurred in the
2003/04 financial year.
Currency Translation
The impact of the weak U.S. dollar when compared to our budgeted
exchange rates for the 2003/04 financial year has reduced
reported sales by GBP13.4 million and operating profit by GBP3.0
million, as the company's manufacturing profits in both
Wireless Infrastructure and Handset Products are increasingly
earned in China, where the local currency is tied to the US
dollar. This impact, together with the costs associated with
increasing the capacity in China, leads to an operating profit
for the year, after goodwill amortization and share compensation
costs, which is not expected to be less than GBP3.5 million.
Outlook
Filtronic is well placed for growth in 2004/05 financial year
and beyond as it continues to gain market share in
transmit/receive modules for base stations, introduces new
compound semiconductor based products across a broad range of
end markets and commences the supply of integrated digital
transmitters.
Preliminary results for the year ended 31 May 2004 will be
announced on 2 August 2004.'
Professor J D Rhodes, CBE, FRS, FREng
Executive Chairman
CONTACT: FILTRONIC PLC
Professor J D Rhodes, CBE FRS FREng
Executive Chairman
Phone: 07850 827280
BINNS & CO PR LTD
Peter Binns
Phone: 020 7786 9600
Paul McManus
Phone: 020 7786 9600
Mobile: 07980 541 893
GATEBROOK SYSTEMS: Calls in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Members of the
Gatebrook Systems Limited Company on June 28, 2004 held at
Hilton East Midlands Airport, Derby Road, Castle Donington,
Derby DE74 2YW, the Ordinary and Extraordinary Resolutions to
wind up the company were passed. M S E Solomons has been
appointed Liquidator for the purpose of such winding-up.
HOMEWARM ENERGY: Brings in Liquidator from Brebner Allen & Trapp
----------------------------------------------------------------
At an Extraordinary General Meeting of the Homewarm Energy
Conservation Limited Company on June 28, 2004 held at Homewarm
House, Orchard Industrial Estate, Christen Way, Maidstone, Kent
ME15 9YE, the subjoined Special Resolution to wind up the
company was passed. Martin N Widdowson of Brebner Allen &
Trapp, Royal Victoria House, 51-55 The Pantiles, Tunbridge
Wells, Kent TN2 5TD has been appointed Liquidator for the
purpose of such winding-up.
CONTACT: BREBNER ALLEN & TRAPP
Royal Victoria House
51-55 The Pantiles
Tunbridge Wells, Kent TN2 5TD
Liquidator:
Martin N Widdowson
INVICTA CONSTRUCTION: Special Winding up Resolution Passed
----------------------------------------------------------
At an Extraordinary General Meeting of the Invicta Construction
Limited Company on June 28, 2004 held at Homewarm House, Orchard
Industrial Estate Christen Way, Maidstone, Kent ME15 9YE, the
subjoined Special Resolution to wind up the company was passed.
Martin N Widdowson of Brebner Allen & Trapp, Royal Victoria
House, 51-55 The Pantiles, Tunbridge Wells, Kent TN2 5TD has
been appointed Liquidator for the purpose of such winding-up.
CONTACT: BREBNER ALLEN & TRAPP
Royal Victoria House
51-55 The Pantiles
Tunbridge Wells, Kent TN2 5TD
Liquidator:
Martin N Widdowson
IT IMAGE: Calls in Liquidator from David Buggy & Co.
----------------------------------------------------
Irish Cartridge recycler IT Image has gone bust after its parent
company in the U.K. refused to hand over its Irish customer base
or guarantee the Irish company's overdraft facility, Europe
Intelligence Wire reports.
Trading was halted two weeks ago and the company was wound up at
a creditors' meeting Friday. Alan McLean of David Buggy & Co
was appointed liquidator.
Managing director Michael Osbourne said: "In January of this
year, we were informed by the IT Image U.K. that they would sign
an inter-company agreement to secure our overdraft facility for
us."
"However, they recently pulled away from that agreement and told
us they would deal with us on a cash-only basis. This
effectively meant we could not continue operations."
IT Image owes EUR457,000 to its parent company; EUR24,000 to the
Revenue Commissioners; and EUR117,926 to trade creditors.
IT Image recycles printing cartridges at its facility in
Wexford, Ireland. It has a workforce of 20 people.
J SAINSBURY: Campaign to Block Remuneration Report On
-----------------------------------------------------
The National Association of Pension Funds Monday urged
shareholders to vote against directors' pay at next week's
annual meeting of retail giant J Sainsbury, Independent News
reports.
The NAPF said the award was a "fundamental example of a
breakdown in good corporate governance and good relations with
shareholders."
The move came after J Sainsbury included in its remuneration
report the controversial GBP2.4-million payout to Sir Peter
Davis. Sir Peter was ousted on June 30 as chairman after a
series of blunder made by Sainsbury. The company earlier
decided to award Sir Peter 86% of his bonus as profits and
shareholder returns fell.
The Association of British Insurers, one of the largest
shareholder groups, also expressed dismay over Sir Peter's pay.
ABI and NAPF both urged a negative vote for the remuneration
report.
The company earlier pledged to drop references to Sir Peter's
pay. However, it emerged the retailer has not done so.
It was reported Sainsbury took legal advice and decided not to
exclude the payment, which Sir Peter is entitled to under his
contract. It also took back a decision to appoint Sir Ian
Prosser in replacement of Sir Peter because of an opposition
from the City.
On the upcoming annual meeting, a protest vote is expected
against Lord Levene and James Dundas. Both directors hope to be
re-elected to the remuneration committee.
LEEDS UNITED: Hires KPMG Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Leeds United Travel
Company Limited on June 17, 2004 held at Elland Road, Leeds LS11
0ES, the Special Resolution to wind up the company was passed.
John Paul Bateman and Richard Dixon Fleming of KPMG LLP, 8
Princes Parade, Liverpool L3 1QH have been appointed Joint
Liquidators for the purpose of such winding-up.
CONTACT: KPMG LLP
8 Princes Parade,
Liverpool L3 1QH
Liquidators:
John Paul Bateman
Richard Dixon Fleming
MANOR FARM: Names Grant Thornton Administrator
----------------------------------------------
The Manor Farm Ducklings Limited Company (Private Unlimited
Company) has appointed Anthony Norman Flynn and Ian Stewart Carr
of Grant Thornton as joint administrative receivers. The
appointment was made June 21, 2004. The company produces food.
CONTACT: GRANT THORNTON
Melton Street,
Euston Square,
London NW1 2EP
Receiver:
Anthony Norman Flynn
(IP No 8619)
GRANT THORNTON
Byron House,
Cambridge Business Park,
Cowley Road, Cambridge CB4 0NB
Receiver:
Ian Stewart Carr
(IP No 8741)
MARTEN PROPERTIES: Calls in Liquidator
--------------------------------------
At an Extraordinary General Meeting of the Marten Properties
Limited Company on June 23, 2004 held at Flat 30D, Green Street,
London W1K 7AZ, the Special, Ordinary and Extraordinary
Resolutions to wind up the company were passed. Jane Lindsay
Gandon of 2 Preston Park Avenue, Brighton BN1 6HJ have been
appointed Liquidator for the purpose of such winding-up.
CONTACT: Jane Lindsay Gandon, Liquidator
2 Preston Park Avenue,
Brighton BN1 6HJ
MICROGEN EQUIPMENT: Sets Final Meeting August 4
-----------------------------------------------
Name of Companies:
Microgen Equipment and Supplies Limited
Microgen Imagen Limited
Microgen Investments Limited
The Final Meetings of the Members of these companies will be on
August 4, 2004 at 10:30 a.m., 11:00 a.m. and 11:15 a.m.
respectively. It will be held at KPMG Corporate Recovery,
Arlington Business Park, Theale, Reading, Berkshire RG7 4SD.
The purpose of the Meetings is to lay before the Members the
account how the winding up of the companies have been conducted.
Members who want to be represented at the Meeting may appoint
proxies. Proxies must be lodged with KPMG Corporate Recovery,
Arlington Business Park, Theale, Reading, Berkshire RG7 4SD not
later than 12:00 noon, August 3, 2004.
CONTACT: KPMG CORPORATE RECOVERY
Arlington Business Park,
Theale, Reading,
Berkshire RG7 4SD
Fax: +44 (0) 118 3731420
Liquidator:
R J Hill
MUCKAWAY LIMITED: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Mickaway Limited Company and held at 3 Wrights Way, Burnhope, Co
Durham DH7 0DL, the Ordinary and Extraordinary Resolutions to
wind up the company were passed. E Walls has been appointed
Liquidator for the purpose of such winding-up.
ONE STEP: Hires Grant Thornton Liquidator
-----------------------------------------
At an Extraordinary General Meeting of the One Step Homes
Limited Company on June 28, 2004 held at the offices of Grant
Thornton, Heron House, Albert Square, Manchester M60 8GT, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. Leslie Ross of Grant Thornton, Heron House, Albert
Square, Manchester M60 8GT has been appointed Liquidator of the
Company for the purpose of the voluntarily winding-up.
CONTACT: GRANT THORNTON
Heron House, Albert Square
Manchester M60 8GT
Liquidator:
Leslie Ross
PHOENIX DEVELOPMENTS: Names Haine Watts Liquidator
--------------------------------------------------
At an Extraordinary General Meeting of the Phoenix Developments
(Yorkshire) Limited Company on June 23, 2004 held at Haines
Watts, First Floor, Park House, Park Square West, Leeds LS1 2PS,
the Ordinary and Extraordinary Resolutions to wind up the
company were passed. David Michael Clements and John David
Travers of Haines Watts, First Floor, Park House, Park Square
West, Leeds LS1 2PS have been appointed Liquidators for the
purpose of such winding-up.
CONTACT: HAINES WATTS
First Floor, Park House,
Park Square West
Leeds LS1 2PS
Liquidators:
David Michael Clements
John David West
PHYSIO-REHAB CENTRES: Calls in Joint Administrative Receivers
-------------------------------------------------------------
The Physio-Rehab Centres Limited Company has appointed Clive
Morris and Robert Michael Young as joint administrative
receivers. The appointment was made June 29, 2004. The company
is engaged in medical practice activities.
CONTACT: MARSHALL PETERS
Heskin Hall Farm,
Wood Lane, Heskin,
Preston PR7 5PA
Receivers:
Clive Morris
(IP No 8820)
POPPLETON & APPLEBY
Brampton House Mews,
10 Queen Street,
Newcastle under Lyme,
Staffordshire ST5 1ED
Receiver:
Robert Michael Young
(IP No 7875)
PREMIER FOODS: 'B+' Rating on CreditWatch After IPO Announcement
----------------------------------------------------------------
Standard & Poor's Ratings Services on Friday placed its 'B+'
long-term corporate credit rating on U.K.-based food
manufacturer Premier Foods PLC on CreditWatch with positive
implications, following the group's announcement that it intends
to float on the London Stock Exchange.
"Premier's proposed IPO is estimated to raise approximately
GBP130 million in primary proceeds and is expected to take place
within the next three weeks," said Standard & Poor's credit
analyst Sunita Kara. "The group's financial profile will be
strengthened as a result, which could lead to higher ratings--
with the upgrade potential likely to be limited to two notches."
The IPO proceeds are expected to be used to repay part of the
group's existing senior debt. The US$200 million and GBP75
million senior unsecured high-yield notes due 2009, however, are
expected to remain in place.
Premier expects to redeem these notes on or after their first
call date on September 1, 2004. At April 3, 2004, Premier had
net debt of GBP557 million, or 5.4x EBITDA. Standard & Poor's
will review the CreditWatch status when the group's new capital
structure is in place.
PRESTIGE AUTO: Creditors Meeting Set July 15
--------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Prestige Auto Express Ltd
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Prestige Auto
Express Ltd company will be held at Rifsons House 63-64 Charles
Lane London NW8 7SB, on July 15, 2004, at 12:30 p.m. for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)
In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Rifsons, Rifsons House 63-64 Charles Lane
London NW8 7SB on two business days next before the meeting.
By Order of the Board.
R Choudhury, Director
June 3, 2004
CONTACT: RIFSONS
Rifsons House
63-64 Charles Lane
London NW8 7SB
Phone: 0207 586 7032, 0207 586 9831
Fax: 0207 586 9834
E-mail: rifsons@wol.net.pk
Web site: http://www.rifsons.com
PRIME ARTS: Barclays Bank Appoints Numerica Receiver
----------------------------------------------------
Barclays Bank Plc called in Simon Edward Jex Girling and Mark
Peter Roach of Numerica receivers for publisher Prim Arts
Limited (Reg No 03075851, Trade Classification: 10: Paper,
Printing and Publishing. The application was filed June 29,
2004.
CONTACT: NUMERICA
Crown House,
37-41 Prince Street,
Bristol BS1 4PS
Receivers:
Simon Edward Jex Girling
Mark Peter Roach
(Office Holder Nos 009283, 009231)
SCOOTER PEOPLE: Appoints Receivers from Wilson Pitts
----------------------------------------------------
The Scooter People Limited has appointed D F Wilson and J N R
Pitts have been appointed joint administrative receivers. The
appointment was made June 21, 2004.
The company sells motorcycles and accessories. Its registered
office address c/o Wilson Pitts, Glendevon House, Hawthorn Park,
Coal Road, Leeds LS14 1PQ.
CONTACT: WILSON PITTS
Glendevon House,
Hawthorn Park, Coal Road,
Leeds LS14 1PQ
Receivers:
D F Wilson
J N R Pitts
(IP Nos 703, 7851)
SHISO: Second Robertson Restaurant to Close Down
------------------------------------------------
Shiso, a Robbie Robertson-opened restaurant, was closed down
leaving angry employees with unpaid wages.
The Aberdeen-based restaurant is the second venture of the "Chef
of the Year" awardee to close down in the area. He had
previously opened Rooftop restaurant, but closed it down because
it was not making enough profits. Shiso, is located in a
Georgian townhouse in Aberdeen's Golden Square.
Around 30 employees at Shiso labeled Mr. Robertson's handling of
the situation as a "disgrace." The staff was only informed of
the closure Thursday when suppliers began clearing up the
restaurant, Europe Intelligence Wire reports. An accountancy
firm declined to handle the company's liquidation, as Shiso has
no significant assets.
Shiso staff said Mr. Robertson did not give any information on
the closure. The employees still has to collect GBP3,000 for
their wages.
An employee said, "He must have known this was coming for some
time but didn't have the decency to come out and tell us."
"He has actually been taking on new staff and hired a new
manager just last week and a head chef a couple of weeks ago,"
he added.
SPEA LIMITED: Names BDO Stoy Hayward Administrator
--------------------------------------------------
Martha H Thompson and David H Gilbert have been appointed joint
administrative receivers for SPEA (U.K.) Limited. The
appointment was made June 28, 2004. The company manufactures
electrical equipment.
CONTACT: BDO STOY HAYWARD LLP
Kings Wharf,
20-30 Kings Road, Reading,
Berkshire RG1 3EX
Receiver:
Martha H Thompson
(IP No 8678/01)
BDO STOY HAYWARD LLP
8 Baker Street,
London W1U 3LL
Receiver:
David H Gilbert
(IP No 2376/01)
STEALTH MOTORSPORT: Creditors Meeting Tomorrow
----------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Stealth Motorsport Engineering Ltd
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Stealth Motorsport
Engineering Ltd company will be held at The Rodney Hotel 4
Rodney Place Bristol BS8 4HY, on July 8, 2004, at 11:00 a.m. for
the purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)
A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at The Coach House
Folleigh Lane Long Ashton Bristol BS41 9JB not later that 12:00
noon on the business day before the Meeting.
Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
The Coach House Folleigh Lane Long Ashton Bristol BS41 9JB
before the Meeting, a statement giving particulars of their
security, the date when it was given, and the value at which it
is assessed.
In accordance with section 98 (2) Insolvency Act 1986, a list of
Creditors' names and addresses will be available for inspection,
free of charge, at Byrne Associates, The Coach House Folleigh
Lane Long Ashton Bristol BS41 9JB on two business days next
before the meeting.
By Order of the Board.
A Clark, Director
CONTACT: BYRNE ASSOCIATES
The Coach House
Folleigh Lane
Long Ashton
Bristol
BS41 9JB
Tel: 01275 394112
Fax: 01275 394298
E-mail: alisonbyrne@byrneassociates.co.uk
SUSPENDED CEILING: First Liquidation Meeting Set July 13
--------------------------------------------------------
IN THE MATTER OF THE INSOLVENCY ACT 1986
and
IN THE MATTER OF Suspended Ceiling Installations Ltd
Notice is hereby given, pursuant to section 98 of the Insolvency
Act 1986, that a meeting of Creditors of the Suspended Ceiling
Installations Ltd company will be held at 76 New Cavendish
Street London W1G 9TB, on July 13, 2004, at 11:20 am for the
purpose of having a full statement of the position of the
Company's affairs, together with a list of the Creditors of the
Company and the estimated amount of their claims, laid before
them, and for the purpose, if thought fit, of nominating a
Liquidator and of appointing a Liquidation Committee. (Sections
99-101 of the said Act)
A Form of Proxy, if intended to be used by creditors wishing to
vote at the Meeting, must be duly completed and accompanied by
their statement of claim, and must be lodged at 76 New Cavendish
Street London W1G 9TB not later that 12:00 noon on the business
day before the Meeting.
Notice is also given, for the purpose of voting, that secured
Creditors must (unless they surrender their security) lodge at
76 New Cavendish Street London W1G 9TB before the Meeting, a
statement giving particulars of their security, the date when it
was given, and the value at which it is assessed.
In accordance with section 98 (2) Insolvency Act 1986 , a list
of Creditors' names and addresses will be available for
inspection, free of charge, at Berley, 76 New Cavendish Street
London W1G 9TB on two business days next before the meeting.
By Order of the Board.
C Perkins, Director
June 8, 2004
CONTACT: BERLEY
76 New Cavendish Street
London W1G 9TB
Tel: 020 7636 9094
Fax: 020 7636 4115
Web site: http://www.berley.co.uk
VINNIE U.K.: Succumbs to Liquidation a Year After Launch
--------------------------------------------------------
Fashion company Vinnie U.K. collapsed into liquidation after
incurring over GBP100,000 in debt.
The clothing range had former football star Vinnie Jones as its
main endorser after its launch in July 2003. However, problems
arose in January when Robert Gray left his post as director
following the sanction of Mr. Jones for disruptive behavior.
A fashion insider said, "I think the company basically bit off
more than it could chew and then pulled the plug."
Vinnie U.K.'s clothing range was supposed to be launched in
Britain in January. However, a series of bad financial
decisions cut short the launching.
A spokesman for Mr. Jones said, "There are contractual problems
being sorted out at the moment. . . It has nothing to do with
the financial backing."
VOID DESIGN: Appoints Geoffrey Martin & Co Liquidator
-----------------------------------------------------
At an Extraordinary General Meeting of the Void Design Limited
Company on June 29, 2004 held at Geoffrey Martin & Co, 8-12
Brook Street, London W1K 5BU, the Ordinary and Extraordinary
Resolutions to wind up the company were passed. Stephen
Goderski of Geoffrey Martin & Co, 8-12 Brook Street, London W1K
5BU has been appointed Liquidator of the Company.
CONTACT: GEOFFREY MARTIN & CO
8-12 Brook Street,
London W1K 5BU
Liquidator:
Stephen Goderski
WATERFORD WEDGWOOD: To Decide on Sale of All-Clad USA July 26
-------------------------------------------------------------
Waterford Wedgwood announces that a circular containing details
of the Sale of All-Clad USA, Inc. is expected to be published
and posted to Stockholders. The Circular includes notice of an
Extraordinary General Meeting of the Company convened to be held
at 10:00 a.m. on Monday, 26 July, 2004 at The Shelbourne Hotel,
St. Stephen's Green, Dublin 2, Ireland.
A resolution will be put to Stockholders at the Extraordinary
General Meeting to approve the sale of All-Clad on the terms
previously announced. Subject to such approval being received,
it is expected that the Sale will be completed as soon as
practicable following the Extraordinary General Meeting. All of
the net proceeds of the Sale will then be applied to reduce
senior debt, specifically approximately EUR147.0 million
(US$178.8 million) of the Group's Revolving Credit Facility and
approximately EUR32.4 million (US$40.2 million) of the Private
Placement Notes. A further EUR3.2 million (US$4.0 million)
representing a make-whole premium on the Private Placement Notes
will be satisfied by way of the issue of additional notes in
accordance with the terms thereof. Based on amounts outstanding
as at 31 March, 2004, the debt reduction effected by the Sale is
63.8% of senior debt.
In order to reinforce the financial platform of the Group and
allow it to continue the operational restructuring being pursued
by the Board, existing credit facilities have also been
supplemented by the procurement of banking facilities of up to
EUR40 million by way of subordinated loans. These loans, which
are not secured on Group assets, bear interest at an average
rate of LIBOR plus 1.5%.
In the Circular, the Group also comments that trading is broadly
in line with the same period in the previous fiscal year and at
constant exchange rates, volumes in the first quarter are
expected to be 1% ahead of the same period last year.
The Company is also taking the opportunity to propose a number
of resolutions relating to the share capital of the Company.
The authorized share capital of the Company and general
allotment authorities of the Directors, which have not been
renewed for a number of years and which are now almost entirely
utilized, are proposed to be increased and renewed respectively.
Authority to dis-apply pre-emption rights are also being sought,
a standard resolution renewed by the Company on an annual basis.
Document Availability
A copy of the Circular and of the Form of Proxy for use in
connection with the Extraordinary General Meeting has been
submitted to the Irish Stock Exchange and the U.K. Listing
Authority and will shortly be available for inspection at:
Company Announcements Office,
Irish Stock Exchange,
28 Anglesea Street,
Dublin 2, Ireland
Phone: +353-1-6174200
Financial Services Authority,
25 The North Colonnade,
Canary Wharf,
London E14 5HS,
United Kingdom
Phone: +44 (0) 207-066-1000
WEMBLEY PLC: JPMorgan Offer Fails to Attract Enough Subscription
----------------------------------------------------------------
On 20 April, 2004, the management committee of BLB Investors and
the Wembley Board announced the terms of a recommended cash
offer for the entire issued and to be issued share capital of
Wembley not already owned by BLB Investors, to be made by
JPMorgan on behalf of BLB Acquisition and, inside the United
States, by BLB Acquisition. The Offer Document was posted to
Wembley Shareholders on 1 May, 2004.
It was a condition of the Offer (the Acceptance Condition) that
BLB Acquisition received valid acceptances of the Offer by 3:00
p.m. (London time) on 3 July, 2004 in respect of not less that
90% in nominal value of the Wembley shares to the Offer related.
As at 3:00 p.m. (London time) on 3 July, 2004, valid acceptances
of the Offer had been received in respect of 21,164,584 Wembley
Shares, representing approximately 78.3% of the shares to which
the Offer related.
BLB Acquisition has decided not to extend the Offer. The level
of acceptances received as at 3 July, 2004 did not satisfy the
Acceptance Condition and the Offer has therefore lapsed and is
no longer available for acceptance.
BLB Acquisition believes that among other things, since the
posting of the Offer Document, the political environment in
which the Lincoln Park Business operates has become highly
uncertain.
Jeff Dishner of BLB Acquisition said: "We are clearly
disappointed at this outcome. However, BLB Acquisition remains
a 22% shareholder in Wembley and is committed to working with
Wembley to maximize shareholder value over the long term."
* * *
Prior to the announcement of the Offer, BLB Acquisition had
acquired 7,732,500 Wembley Shares from Active Value
(representing approximately 22.2 percent of Wembley's issued
share capital), all at a price of 800 pence for each Wembley
Share. Accordingly, as at 3.00 p.m. (London time) on 3 July,
2004, BLB Acquisition had either acquired or received valid
acceptances of the Offer in respect of 28,897,084 Wembley Shares
representing approximately 83.1% of the existing issued share
capital of Wembley.
Save as disclosed in this announcement or in the Offer Document,
neither BLB Investors nor any persons acting or deemed to be
acting in concert with BLB Investors held any Wembley Shares (or
rights over any Wembley Shares) prior to the Offer Period and
neither BLB Investors nor any persons acting or deemed to be
acting in concert with BLB Investors have acquired or agreed to
acquire any Wembley Shares (or rights over any Wembley Shares)
since the commencement of the Offer Period.
Terms defined in the Offer Document bear the same meanings
herein.
The Offer was not made, directly or indirectly, in or into
Australia, Canada or Japan and the Offer was not capable of
acceptance from or within Australia, Canada or Japan.
Accordingly, copies of this announcement and any related
documents are not being, and must not be, directly or
indirectly, mailed or otherwise forwarded, distributed or sent
in, into or from Australia, Canada or Japan. Persons receiving
this announcement (including custodians, nominees and trustees)
must not mail or otherwise distribute or send it in, into or
from such jurisdictions.
The Offer in the United States was made solely by BLB
Acquisition, and neither JPMorgan nor any of its respective
affiliates was making the Offer in the United States.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM
AUSTRALIA, CANADA OR JAPAN.
CONTACT: TULCHAN COMMUNICATIONS
Andrew Honnor
Phone: +44 (0) 20 7353 4200
WINSOR AGGREGATES: Winding up Resolutions Passed
------------------------------------------------
At an Extraordinary General Meeting of the Winsor Aggregates
Limited Company on June 24, 2004 held at YMCA, Kingsway, Swansea
SA1, the Ordinary and Extraordinary Resolutions to wind up the
company were passed. Valerie Laura Neave of The Grange, Aston
on Carrant, Tewkesbury GL20 8HL has been appointed Liquidator
for the purpose of the voluntary winding-up.
CONTACT: THE GRANGE
Aston on Carrant
Tewkesbury GL20 8HL
Liquidator:
Valerie Laura Neave
*********
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
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Information contained herein is obtained from sources believed
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