/raid1/www/Hosts/bankrupt/TCREUR_Public/040708.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, July 8, 2004, Vol. 5, No. 134
Headlines
F R A N C E
IXO: Paris Court Paves Way for Liquidation
G E R M A N Y
GILDEMEISTER AG: Proposed EUR175 Mln Bond Gets 'B-' Rating
I R E L A N D
TRALEE BEEF: AIB Urged to Share Cash Salvaged from Bankrupt Firm
I T A L Y
GIANNI VERSACE: Secures EUR120 Million Funding from Banca Intesa
GIANNI VERSACE: 2003 Net Loss Up 300% to EUR26.5 Million
PARMALAT FINANZIARIA: Confconsumatori Mulls Suit Against Banks
R U S S I A
ABAZA-LES-PROM: Under Bankruptcy Supervision
CASINO SIBERIA: Declared Insolvent
CHITA-SPETS-DOR-STROY: Under Bankruptcy Supervision
CITY FOOD: Tatarstan Court Appoints Insolvency Manager
FARMAKOM: Court Sets July 14 Hearing
GUTA BANK: Closure of Two Branches Fuel Rumors of Banking Crisis
KALININSKY ANGULAR: Insolvent Status Confirmed
MELEZINSKY MEZH-KHOZYAYSTVENNY: Falls into Bankruptcy
RAINBOW: Chuvashiya Court Commences Bankruptcy Supervision
TERMO-PLAST: Court Sets September 16 Hearing
VERKHNELENSKAYA TIMBER: Deadline for Proofs of Claim August 10
YUKOS OIL: Denies Report on 'Possible' Oil Export Reduction
YUKOS OIL: Founder Offers Stake as Payment for Tax Bill
YUKOS OIL: Faces Class Action Over Share Placement Last Year
U K R A I N E
AMGA: Insolvent Status Confirmed
KUZKIVSKE: Under Bankruptcy Supervision Procedure
LISIVSKE: Poltava Court Starts Bankruptcy Supervision
OMEGA-PLUS: Kyiv Court Appoints Insolvency Manager
PUTYATINTSI: Bankruptcy Proceedings Begin
SAHNOVSHINE' RAJAGROPOSTACH: Court Affirms Insolvency
UKRPRODUKT: Deadline for Proofs of Claim July 18
U N I T E D K I N G D O M
ALDBURY PRINTERS: Winding up Resolutions Passed
BALTIMORE TECHNOLOGIES: Reveals New Management Team
BASS IRELAND: Failure to Find Buyer May Result in Closure
BRITISH SKY: New Chief Financial Officer to Report August
BROADGATE INVESTMENT: Board Recommends Voluntary Liquidation
CAGSAB LIMITED: Calls in Liquidator
CAMPBELL-WALTER: Extraordinary Winding up Resolution Passed
CROSSFINE LIMITED: Shareholders Pass Winding up Resolutions
CUSTOM CONCEPTS: Hires A. Segal & Co Liquidator
DUNLOP STANDARD: Sold to Meggitt and Carlyle for US$1.45 Billion
DUNLOP STANDARD: On CreditWatch Positive After Proposed Takeover
EASYJET PLC: Founder Mulls Taking Airline Private
EQUITABLE LIFE: Dumps EMAG's Proposal for Negotiations
EVER 1913: Sets Members Final Meeting August 9
FARRELL DOVE: Names P&A Partnership Liquidator
FIFOOTS POWER: Sold to Carron Energy for Undisclosed Sum
FORCE 12: Calls in Liquidator
HALLS RESIDENCE: Final Meeting Set August 10
HUNTINGTON RAILWAY: Winding up Resolutions Passed
INVENSYS PLC: Amends Tender Offer for 7-1/8% Notes
JARVIS PLC: Tube Lines Unlikely to be Affected by Turbulence
JARVIS PLC: Dismisses Rebranding Rumors
KEY CLOTHING: Appoints Liquidator from Jeffreys Henry Jacobs
MALABRIGHT FINISHING: Names Begbies Traynor Liquidator
MANN BROADBENT: Sets July 29 Final Members Meeting
MARKS & SPENCER: Revival Wants to Know Funding Plan for Pension
MARKS & SPENCER: Remains Cold Towards Revival's Offer
MARKS & SPENCER: Revival Has Until August 6 to Lodge Offer
MARTIN STUART: Calls in Liquidator from Hart Shaw
MAUDLIN PROPERTIES: Appoints Liquidators from Numerica
MEDA COURIERS: Names Liquidators from Begbies Traynor
MG ROVER: Consecutive Sales Decline Enters Fourth Month
NTL INC.: To Discuss Second-quarter Results August 4
NXT: News of Deeper Losses for 2004 Sends Shares Tumbling
OAKVIEW PLC: Hires Begbies Traynor Liquidator
PARK AND PATTERSON: Business for Sale
RADAR MEDIA: Sets Creditors Meeting July 21
SHIRECLOSE HOUSEWARES: Hires Kroll Limited Administrator
SOUP LADLE: Names Grant Thornton Administrator
SPYDERWORKS LIMITED: HSBC Bank Appoints Receivers
SUNDERLAND FOOD: Yorkshire Bank Appoints PwC Receiver
WALSALL TRAINING: Final General Meeting Set August 6
WEBB PROPERTY: Sets General Meeting July 29
WEMBLEY PLC: Reassures Investors After Withdrawal of BLB Offer
WYKE RETAIL: In Administrative Receivership
*********
===========
F R A N C E
===========
IXO: Paris Court Paves Way for Liquidation
------------------------------------------
The commercial court in Paris has ordered liquidation procedure
for French multimedia company IXO, Les Echos reports. IXO
shares will be delisted from the Paris New Market after the
process is completed. The company was declared insolvent in
January. Some of its magazine titles have since been sold
separately to Tests and Cyber Press Publishing groups.
=============
G E R M A N Y
=============
GILDEMEISTER AG: Proposed EUR175 Mln Bond Gets 'B-' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services on Tuesday assigned its 'B-'
long-term senior unsecured debt rating to the proposed EUR175
million senior subordinated bond issued by Germany-based
machine-tool maker Gildemeister AG, reflecting the 'B+' long-
term corporate credit rating, with stable outlook, which
Standard & Poor's would assign to Gildemeister upon the
successful placement of the bond. The debt rating is two
notches lower than the anticipated corporate credit rating due
to the structural and contractual subordination of the proposed
bond issue vis-a-vis the senior secured lenders and some trade
creditors.
"The rating on the bond reflects the anticipated credit quality
of Gildemeister upon the successful placement of the bond
issue," said Standard & Poor's credit analyst Maria Bissinger.
"If the bond is unsuccessful, we would view the credit quality
of Gildemeister as weaker, as the company's short- and medium-
term refinancing risk would be heightened and its debt maturity
structure less balanced."
The rating on Gildemeister would be subject to the successful
bond issue and would be lower if the bond is not placed as
proposed. The rating on Gildemeister will be constrained by a
number of factors, most importantly its very aggressive
financial profile and only fair financial flexibility, as well
as the cyclical and competitive end-markets the group serves,
the high capital intensity, and competitive position, which is
weakened by the continued strength of the euro. It will be
supported by the group's leading position in the global machine-
tool industry, its broad geographical and customer diversity,
its technological and innovation leadership, and strong service
business, which is less cyclical and higher margin than the
group's other activities.
Gildemeister engineers and manufactures a variety of turning and
milling machines for a wide range of industrial applications.
It is also engaged in ultrasonic machining equipment and laser
machinery, such as laser cutting and laser drilling equipment,
and has growing service activities.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
on Standard & Poor's public Web site at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail on:
media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Analyst E-mail Addresses
maria_bissinger@standardandpoors.com
martin_amann@standardandpoors.com
bob_ukiah@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
=============
I R E L A N D
=============
TRALEE BEEF: AIB Urged to Share Cash Salvaged from Bankrupt Firm
----------------------------------------------------------------
Farmers owed by Tralee Beef and Lamb Company when it entered
receivership in 2001 have asked Anglo Irish Bank's Limerick
office to share the spoils of the company.
More than 200 of them picketed outside the bank to dramatize
their effort to recover even a portion of the EUR3.5 million
owed them, Ireland Online said Tuesday. Of Tralee Beef's
creditors, which include 300 farmers, only Anglo Irish Bank was
able to recover money from the receiver after the firm went
bust.
=========
I T A L Y
=========
GIANNI VERSACE: Secures EUR120 Million Funding from Banca Intesa
----------------------------------------------------------------
Banca Intesa S.p.A. and Gianni Versace S.p.A. announce the
completion and underwriting of the restructuring of Versace
Group's financial debt.
According to the financing agreements underwritten on June 24,
2004, Banca Intesa, in its role as sole Arranger and Underwriter
of the refinancing deal, has made available to Versace Group
three financing facilities for an aggregate amount of EUR120
million.
The Versace Group will apply such amount to reimburse the EUR100
million Eurobond maturing on July 6, 2004 issued in 1999 by the
subsidiary Gianni Versace International N.V. and for general
purpose financing of Versace Group's working capital needs.
On July 2, 2004, the Versace Group called the first draw down of
the facilities made available by Banca Intesa, for an aggregate
amount of EUR100 million, to be used exclusively for the
reimbursement of the Eurobond that expired July 6.
The refinancing deal is articulated in three specific financial
facilities, characterized by different profiles of duration,
adherent and functional to Versace Group's turnaround strategy.
GIANNI VERSACE: 2003 Net Loss Up 300% to EUR26.5 Million
--------------------------------------------------------
Gianni Versace S.p.A.'s net loss increased more than threefold
last year as sales fall sharply, Wall Street Journal reports.
The company posted a loss of EUR26.5 million in 2003 compared
with EUR5.8 million the previous year. Sales were down 17% to
EUR403 million (US$495.3 million) from EUR484 million in 2002.
At the end of 2003, its net debt stood at EUR117 million down
from EUR130 million a year earlier.
The company embarked on a restructuring plan last year to fix
the troubles that besiege it since the death of founder Gianni
Versace in 1997. Its cost-cutting program included the
scrapping of its expensive haute-couture fashion shows, and the
reorganization of its retail network. Chief Executive Daniele
Ballestrazzi said the full effects of the restructuring will be
felt in 2005.
The fashion house is, meanwhile, planning to sell up to 30% of
its shares to an outside financial partner for the first time,
subject to management approval. The company is fully owned by
the Versaces.
Allegra Versace Beck recently took possession of her uncle
Gianni's 50% stake after her 18th birthday recently. She has
chosen Michele Carpinelli, partner in Italian law firm Studio
Chiomenti, as consultant in future strategic decisions,
according to people familiar with the matter.
PARMALAT FINANZIARIA: Confconsumatori Mulls Suit Against Banks
--------------------------------------------------------------
Consumer organization Confconsumatori announced Monday its plan
to sue banks that bought bonds issued by Italian food group
Parmalat, Il Sole 24 Ore says.
The Italian federation of consumer groups said the banks had
only reimbursed a minority of customers who -- as admitted by
the banks -- have been sold bonds inappropriately or without
proper disclosure of risk. Confconsumatori added the average
reimbursement was only equal to 20% or 25% of the original
investment. The group wants Parmalat, after it emerges from
bankruptcy, to use the remainder of its shares to repay
bondholders.
===========
R U S S I A
===========
ABAZA-LES-PROM: Under Bankruptcy Supervision
--------------------------------------------
The Arbitration Court of Khakasiya republic commenced bankruptcy
supervision procedure on LLC Abaza-Les-Prom. The case is
docketed as A74-1763/04-K1. Mr. Y. Sultanov has been appointed
temporary insolvency manager. A hearing will take place on July
28, 2004, 10:00 a.m. at the Arbitration Court of Khakasiya
Republic.
CONTACT: Mr. Y. Sultanov
Temporary Insolvency Manager
655603, Russia,
Khakasiya Republic, Sayanogorsk,
Post User Box 107
CASINO SIBERIA: Declared Insolvent
----------------------------------
The Arbitration Court of Novosibirsk region declared LLC Casino
Siberia insolvent and introduced bankruptcy proceedings. The
case is docketed as A45-312/04-SB/12. Mr. K. Khmelevsky has
been appointed insolvency manager. Creditors have until August
10, 2004 to submit their proofs of claim to the temporary
insolvency manager at 630049, Russia, Novosibirsk region, Kr.
Prospect, 184, Room 503.
CONTACT: CASINO SIBERIA
Russia, Novosibirsk Region,
Narymskaya Str. 23
Mr. K. Khmelevsky
Insolvency Manager
630049, Russia,
Novosibirsk Region,
Kr. Prospect, 184, Room 503
CHITA-SPETS-DOR-STROY: Under Bankruptcy Supervision
---------------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
supervision procedure on federal state unitary enterprise Chita-
Spets-Dor-Stroy #904. The case is docketed as A78-2439/04-B-34.
Mr. P. Shaposhnikov has been appointed temporary insolvency
manager.
Creditors are asked to submit their proofs of claim to 672010,
Russia, Chita, Lenina Str. 54, apartment 53. A hearing will
take place on September 9, 2004.
CONTACT: CHITA-SPETS-DOR-STROY #904
672000, Russia,
Chita, 1st location, 43-A
Mr. P. Shaposhnikov
Temporary Insolvency Manager
672010, Russia,
Chita, Lenina Str. 54,
Apartment 53
Phone: 23-73-80
CITY FOOD: Tatarstan Court Appoints Insolvency Manager
------------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
supervision procedure on OJSC City Food Combine. The case is
docketed as A65-7829/2004-SG4-21. Mr. Sh. Khaertdinov has been
appointed temporary insolvency manager.
Creditors are asked to submit their proofs of claim to 420049,
Russia, Tatarstan republic, Kazan, Post User Box 8. A hearing
will take place on October 28, 2004, 2.00 p.m.
CONTACT: CITY FOOD COMBINE
Russia, Tatarstan Republic,
Nab. Chelny, Promzona, 8
Mr. Sh. Khaertdinov
Temporary Insolvency Manager
420049, Russia,
Tatarstan Republic,
Kazan, Post User Box 8
FARMAKOM: Court Sets July 14 Hearing
------------------------------------
The Arbitration Court of Khakasiya republic commenced bankruptcy
supervision procedure on LLC Farmakom. The case is docketed as
A74-1702/04-K1. Mr. O. Kyzhynaev has been appointed temporary
insolvency manager.
Creditors are asked to submit their proofs of claim to 655010,
Russia, Khakasiya republic, Abakan, Komarova Str. 18-130 to O.
Kyzhynaev. A hearing will take place on July 14, 2004.
CONTACT: FARMAKOM
655017, Russia,
Khakasiya republic, Abakan,
Sovetskaya Str. 75, Room 206
Mr. O. Kyzhynaev
Temporary Insolvency Manager
655010, Russia,
Khakasiya Republic,
Abakan, Komarova Str. 18-130
GUTA BANK: Closure of Two Branches Fuel Rumors of Banking Crisis
----------------------------------------------------------------
Russia's Guta Bank closed down its branches in Moscow and St.
Petersburg on Tuesday, alarming private depositors, according to
the Telegraph.
The bank lacks the money to carry out current transactions and
complete payments to depositors due to an outflow of funds
exceeding RUB10 billion (GBP185 billion) last month and
significant payments early this month.
This latest development alarmed the Russian central bank, which
has noticed a rising number of bank closures not seen since
1998. In May, the central bank revoked the license of
Sodbiznesbank, citing violations of anti money-laundering laws.
Last month, bond debts forced Credittrust bank to freeze all
financial transactions.
Analysts do not see a repeat of the 1998 financial crisis, which
saw the collapse of the Russian ruble. They believe the central
bank has sufficient reserves to provide liquidity.
KALININSKY ANGULAR: Insolvent Status Confirmed
----------------------------------------------
The Arbitration Court of Volgograd region declared OJSC
Kalininsky Angular Stone Plant insolvent and introduced
bankruptcy proceedings. The case is docketed as A12-15622/03-
S58. Mr. E. Savchenko has been appointed insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to the temporary insolvency manager at 400039, Russia,
Volgograd, Post User Box 3195.
CONTACT: KALININSKY ANGULAR STONE PLANT
Russia, Volgograd Region,
Frolovsky Region, Shurupovka
Mr. E. Savchenko
Insolvency Manager
400039, Russia,
Volgograd, Post User Box 3195
MELEZINSKY MEZH-KHOZYAYSTVENNY: Falls into Bankruptcy
-----------------------------------------------------
The Arbitration Court of Tatarstan republic commenced bankruptcy
supervision procedure on Melezinsky Mezh-Khozyaystvenny Mixed
Fodder Factory. The case is docketed as A65-22336/2003-SG4-27.
Mr. O. Kyzhynaev has been appointed temporary insolvency
manager. Creditors are asked to submit their proofs of claim
to 420059, Russia, Tatarstan republic, Kazan, Post User Box 27.
CONTACT: MELEZINSKY MEZH-KHOZYAYSTVENNY MIXED FODDER FACTORY
Russia, Melezinsk
Mr. O. Kyzhynaev
Temporary Insolvency Manager
420059, Russia,
Tatarstan Republic, Kazan,
Post User Box 27
Phone: 8-917-399-91-19
RAINBOW: Chuvashiya Court Commences Bankruptcy Supervision
----------------------------------------------------------
The Arbitration Court of Republic of Chuvashiya commenced
bankruptcy supervision procedure on CJSC agricultural enterprise
Rainbow. The case is docketed as A79-1535/04-SK1-1431. Mr. Y.
Paramonov has been appointed temporary insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 247017, Russia, Republic of Chuvashiya, Cheboksary,
Post office 17, Post User Box 62. A hearing will take place on
August 26, 2004, 2:15 p.m.
CONTACT: RAINBOW
Russia, Republic of Chuvashiya,
Urmary, Mira Str. 16
Mr. Y. Paramonov
Temporary Insolvency Manager
247017, Russia,
Republic of Chuvashiya, Cheboksary,
Post Office 17, Post User Box 62
TERMO-PLAST: Court Sets September 16 Hearing
--------------------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
supervision procedure on OJSC Termo-Plast. The case is docketed
as A31-2017/18. Mr. A. Eflov has been appointed temporary
insolvency manager.
Creditors are asked to submit their proofs of claim to 157800,
Russia, Kostroma region, Nerekhta, Kabluchnikov Pl. 2. A
hearing will take place on September 16, 2004, 9:50 a.m.
CONTACT: TERMO-PLAST
157800, Russia,
Kostroma Region, Nerekhta,
Kabluchnikov Pl. 2
Mr. A. Eflov
Temporary Insolvency Manager
157800, Russia,
Kostroma Region, Nerekhta,
Kabluchnikov Pl. 2
VERKHNELENSKAYA TIMBER: Deadline for Proofs of Claim August 10
--------------------------------------------------------------
The Arbitration Court of Irkutsk region commenced bankruptcy
external management procedure on LLC Verkhnelenskaya Timber
Corporation. The case is docketed as A19-16895/03-37. Mr. V.
Moiseev has been appointed external insolvency manager.
Creditors have until August 10, 2004 to submit their proofs of
claim to 666793, Russia, Irkutsk region, Ust-Kut, Khalturina
Str. 48a.
CONTACT: VERKHNELENSKAYA TIMBER CORPORATION
666780, Russia,
Irkutsk Region, Ust-Kut,
Kommunisticheskaya Str. 15
Mr. V. Moiseev
External Insolvency Manager
666793, Russia,
Irkutsk region, Ust-Kut,
Khalturina Str. 48a
YUKOS OIL: Denies Report on 'Possible' Oil Export Reduction
-----------------------------------------------------------
Further to a Reuters report relating to "possible reduction in
YUKOS export of crude oil and oil products by railway and river
transport already in July 2004," the Company considers it
necessary to declare that this statement does not represent the
actual situation.
Furthermore, the Reuters report that YUKOS' export of crude oil
on the Transneft system is only prepaid until 10 July 2004 and
by August YUKOS can have serious problems with pipeline
distribution for export, is also incorrect.
The Company confirms that all Transneft transport tariffs have
been pre-paid by YUKOS until the end of July 2004 in accordance
with an approved delivery schedule. In addition, YUKOS Oil
Company confirms that, subject to available reserves, it
continues to meet all its obligations to customers.
CONTACT: YUKOS OIL
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
YUKOS OIL: Founder Offers Stake as Payment for Tax Bill
-------------------------------------------------------
Jailed Yukos Oil founder Mikhail Khodorkovsky on Wednesday
offered to give up his stake in the company to save it from
imminent bankruptcy.
Yukos representatives, who presented the proposal to
authorities, claim the offer had the blessing of Mr.
Khodorkovsky. Made a day before the deadline, the offer was
meant to defray the US$3.4 billion tax bill for 2000. Last
week, the company also offered to give up Yukos' 35% holding in
Sibneft in lieu of payment, but the government ignored the
offer.
The government on Wednesday gave conflicting positions on Yukos.
Sergei Shatalov, the Deputy Finance Minister, suggested that the
group be given more time to pay the bill. Vladimir Ustinov, of
the Prosecutor-General's office, on the other hand, warned of
additional tax claims for the years after 2000.
Russia has frozen the bank accounts of the company, rendering it
unable to raise funds to satisfy the tax ministry's claims. If
it does not find the cash, the government would have to seize
assets.
CONTACT: YUKOS OIL
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
YUKOS OIL: Faces Class Action Over Share Placement Last Year
------------------------------------------------------------
Lerach Coughlin Stoia & Robbins, LLP on Tuesday announced that a
class action was commenced in the United States District Court
for the Southern District of New York on behalf of purchasers of
the securities of Yukos Oil Company (Pink Sheets:YUKOF, YUKOY)
(Russia:YUKO) between February 13, 2003 and October 25, 2003
(the Class Period).
The complaint charges Yukos, certain of its officers and
directors and its accounting advisors with violations of the
Securities Exchange Act of 1934. Yukos is one of Russia's
leading vertically integrated oil companies, and one of the
world's largest non-state owned oil companies.
The complaint alleges that defendants created a complex network
of shell companies to evade taxes on the production, refining
and sale of oil and oil products. These shell companies were
registered in territories with preferential tax treatment to
enable these companies to receive special tax exemptions in
order to minimize Yukos' tax liability. Since these shell
companies were not separate legal entities, as Yukos maintained
control over the operations of these companies, Yukos was
required to recognize the full amount of the receipts associated
with these transactions for its own tax purposes and was not
entitled to the preferential tax treatment these shell companies
were granted. Accordingly, Yukos' tax liability was materially
understated and its earnings were materially overstated in
violation of GAAP.
Defendants' scheme began to unravel in October 2003 when the
market learned that Russian authorities had arrested the
Company's largest shareholder and CEO, defendant Mikhail
Khodorkovsky, and had charged him with fraud, embezzlement and
evading taxes on hundreds of millions of dollars that was owed
to the government. At this time, the Russian authorities also
announced that they would pursue criminal prosecutions against
other senior Yukos officials. Ultimately, Yukos, which has been
audited by the Tax Ministry of Russia for its fiscal year 2000
tax returns, will be required to pay approximately US$3.3
billion for 2000 alone due to its understatement of its tax
liability, including interest and penalties. The Tax Ministry
intends to audit Yukos' books for 2001-2003 based upon the same
charges. Yukos could ultimately be expected to pay upwards of
US$10 billion to the Tax Ministry for defendants' involvement in
the illegal tax evasion scheme.
As a result of the revelation of defendants' wrongdoing,
investors have suffered massive damages as the price of Yukos'
securities plummeted. Plaintiff seeks to recover damages on
behalf of purchasers of Yukos' securities during the Class
Period (the Class). The plaintiff is represented by Lerach
Coughlin Stoia & Robbins LLP, which has expertise in prosecuting
investor class actions and extensive experience in actions
involving financial fraud. If you wish to serve as lead
plaintiff, you must move the Court no later than 60 days from
Tuesday.
For more information, contact Lerach Coughlin Stoia & Robbins
LLP by Phone: 800-449-4900, by e-mail: wsl@lcsr.com or by
visiting http://www.lcsr.com/cases/yukos/.
CONTACT: YUKOS OIL
Press Service:
Alexander Shadrin
Phone: +7 095 785-08-55
E-mail: pr@yukos.ru
Investor Relations
Alexander Gladyshev
Phone: +7095 788 00 33
E-mail: investors@yukos.ru
=============
U K R A I N E
=============
AMGA: Insolvent Status Confirmed
--------------------------------
The Economic Court of Kyiv declared LLC Amga (code EDRPOU
32207718) insolvent and introduced bankruptcy proceedings on
June 14, 2004. Mr. Smirnov O. has been appointed
liquidator/insolvency manager.
Creditors have until July 17, 2004 to submit their proofs of
claim to:
(a) AMGA
Ukraine, Kyiv region,
Kikvidze str. 13
(b) Liquidator/Insolvency Manager
Phone: 491-89-62
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
CONTACT: AMGA
Ukraine, Kyiv region,
Kikvidze str. 13
Mr. Smirnov O.
Liquidator/Insolvency Manager
Phone: 491-89-62
ECONOMIC COURT OF KYIV
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
KUZKIVSKE: Under Bankruptcy Supervision Procedure
-------------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on agricultural company Kuzkivske (code
EDRPOU 30902710) on March 31, 2004. The case is docketed as
7/36-04. Arbitral manager Mr. Zakorko Vadim (License Number AA
719836 approved on February 19, 2004) has been appointed
temporary insolvency manager.
Creditors have until July 17, 2004 to submit their proofs of
claim to:
(a) AGRICULTURAL COMPANY KUZKIVSKE
41632, Ukraine, Sumi region,
Konotop district, Kuzki,
Shevchenko str. 30
(b) Temporary Insolvency Manager
40000, Ukraine, Sumi region,
Kirov str. 25, 4th floor
CONTACT: AGRICULTURAL COMPANY KUZKIVSKE
41632, Ukraine, Sumi region,
Konotop district, Kuzki,
Shevchenko str. 30
Mr. Zakorko Vadim
Temporary Insolvency Manager
40000, Ukraine, Sumi region,
Kirov str. 25, 4th floor
LISIVSKE: Poltava Court Starts Bankruptcy Supervision
-----------------------------------------------------
The Economic Court of Poltava region commenced bankruptcy
supervision procedure on OJSC Lisivske (code EDRPOU 05384896) on
June 1, 2004. The case is docketed as 8/144. Arbitral manager
Mr. Ribachenko M. (License Number AA 719762 approved on January
16, 2004) has been appointed temporary insolvency manager.
Creditors have until July 17, 2004 to submit their proofs of
claim to:
(a) LISIVSKE
Ukraine, Poltava region,
Gadyatskij district, Lisivka
(b) ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina str. 1
Lisivske holds account number 26004323817067 at Privatbank,
Poltava regional branch, MFO 331401.
CONTACT: LISIVSKE
Ukraine, Poltava region,
Gadyatskij district, Lisivka
ECONOMIC COURT OF POLTAVA REGION
36000, Ukraine, Poltava region,
Zigina str. 1
OMEGA-PLUS: Kyiv Court Appoints Insolvency Manager
--------------------------------------------------
The Economic Court of Kyiv declared LLC Omega-Plus (code EDRPOU
32207168) insolvent and introduced bankruptcy proceedings on
June 14, 2004. Mr. Tkachenko K. has been appointed
liquidator/insolvency manager.
Creditors have until July 17, 2004 to submit their proofs of
claim to:
(a) OMEGA-PLUS
Ukraine, Kyiv region,
A. Ivanov str. 10
(b) Liquidator/Insolvency Manager
Phone: 491-05-84
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
CONTACT: OMEGA-PLUS
Ukraine, Kyiv region,
A. Ivanov str. 10
Mr. Tkachenko K.
Liquidator/Insolvency Manager
Phone: 491-05-84
ECONOMIC COURT OF KYIV
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
PUTYATINTSI: Bankruptcy Proceedings Begin
-----------------------------------------
The Economic Court of Ivano-Frankivsk region declared CJSC
Agricultural Firm Putyatintsi (code EDRPOU 03752373) insolvent
and introduced bankruptcy proceedings on June 8, 2004. Earlier,
the court ordered a moratorium on satisfaction of creditors'
claims on March 24, 2004. The case is docketed as B-11/143.
Mr. Sayevich M. (License Number AA 520164) has been appointed
liquidator/insolvency manager.
Putyatintsi holds account number 2600330180 at Oshadbank, branch
6437, Rogatin, MFO 336581.
CONTACT: AGRICULTURAL FIRM PUTYATINTSI
Ukraine, Ivano-Frankivsk region,
Rogatin district, Putyatintsi
Mr. Sayevich M.
Liquidator/Insolvency Manager
Ukraine, Ivano-Frankivsk region,
Kolomiya, Kostomarov str. 4/108
ECONOMIC COURT OF IVANO-FRANKIVSK REGION
76000, Ukraine, Ivano-Frankivsk region,
Grunvaldska str. 11
SAHNOVSHINE' RAJAGROPOSTACH: Court Affirms Insolvency
-----------------------------------------------------
The Economic Court of Harkiv region declared OJSC Sahnovshine'
Rajagropostach (code EDRPOU 00907480) insolvent and introduced
bankruptcy proceedings on June 1, 2004. The case is docketed as
B-31/166-03. Arbitral manager Mr. Vinnik A. (License Number AA
250085 approved on November 30, 2001) has been appointed
liquidator/insolvency manager. Sahnovshine' Rajagropostach
holds account number 26005210063001 at OJSC CB Nadra, Harkiv
regional branch, MFO 351834.
CONTACT: SAHNOVSHINE' RAJAGROPOSTACH
Ukraine, Harkiv region,
Sahnovshine
ECONOMIC COURT OF HARKIV REGION
61022, Ukraine, Harkiv region,
Svobodi square, 5,
Derzhprom, 8th entrance
UKRPRODUKT: Deadline for Proofs of Claim July 18
------------------------------------------------
The Economic Court of Kyiv region declared LLC Ukrprodukt (code
EDRPOU 25593432) insolvent and introduced bankruptcy proceedings
on June 4, 2004. The case is docketed as 43/256. Mrs. Babich
Svitlana has been appointed liquidator/insolvency manager.
Creditors have until July 18, 2004 to submit their proofs of
claim to:
(a) UKRPRODUKT
Ukraine, Kyiv region,
Vasilkivska str. 22
(b) Liquidator/Insolvency Manager
Ukraine, Kyiv region,
Melnikov str. 2/10
(c) ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
Ukrprodukt holds account number 260066122 at JSCB First
Commercial Bank, MFO 321712.
CONTACT: UKRPRODUKT
Ukraine, Kyiv region,
Vasilkivska str. 22
Mrs. Babich Svitlana
Liquidator/Insolvency Manager
Ukraine, Kyiv region,
Melnikov str. 2/10
ECONOMIC COURT OF KYIV REGION
01030, Ukraine, Kyiv region,
B. Hmelnitskij Boulevard, 44-B
===========================
U N I T E D K I N G D O M
===========================
ALDBURY PRINTERS: Winding up Resolutions Passed
-----------------------------------------------
At an Extraordinary General Meeting of the Members of the
Aldbury Printers Limited Company on June 11, 2004 held at Clive
House, Clive Street, Bolton BL1 1ET, the Ordinary and
Extraordinary Resolutions to wind up the company were passed. M
C Bowker of Unity Corporate Recovery & Insolvency, Clive House,
Clive Street, Bolton BL1 1ET has been appointed Liquidator for
the purpose of such winding-up.
CONTACT: UNITY CORPORATE RECOVERY & INSOLVENCY
Clive House, Clive Street,
Bolton BL1 1ET
Liquidator:
M C Bowker
BALTIMORE TECHNOLOGIES: Reveals New Management Team
---------------------------------------------------
Following the announcement earlier on Tuesday of the Baltimore
Technologies plc Annual General Meeting and Extraordinary
General Meeting voting results, Acquisitor Holdings (Bermuda)
Ltd. confirms that these nominees will take up their posts as
directors of Baltimore:
David Buchler, Non-executive Chairman
Duncan Soukup, Interim Chief Executive Officer
Tim Lovell, Interim Finance Director
George Wardale, Independent Non-executive Director
Robin Williams, Independent Non-executive Director
Duncan Soukup, Deputy Chairman of Acquisitor Holdings, said: "I
am delighted that the position at Baltimore has now been
clarified and that we can concentrate on enhancing shareholder
value.
"Our first task is to review and fully understand Baltimore's
true financial position, which may take some months. We will,
however, provide shareholders with an update as soon as
possible."
* * *
About Baltimore Technologies
Following the completion of the disposal of Baltimore
Technologies' core PKI business on 2 December 2003, the
continuing Group's assets consist primarily of cash.
CONTACT: BALTIMORE TECHNOLOGIES
Smithfield
Andrew Hey
Nick Bastin
Phone: +44 (0) 20 7360 4900
Web site: http://www.baltimore.com
GAVIN ANDERSON & COMPANY
Ken Cronin
Janine Brewis
Phone: 020 7554 1400
E-mail: baltimore@gavinanderson.co.uk
Web site: http://www.acquisitorholdings.com
BASS IRELAND: Failure to Find Buyer May Result in Closure
---------------------------------------------------------
Interbrew intends to seek a buyer for its manufacturing
facilities at Bass Ireland's Ulster brewery in Belfast. This
decision follows the loss of contract bottling volume at the
brewery.
A successful sale would include a long-term supply contract with
Interbrew U.K. to brew and package beer for the markets in
Ireland. The sale process has now commenced and will be
concluded by September 2004. However, if a viable future cannot
be secured for these manufacturing facilities, they will be
closed in early 2005.
* * *
The Bass Ireland Ulster Brewery was founded in 1897 and is the
only major brewery in Northern Ireland. It brews and kegs
Bass(R) and Tennent's Lager(R) and kegs Stella Artois(R) for the
Northern Ireland and Republic of Ireland market places. Bass
employs 285 people (80 within manufacturing). A further 75 is
employed in Interbrew Ireland in the Republic of Ireland.
Interbrew is a publicly traded company (INTB - Euronext) based
in Belgium. The company's origins date back to 1366, and today
it is one of the leading global brewers. Interbrew's strategy
is to strengthen its local platforms by building significant
positions in the world's major beer markets through organic
growth, world-class efficiency, targeted acquisitions, and by
putting its consumers first. Interbrew has a portfolio of more
than 200 brands, including Beck's(R), Stella Artois(R),
Leffe(R), Hoegaarden(R), Staropramen(R) and Bass(R). It employs
nearly 50,000 people, and runs operations in 21 countries across
the Americas, Europe and Asia Pacific. In 2003, the company
realized a net turnover of more than EUR7 billion.
Recently, Interbrew and Companhia de Bebidas das AmEricas
(AmBev), the world's fifth-largest brewer, agreed to establish
InterbrewAmBev, the world's premier brewer, with a global market
share of 14%. This combination will have an unparalleled global
platform, capturing the number one or number two position in
twenty key beer markets-more than any other brewer.
InterbrewAmBev will focus its activities on Beck's(R), Brahma(R)
and Stella Artois(R), its three global flagship brands. The
closing of the InterbrewAmBev combination has yet to occur.
Interbrew U.K. & Ireland employs 3,400 people and operates
breweries in each of the four home nations. The extensive brand
portfolio includes Stella Artois(R), the U.K.'s no.1 premium
lager, and Tennent's Lager(R), the biggest selling lager brand
in Scotland. Alongside these are Boddingtons(R), the No.1
"widget" beer in the take home market; Hoegaarden(R), the U.K.'s
leading white beer; Bass Draught Ale(R); Castlemaine XXXX(R) and
Murphy's(R). For more information, visit
http://www.interbrew.com.
CONTACT: BASS IRELAND
Corporate:
Marianne Amssoms
Media Relations Director
Phone: +32-16-31-57-69
Fax: +32-16-31-59-69
E-mail: marianne.amssoms@interbrew.com
Sophia Baah
Investor Relations Manager
Phone: +32-16-31-54-43
Fax: +32-16-31-57-13
E-mail: sophia.baah@Interbrew.com
Interbrew U.K.:
Philip Malpass
Corporate Affairs Director
Phone: +44-1582-397568
Fax: +44-1582-397145
E-mail: philip.malpass@interbrew.com
Brian Houston
Public Relations Manager
Phone: +44 2890 - 609576
Fax: +44 2890 - 609644
E-mail: brian.houston@interbrew.co.uk
BRITISH SKY: New Chief Financial Officer to Report August
---------------------------------------------------------
British Sky Broadcasting Group plc (BSkyB) confirmed that Jeremy
Darroch will take up the position of Chief Financial Officer on
16 August 2004.
Mr. Darroch, who is currently Group Finance Director of Dixons
Group plc, was named as BSkyB's new Chief Financial Officer on
23 June 2004. He will replace Martin Stewart, who will continue
in his post until 4 August 2004.
CONTACT: BRITISH SKY BROADCASTING GROUP PLC
Analysts and Investors
Andrew Griffith
Phone: 020 7705 3118
Jo Leach
Phone: 020 7705 3734
Press
Julian Eccles
Phone: 020 7705 3267
Robert Fraser
Phone: 020 7705 3036
FINSBURY
Katie Lang
Phone: 020 7251 3801
BROADGATE INVESTMENT: Board Recommends Voluntary Liquidation
------------------------------------------------------------
The board of Broadgate Investment Trust plc announced on 27 May
2004 Proposals for the Company to be placed in voluntary
liquidation. A circular has been posted to Shareholders giving
details of the Proposals and the separate class meetings of
Geared Ordinary Shareholders and ZDP Shareholders and the
extraordinary general meeting of the Company.
Background to and Reasons for the Proposals
The company was originally established in 1992 and managed by
ICE Management Limited with the objective of outperforming the
FTSE All-Share Index by at least 3% annually. Following
concerns at a lack of liquidity in its shares and at the
discount to net asset value at which they traded, the company
was re-launched in April 2000 as a split capital investment
trust managed by Aberdeen Asset Managers Limited, with the
ordinary share capital converted into Geared Ordinary Shares and
Zero Dividend Preference Shares. The company's investment
objective at the re-launch was to provide a predetermined rate
of return of capital for the ZDP Shareholders and a high and
growing income stream to the Ordinary Shareholders and the
prospect of capital growth.
The subsequent decline in markets and the level of gearing in
the Trust adversely affected its performance following the re-
launch. The Board was concerned that markets would decline
further and thought it necessary to repay the company's bank
loans and loan stock in order to ensure continued financial
viability of the company. The loans were repaid in March 2002
when the FTSE 100 Index was around 5,200. However, this
resulted in a company of substantially reduced size with
proportionally more significant running costs.
Should the company continue its planned life until October 2007
it is possible that there will be a recovery in markets.
However, it is highly unlikely that the portfolio could increase
sufficiently for the ZDP Shareholders to be paid their full
entitlement in 2007 of 315.28 pence per share and for any
capital repayment to pass to the Geared Ordinary Shareholders.
While expenses and management fees have been reduced where
possible, the costs of running the company over the period to
scheduled maturity in October 2007 represent a significant
proportion of net assets.
As reported in the preliminary results announcement on 28
November 2003, the Board has, following the decline in the
company's net asset value, spent considerable time consulting
the company's major Shareholders in relation to the future of
the company. Following that announcement several of the
company's larger holders of both Geared Ordinary Shares and Zero
Dividend Preference Shares have indicated their wish for
proposals to be put forward for the early winding up of the
company. However, both the Board and the Shareholders consulted
have been concerned that any proposals must command the support
of both classes of Shareholders in order to avoid unnecessary
cost to Shareholders. Indications of support for the Proposals
have been sought and received from certain of the largest ZDP
and Geared Ordinary Shareholders.
Accordingly, in light of Shareholders' views and having
considered all the options available to the company at this
time, the Board is proposing to put forward the Proposals to
Shareholders at the Class Meetings and at the Extraordinary
General Meeting.
The Proposals
The Directors are proposing that the company be placed into
voluntary liquidation and that the company's assets (after
payment of its liabilities and after deduction of the costs of
the Proposals) on such winding up be distributed as to a fixed
sum of 2 pence for each Geared Ordinary Share and the balance to
the holders of ZDP Shares. If the Proposals become effective,
the company will be placed in members' voluntary liquidation and
liquidators appointed to realize the company's assets, insofar
as not already realized, and distribute cash proceeds in
accordance with the Proposals.
Portfolio Liquidity
In light of the Proposals, as from the date of posting the
circular, and in order to protect further the net asset value of
the company, the Directors may increase the company's liquidity
by increasing the level of cash from its current level of 15% to
up to 25% of the value of the Portfolio.
Entitlements
ZDP Shares
The net asset value of the ZDP shares, as at 25 June 2004 (the
latest practicable date prior to the posting of the circular)
was 113.62 pence (including current period revenue). There are
4,987,477 ZDP Shares currently in issue. Under the Articles,
they carry no rights to receive dividends out of the revenue or
any other profits of the company. On a winding up or other
return of assets of the company the ZDP Shares are entitled to
an amount equal to the Initial Capital Entitlement (174.79p) on
8 May 2000 as increased at a daily rate to 315.28p on scheduled
maturity on 12 October 2007. If the company were to be wound up
today other than under the Proposals, all of the company's
assets after payment of its liabilities would be attributable to
holders of ZDP Shares under the terms set out in the Articles.
Geared Ordinary Shares
Under the Articles the Geared Ordinary Shares are entitled to
the net surplus income earned by the company and all surplus
capital growth of the company after the entitlement of the ZDP
Shares has been satisfied.
The mid-market price of the Geared Ordinary Shares (as derived
from the London Stock Exchange Daily Official List) as at 25
June 2004 (the latest practicable date prior to the posting of
the circular) was 2 pence.
The net asset value of the Geared Ordinary Shares, as at 25 June
2004 (the latest practicable date prior to the posting of this
document) was nil.
Costs of the Proposals
The costs and expenses associated with the proposed voluntary
liquidation of the company (inclusive of approximately GBP40,000
for irrecoverable VAT and the Liquidator's retention estimated
at GBP50,000) are expected to amount to approximately GBP320,000
which represents approximately 5.6% of the unaudited net asset
value (including current period revenue) of the company as at 25
June 2004 (the latest practicable date prior to the publication
of the circular). For illustrative purposes only, on this basis
and on the basis of the Net Asset Value attributable to the ZDP
Shareholders as at 25 June 2004 of 113.62 pence per ZDP Share,
if the liquidation had been effective at that date, ZDP
Shareholders would have received approximately 96.8p per ZDP
Share and Geared Ordinary shareholders would have received 2
pence per Geared Ordinary Share under the Proposals. (The above
estimates assume realization of the portfolio at mid market
price. If the portfolio were to be realized at bid price the
costs and expenses associated with the Proposals would be
increased by approximately a further GBP100,000 and, on the same
illustrative basis, ZDP Shareholders would have received
approximately 94.8 pence per ZDP Share and Geared Ordinary
shareholders would have received 2 pence per Geared Ordinary
Share under the Proposals).
Payment of Distributions
The Liquidators have indicated that they anticipate being in a
position to distribute the majority of the net cash proceeds
arising from the liquidation to Shareholders by 2 September
2004, but in any event as soon as possible thereafter. On their
appointment, the Liquidators will advertise for creditors'
claims to allow any creditor who has not been identified prior
to liquidation to lodge a proof of debt. The amount and timing
of the distribution will depend on whether or not any material
claims are submitted or identified by the Liquidators. The
remainder of the net cash proceeds will be distributed to ZDP
Shareholders after paying the costs of liquidation and settling
all tax and other liabilities of the Company. The precise
timing of this second distribution will depend upon the progress
of the liquidation and the receipt by the Liquidators of
confirmation from the tax authorities that the company has no
outstanding tax liabilities. Distributions will be paid by
cheque to Shareholders on the respective registers at the Record
Date.
Important Information Regarding the Payment of Distributions
The value of the company's investments will continue to be
subject to market fluctuations until such time as they are
disposed of and this will have an impact on the value of the
aggregate distributions per Share on liquidation. It should be
noted that the estimated aggregate distributions per Share are
given for illustrative purposes only and should not be regarded
as a forecast or estimate.
Arrangements with the Manager and the Administrator
Both the Manager and the Administrator have agreed that both the
existing management agreement and the administration agreement
between the company and the Manager and Administrator
respectively will terminate upon the date the Resolutions are
passed to the extent that their services are no longer required.
The Liquidators may decide to retain the services of the Manager
to assist the liquidation process. No compensation for
termination is to be paid.
U.K. Stock Exchange Dealings and Certificates
The registers for the Ordinary Shares and the ZDP Shares will be
closed as at the Record Date and, to be valid, all transfers
must have been registered by the Registrars by that time. No
transfers will be registered after the Record Date. The Shares
are expected to be disabled in CREST at the close of business on
28 July 2004. Application has been made to the U.K. Listing
Authority for suspension of the listing of the Ordinary Shares
and ZDP Shares on the Official List and to the London Stock
Exchange for suspension of dealings in the Ordinary Shares and
ZDP Shares, from 7.30 a.m. on 29 July 2004, and for the
cancellation of the listing of the Ordinary Shares and ZDP
Shares on the Official List and trading of the Ordinary Shares
and ZDP Shares on the London Stock Exchange, such cancellation
to take effect by the earlier of request by the Liquidators and
29 July 2005, subject to the passing of the Resolutions at the
Meetings.
After payment of the final distribution by the Liquidators,
existing certificates in respect of Ordinary Shares and ZDP
Shares will cease to be of value for any purpose.
Extraordinary General Meeting and Class Meetings
The Proposals are conditional upon the approval of Shareholders
in both Class Meetings and at an Extraordinary General Meeting
of the company. The circular contains details of the separate
Class Meetings and Extraordinary General Meeting of the company
to be held on 29 July 2004 at the offices of Aberdeen Asset
Managers Limited, One Bow Churchyard, Cheapside, London EC4M
9HH. The resolutions will require the approval of 75% of the
votes cast at each meeting.
A copy of the circular will shortly be available for inspection
at the U.K. Listing Authority's Document Viewing Facility, which
is situated at the U.K. Listing Authority, 25 The North
Colonnade, Canary Wharf, London E15 5HS.
Timetable
The expected timetable is as follows:
2004
Latest time and date for | Close of business on 22 July
receipt of Letters of |
Direction for the Class |
Meeting of Geared Ordinary |
Shareholders, Class Meeting |
of Zero Dividend Preference |
Shareholders and Extraordinary |
General Meeting |
|
Latest time and date for receipt | 10:30 a.m. on 27 July
of forms of proxy for the Class |
Meeting of Geared Ordinary |
Shareholders |
|
Class Meeting of Zero | 10:32 a.m. on 27 July
Dividend Preference |
Shareholders |
|
Extraordinary General Meeting | 10:34 a.m. on 27 July
|
Closing of registers of Geared | 28 July
Ordinary Shares and Record Date |
close of business on |
|
Class Meeting of Geared Ordinary | 10:30 a.m. on 29 July
Shareholders |
|
Class Meeting of Zero Dividend | 10:32 a.m. on 29 July
Preference Shareholders |
|
Extraordinary General Meeting | 10:34 a.m. on 29 July
|
Commencement of Liquidation | 29 July
|
Suspension of listing and | 7:30 a.m. on 29 July
dealings in Shares |
|
Expected first cash distribution | 2 September
in Liquidation to Shareholders |
CONTACT: BROADGATE INVESTMENT
Charles Mearns
Phone: 020 7463 6302
ABERDEEN ASSET MANAGEMENT
Angus Gordon Lennox
Phone: 0207 5882828
CAGSAB LIMITED: Calls in Liquidator
-----------------------------------
At an Extraordinary General Meeting of the Members of the Cagsab
Limited Company (t/a La Bettola) on June 28, 2004 held at
Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. Elizabeth Arakapiotis has been appointed
Liquidator for the purposes of such winding-up.
CAMPBELL-WALTER: Extraordinary Winding up Resolution Passed
-----------------------------------------------------------
At an Extraordinary General Meeting of the Campbell-Walter
Promotions Limited Company on June 29, 2004 held at Forum House,
Stirling Road, Chichester PO19 7DN, the Extraordinary Resolution
to wind up the company was passed.
CROSSFINE LIMITED: Shareholders Pass Winding up Resolutions
-----------------------------------------------------------
At an Extraordinary General Meeting of the Members of the
Crossfine Limited Company (t/a J B Services) on June 22, 2004
held at 67 Butts Green Road, Hornchurch, Essex RM11 2JS, the
Ordinary and Extraordinary Resolutions to wind up the company
were passed. J S French and G Mummery have been appointed Joint
Liquidators for the purpose of such winding-up.
CUSTOM CONCEPTS: Hires A. Segal & Co Liquidator
-----------------------------------------------
At an Extraordinary General Meeting of the Custom Concepts
Limited Company on June 30, 2004 held at Albert Chambers, 221-
223 Chingford Mount Road, London E4 8LP, the subjoined
Extraordinary Resolution to wind up the company was passed.
Richard Andrew Segal of A. Segal & Co, Albert Chambers, 221-223
Chingford Mount Road, London E4 8LP has been appointed
Liquidator for the purpose of such winding-up.
CONTACT: A. SEGAL & CO
Albert Chambers
221-223 Chingford Mount Road
London E4 8LP
Liquidator:
Richard Andrew Segal
DUNLOP STANDARD: Sold to Meggitt and Carlyle for US$1.45 Billion
----------------------------------------------------------------
Doughty Hanson & Co., one of the largest independent private
equity firms in Europe, sold Dunlop Standard Aerospace, a
leading integrated supplier of aftermarket parts and services to
the global aerospace and defense industries, for US$1.45 billion
to Meggitt PLC and Carlyle Group.
Doughty Hanson acquired the business from BTR plc (now Invensys)
in October 1998 for US$855 million. Dunlop Standard Aerospace
is the world's largest independent engine repair and overhaul
company for regional, military and business aircraft engines,
and supplies wheel and braking systems, engine components and
rubber seals for a variety of aircraft. Under Doughty Hanson's
ownership, turnover grew from US$482 million in 1998 to US$744
million in 2003.
Highlights of the Deal
Doughty Hanson initially invested US$267 million equity in
Dunlop Standard. The sale represents a 2.5 times cash return on
its investment. The sale is the fifth from Doughty Hanson & Co
Fund III, following last week's sale of A.T.U. to KKR for
US$1.75 billion, which represented a 3.5 times return on Doughty
Hanson's cash investment. Doughty sold FL Selenia for EUR670
million in October 2003, which represented a 2.5 times return on
its cash investment. Doughty has also partially realized its
investments in Umbro and Tornos. Doughty Hanson will have
returned more than 100% of drawn commitments to partners in
Doughty Hanson & Co Fund III following the sale of Dunlop
Standard, representing 33% of the costs of investments made.
Doughty Hanson still has six unrealized portfolio investments in
Doughty Hanson & Co III including RHM, Priory Healthcare and LM
Glasfiber.
Harry Green, Principal of Doughty Hanson, said: "Dunlop Standard
has performed extremely well and is now a market-leading
business in a growing niche market. We are confident that the
business will continue to prosper under its new ownership."
During its ownership, Doughty Hanson initiated a number of
actions to grow the business and to capitalize on industry
trends:
(a) Focused business on two principal areas of activity,
broadened the management team to support organic growth and
implement strategic initiatives;
(b) Worked with management to develop strategic growth plan and
positioned business to benefit from the move to greater
outsourcing in the aerospace and defense sector;
(c) Arranged financing to win major contracts including a U.S.
air force contract (with annual revenues of US$75 million
over 15 years), a contract to support the most widely-used
mid-sized jets (generating US$200 million revenue per annum)
and two other projects in the engine repair and overhaul
division providing additional revenue up to US$100 million
per annum.
Dunlop Standard reported revenues of US$743.9 million and EBIT
of US$100.4 million for the year ended 31 December 2003. The
Group has over 4,000 employees around the world, with its main
operations located in the United Kingdom, Canada and the United
States. In the U.K., Dunlop Standard employs more than 1,000
people at sites in Coventry, Heathrow and Leicestershire.
DUNLOP STANDARD: On CreditWatch Positive After Proposed Takeover
----------------------------------------------------------------
Standard & Poor's Ratings Services Tuesday placed its 'B' long-
term corporate credit and 'CCC+' senior unsecured debt ratings
on U.K.-based aerospace company Dunlop Standard Aerospace
Holdings PLC on CreditWatch with positive implications,
following the announcement by the private equity house Doughty
Hanson & Co. that it has agreed to sell Dunlop to a consortium
made up of U.K.-based Meggitt PLC and global private equity firm
The Carlyle Group.
The transaction is expected to close in August. Upon closing of
the transaction, Dunlop intends to repay all its outstanding
debt, including redemption of all of its outstanding senior
notes due May 2009. When this process has been finalized the
ratings on the group will be withdrawn.
"The CreditWatch reflects the likely improvement of Dunlop's
credit quality following its proposed acquisition, given the
group's current very aggressive financial profile," said
Standard & Poor's credit analyst Leigh Bailey.
Meggitt supplies engineered components for the aerospace,
defense, and electronics industries and recorded annual sales in
2003 of GBP404 million. Under the terms of the proposed
acquisition, Meggitt will acquire the whole of Dunlop and
simultaneously sell the group's engine repair and overhaul
division to Carlyle. Meggitt will retain Dunlop's design and
manufacturing division. The economic effect is that Meggitt
will pay GBP408 million (US$750 million) in cash and Carlyle
will pay GBP376 million in cash to acquire Dunlop on a debt-free
basis for a total consideration of GBP784 million. The
consortium has agreed to repay existing debt.
Ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis
system, at http://www.ratingsdirect.com. It can also be found
on Standard & Poor's public Web site at
http://www.standardandpoors.com. Alternatively, call one of the
following Standard & Poor's numbers: London Ratings Desk (44)
20-7176-7400; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com.
CONTACT: STANDARD AND POOR'S RATING SERVICES
Analyst E-mail Addresses
leigh_bailey@standardandpoors.com
bob_ukiah@standardandpoors.com
CorporateFinanceEurope@standardandpoors.com
EASYJET PLC: Founder Mulls Taking Airline Private
-------------------------------------------------
Easyjet plc founder Stelios Haji-Ioannou, whose company
EasyGroup owns 41% of the carrier, is considering buying back
shares in the firm, a spokesman said.
No final decision has been made yet but word is going around
that Mr. Haji-Ioannous may spend some GBP650 million to take the
business private, according to The Scotsman. Easyjet last month
warned 2004 profits may likely be down by about GBP4 million due
to the recent hike in fuel price. The company has been reducing
fares to attract more customers.
An analyst told The Scotsman an offer has been expected since
the company's last profit warning. He added the idea is
feasible, and that it should underpin share value. Easyjet's
share price has been halved since January.
"Clearly it's going to be a factor in the share price. If he
took the airline private now and sold it in two years, when oil
prices are lower and there is less competition, he would look
very clever," he said.
CONTACT: EASYJET AIRLINE COMPANY LIMITED
easyLand, Luton Airport
Luton
LU2 9LS, United Kingdom
Phone: +44-1582-700-000
Fax: +44-1582-443-355
Web site: http://www.easyjet.com
EQUITABLE LIFE: Dumps EMAG's Proposal for Negotiations
------------------------------------------------------
By Post and E-mail
C Slater Esq.
EMAG
P.O. Box 889
Canterbury
CT1 3BR
5 July 2004
Dear Mr. Slater
Your letter of June 22 and the previous correspondence with Paul
Braithwaite were discussed at our Board Meeting. We came
reluctantly but without difficulty to the conclusion that, as
much as we would like in principle to work constructively with
EMAG, as we do with other Action Groups, in present
circumstances it would not be in policyholders interests to try
to do so.
Here are some of the reasons:
(a) The leadership of EMAG remains unchanged. You, with Paul
Braithwaite and Alex Henney have simply shuffled positions.
(b) That leadership has written or endorsed innumerable
corrosive, vicious and untrue statements on Motley Fool and
elsewhere.
(c) There is in circulation your detailed statement of May 27
(distributed eight days AFTER the Society's AGM) to the
EMAG Committee. In it you make clear that:
(i) EMAG "cannot claim to represent" the vast majority of
ELAS policyholders. "WE represent only those who pay
our EMAG subs." The published objectives of EMAG
states that it aims, "to promote the interests of the
society and ALL (emphasis added) its policyholders".
The ELAS Board of course represents all policyholders.
(ii) You write, as has already been partly reported
elsewhere, "sticking our necks out for the benefit of
ELAS members, who are too stupid to look after their
own interests, has no appeal for me. We can probably
think of other ways of damaging Vanni's reputation,
when we are better placed to withstand any backlash."
My board believes there is cynical contradiction
between statements of this kind and what you say in
your letter to me e.g. "I believe my election as
Chairman means that in future relations between us will
be conducted on a polite and professional basis."
(d) In any event, you have made it clear that you will not stay
Chairman for long and that your partners at Burgess Hodgson,
very understandably, require you to resign. We shall of
course be prepared to reconsider our relationship with EMAG
when a new leadership is in place.
Paul Braithwaite chose to give to the Press his letter to me of
June 4. Inevitably, the Society has received questions, and
requests for our response, from journalists. It is appropriate,
therefore, that we inform them of it and I am sending copies of
this letter to journalists as well.
Yours sincerely
V E Treves
Chairman
CONTACT: EQUITABLE LIFE
Media Inquiries:
Tony McGarahan
Phone: 020 7710 3784
Or 07966 386145
Alistair Dunbar
Phone: 01296 561 502
Or 07967 564 039
Web site: http://www.equitable.co.uk
EVER 1913: Sets Members Final Meeting August 9
----------------------------------------------
Members of Ever 1913 Limited Company will have a Final Meeting
in August 9, 2004 at 10:00 a.m. It will be held at the offices
of PricewaterhouseCoopers LLP, Cornwall Court, 19 Cornwall
Street, Birmingham B3 2DT.
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.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Cornwall Court
19 Cornwall Street,
Birmingham B3 2DT
Joint Liquidator:
T Walsh
FARRELL DOVE: Names P&A Partnership Liquidator
----------------------------------------------
At an Extraordinary General Meeting of the Farrell Dove
Associates Limited Company on June 24, 2004 held at Derby
Nottingham Posthouse, Bostocks Lane, Sandiacre, Nottinghamshire
NG10 5NJ, the Extraordinary Resolutions to wind up the company
were passed. John Russell and Allan Cooper of The P&A
Partnership, 93 Queen Street, Sheffield S1 1WF, Insolvency
Practitioners duly qualified under the Insolvency Act 1986 has
been appointed the Liquidators of the Company for the purpose of
such winding-up.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street
Sheffield S1 1WF
Liquidators:
John Russell
Allan Cooper
FIFOOTS POWER: Sold to Carron Energy for Undisclosed Sum
--------------------------------------------------------
KPMG Corporate Recovery, the administrative receiver of Fifoots
Power Station, sold the power station to Carron Energy Ltd.,
which is backed by Rutland, a U.K. private equity partnership.
The 360MW coal fired power station, recently renamed Uskmouth
Power, is situated near Newport in South Wales and has been in
administrative receivership since March 2002.
Commenting on the sale, Richard Hill, joint administrative
receiver from KPMG, said: "This is the start of a new era for
the station. Rutland has indicated that it is intending to
invest substantial funds to make the station fully operational
and I wish them every success for the future."
The value of the deal was undisclosed.
FORCE 12: Calls in Liquidator
-----------------------------
At an Extraordinary General Meeting of the Members of the Force
12 Solutions Limited Company on June 29, 2004 held at Parkville
House, 16 Bridge Street, Pinner, Middlesex HA5 3JD, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed. I D Holland has been appointed Liquidator for the
purpose of such winding-up.
HALLS RESIDENCE: Final Meeting Set August 10
--------------------------------------------
The Final Meeting of the Members of Halls of Residence Limited
Company will be on August 10, 2004 at 10:15 a.m. It will be
held at the offices of Chantrey Vellacott DFK, 16-17 Boundary
Road, Hove, East Sussex.
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 First Floor, 16-17
Boundary Road, Hove, East Sussex BN3 4AN not later than 12:00
noon, August 9, 2004.
CONTACT: CHANTREY VELLACOTT DFK
16-17 Boundary Road,
Hove, East Sussex BN3 4AN
Joint Liquidator:
K W Touhey
HUNTINGTON RAILWAY: Winding up Resolutions Passed
-------------------------------------------------
At an Extraordinary General Meeting of the Huntington Railway
Consultants Limited Company on June 21, 2004 held at Cedar Court
Hotel, Ainley Top, Huddersfield HD3 3RH, the Extraordinary
Resolutions to wind up the company were passed. John Russell
and Allan Cooper of The P&A Partnership, 93 Queen Street,
Sheffield S1 1WF, Insolvency Practitioners duly qualified under
the Insolvency Act 1986 have been appointed the Liquidators of
the Company for the purpose of such winding-up.
CONTACT: THE P&A PARTNERSHIP
93 Queen Street
Sheffield S1 1WF
Liquidators:
John Russell
Allan Cooper
INVENSYS PLC: Amends Tender Offer for 7-1/8% Notes
--------------------------------------------------
Invensys plc increased and extended its pending tender offer for
a portion of its outstanding 7-1/8% notes due 2007 issued by the
Company under its former name Siebe plc.
As amended, the Company will have US$154,400,000 available to
fund the purchase of the Notes (the Maximum Amount), including
the Early Tender Payment but excluding accrued interest.
Originally, the Maximum Amount was $119,000,000.
The Company said that the expiration of the tender offer has
been extended to 12:00 midnight, New York City time, on Monday,
July 19, 2004 (the Expiration Date), and settlement is expected
to occur promptly thereafter.
Except for the increase in the size of the tender offer and the
extension of the Expiration Date described above, all other
terms of the tender offer remain unchanged.
The Early Tender Date (as defined below) is not being extended.
Accordingly, holders who tender Notes after 5:00 p.m., New York
City time, on June 28, 2004 (the Early Tender Date) will not
receive the 'Early Tender Payment' of US$10.00 per US$1,000
principal amount of Notes tendered.
As of 5:00 p.m., New York City time, on Friday, July 2, 2004,
approximately US$183.7 million in aggregate principal amount of
Notes had been validly tendered and not withdrawn.
Withdrawal rights with respect to tendered Notes have expired.
Accordingly, tendered Notes may no longer be withdrawn.
The terms and conditions of the tender offer are set forth in
the Company's Offer to Purchase dated June 15, 2004, as amended
and supplemented to and including the date hereof. This press
release is not an offer to purchase, a solicitation of an offer
to purchase or a solicitation of an offer to sell any notes.
The offer may only be made pursuant to the terms of the Offer to
Purchase.
The Company has engaged Banc of America Securities LLC to act as
exclusive dealer manager and solicitation agent in connection
with the tender offer. Questions regarding the offer may be
directed to Banc of America Securities LLC, High Yield Special
Products, at 888-292-0070 (US toll-free) and 704-388-9217
(collect). Requests for documentation may be directed to Global
Bondholder Services at (866) 807-2220 (US toll-free) and (212)
430-3774 (collect).
* * *
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN OR INTO ITALY
CONTACT: INVENSYS PLC
Victoria Scarth
Mike Davies
Phone: + 44 (0) 20 7821 3755
BRUNSWICK
Nick Claydon
Mike Smith
Phone: +44 (0) 20 7404 5959
JARVIS PLC: Tube Lines Unlikely to be Affected by Turbulence
------------------------------------------------------------
Standard & Poor's Ratings Services does not expect the various
debt issue ratings or the stable outlook on issuance by U.K.-
based rail infrastructure financing company Tube Lines (Finance)
PLC to be affected by the current financial problems at
construction company Jarvis PLC. Jarvis is a shareholder in the
ultimate parent company Tube Lines (Holdings) Ltd. (TLH) and
important partner under a secondment agreement (SAM) that
supports the operational performance of the Tube Lines
consortium under a London Underground public-private
partnership.
Financial obligations under the SAM are backed jointly and
severally by Jarvis and Amey PLC, and if Jarvis were to fall
away, these obligations would still be backed by Amey. Jarvis'
financial obligations to the operational infrastructure company
Tube Lines Ltd., if any, are expected to be minimal. The equity
bridge loan provided to TLH is fully backed by letters of credit
from banks with short-term ratings of at least 'A-2', and
therefore a potential insolvency of Jarvis is unlikely to have
any impact on them.
CONTACT: JARVIS PLC
Frogmore Park, Watton-at-Stone
Hertford
SG14 3RU, United Kingdom
Phone: +44-1920-832800
Fax: +44-1920-832832
Web site: http://www.jarvisplc.com
JARVIS PLC: Dismisses Rebranding Rumors
---------------------------------------
Jarvis plc denied it is planning to embark on a rebranding drive
in an effort to clean up its image tarnished by a railway
tragedy, and recently, a grim forecast.
A source has told the Scotsman the company hired a design house
to look for a new logo to replace the one reminiscent of the
Potters Bar rail tragedy in 2002.
The source said: "They realize the name 'Jarvis' is a liability.
My understanding is they may keep the Jarvis name for some parts
of the business, but equally it [the change] may apply across
the entire group."
A company spokesman denied it saying, "Jarvis is carrying on its
normal business."
The rumor about rebranding came after the company issued its
fourth profit warning that sends shares 30% down. Jarvis said
Friday it expected write-offs and provisions of at least GBP196
million in its 2004 accounts. The company reported debts of
GBP230 million.
CONTACT: JARVIS PLC
Frogmore Park, Watton-at-Stone
Hertford
SG14 3RU, United Kingdom
Phone: +44-1920-832800
Fax: +44-1920-832832
Web site: http://www.jarvisplc.com
KEY CLOTHING: Appoints Liquidator from Jeffreys Henry Jacobs
------------------------------------------------------------
At an Extraordinary General Meeting of the Members of the Key
Clothing International Imports Ltd Company on June 24, 2004 held
at Fergusson House, 124-128 City Road, London EC1V 2NJ, the
Resolution to wind up the company was passed. C M Iacovides of
Jeffreys Henry Jacobs, 124-128 City Road, London EC1V 2NJ has
been nominated Liquidator for the purpose of winding-up.
CONTACT: JEFFREYS HENRY JACOBS
124-128 City Road,
London EC1V 2NJ
Liquidator:
C M Iacovides
MALABRIGHT FINISHING: Names Begbies Traynor Liquidator
------------------------------------------------------
At an Extraordinary General Meeting of the Malabright Finishing
Services Limited Company on June 29, 2004 held at The Old
Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG,
the subjoined Extraordinary Resolution to wind up the company
was passed. Lloyd Biscoe and Jamie Taylor of Begbies Traynor,
The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex
SS1 2EG have been appointed Joint Liquidators for the purpose of
such winding-up.
CONTACT: BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on-Sea, Essex SS1 2EG
Liquidators:
Lloyd Biscoe
Jamie Taylor
MANN BROADBENT: Sets July 29 Final Members Meeting
--------------------------------------------------
Members of Mann Broadbent Investment Services Limited Company
will have a Final Meeting on July 29, 2004 at 10:30 a.m. It
will be held at Bank House, Shaw Street, Worcester WR1 3DT.
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.
MARKS & SPENCER: Revival Wants to Know Funding Plan for Pension
---------------------------------------------------------------
Revival announces that late Monday it received a letter from
David Norgrove, Chairman of Marks and Spencer Pension Trust
Limited, informing it that the Trustees will be meeting to
consider their position in response to Revival's letter
requesting a meeting.
Earlier in the year, M&S injected GBP400 million into its U.K.
defined benefit pension scheme. Since the remaining time for
Revival to make its preparations for any further potential
proposal has now been limited at the request of M&S, if M&S
agreed a future funding plan at the time when the funds were
injected or since, Revival believes it should be disclosed now.
Any meeting with the pension trustees will seek to build on this
disclosure.
CONTACT: FINSBURY
Rupert Younger
Phone: +44 (0) 20 7251 3801
MARKS & SPENCER: Remains Cold Towards Revival's Offer
-----------------------------------------------------
The Board of Marks & Spencer notes the announcement made by
Revival Acquisitions Limited requesting information on the
funding plan of the Marks & Spencer pension fund.
In the light of Revival's statement, the Board of Marks &
Spencer would like to reiterate that they rejected Revival's
proposal of not less than 370p per share made on 16 June 2004
because they believe it significantly undervalued the Group and
its prospects. It has, therefore, not provided any of the
information requested by Revival. All information on pensions
relevant to Marks & Spencer and its shareholders is provided in
the Annual Report and Accounts for the year ended 3 April 2004.
Revival has now made contact with the Trustees and it is for
them to decide on their response to Revival's requests.
CONTACT: MARKS & SPENCER
Corporate Press Office
Phone: 020 7268 1919
Investor Relations
Tony Quinlan
Phone: 020 7268 4195
TULCHAN
Andrew Grant
Kirstie Hamilton
Phone: 020 7353 4200
MARKS & SPENCER: Revival Has Until August 6 to Lodge Offer
----------------------------------------------------------
Following recent representations made by the advisers to Marks &
Spencer, the Panel Executive has been considering the
application of Rule 35.1(b) of the Code to the approach by
Revival to Marks & Spencer.
Following discussions with both parties' advisers, the Panel
Executive has ruled that Revival must, by 12 noon on Friday, 6
August 2004, either announce an offer for Marks & Spencer under
Rule 2.5 of the Code or announce that it will not proceed with
an offer for Marks & Spencer.
No extension to this deadline will be granted, except with the
consent of the Panel Executive. In the event that Revival
announces that it will not proceed with an offer for Marks &
Spencer, Revival and any person acting in concert with it will,
except with the consent of the Panel Executive, be bound by the
restrictions contained in Rule 2.8 of the Code for six months
from the date of such announcement.
Each of the parties has accepted this ruling.
6 July 2004
CONTACT: MARKS & SPENCER
Corporate Press Office
Phone: 020 7268 1919
Investor Relations
Tony Quinlan
Phone: 020 7268 4195
TULCHAN
Andrew Grant
Kirstie Hamilton
Phone: 020 7353 4200
MARTIN STUART: Calls in Liquidator from Hart Shaw
-------------------------------------------------
At an Extraordinary General Meeting of the Members of the Martin
Struart Decoration Ltd Company on June 30, 2004 held at 37
Moorgate Road, Rotherham, South Yorkshire S60 2AE, the Ordinary
and Extraordinary Resolutions to wind up the company were
passed. Andrew J Maybery and Christopher J Brown of Hart Shaw
have been appointed Joint Liquidators of the Company for the
purpose of the voluntary winding-up.
MAUDLIN PROPERTIES: Appoints Liquidators from Numerica
------------------------------------------------------
At an Extraordinary General Meeting of the Maudlin Properties
Limited Company on June 25, 2004 held at Southdown Store,
Cuckfield Road, Burgess Hill, West Sussex RH15 8RE, the Special,
Ordinary and Extraordinary Resolutions to wind up the company
were passed. Frank Wessely and Peter Hughes-Holland both
Licensed Insolvency Practitioner of Numerica, 81 Station Road,
Marlow, Buckinghamshire SL7 1SX have been appointed Joint
Liquidators for the purpose of the voluntary winding-up.
CONTACT: NUMERICA
81 Station Road, Marlow,
Buckinghamshire SL7 1SX
Liquidators:
Frank Wessely
Peter Hughes-Holland
MEDA COURIERS: Names Liquidators from Begbies Traynor
-----------------------------------------------------
At an Extraordinary General Meeting of the Meda Couriers (Kent)
Limited Company on June 18, 2004 held at Prospect House,
Footscray High Street, Footscray, Sidcup, Kent DA14 5HN, the
subjoined Extraordinary Resolution to wind up the company was
passed. Nedim Patrick Ailyan of Begbies Traynor, Prospect
House, Footscray High Street, Footscray, Sidcup, Kent DA14 5HN,
and David Paul Hudson of Begbies Traynor, The Old Exchange, 234
Southchurch Road, Southend-on-Sea, Essex SS1 2EG have been
appointed Joint Liquidators for the purpose of such winding-up.
CONTACT: BEGBIES TRAYNOR
Prospect House
Footscray High Street,
Footscray, Sidcup,
Kent DA14 5HN
Liquidator:
Nedim Patrick Ailyan
BEGBIES TRAYNOR
The Old Exchange
234 Southchurch Road
Southend-on Sea, Essex SS1 2EG
Liquidator:
David Paul Hudson
MG ROVER: Consecutive Sales Decline Enters Fourth Month
-------------------------------------------------------
Sales of MG Rover registered a drop of 42% in June compared with
figures for the same month in 2003 as the company's old models
struggle in the market, Times Online says.
The slump is the fourth consecutive fall for MG Rover in 2004
and is one of the biggest ever. The company suffered sales drop
in six out of eight months.
A MG Rover spokesman attributed the fall on the "transition
period for models" and on the cut on non-profitable sales.
The company has been giving its current models a facelift, most
of which was completed earlier this year. MG Rover is also
reducing its exposure to areas where poor sales is recorded.
The spokesman added there were no plans to reduce production at
the Longbridge factory.
"The plant is working hard on the production of the new models
to get them into the showrooms," he said.
The company sold 3,534 Rover cars in June, taking only 2.5% of
the market. Records also show 3,007 MG cars were sold in the
same month, or 1.5%.
MG Rover, which has been criticized for its directors'
remuneration, is set to launch a new medium-sized car to replace
the Rover 45. The company will develop the car jointly with
Shanghai Automotive Industry Corporation. MG Rover forged the
alliance with the Chinese car manufacturer last month.
NTL INC.: To Discuss Second-quarter Results August 4
----------------------------------------------------
NTL Incorporated Invites the Investment Community to its 2nd
Quarter 2004 Financial Results Conference Call on Wednesday, 4
August at 8:30 a.m. EDT and 1:30 p.m. U.K. Time.
Simon Duffy, CEO, and Scott Schubert, CFO, will Discuss NTL's
(NASDAQ: NTLI) Financial Results
For faster access to the conference call please register in
advance at http://213.86.178.132/inv/reg.html
Acc=4167349581&Conf=133630
Otherwise conference call details are as follows:
U.S. Dial-in Number: + 1 334 323 6201
U.K. & International Dial-In Number: + 44 (0) 20 7162 0025
A replay of this conference call will be available for one week
beginning approximately two hours after the end of the call
until Wednesday 11th August.
The replay dial-in numbers are as follows:
U.S. Replay Dial-in Number: +1 334 323 6222
U.K. & International Replay Dial-in Number: +44 (0) 20 8288 4459
Conference ID: 968232
The conference call can also be accessed via a live audio Web
cast at 8:30 AM EDT (1:30 PM U.K. Time) at http://www.ntl.com.
CONTACT: NTL INCORPORATED
U.S.
Patti Leahy
Phone: 610-667-5554
U.K.
Virginia Ramsden
Phone: + 44 (0) 20 7967 3338
NXT: News of Deeper Losses for 2004 Sends Shares Tumbling
---------------------------------------------------------
Shares in NXT suffered a fall of more than 25% Tuesday after the
company warned its losses for the year would be higher than
previously supposed, Independent News reports.
The sound and technology group said its loss would be 8% higher
than market expectations; Bridgewell Securities said it would be
GBP8.6 million. NXT shares went down 23p to 62p after the
statements.
The company is set to launch a restructuring that would involve:
the closure of its London office, the disposal of its Cyrus
electronics business for GBP600,000, and the sale of its shares
in Symphonix. The move is part of the company's plan to focus
on licensing technology.
The company has been trying to find viable commercial
applications for military speech-recognition software, which it
developed with MoD research arm QinetiQ.
NXT chief executive said, "It was taking too long to reach a
conclusion and wasn't going to sustain the core business."
OAKVIEW PLC: Hires Begbies Traynor Liquidator
---------------------------------------------
At an Extraordinary General Meeting of the Members of the
Oakview PLC Company on June 30, 2004, the Special and Ordinary
Resolutions to wind up the company were passed. Peter A Blair
and Richard A B Saville of Begbies Traynor have been appointed
Joint Liquidators for the purpose of winding-up.
PARK AND PATTERSON: Business for Sale
-------------------------------------
The joint administrators, Paul Andrew Flint and Richard Dixon
Fleming, offer for sale the business and assets of Park and
Patterson Limited.
The company is an established business with over 100 years of
trading history. It utilizes electric induction melting and
oxy-fuel melting to produce up to 28,000 tons of copper ingots
per annum. The company also provides a range of support
services such as chemical analysis and mechanical testing using
modern specialist equipment.
Park and Patterson has two leasehold sites located at Stockport
and Derby. The Derby leasehold can be expanded into a secondary
aluminum site.
The company has an established international customer base
generating an annual turnover of around GBP12 million. Park and
Patterson also has a strong brand based on service and quality.
The company employs 62 personnel, all of which have experience
in Copper Alloy production.
CONTACT: KPMG LLP
1 The Embankment,
Neville St.,
Leeds, LS1 4DW
Contact:
Martin Kelly
Phone: 0113 231 3000
Fax: 0113 231 3183
RADAR MEDIA: Sets Creditors Meeting July 21
-------------------------------------------
Creditors of Radar Media Limited Company will have a Meeting on
July 21, 2004 at 11:00 a.m. It will be held at The Bonnington
Hotel, 92 Southampton Row, London WC1B 4BH.
Creditors who want to be represented at the Meeting may appoint
proxies. Proxy forms must be submitted together with written
debt claims to Ernst & Young LLP, PO Box 61, Cloth Hall Court,
14 King Street, Leeds LS1 2JN not later than 12:00 noon, July
20, 2004.
CONTACT: ERNST & YOUNG LLP
PO Box 61, Cloth Hall Court,
14 King Street, Leeds LS1 2JN
Joint Administrator:
G Wilson
SHIRECLOSE HOUSEWARES: Hires Kroll Limited Administrator
--------------------------------------------------------
Andrew J Pepper and Peter M Saville of Kroll Limited have been
appointed administrators for Shireclose Housewares Limited
Company. The appointment was made June 28, 2004. The company
is engaged in other service activities.
CONTACT: KROLL LIMITED
10 Fleet Place,
London EC4M 7RB
Administrators:
Andrew J Pepper
Peter M Saville
(IP Nos 009050, 009029)
SOUP LADLE: Names Grant Thornton Administrator
----------------------------------------------
The Soup Ladle Limited Company has appointed Samantha Keen and
Nigel Morrison of Grant Thornton as administrators. The
appointment was made June 30, 2004. The company manufactures
food products.
CONTACT: GRANT THORNTON
31 Carlton Crescent,
Southampton SO15 2EW
Administrators:
Samantha Keen
Nigel Morrison
(IP Nos 9250, 8938)
SPYDERWORKS LIMITED: HSBC Bank Appoints Receivers
-------------------------------------------------
HSBC Bank plc called in Philip Andrew Revill and Derek Leslie
Woolley receivers for Spyderworks Limited Company (Reg No
04328539). The application was filed June 25, 2004.
CONTACT: Philip Andrew Revill
Derek Leslie Woolley
93 Queen Street,
Sheffield S1 1WF
SUNDERLAND FOOD: Yorkshire Bank Appoints PwC Receiver
-----------------------------------------------------
Yorkshire Bank Plc called in David Malcolm Walker and Edward
Klempka of PricewaterhouseCoopers as receivers for Sunderland
Food Products Limited Company (Reg No 02617511, Trade
Classification: 12). The application was filed June 25, 2004.
Previously named Asp Meats Limited and Detailorder Limited. The
company wholesales meat and meat products.
CONTACT: PRICEWATERHOUSECOOPERS LLP
Benson House
33 Wellington Street,
Leeds LS1 4JP
Receivers:
David Malcolm Walker
Edward Klempka
(Office Holder Nos 3606, 5791)
WALSALL TRAINING: Final General Meeting Set August 6
----------------------------------------------------
The Final General Meeting of the Members of Walsall Training &
Enterprise Council will be on August 6, 2004 at 11:30 a.m. It
will be held at the offices of BDO Stoy Hayward LLP, 125 Colmore
Row, Birmingham B3 3SD.
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 BDO Stoy Hayward LLP, 125
Colmore Row, Birmingham B3 3SD not later than 12:00 noon, August
5, 2004.
CONTACT: BDO STOY HAYWARD LLP
125 Colmore Row,
Birmingham B3 3SD
Liquidator:
M W Russell
WEBB PROPERTY: Sets General Meeting July 29
-------------------------------------------
Members of Webb Property Co Limited will have a General Meeting
on July 29, 2004 at 10:30 a.m. It will be held at Pelican
House, 10 Currer Street, Bradford BD1 5BA.
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.
WEMBLEY PLC: Reassures Investors After Withdrawal of BLB Offer
--------------------------------------------------------------
On 5 July 2004, BLB Investors, L.L.C announced that it was
lapsing its offer for Wembley, notwithstanding that it had
acquired or received valid acceptances representing 83.1% of
Wembley's share capital. In particular, BLB stated that 'the
political environment in which the Lincoln Park Business
operates has become highly uncertain.'
As reported in Wembley's 2003 Annual Report and Accounts, a
State sponsored Gaming Commission had been set up to study the
potential impact of a casino in Rhode Island and, in Spring
2003, recommended that a public referendum be held to allow the
residents of Rhode Island to vote on whether to allow such a
casino in the State. To this end, a consortium comprising
Harrah's Entertainment, Inc. and the Narragansett Indians has
been lobbying intensively for such a referendum. The Governor
of Rhode Island has recently vetoed legislation that would allow
the casino proposal to be voted on in a public referendum.
However, authorization for such a referendum could still occur
in mid-July 2004 if the legislature over-rides the Governor's
veto. Any referendum would then be held in November this year.
Should a referendum in respect of this casino proposal
ultimately take place, there is no certainty that it would be
approved by the public. The Harrah's consortium is seeking a
considerably more favorable tax structure than that imposed upon
Lincoln Park, which many believe will have a detrimental impact
on the finances of the State of Rhode Island. Even if the
significant hurdles facing the Harrah's consortium are overcome
and the referendum is eventually passed, management believes
there is unlikely to be any significant impact on the Lincoln
Park business until the new casino becomes operational several
years from now.
The Rhode Island legislature has approved the State budget for
the forthcoming year, although this has also been vetoed by the
Governor. The budget mandates that Lincoln Park will receive
28.85% of video lottery terminal revenues generated at Lincoln
Park in the year commencing 1 July 2004, up from the 27.0%
received for 2003/4. However, under a one-year agreement that
comes into effect upon the final approval of the State's budget
for the forthcoming year and the inclusion within it of no less
than a 28.85% share of VLT revenues for Lincoln Park, Lincoln
Park will now be responsible for funding the greyhound owners
operating at the track. If the BLB transaction had been
concluded, with effect from 1 July 2004, Lincoln Park would have
still received a net 27.0% of VLT revenues, following a 1.85%
contribution to the greyhound owners. However, in the absence
of such a transaction, the amount that the greyhound owners
receive increases to 2.85%, with Lincoln Park retaining a net
26.0%.
Trial Update
Although a definitive date for the trial has yet to be
determined, the Board anticipates that it will commence in the
second half of September 2004.
On 27 January 2004, Wembley announced that agreement had been
reached with the U.S. Attorney in Rhode Island that, should
Lincoln Park Inc. be convicted on all counts against it within
the indictment issued in September 2003, the maximum aggregate
fine that would be sought is US$8 million. This amount has
since been transferred into an escrow account.
If Lincoln Park Inc, which is the indicted entity, is found
guilty at trial, it runs the risk of having the terms of the
license to operate VLTs adversely affected or possibly
withdrawn. Such risks were described more fully in the 2003
Annual Report and Accounts. The Board will evaluate all
possible steps to mitigate this risk as far as possible.
The Board remains of the view that the allegations are without
foundation and they will be vigorously defended at trial.
Trading update
U.S. Gaming
The U.S. gaming division has produced a strong underlying
performance in the first half of the year, with both Lincoln
Park and the Colorado businesses trading in line with
expectations.
The weekly revenue from the VLTs, which is the key performance
indicator of the Lincoln Park business, averaged US$5.77 million
in the first half of 2004, up 14.5% on the corresponding period
in 2003 (US$5.04 million). This included a new record weekly
VLT drop of US$6.54 million in the week ended 5 June 2004,
compared to a high in the first half of 2003 of US$5.67 million.
This growth has been achieved through the introduction of
additional VLTs in both 2003 and 2004. The average number of
VLTs in the facility during the first half of 2003 was 2,049,
compared to an average of 2,423 so far in 2004. The total
number of VLTs currently operating within the facility is 2,513.
Management will investigate ways of introducing the balance of
487 VLTs into the current building during the second half of
this year, thereby bringing the total number of VLTs up to the
maximum permitted of 3,000. The incremental cost in the period
of operating these additional VLTs has been in the region of
US$1.0 million.
The growth in VLT revenue has more than compensated for the
previously announced reduction in Lincoln Park's share of VLT
revenues, which reduced from 30.5% to 27% on 1 July 2003.
U.K. Gaming
Following a difficult year in 2003, trading in Wembley's U.K.
gaming business has returned to more acceptable levels.
Management's decision to sell the loss-making Catford track for
GBP7.5 million and revert back to the more traditional three
race nights per week at Wimbledon has brought the U.K. gaming
business back on track, with results broadly 40% up on the
corresponding period of 2003.
Exchange Rate Movement
The continuing strength of sterling against the U.S. dollar in
2004 will adversely affect the disclosed results for 2004. The
average for the period was GBP1:US$1.82 (2003: GBP1:US$1.61).
This will reduce the reported U.S. profits by around 12%
compared to 2003.
Acquisition Costs
The costs to Wembley of the proposed acquisition of the Group
are estimated to be in the region of GBP6.0 million. This
includes a break-fee of GBP3.0 million paid to MGM MIRAGE as a
result of their decision not to pursue the acquisition of
Wembley following the Board's recommendation of the increased
BLB Offer.
Dividend
In light of current trading and the significantly positive cash
position of Wembley, the Company intends to return to its normal
dividend policy. This may include the consideration of an
additional payment during 2004 in lieu of the final dividend for
2003 that was not paid following the announcement of the
proposed sale to MGM MIRAGE on 27 January 2004.
Wembley will shortly announce the date for the reporting of its
2004 Interim results.
Claes Hultman, Chairman and Chief Executive of Wembley
commented: "Wembley is a well run, profitable and highly cash-
generative business with a strong balance sheet. The fact that
Wembley attracted so much interest in its assets prior to BLB's
bid serves to emphasis this point. The Board remains committed
to maximizing value for Wembley shareholders."
6 July 2004
CONTACT: COLLEGE HILL
Matthew Smallwood
Phone: 020 7457 2020
WYKE RETAIL: In Administrative Receivership
-------------------------------------------
Andrew James Nichols has been appointed administrator for Wyke
Retail (York) Limited Company. The appointment was made June
24, 2004. The company specializes retailers.
CONTACT: Andrew James Nichols
(IP No 8367)
Maclaren House, Skerne Road,
Driffield YO25 6PN
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