TCREUR_Public/050613.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

             Monday, June 13, 2005, Vol. 6, No. 115

                            Headlines

C Z E C H   R E P U B L I C

TELESYSTEM INTERNATIONAL: Converts ClearWave Proceeds to CA$


G E R M A N Y

BETONKNACKER BOHREN: Calls in Provisional Administrator
BOG BETEILIGUNGSPARTNER: Applies for Bankruptcy Proceedings
DASO IMMOBILIENGESELLSCHAFT: Last Day for Filing Claims Thursday
GERHARDT WOHNUNGSBAUGESELLSCHAFT: Files for Bankruptcy
IHR PLATZ: Goldman Sachs Backs Proposed Restructuring Plan

INDOOR BAU: First Creditors Meeting Set July 20
ITK ENGINEERING: Kleve Court Launches Bankruptcy Proceedings
MG TECHNOLOGIES: Secures EUR500 Mln Credit Facility
OBG OPPERMANN: Court to Verify Claims July
PROBATUS BAUBETREUUNGSGESELLSCHAFT: Declared Insolvent

S.G. IMMOBILIENHANDEL: Real Estate Firm Succumbs to Insolvency
THOMAS COOK: Sale Imminent, Says Report
TURA AKTIENGESELLSCHAFT: Proofs of Claim Due July


I T A L Y

ALITALIA SPA: Lufthansa Plans to Mount Legal Challenge


L A T V I A

PAREX BANKA: EUR100 Million Eurobond Gets 'BB+' Rating


N E T H E R L A N D S

NUMICO N.V.: Concludes Asset Sales in China


P O L A N D

NETIA SA: PZU Reduces Shareholding


R O M A N I A

ROMPETROL GROUP: Fitch Keeps 'B-' Rating


R U S S I A

ALFA MTN: Proposed Eurobond Rated 'B+'
BREAD: Undergoes Bankruptcy Supervision Procedure
EUROPEAN FRUIT-VEGETABLES: Under Bankruptcy Supervision
GORODISHENSKAYA: Proofs of Claim Deadline Expires July 7
KOSTROMSKOY: Succumbs to Bankruptcy

KRYLOVSKOYE: Krasnodar Court Names V. Bondar Insolvency Manager
LESNOY WOOD-PROM-KHOZ: Tver Court Opens Bankruptcy Proceedings
PLAVIKOSHOATOVSKIY MINE: Declared Insolvent
SAMARSKIY: Succumbs to Bankruptcy
STIFF AND DANA: Declared Insolvent
STROY-DOR-INDUSTRY: Undergoes Bankruptcy Supervision Procedure


T U R K E Y

CUKUROVA GROUP: TeliaSonera Resorts to Arbitration to Settle Row


U K R A I N E

CONCERN UVENTA: Declared Insolvent
KATERINOPIL' AGROSERVICE: Names Anatolij Prihodko Liquidator
KERCH' AUTO 14364: Declares Insolvency
LIDER: Bankruptcy Proceedings Start
ORBITA PLUS: Liquidator Takes over Operations

SUMIRESTAVRATSIYA: Under Bankruptcy Supervision
TRADE PLUS: Succumbs to Insolvency
UKRAVTORUS: Court Appoints Insolvency Manager
UKRPAK: Bankruptcy Supervision Begins
UKRPASAVTO: Kyiv Court Opens Bankruptcy Proceedings


U N I T E D   K I N G D O M

BAMFORD ELECTRONICS: Members Final Meeting July 11
BARCLAYS UNIT: Hires Deloitte & Touche to Liquidate Assets
BEFRIENDERS INTERNATIONAL: Final General Meeting Set July
BOO.COM GROUP: Winding-up Report Out Next Month
BRITANNIC ASSET: Dissolving Healthcare, Technology Funds

EVANS AND PRICE: Machine Tools Maker Calls in Ernst & Young
FEDERAL-MOGUL: U.K. Court Keeps Cross-border Protocol for Now
FKI PLC: Full-year Loss Balloons to GBP79.9 Million
GRA HOLDINGS: Calls in Liquidators from KPMG
HENDERSON GROUP: Amendment to Restricted Share Plan Rules Passed

HENDERSON GROUP: Books GBP41 Million Profit
INVERESK PLC: Carrongrove Mill Closure to Affect 150 Jobs
ISHARES LIMITED: Names Deloitte & Touche Liquidator
JEWELLINK LIMITED: Hires BDO Stoy Hayward as Administrator
MANGIARE LIMITED: Calls in Administrators

MASTERLOCK LIMITED: Vantis Business Administrators Move in
PROJEX (SOUTHERN): Administrator from Singla & Co. Moves in
STEWART ESTATES: Creditors Meeting Set Later this Month
TELTRON LIMITED: Meeting of Creditors Set Wednesday
T.MULLINS BUILDERS: Appoints Administrator from Houghton Stone

VANMAN (UK): Hires F A Simms & Partners Administrator
WHEEL (UK): Creditors Meeting Set Next Week
WHITEHEAD MANN: Appoints Group Finance Director
W.H. KEYS: Sets Creditors Meeting Next Week
WIGMORE GROUP: Full-year Pre-tax Loss Up to GBP6.79 Million


                            *********


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


TELESYSTEM INTERNATIONAL: Converts ClearWave Proceeds to CA$
------------------------------------------------------------
Telesystem International Wireless Inc. completed the conversion
into Canadian dollars of the cash consideration of US$3,472
million received from the sale of its indirect interests in
ClearWave N.V. to Vodafone International Holdings B.V.

The volume weighted average rate achieved during the conversion
process was 1.24759 Canadian dollars (C$) per U.S. dollar ($).
As a result, the target return as defined in the framework
agreement between TIW and Vodafone and as referred to in the
information circular dated April 18, 2005, is C$19.9614 per
common share, representing an amount of $16.00 times the
exchange rate of 1.24759

About TIW

TIW currently operates under a court-supervised Plan of
Arrangement, which governs its liquidation, including the claims
process and distribution of net cash to shareholders,
cancellation of common shares and final distribution of
proceeds.  TIW's shares are listed on NASDAQ (TIWI) and on the
Toronto Stock Exchange (TIW).

CONTACT:  TELESYSTEM INTERNATIONAL WIRELESS INC.
          Jacques Lacroix
          Investors
          Phone: (514) 673-8466
          E-mail: jlacroix@tiw.ca


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


BETONKNACKER BOHREN: Calls in Provisional Administrator
-------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against Betonknacker Bohren und Sagen mit Diamantwerkzeugen GmbH
Dresden i.L. on May 19.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until June 27, 2005 to register their claims with court-
appointed provisional administrator Ulrich Kraft.

Creditors and other interested parties are encouraged to attend
the meeting on August 9, 2005, 10:00 a.m. at the district court
of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

Betonknacker specializes in the use of modern diamond boring and
cutting tools for doors and windows, columns and supports; and
electrical, heating and ventilation installations.

CONTACT:  BETONKNACKER BOHREN UND SAGEN
          MIT DIAMANTWERKZEUGEN GMBH DRESDEN I.L.
          Bosewitzer Str. 22 in 01259 Dresden
          Phone: (0351) 2024116
          E-mail: betonknackerdresden@t-online.de
          Web site: http://www.betonknacker.de
          Contact:
          Rainer Stolle
          Comeniusstr. 34a, 01309 Dresden

          Ulrich Kraft, Administrator
          Wasastr. 15, 01219 Dresden
          Web site: http://www.hww-kanzlei.de


BOG BETEILIGUNGSPARTNER: Applies for Bankruptcy Proceedings
-----------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against BOG Beteiligungspartner GmbH on May 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until July 20, 2005 to
register their claims with court-appointed provisional
administrator Norbert Kruse.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 25, 2005, 10:00 a.m. at the district court
of Muenster, Gebaudeteil Eingang B, Gerichtsstrasse 2 - 6, 48149
Muenster, EG, Saal 13 B at which time the administrator will
present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  BOG BETEILIGUNGSPARTNER GMBH
          Siemensstrasse 57-59, 48153 Muenster
          Contact:
          Dr. Kay Michel
          Thomas Dillenseger
          Phone: 0251/7604-0

          Norbert Kruse, Administrator
          Bonhoefferstr. 10, 48282 Emsdetten
          Phone: 02572/875-0
          Fax: +49257287533


DASO IMMOBILIENGESELLSCHAFT: Last Day for Filing Claims Thursday
----------------------------------------------------------------
The district court of Dresden opened bankruptcy proceedings
against DASO Immobiliengesellschaft mbH on May 19.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 16, 2005
to register their claims with court-appointed provisional
administrator Jorg Spies.

Creditors and other interested parties are encouraged to attend
the meeting on July 19, 2005, 10:30 a.m. at the district court
of Dresden, Saal D 132, Olbrichtplatz 1, 01099 Dresden, at which
time the administrator will present his first report of the
insolvency proceedings.  The court will also verify the claims
set out in the administrator's report during this meeting, while
creditors may constitute a creditors committee and or opt to
appoint a new insolvency manager.

CONTACT:  DASO IMMOBILIENGESELLSCHAFT MBH
          Dresdner Strasse 9
          01465 Langebrck
          Contact:
          Volker Burkhardt, Manager

          Jorg Spies, Administrator
          Lockwitzer Str. 17, 01219 Dresden
          E-mail: insolvenz@pkl.com
          Web site: http://www.pkl.com


GERHARDT WOHNUNGSBAUGESELLSCHAFT: Files for Bankruptcy
------------------------------------------------------
The district court of Muenster opened bankruptcy proceedings
against Gerhardt Wohnungsbaugesellschaft mbH on May 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until Aug. 1, 2005 to
register their claims with court-appointed provisional
administrator Dr. Frank Kreuznacht.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 22, 2005, 9:00 a.m. at Muenster, Gebaudeteil
Eingang B, Gerichtsstrasse 2 - 6, 48149 Muenster, EG, Saal 13 B
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  GERHARDT WOHNUNGSBAUGESELLSCHAFT MBH
          Hammerstrasse 46, 59227 Ahlen
          Contact:
          Susanne Gerhardt

          Dr. Frank Kreuznacht, Administrator
          Wolbecker Windmuehle 15 a, 48167 Muenster
          Phone: 02506/821-0
          Fax: +492506821100


IHR PLATZ: Goldman Sachs Backs Proposed Restructuring Plan
----------------------------------------------------------
Insolvent health and beauty products retailer Ihr Platz recently
bared its six-month recovery plan.

The plan, which aims to nearly 9,000 jobs, has the backing of
main creditor, Goldman Sachs, according to management board
member, Michael Keppel.  It calls for the streamlining of the
administrative procedures, the operating of one main depot and
focusing only on profitable operations.  The plan needs the
approval of the group's insolvency administrator as well as
other creditors and suppliers.

The group recently availed of a EUR7.5 million loan from Goldman
Sachs, which also plans to convert EUR120 million of debt into
equity.  Ihr Platz is also expected to receive insolvency
funding from private bank, Lampe.

Ihr Platz has reportedly struck a long-term deal with majority
of its suppliers.  The deal puts the group a step closer to
recovery, management says.  The company retails cosmetics, body
care products and domestic goods in 681 branches and 143
franchised stores.  It posted EUR1.24 billion in sales in 2003.

CONTACT:  IHR PLATZ GMBH + CO. KG
          Personalwesen
          Parkstrasse 32
          49080 Osnabruck
          Phone: 49 541 98 55 0
          Fax: 49 541 98 55 267
          E-mail: info@ihrplatz.de
          Web site: http://www.ihrplatz.de

          BANKHAUS LAMPE
          Alter Markt 3
          D - 33602 Bielefeld
          Phone: 05 21 / 582 - 0
          Fax: 05 21 / 17 51 78
          Web site: https://www.lampebank.de


INDOOR BAU: First Creditors Meeting Set July 20
-----------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against Indoor Bau & Dienstleistungs GmbH on May 24.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until August 19, 2005
to register their claims with court-appointed provisional
administrator Christian Kohler-Ma.

Creditors and other interested parties are encouraged to attend
the meeting on July 20, 2005, 10:35 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report on
October 19, 2005, 10:35 a.m. at the same venue.

CONTACT:  INDOOR BAU & DIENSTLEISTUNGS GMBH
          Samariterstr. 19/20,10247 Berlin
          Phone: 030 / 772032-0
          Fax: 030 / 772032-37
          E-mail: info@gruppestettner.de
          Web site: http://www.gruppestettner.de

          Christian Kohler-Ma, Administrator
          Kurfuerstendamm 212, 10719 Berlin


ITK ENGINEERING: Kleve Court Launches Bankruptcy Proceedings
------------------------------------------------------------
The district court of Kleve opened bankruptcy proceedings
against ITK Engineering D. R. Tiepoldt GmbH on May 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 23, 2005
to register their claims with court-appointed provisional
administrator Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting on July 14, 2005, 11:15 a.m. at the district court
of Kleve, Hauptstelle, Schlossberg 1, 47533 Kleve, Erdgeschoss,
C 58 at which time the administrator will present his first
report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  ITK ENGINEERING D. R. TIEPOLDT GMBH
          Spyckstrasse 14-16, 47533 Kleve
          Contact:
          Dipl.-Ing. Werner Welbers
          Wildgehege 33, 47533 Kleve

          Dirk Hammes, Administrator
          Wilhelmshofallee 75, 47800 Krefeld
          Phone: 02151 - 5813 - 160
          Fax: 02151 - 5813133


MG TECHNOLOGIES: Secures EUR500 Mln Credit Facility
---------------------------------------------------
Mg technologies AG has taken out a 5-year syndicated EUR500
million credit facility.  The facility will be used for general
corporate purposes, minor acquisitions and the repayment of
outstanding EUR139.1 million under mg's Eurobond.  The mandated
lead arrangers of the credit facility oversubscribed by 75% are
BayernLB, Commerzbank and Dresdner Kleinwort Wasserstein.  The
syndicate comprises twenty international banks.

Mg technologies is an international technology group that
focuses on specialty mechanical engineering -- especially
process engineering and equipment -- and plant engineering.  Mg
currently employs 17,000 people and generated sales of EUR4.1
billion in 2004.  It is among the world's market and technology
leaders in 90% of its businesses.

CONTACT:  MG TECHNOLOGIES AG
          Communications
          Phone: +49 (0)234 980 1081
          Fax: +49 (0)234 980 1087
          Web site: http://www.mg-technologies.com


OBG OPPERMANN: Court to Verify Claims July
------------------------------------------
The district court of Braunschweig opened bankruptcy proceedings
against OBG Oppermann Bau GmbH on May 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until June 29, 2005 to register their
claims with court-appointed provisional administrator Jorg
Trittermann.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 9:15 a.m. at the district court of
Braunschweig, An der Martinikirche 8, 38100 Braunschweig, at
which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  OBG OPPERMANN BAU GMBH
          Zollkamp 5, 38122 Braunschweig
          Phone: (0531) 2884873
          Fax: (0531) 2884874
          Contact:
          Johanna Oppermann, Manager

          Jorg Trittermann, Administrator
          Lessingplatz 9, D-38100 Braunschweig
          Phone: 0531/1206875
          Fax: 0531/1206880


PROBATUS BAUBETREUUNGSGESELLSCHAFT: Declared Insolvent
------------------------------------------------------
The district court of Potsdam opened bankruptcy proceedings
against PROBATUS Baubetreuungsgesellschaft mbH on May 23.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until June 29, 2005
to register their claims with court-appointed provisional
administrator Bert Buske.

Creditors and other interested parties are encouraged to attend
the meeting on July 27, 2005, 10:35 a.m. at the district court
of Potsdam, Nebenstelle Lindenstrasse 6, 14467 Potsdam, Saal 004
at which time the administrator will present his first report of
the insolvency proceedings.  The court will also verify the
claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee
and or opt to appoint a new insolvency manager.

CONTACT:  PROBATUS BAUBETREUUNGSGESELLSCHAFT MBH
          Oderstr. 23
          14513 Teltow
          Deutschland
          Phone: (03328) 309237

          Bert Buske, Administrator
          Alt Nowawes 67, 14482 Potsdam


S.G. IMMOBILIENHANDEL: Real Estate Firm Succumbs to Insolvency
--------------------------------------------------------------
The district court of Koln opened bankruptcy proceedings against
S.G. Immobilienhandel GmbH on May 13.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until June 30, 2005 to register their claims with
court-appointed provisional administrator Andreas Mueller-Stein.

Creditors and other interested parties are encouraged to attend
the meeting on Aug. 11, 2005, 9:05 a.m. at the district court of
Koln, Hauptstelle, Luxemburger Strasse 101, 50939 Koln, 1.
Etage, Saal 142 at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  S.G. IMMOBILIENHANDEL GMBH
          Hohe Str. 130, 50129 Bergheim
          Contact:
          Sandra Garrelts, Manager
          Hohe Str. 130, 50129 Bergheim

          Andreas Mueller-Stein, Administrator
          Schuetzenstr. 5, 50126 Bergheim
          Phone: 02271-7691-0
          Fax: +492271769110'


THOMAS COOK: Sale Imminent, Says Report
---------------------------------------
German airline Lufthansa and retailer KarstadtQuelle are now
close to an agreement over the sale of their 50:50 joint venture
Thomas Cook, according to Financial Times Deutschland.

Potential buyers for the country's second-biggest tour operator
include Hamburg entrepreneur and former Tchibo shareholder,
Guenter Herz.  The sale is expected to raise EUR1-1.5 billion
(US$1.2-1.8 billion).

Thomas Cook's huge losses in recent years have weighed down its
owners' finances.  It might be floated on the stock exchange if
the sale fails.  Morgan Stanley is managing the sale.

CONTACT:  MORGAN STANLEY
          1585 Broadway
          New York, NY 10036
          Phone: (212) 761-4000
          Web site: http://www.morganstanley.com/

          THOMAS COOK AG
          Corporate Communications
          Phone: +49(0) 61 71 65-1700
          Fax: +49(0) 61 71) 65-1060
          E-mail: konzernkommunikation@thomascookag.com
          Web site: http://www.thomascook.info


TURA AKTIENGESELLSCHAFT: Proofs of Claim Due July
-------------------------------------------------
The district court of Aachen opened bankruptcy proceedings
against Tura Aktiengesellschaft Fabrik fotografischer Filme und
Papiere on May 30.  Consequently, all pending proceedings
against the company have been automatically stayed.  Creditors
have until July 29, 2005 to register their claims with court-
appointed provisional administrator Dr. Rolf-Dieter Monning.

Creditors and other interested parties are encouraged to attend
the meeting on August 29, 2005, 9:20 a.m. at the district court
of Aachen, Nebenstelle Augustastrasse, Augustastrasse 78/80,
52070 Aachen, I. Etage, Saal 14, at which time the administrator
will present his first report of the insolvency proceedings.
The court will also verify the claims set out in the
administrator's report during this meeting, while creditors may
constitute a creditors committee and or opt to appoint a new
insolvency manager.

Founded in 1901, Tura Aktiengesellschaft manufactures, prepares
and distributes photo and film products, film paper and other
related products.  In 2001, it expanded to the United States
with the establishment of TURA U.S.A, Inc. based in Seattle.

CONTACT:  TURA AKTIENGESELLSCHAFT FABRIK
          FOTOGRAFISCHER FILME UND PAPIERE
          An Gut Nazareth 20-24, 52353 Dueren
          Phone: 02421/ 8007-0
          Fax: 02421/ 880725
          E-mail: info@tura-film.de
          Web site: http://www.tura-film.de
          Contact:
          Wolfgang Werner Heinrich Leiss,
          Hohenstaufenring 78, 50674 Koln

          Sales Germany
          Phone: 02421/ 8007-11
          Fax: 02421/ 88363

          Export
          Phone: +49 (0) 2421/ 8007-20
          Fax: +49 (0) 2421/ 8808-22

          Prof. Dr. Rolf-Dieter Monning, Administrator
          Juelicher Strasse 116, 52070 Aachen
          Phone: 0241/94618-0
          Fax: 0241/533562


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I T A L Y
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ALITALIA SPA: Lufthansa Plans to Mount Legal Challenge
------------------------------------------------------
German national carrier Deutsche Lufthansa plans to challenge
the recent approval of the European Commission of Alitalia's
restructuring plan, Die Welt says.

Lufthansa said it would start reviewing legal options as soon as
the regulator makes the decision official.  The carrier is
optimistic that other European airlines will rally behind the
legal action.

Carriers opposed to Alitalia's recovery plan remain firm in
their claim that it contains traces of illegal state aid.  The
European Commission gave third parties two months to challenge
its ruling.

The EC approved Alitalia's restructuring plan, saying it did not
find any trace of illegal state aid.  The regulator, however,
attached certain conditions, which includes equal pricing
provisions for both state and private investors.

CONTACT:  Alitalia S.p.A.
          Viale A. Marchetti 111
          00148 Rome, Italy
          Phone: +39 06 6562 2151
          Fax: +39 06 6562 4733
          Web site: http://corporate.alitalia.com


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L A T V I A
===========


PAREX BANKA: EUR100 Million Eurobond Gets 'BB+' Rating
------------------------------------------------------
Fitch Ratings assigned Latvia-based Parex banka's EUR100 million
bond issue a final 'BB+' rating.  Parex banka is rated Long-term
'BB+' with a Stable Outlook, Short-term 'B', Individual 'C/D'
and Support '3'.

The notes are to rank pari passu among themselves and at least
pari passu with all other present and future unsecured
obligations of Parex banka, save for such obligations as may be
preferred by law.

Parex banka is the largest bank in Latvia by total assets, and
the fourth largest in the Baltics.  It is privately owned, with
two individuals collectively owning over 85% of the bank.

CONTACT:  FITCH RATINGS
          Tim Beck, London
          Phone: +44 20 7417 3460

          Claudia Nelson
          Phone: +44 20 7417 4269

          Media Relations:
          Jon Laycock, London
          Phone: +44 20 7417 4327


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


NUMICO N.V.: Concludes Asset Sales in China
-------------------------------------------
American Dairy, Inc., which produces and distributes milk powder
and soybean products in China, has agreed with Royal Numico N.V.
on the purchase of its milk powder processing plant and
equipment in China to Heilongjiang Feihe Dairy Industry Co.,
Ltd. -- a subsidiary of American Dairy, Inc. -- for a total
consideration of US$7.3 million (EUR5.97 million).

This milk processing plant acquisition also includes 19 raw milk
collection stations.

American Dairy believes that the production capabilities of this
plant will increase its daily milk powder production capacity by
approximately 60%, or 270 tons of raw milk per day.  The company
expects to realize US$7 million (EUR5.72 million) in sale
revenues and US$1.5 million (EUR1.23 million) in net profits
from the Numico plant during FY 2005.

The asset acquisition was formally closed on Wednesday, June 8,
2005, and American Dairy took over all of the operations of the
former milk powder plant of Nutricia Nutrionals Co., Ltd., a
wholly owned subsidiary of Royal Numico N.V., a publicly traded
company in Europe.

About American Dairy, Inc.

American Dairy, Inc. conducts operations in The People's
Republic of China through its wholly owned subsidiary, Feihe
Dairy.  Founded in 1962, Feihe Dairy is one of the leading
producers and distributors of milk powder and soybean products
in China.  Feihe Dairy is located in Kedong County, China, and
has been in operation since 2001.  American Dairy also has a
milk powder processing plant, BaiQuan Feihe Dairy in Kedong
County, and also has a milk powder processing plant in the city
of QiQiHaEr, Heilongjiang Province.

Royal Numico is a high-growth, high-margin specialized nutrition
company with leading positions in Baby Food and Clinical
Nutrition and brings products to the market under the brand
names Nutricia, Milupa and Cow & Gate, among others.  The
company serves customers in over 100 countries and employs
approximately 11,000 people (see also http://www.numico.com).

CONTACT:  ROYAL NUMICO N.V.
          P.O. Box 75538, 1118 ZN Schiphol Airport
          The Netherlands
          Phone: +31 20 456 9000
          Fax: +31 20 456 8000
          Corporate Communications
          Phone: +31 20 456 9077
          Investor Relations
          Phone: +31 20 456 9003


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


NETIA SA: PZU Reduces Shareholding
----------------------------------
Netia S.A. was notified by Powszechny Zakad Ubezpieczen Spoka
Akcyjna (PZU S.A.) that, as a result of the sale of Netia's
shares by PZU on May 31, 2005, PZU and its subsidiary PZU ycie
S.A., jointly hold 19,531,358 of Netia's shares.  The holding
constitutes 4.98% of Netia's share capital, and entitles the
holders thereof to exercise 19,531,358 votes at Netia's General
Meeting of Shareholders, constituting 4.98% of the total number
of votes at Netia's General Meeting of Shareholders.

According to the notification, prior to this transaction, PZU
and its subsidiary PZU ycie jointly held shares entitling to
5.01% of the total number of votes at Netia's General Meeting of
Shareholders.

Netia (WSE: NET) is Poland's largest alternative provider of
fixed-line telecommunications services.

CONTACT:  NETIA S.A.
          02-822 Warszawa
          ul. Poleczki 13
          Phone: [48] (22) 330 2000
          Fax: [48] (22) 330 2323

          Investor Relations Manager
          Anna Kuchnio
          Phone: [48] (22) 330 2061
          E-mail: anna_kuchnio@netia.pl

          Netia Public Relations
          Jolanta Ciesielska
          Phone: [48] (22) 330 2407
          E-mail: jolanta_ciesielska@netia.pl


=============
R O M A N I A
=============


ROMPETROL GROUP: Fitch Keeps 'B-' Rating
----------------------------------------
Fitch Ratings says the ongoing investigation of Romania's
General Prosecutor regarding employees of The Rompetrol Group
N.V. (TRG, rated 'B-')/Stable Outlook) remains a key credit
concern for the company.

One of the main charges relates to the privatisation of TRG's
main asset, the Romanian Petromidia refinery.  The criminal
investigation relates to TRG group's key managers, including the
CEO and majority shareholder of TRG, Dinu Patriciu, who was
temporarily detained for 24 hours by the General Prosecutor in
late May 2005.  A Romanian court and subsequently an appellate
court rejected the prosecutors' request to arrest the CEO.
Fitch notes that although these events have tarnished the
company's reputation, its business and financial profile remains
consistent with the 'B-' rating.

Fitch deems TRG's liquidity position and continued ownership of
Petromidia as key to maintaining the current level of rating.
The agency understands that the investigation is not expected to
lead to lending banks demanding early repayment of loans
extended to the TRG group, given security in place on its assets
and the group's improved financial results on the back of high
refining margins.  Nevertheless, the agency will continue to
monitor TRG's liquidity position.  A significant deterioration
of the company's liquidity (for example driven by cash outflows
(penalty payment) on a negative outcome of the investigation or
early repayment of loans demanded by banks) may put pressure on
the rating.  The refinery is the key asset of TRG group (it
generated 86% of the group's 2004 EBITDA).

Debt continues to be largely represented by short-term bank
loans, pointing to relatively high refinancing risk.  However,
bank facilities due in June 2005 are modest at US$10 million (or
7% of TRG's total bank debt), while maturities in July and
August are US$4 million (3%).  Against this, available liquidity
in the form of committed unused credit lines is US$42 million
with cash of US$17 million as of end-May.  Additionally, the
company is expected to generate net free cash flow in the coming
months -- monthly net free cash flow generation is expected to
average US$12 million for May-June 2005 (similar to 1Q05).  More
significant maturities become due in September (coupon payment
of EUR22 million under the hybrid instrument).

The investigation has been recently extended to three more
current and former key employees of TRG group, including the
Deputy CEO and minority shareholder of TRG (a U.S. citizen).
Fitch is concerned that the ongoing investigation and recent
developments may distract the management team from strategy
implementation and day-to-day operation of the company.

In an attempt to address these concerns management has decided
to put all expansion projects on hold and focus on 'stay-in-
business' investments.  Fitch believes this approach is
understandable in the current situation and will preserve short-
term liquidity, although if sustained it may affect the group's
future business profile.  The company has also set up a 12-
member operations committee to ensure business continuity in all
circumstances.

CONTACT:  FITCH RATINGS
          Arkadiusz Wicik, Warsaw
          Phone: +48 22 338 62 86

          Josef Pospisil, London
          Phone: +44 (0) 20 7417 4266

          Andrew Steel
          Phone: +44 (0) 20 7862 4086

          Media Relations:
          Alex Clelland, London
          Phone: +44 20 7862 4084


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


ALFA MTN: Proposed Eurobond Rated 'B+'
--------------------------------------
Fitch Ratings assigned Alfa MTN Invest Limited's upcoming issue
of medium-term notes an expected Long-term 'B+' rating.  The
assignment of the final rating is contingent on receipt of final
documentation conforming materially to information already
received.

The notes are unconditionally and irrevocably guaranteed jointly
and severally by Alfa-Bank, (rated Long-term 'B+', Short-term
'B', National Long-term 'A(rus)', Individual 'D' and Support
'4'/Stable Outlook) and ABH Financial Limited.  The proceeds
from the issue will be on-lent to Alfa Bank or ABH Financial
Limited.  The issue is the third under the US$1 billion
(increased from the original US$400 million) euro medium-term
note program of Alfa MTN Issuance Ltd., Alfa MTN Markets Ltd.
and Alfa MTN Invest Ltd. (rated Long-term 'B+' for notes with
maturities in excess of one year and Short-term 'B' for notes
with maturities of less than one year).  Further details on the
structure of the program can be found in Fitch's announcement
dated 20 October 2004 on http://www.fitchratings.com.

Alfa Bank is the 100%-owned principal subsidiary of ABH
Financial Limited and the largest privately owned bank in
Russia, engaged in corporate, retail and investment banking,
trade finance, insurance and asset management.  ABH Financial
Limited also owns Alfa Capital Holdings Limited, which is active
in corporate finance, securities (mainly equity) brokerage,
asset management and private equity, as well as undertaking
proprietary trading.

CONTACT:  FITCH RATINGS
          James Watson,
          Vladlen Kuznetsov, Moscow
          Phone: +7 095 956 9901


BREAD: Undergoes Bankruptcy Supervision Procedure
-------------------------------------------------
The Arbitration Court of Buryatiya republic has commenced
bankruptcy supervision procedure on open joint stock company
Bread (TIN 03230041195).  The case is docketed as A10-1148/05.
Mr. N. Teterin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to:

(a) BREAD
    Mr. V. Lagerov
    General Director
    670002, Russia, Buryatiya republic,
    Ulan-Ude, Limonova Str. 3
    Phone: 44-52-12
    Fax: (3012) 44-52-12

(b) Mr. N. Teterin
    Temporary Insolvency Manager
    670000, Russia, Buryatiya republic,
    Ulan-Ude, Borsoeva Str. 105
    Phone: 21-99-85, 21-97-56
    Fax: 21-67-94
    Reception: 21-96-33

(c) The Arbitration Court of Buryatiya republic
    Judge O. Burkova
    670000, Buryatiya republic,
    Ulan-Ude, Kommunisticheskaya Str. 51


EUROPEAN FRUIT-VEGETABLES: Under Bankruptcy Supervision
-------------------------------------------------------
The Arbitration Court of Rostov region has commenced bankruptcy
supervision procedure on limited liability company European
Fruit-Vegetables Company (TIN 6143050787, KPP 614301001).  The
case is docketed as A53-4371/2005-S2-30.  Ms. Y. Galadzhaeva has
been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to: 344002, Russia,
Rostov-na-Donu, Shaumyana Str. 78.  A hearing will take place on
June 29, 2005, 2:20 p.m. at Russia, Rostov-na-Donu,
Stanislavskogo Str. 8 a.

CONTACT:  EUROPEAN FRUIT-VEGETABLES COMPANY
          347380, Russia, Rostov region,
          Volgodonsk, Rostovskoye Shosse, 23

          Ms. Y. Galadzhaeva
          Temporary Insolvency Manager
          344002, Russia, Rostov-na-Donu,
          Shaumyana Str. 78


GORODISHENSKAYA: Proofs of Claim Deadline Expires July 7
--------------------------------------------------------
The Arbitration Court of Volgograd region commenced bankruptcy
proceedings against Gorodishenskaya after finding the open joint
stock company insolvent.  The case is docketed as A12-31872/04-
s49.  Mr. A. Serbinenko has been appointed insolvency manager.
Creditors have until July 7, 2005 to submit their proofs of
claim to 400005, Russia, Volgograd, Post User Box 251.

CONTACT:  GORODISHENSKAYA
          Russia, Volgograd region

          Mr. A. Serbinenko
          Insolvency Manager
          400005, Russia, Volgograd region,
          Post User Box 251


KOSTROMSKOY: Succumbs to Bankruptcy
-----------------------------------
The Arbitration Court of Kostroma region commenced bankruptcy
proceedings against Kostromskoy after finding the electro-
mechanical plant insolvent.  The case is docketed as A31-
9459/18.  Mr. V. Markov has been appointed insolvency manager.
Creditors have until July 7, 2005 to submit their proofs of
claim to 156961, Russia, Kostroma, Petra Sherbiny Str. 23.

CONTACT:  KOSTROMSKOY
          156961, Russia, Kostroma region,
          Petra Sherbiny Str. 23

          Mr. V. Markov
          Insolvency Manager
          156961, Russia, Kostroma region,
          Petra Sherbiny Str. 23


KRYLOVSKOYE: Krasnodar Court Names V. Bondar Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Krasnodar region commenced bankruptcy
proceedings against Krylovskoye after finding the open joint
stock company insolvent.  The case is docketed as 32-19919/2004-
37/146-B.  Mr. V. Bondar has been appointed insolvency manager.
Creditors have until July 7, 2005 to submit their proofs of
claim to 353117, Russia, Krasnodar region, Vyselkovskiy region,
Novomalorossiyskaya St., Ukrainskaya Str. 3a.

CONTACT:  KRYLOVSKOYE
          353764, Russia, Krasnodar region, Leningradskiy
          region, Krylovskaya St., Yubileynaya Str. 14

          Mr. V. Bondar
          Insolvency Manager
          353117, Russia, Krasnodar region, Vyselkovskiy region,
          Novomalorossiyskaya St., Ukrainskaya Str. 3a


LESNOY WOOD-PROM-KHOZ: Tver Court Opens Bankruptcy Proceedings
--------------------------------------------------------------
The Arbitration Court of Tver region has commenced bankruptcy
supervision procedure on open joint stock company Lesnoy Wood-
Prom-Khoz.  The case is docketed as A66-1312/2005.  Mr. I.
Peshekhonov has been appointed temporary insolvency manager.
Creditors may submit their proofs of claim to 170100, Russia,
Tver, Main Post Office, Post User Box 39A.

CONTACT:  LESNOY WOOD-PROM-KHOZ
          Russia, Tver region,
          Lesnoy region, Medvedkovo

          Mr. I. Peshekhonov
          Temporary Insolvency Manager
          170100, Russia, Tver region,
          Main Post Office, Post User Box 39A
          Phone: (0822) 35-32-55


PLAVIKOSHOATOVSKIY MINE: Declared Insolvent
-------------------------------------------
The Arbitration Court of Chita region commenced bankruptcy
proceedings against Plavikoshoatovskiy Mine Usugli after finding
the open joint stock company insolvent.  The case is docketed as
A-78-5019/02-B-1939.  Mr. G. Konstantinov has been appointed
insolvency manager.  Creditors have until July 7, 2005 to submit
their proofs of claim to 672051, Russia, Chita, Post User Box
836.

CONTACT:  Mr. G. Konstantinov
          Insolvency Manager
          672051, Russia, Chita region,
          Post User Box 836


SAMARSKIY: Succumbs to Bankruptcy
---------------------------------
The Arbitration Court of Samara region commenced bankruptcy
proceedings against Samarskiy after finding the flour mill #2
insolvent.  The case is docketed as A55-13072/2004-38.  Mr. V.
Rabchenko has been appointed insolvency manager.  Creditors have
until July 7, 2005 to submit their proofs of claim to 443015,
Russia, Samara, Khalilovskaya Str. 2.

CONTACT:  SAMARSKIY
          443015, Russia, Samara region,
          Khalilovskaya Str. 2

          Mr. V. Rabchenko
          Insolvency Manager
          443015, Russia, Samara region,
          Khalilovskaya Str. 2


STIFF AND DANA: Declared Insolvent
----------------------------------
The Arbitration Court of Moscow region commenced bankruptcy
proceedings against Stiff And Dana (TIN 3123072836) after
finding the financial investment company insolvent.  The case is
docketed as A40-60948/04-71-54B.  Mr. V. Bashmakov has been
appointed insolvency manager.

Creditors have until July 7, 2005 to submit their proofs of
claim to 123242, Russia, Moscow, Barrikadnaya Str. 19, Building
2.  For more information about the bankruptcy hearing call:
(095) 254-87-83.

CONTACT:  STIFF AND DANA
          129090, Russia, Moscow region,
          Mira Pr. 13

          Mr. V. Bashmakov
          Insolvency Manager
          123242, Russia, Moscow region,
          Barrikadnaya Str. 19, Building 2
          Phone: (095) 254-87-83


STROY-DOR-INDUSTRY: Undergoes Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Moscow region has commenced bankruptcy
supervision procedure on limited liability company Stroy-Dor-
Industry (TIN/KPP 5004013480/50000401001).  The case is docketed
as A41-K2-5870/05.  Ms. E. Mukhina has been appointed temporary
insolvency manager.  Creditors may submit their proofs of claim
to: 119311, Russia, Moscow, Stroiteley Str. 7, Room 1, Office 1.

CONTACT:  STROY-DOR-INDUSTRY
          143600, Russia, Moscow region,
          Volokolamsk, Severnoye Shosse, 12

          Ms. E. Mukhina
          Temporary Insolvency Manager
          119311, Russia, Moscow region,
          Stroiteley Str. 7, Room 1, Office 1

===========
T U R K E Y
===========


CUKUROVA GROUP: TeliaSonera Resorts to Arbitration to Settle Row
----------------------------------------------------------------
TeliaSonera revealed Tuesday it has asked the International
Court of Arbitration for protection of its interest in a planned
purchase of a stake in Turkcell Iletisim Hizmetleri A.S.

The telecommunications company signed in March an agreement to
purchase an additional 27.2% stake in Turkcell from Cukurova
Group.  But despite approval of Turkcell shareholders, Cukurova
Group has not signed the final share transfer accord, according
to Ihlas News Agency.

"As we declared before we believe that Turkcell still has the
obligation to finalize our planned transaction with goodwill,"
TeliaSonera said.  The purchase would increase TeliaSonera's
interest to 64.3%.

Meanwhile, Russian rival Alfa Group is reportedly planning to
challenge TeliaSonera's US$3.1 billion bid.  TeliaSonera Chief
Executive Anders Igel had warned Cukurova about entertaining
talks with third parties regarding the sale of the stake.

Cukorova is selling the shares to help pay obligations under a
debt-restructuring plan with banking regulators.  It fell into
trouble after the seizure of one of its banks by the Turkish
banking watchdog.

Turkcell is Europe's seventh-largest operator of global system
for mobile communications, or GSM, a leading cellular wireless
standard, with 23.4 million subscribers and a 70% local market
share.

Cukurova Group is a diversified conglomerate with core
businesses in banking and financial services,
telecommunications, media, tourism, steel, paper products,
textiles, commercial vehicle manufacturing and construction.  It
posted total consolidated sales of US$7.1 billion and assets of
US$16.5 billion in 1998.  It is based in Istanbul, Turkey,
holding a majority stake in 96 companies and employs 32,000
people.


=============
U K R A I N E
=============


CONCERN UVENTA: Declared Insolvent
----------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Concern Uventa (code EDRPOU 24032660) on
April 21, 2005 after finding the limited liability company
insolvent.  The case is docketed as 2-26/5198.1-2005.  Ms.
Sharmonova Viktoriya (License Number AA 630104) has been
appointed liquidator/insolvency manager.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) CONCERN UVENTA
    96570, Ukraine, AR Krym region,
    Yevpatoriya, Pushkin Str. 62

(b) Ms. Sharmonova Viktoriya
    Liquidator/Insolvency Manager
    95048, Ukraine, AR Krym region,
    Simferopol, a/b 2769

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


KATERINOPIL' AGROSERVICE: Names Anatolij Prihodko Liquidator
------------------------------------------------------------
The Economic Court of Cherkassy region commenced bankruptcy
proceedings against Katerinopil' Company Agroservice (code
EDRPOU 25207009) on April 11, 2005 after finding the limited
liability company insolvent.  Mr. Anatolij Prihodko (License
Number AA 250342) has been appointed liquidator/insolvency
manager.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) KATERINOPIL' COMPANY AGROSERVICE
    Ukraine, Cherkassy region,
    Katerinopil, Lenin Str. 55

(b) Mr. Anatolij Prihodko
    Liquidator/Insolvency Manager
    Ukraine, Cherkassy region,
    Katerinopil district, Yerki, Sinna Str. 7

(c) ECONOMIC COURT OF CHERKASSY REGION
    18005, Ukraine, Cherkassy region,
    Shevchenko Avenue, 307


KERCH' AUTO 14364: Declares Insolvency
--------------------------------------
The Economic Court of AR Krym region commenced bankruptcy
proceedings against Kerch' Auto Transport Association 14364
(code EDRPOU 03117561) on April 14, 2005 after finding the
limited liability company insolvent.  The case is docketed as 2-
6/1317-2005.  Ms. O. Dubrovska (License Number AA 669689) has
been appointed liquidator/insolvency manager.  The company holds
account number 26007301390500 at JSCB Prominvestbank, Kerch
branch, MFO.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) KERCH' AUTO TRANSPORT ASSOCIATION 14364
    98329, Ukraine, AR Krym region,
    Kerch, Shose Geroiv Stalingradu Str. 23

(b) Ms. O. Dubrovska
    Liquidator/Insolvency Manager
    98306, Ukraine, AR Krym region,
    Kerch, Pershogo Travnya Str. 10/4

(c) THE ECONOMIC COURT OF AR KRYM REGION
    95000, Ukraine, AR Krym region,
    Simferopol, Karl Marks Str. 18


LIDER: Bankruptcy Proceedings Start
-----------------------------------
The Economic Court of Zaporizhya region commenced bankruptcy
proceedings against Lider (code EDRPOU 22122198) on April 8,
2005 after finding the limited liability company insolvent.  The
case is docketed as 25/1.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) LIDER
    Ukraine, Zaporizhya region,
    Vasilivskij district, Stepnogirsk

(b) ECONOMIC COURT OF ZAPORIZHYA REGION
    69001, Ukraine, Zaporizhya region,
    Shaumyana Str. 4


ORBITA PLUS: Liquidator Takes over Operations
---------------------------------------------
The Economic Court of Harkiv region commenced bankruptcy
proceedings against LLC ORBITA PLUS (code EDRPOU 31214510) on
April 25, 2005 after finding the limited liability company
insolvent.  The case is docketed as B-19/46-05.  Ms. Irina
Stahova (License Number AA 779138) has been appointed
liquidator/insolvency manager.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) ORBITA PLUS
    Ukraine, Harkiv region,
    Harkiv district, Visokij,
    Oshepkova Str. 52

(b) Ms. Irina Stahova,
    Liquidator/Insolvency Manager
    Ukraine, Harkiv region,
    Lenin Avenue, 5

(c) ECONOMIC COURT OF HARKIV REGION
    61022, Ukraine, Harkiv region,
    Svobodi Square, 5, Derzhprom, 8th Entrance


SUMIRESTAVRATSIYA: Under Bankruptcy Supervision
-----------------------------------------------
The Economic Court of Sumi region commenced bankruptcy
supervision procedure on CJSC Sumirestavratsiya (code EDRPOU
05509582) on March 28, 2005.  The case is docketed as 6/40-05.
Mr. Roman Udovenko (License Number AA 719777) has been appointed
temporary insolvency manager.  The company holds account number
26004301701125 at Prominvestbank, Sumi central branch, MFO
337278.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) SUMIRESTAVRATSIYA
    Ukraine, Sumi region,
    Cherkaska Str. 7

(b) Mr. Roman Udovenko
    Temporary Insolvency Manager
    40030, Ukraine, Sumi region,
    Kirov Str. 25, 4-th floor

(c) ECONOMIC COURT OF SUMI REGION
    40477, Ukraine, Sumi region,
    Shevchenko Avenue, 18/1


TRADE PLUS: Succumbs to Insolvency
----------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Trade Plus (code EDRPOU 31958041) on April
25, 2005 after finding the limited liability company insolvent.
The case is docketed as 24/174-b.  Mr. Igor Varhatskij (License
Number AA 216712) has been appointed liquidator/insolvency
manager.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) TRADE PLUS
    Ukraine, Kyiv region,
    Prorizna Str. 4

(b) Mr. Igor Varhatskij,
    Liquidator/Insolvency Manager
    01024, Ukraine, Kyiv region,
    Shovkovichna Str. 16/38
    Phone: (044) 490-88-79

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


UKRAVTORUS: Court Appoints Insolvency Manager
---------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against Ukravtorus (code EDRPOU 31405053) on April
19, 2005 after finding the close joint stock company insolvent.
The case is docketed as 24/235-b.  Mr. Igor Varhatskij (License
Number AA 216712) has been appointed liquidator/insolvency
manager.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) UKRAVTORUS
    Ukraine, Kyiv region,
    Prorizna Str. 4

(b) Mr. Igor Varhatskij
    Liquidator/Insolvency Manager
    01024, Ukraine, Kyiv region,
    Shovkovichna Str. 16/38
    Phone: (044) 490-88-79

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


UKRPAK: Bankruptcy Supervision Begins
-------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
supervision procedure on LLC Ukrpak (code EDRPOU 30518649) on
April 18, 2005.  The case is docketed as 24/234-b.  Mr. I. Gusak
(License Number AA 630109) has been appointed temporary
insolvency manager.  The company holds account number
26006028191991 at JSCB Ukrsocbank, Kyiv region branch, MFO
322012.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) UKRPAK
    03127, Ukraine, Kyiv region,
    40-Richya Zhovtnya Avenue, 120, Body 1

(b) Mr. I. Gusak
    Temporary Insolvency Manager
    04080, Ukraine, Kyiv region,
    Novokostyantinivska Str. 8

(c) ECONOMIC COURT OF KYIV REGION
    01030, Ukraine, Kyiv region,
    B. Hmelnitskij Boulevard, 44-B


UKRPASAVTO: Kyiv Court Opens Bankruptcy Proceedings
---------------------------------------------------
The Economic Court of Kyiv region commenced bankruptcy
proceedings against CJSC UKRPASAVTO (code EDRPOU 31841331) on
April 26, 2005 after finding the limited liability company
insolvent.  The case is docketed as 24/217-b.  Mr. Igor
Varhatskij (License Number AA 216712) has been appointed
liquidator/insolvency manager.

Creditors had until June 12, 2005 to submit their proofs of
claim to:

(a) UKRPASAVTO
    Ukraine, Kyiv region,
    Prorizna Str. 4

(b) Mr. Igor Varhatskij,
    Liquidator/Insolvency Manager
    01024, Ukraine, Kyiv region,
    Shovkovichna Str. 16/38
    Phone: (044) 490-88-79

(c) 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
===========================


BAMFORD ELECTRONICS: Members Final Meeting July 11
--------------------------------------------------
The final meeting of the members of Bamford Electronics Limited
will be on July 11, 2005 at 11:00 a.m.  It will be held at the
offices of Benedict Mackenzie, CityPoint, Temple Gate, Bristol
BS1 6PL.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.

CONTACT:  BENEDICT MACKENZIE
          City Point
          Temple Gate
          Bristol
          Avon BS1 6PL
          Tel: 0117 373 6222
          Fax: 0117 373 6223
          E-mail: bristol@benemack.com


BARCLAYS UNIT: Hires Deloitte & Touche to Liquidate Assets
----------------------------------------------------------
At the general meeting of Barclays Unit Trust Services Limited,
the special and ordinary resolutions to wind up the company were
passed.  J. R. D. Smith and N. J. Dargan of Deloitte & Touche
LLP, Athene Place, P.O. Box 810, 66 Shoe Lane, London EC4A 3WA
have been appointed joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


BEFRIENDERS INTERNATIONAL: Final General Meeting Set July
---------------------------------------------------------
The final general meeting of the members of Befrienders
International will be on July 14, 2005 at 10:00 a.m.  It will be
held at 62 Wilson Street, London EC2A 2BU.

The purpose of the meeting is to receive the account showing
how the winding-up has been conducted and the property of the
company disposed of, and to hear any explanation that may be
given by the liquidator.  Members who want to be represented at
the meeting may appoint proxies.  Proxy forms must be lodged
with Benedict Mackenzie, 62 Wilson Street, London EC2A 2BU, not
later than 12:00 noon, July 13, 2005.

CONTACT:  BENEDICT MACKENZIE
          62 Wilson Street
          London EC2A 2BU
          Phone: 020 7247 1174
          Fax: 020 7247 3494
          E-mail: i.williams@bmaclondon.com


BOO.COM GROUP: Winding-up Report Out Next Month
-----------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

             IN THE MATTER OF Boo.Com Group Limited

Notice is hereby given, pursuant to section 146 of the
Insolvency Act 1986, that a Meeting of the Creditors of the
above-named Company will be held at KPMG, 8 Salisbury Square,
London EC4Y 8BB, on July 8, 2005, at 10:30 a.m. for the purposes
of receiving the report of the Joint Liquidators of the winding-
up and determining whether the Joint Liquidators should have
release under section 174 of the Insolvency Act 1986.

Proxy forms, if applicable, must be lodged at KPMG LLP, 8
Salisbury Square, London EC4Y 8BB through fax, +44 (0) 20 7694
3533, not later than 12:00 noon on July 7, 2005.

M. V. McLoughlin, Joint Liquidator
June 1, 2005

                            *   *   *

Boo.Com filed for bankruptcy in 2000 after vaporizing US$130
million in just one year.  Despite an emergency capital
injection of US$30 million, the online retailer failed to
recover.  The group's case set tone for the present online
retailing system.

CONTACT:  KPMG LLP
          8 Salisbury Square
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


BRITANNIC ASSET: Dissolving Healthcare, Technology Funds
--------------------------------------------------------
Britannic Asset Management will close two underperfoming funds
worth a total of GBP8.4 million, according to Citywire.

The funds are Global Healthcare fund (Britannic Global
Healthcare Acc) valued at GBP4.9 million, and Global Technology
fund (Britannic Global Technology Acc) worth GBP3.5 million.

The Healthcare fund lost more than 40% since its launch in
February 2001; in contrast, during the same period, FTSE AW/IT
only lost 35.9%.  The Technology Fund, launched during the same
period, lost more than 23% while the MSCI World/Healthcare index
rose by 4.1%.  Britannic will also close a GBP1.2 million Cash
fund.  The closures are set for June 15 pending approval from
unit holders.  A spokesman says the funds are no longer
economical to keep given their small size.  Demand for such
specialist funds from investor has also gone down.

Britannic has been reviewing its fund range since last summer
when CEO Gavin Stewart took over the firm.  The company assured
no further closures are planned.

Ian Tabberer, manager of the Healthcare fund, has transferred to
rivals Scottish Widows Investment Partnership.  Alison Porter,
manager of the Technology fund, will stay on as manager of the
group's GBP70 million American Growth fund.  Cash fund manager
John McNeill will remain on the fixed income desk.

CONTACT:  Britannic Asset Management Limited
          Britannic Court
          50 Bothwell Street
          Glasgow
          G2 6HR
          Tel: 0141 222 8000
          Fax: 0141 222 8300
          Web site: http://www.britannicasset.com/


EVANS AND PRICE: Machine Tools Maker Calls in Ernst & Young
-----------------------------------------------------------
Ian Best and David Duggins of Ernst & Young (IP Nos 8631, 8324)
have been appointed administrators for Evans And Price Limited.
The appointment was made June 3, 2005.  Its registered office is
located at Silica Road, Amington Industrial Estate, Tamworth,
Staffordshire B77 4DT.

                            *   *   *

Evans And Price Ltd. was formed in 1976 and has over 25 years
experience in the manufacture, rebuild and servicing of quality
machine tools.  From its headquarters in Tamworth, it services
the U.K. and European market place.

It currently occupy a 22,000 sq. ft. (2,043 sq. m.) custom built
factory using a state-of-the-art, multi-screen CAD system for
mechanical, hydro-pneumatic and electronic design.  These
facilities support the high quality design and build of both new
and remanufactured quality machine tools.

Modern day customer requirements demand that quality machine
tools must be produced to the most exacting standards.  Evans
And Price has attained the quality standard ISO9001 to ensure
the highest level of quality control are maintained.  Its
machines are delivered to U.K., Germany, Portugal, China,
Poland, U.S.A., Hungary, Italy, Thailand, France, Spain, Sweden
and Mexico.

CONTACT:  EVANS AND PRICE LIMITED
          Silica Road
          Amington Industrial Estate
          Tamworth
          Staffordshire B77 4DT
          United Kingdom
          Phone: +44 (0) 1827 54472
          Fax: +44 (0) 1827 60906
          E-mails: enquiries@evans-price.co.uk
                   sales@evans-price.co.uk
          Web site: http://www.evans-price.co.uk

          ERNST & YOUNG LLP
          No.1 Colmore Square
          Birmingham B4 6HQ
          Phone: +44 [0] 121 535 2000
          Fax:   +44 [0] 121 535 2001
          Web site: http://www.ey.com


FEDERAL-MOGUL: U.K. Court Keeps Cross-border Protocol for Now
-------------------------------------------------------------
Simon Freakley, James Gleave and the other partners at Kroll
Limited Corporate Advisory and Restructuring Group, as Joint
Administrators of Federal-Mogul Corporation's U.K. debtor-
affiliates, inform Judge Lyons of the outcome of the hearing to
terminate the Cross-Border Insolvency Protocol.  The hearing was
held on May 13, 2005, before Justice David Richards in the High
Court of Justice, Chancery Division, Companies Court, in
England.

The U.K. Administrators previously asked the London Court to
terminate the Cross-Border Insolvency Protocol.

In a letter sent to the Bankruptcy Court, the Administrators
told Judge Lyons that the application to terminate is necessary
for them to "begin an orderly realization of the U.K. Debtors'
businesses and assets."  The termination, according to the
Administrators, will ensure that the U.K. Debtors' employees are
clear about who they are responsible to and prospective
purchasers are clear that the Administrators are -- under
English law -- in sole control of the process, thereby
facilitating smooth and advantageous sales.

James L. Garrity, Jr., Esq., at Shearman & Sterling LLP, in New
York, tells the Court: "Mr. Justice Richards was not prepared to
direct the Administrators to terminate the Protocol at this
time.  Instead, the U.K. Court directed the Administrators to
vary or revoke, at such time as they think fit, their consent
given pursuant to s.14(4) of the English Insolvency Act 1986 to
the continued exercise by the directors of the U.K. Debtors of
their powers (as given in Clause 3.3 of the Protocol)."

Pursuant to Mr. Justice Richards' direction, the Administrators
have, by service of notice, revoked their consent to the
directors of the U.K. Debtors continuing to exercise any of
their powers.  Notwithstanding the revocation, Mr. Garrity tells
the Court that "the Administrators are, for the time being (and
subject to regular review), content for the directors to
continue fulfilling the role and obligations of the Debtor in
Possession in the Chapter 11 proceedings relating to the U.K.
Debtors."

Mr. Garrity informs Judge Lyons that the Administrators are
communicating with the U.K. resident directors and management
about the way in which day-to-day operational matters concerning
the U.K. Debtors will be handled going forward.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  The Company filed for chapter 11 protection
on October 1, 2001 (Bankr. Del. Case No. 01-10582).  Lawrence J.
Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., of
Sidley Austin Brown & Wood; and Laura Davis Jones Esq., of
Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
US$10.15 billion in assets and US$8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
US$1.925 billion stockholders' deficit.  At Mar. 31, 2005,
Federal-Mogul's balance sheet showed a US$2.048 billion
stockholders' deficit. (Federal-Mogul Bankruptcy News, Issue No.
80; Bankruptcy Creditors' Service, Inc., 215/945-7000)


FKI PLC: Full-year Loss Balloons to GBP79.9 Million
---------------------------------------------------
Highlights

(a) overall trading in line with expectations;

(b) strong performance in Lifting Products offsetting reduction
    in Hardware;

(c) constant currency underlying operating profits up 5.0%;

(d) maintained strong cash flow from ongoing operations;

(e) poor performing businesses closed or sold;

(f) dividend maintained at 4.5p per share; and

(g) group positioned for further improvement in 2005/6.

Chief Executive Paul Heiden says: "The Group achieved its major
objectives for the year, returning to underlying profit growth
at constant currency, maintaining strong cash flow from ongoing
operations and taking actions to address poor performing
businesses.

"On a constant currency basis, overall underlying operating
profits improved year-on-year, with particularly strong
performance from Lifting Products and Services offsetting
reductions in Hardware which had a disappointing end to the
year.  Encouragingly, markets also improved for both of the
longer lead-time businesses of FKI Logistex and Brush
Turbogenerators.

"The Group enters the new year positioned for further underlying
operating profit growth.  Performance in Lifting Products and
Services, FKI Logistex and Energy Technology should be
underpinned respectively by the increased activity levels seen
in extractive industries, positive order trends and demand for
power generation equipment.  In the Hardware businesses, where
lead times are short, the U.S. markets for housing and retail
are more difficult to predict.  If demand remains at current
levels, however, a stable performance should be seen.

"The year will see continued reshaping of the business portfolio
with further disposals and some small acquisitions.  The net
cash impact of these activities, together with cash flow from
ongoing operations, is expected to reduce net debt during the
year."

Financial and Operating Review

Total turnover was GBP1,290.5 million (2004: GBP1,345.1
million), which included GBP82.5 million (2004: GBP150.3
million) from discontinued operations.  The overall reduction in
turnover included a GBP67.8 million trading improvement, offset
by GBP66.1 million reduction due to business disposals and
GBP54.6 million reduction as a result of adverse currency
translation, mainly due to the weaker U.S. dollar.

The operating profit before exceptional items and goodwill
amortization amounted to GBP95.8 million (2004 restated: GBP96.5
million).  In constant currency terms, underlying profit
improved by GBP4.8 million or 5.0%.  The underlying operating
margin of 7.4% reflects a small improvement on last year.

The underlying profit includes GBP5.4 million (2004: GBP7.6
million) of losses in discontinued businesses, relating to
trading in closing or closed operations and businesses sold
during the year.

The Group's net interest expense increased slightly to GBP23.6
million (2004: GBP23.3 million) as a result of higher interest
rates on the floating rate portion of the Group's debt, offset
by reduced average net debt and a beneficial currency
translation impact.  Net interest expense was 4.1 times covered
(2004: 4.1 times) by profit before interest, exceptional items
and goodwill amortization, and represented a rate of 5.3% (2004:
4.5%) on the average weekly net debt of GBP448 million (2004:
GBP513 million) during the year.

Other net finance charges of GBP1.8 million (2004: GBP6.4
million) represent the FRS17 interest charge on the total
liabilities of the pension schemes offset by the expected return
on the pension schemes' assets.

The underlying profit before tax amounted to GBP70.4 million
(2004 restated: GBP66.8 million).  After charging exceptional
items and goodwill amortization, there was a loss before
taxation of GBP61.6 million (2004: restated loss GBP17.7
million).

The Group's effective tax charge on profits before goodwill
amortization and exceptional items was 25.7% (2004 restated:
25.3%).

The return on invested capital was 7.7% (2004 restated: 6.7%).

The loss after tax amounted to GBP79.9 million (2004 restated:
loss of GBP20.9 million) and basic loss per share was 13.7p
(2004 restated: basic loss per share 3.6p).  Adjusted earnings
per share, calculated by excluding exceptional items and
goodwill amortization, were 9.0p (2004 restated: 8.6p).

Net Debt and Cash flow

Net debt at 31 March 2005 of GBP350.7 million represented a
decrease of GBP26.4 million from 30 September 2004 but a
marginal increase of GBP1.6 million from 31 March 2004.

Cash flow was negatively impacted by approximately GBP15.0
million due to the effect of higher steel prices resulting in an
increase in working capital, the cash outflow of the wind
turbine business of GBP25.0 million and GBP12.2 million spent on
closure costs previously identified in the 2004 Strategic
Review.

Capital expenditure increased to GBP32.1 million after adjusting
for assets acquired under finance leases, representing 87.7% of
depreciation.  Proceeds from the sale of fixed assets, largely
surplus properties, amounted to GBP11.0 million.

Outlook

Forecast sustained high demand levels in the oil & gas and
mining sectors should provide for modest volume growth in the
ongoing Lifting Products and Services businesses with some
further margin improvement.  Although the significant steel
price escalation did not materially impact profitability during
the reported year, it is uncertain how future rises would impact
performance in 2005/6.

In Energy Technology, the improved demand for power generation
equipment will continue to benefit Turbogenerators and further
turnover growth is expected.  Material costs will be adversely
impacted by increases in commodity prices, which will not be
fully recoverable in sales prices under long term pricing
agreements.  However, volume driven margin improvements are
anticipated.  Performance in other businesses in the group is
expected to be satisfactory.

The outlook for Hardware is less clear, with a forecast decline
in U.S. housing starts of 3.8% and uncertain retail sales
demand.  However, housing statistics for 2005 are holding firm
and at this level Truth should have another good but stable
year.  General hardware demand also looks to have settled and
with the new business model in place, a more consistent picture
should emerge.  If market demand remains at current levels, full
year performance for the group should be similar or a little
improved on last year.

Order intake trends remain positive for FKI Logistex in U.S.
Airports and Post & Parcel markets.  This, together with robust
U.K. demand but no improvement in other markets, should result
in turnover for 2005/6 increasing by c. 10%.  Cost efficiencies
and more effective project management are set to benefit margins
and an improved performance is expected in the year.  The
phasing of orders weights these improvements towards the second
half of the year.

Interest costs are likely to increase significantly on the back
of steady rises in U.S. dollar interest rates over the last six
months.  The FRS17 finance charge is expected to be GBP1
million.  There are no exceptional charges planned for the year
but GBP2.0 million is earmarked for further
reorganizations/restructurings in the Group.  This will be
charged to operating profit as incurred.

The Group is well positioned to improve its underlying
performance again in 2005/6 but will continue to be impacted by
fluctuations in foreign exchange and interest rates.

A copy of these results is available free of charge at
http://bankrupt.com/misc/FKIplc(Q12005).mht

CONTACT:  FKI PLC
          Falcon Works
          P.O. Box 7713
          Meadow Lane
          Loughborough
          Leicestershire LE11 1ZF
          Phone: +44 (0) 20 7832 0000
          Fax: +44 (0) 20 7832 0001
          Web site: http://www.fki.co.uk


GRA HOLDINGS: Calls in Liquidators from KPMG
--------------------------------------------
At the meeting of GRA Holdings Limited on May 24, 2005, the
special and ordinary resolutions to wind up the company were
passed.  Jeremy Simon Spratt and Finbarr Thomas O'Connell of
KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been
appointed joint liquidators of the company.

CONTACT:  KPMG LLP
          PO Box 695,
          8 Salisbury Square,
          London EC4Y 8BB
          Phone: (020) 7311 1000
          Fax: (020) 7311 3311
          Web site: http://www.kpmg.co.uk


HENDERSON GROUP: Amendment to Restricted Share Plan Rules Passed
----------------------------------------------------------------
In accordance with ASX Listing Rule 3.13.2 and U.K. LA Listing
Rule 9.32, Henderson Group plc reports that the resolutions
contained in the Notice of Annual General Meeting (dated 25
April 2005 and lodged with the ASX and the U.K. LA Document
Viewing Facility on 3 and 16 May 2005, respectively) were each
passed by the requisite majority of shareholders.

Resolutions 1 to 10 were decided on a show of hands at the
meeting.  Resolution 11 was decided on a poll.

No resolutions were amended or withdrawn.  The full text of each
resolution is contained in the Notice of Annual General Meeting.
Capitalized terms used below have the same meaning as in the
Notice of Annual General Meeting.

It was resolved, as ordinary resolutions, to:

(a) receive the Directors' Report and Accounts;

(b) approve the Directors' Remuneration Report;

(c) appoint as directors Mr. R. L. Pennant-Rea, Mr. G. P.
    Aherne, and Mr. D. Ferguson, and reappoint Mr. A. C. Hotson
    as director;

(d) reappoint Ernst & Young as auditors;

(e) authorize the Directors to determine the auditors'
    remuneration;

(f) to give limited authority to make political donations; and

(g) to amend the Rules of the Restricted Share Plan.

                            *   *   *

The company obtained court approval in April for the
cancellation of shares under the Reduction of Investor Base
transaction.  As a result, the total issued ordinary capital of
Henderson Group plc has been reduced from 1,301,200,560 ordinary
shares to 1,152,431,079 ordinary shares of 10 pence each.

Under the Reduction of Investor Base transaction, approximately
698,000 holdings have been cashed out, leaving Henderson Group
with approximately 157,000 holders on its register.  Around
39,000 holders elected to opt out of the Reduction of Investor
Base transaction.

Following the Return of Cash and Reduction of Investor Base
transactions, approximately GBP871 million will be paid to
shareholders.

CONTACT:  HENDERSON GROUP PLC
          4 Broadgate
          London
          EC2M 2DA, United Kingdom
          Phone: +44-20-7454-9779
          Fax: +44-20-7818-1820
          Web site: http://www.henderson.com

          Investor Inquiries
          Gail Williamson
          Director of Investor Relations
          Phone: +44 20 7818 5168
          E-mail: investor.relations@henderson.com
          Phone: +61 2 9252 0622


HENDERSON GROUP: Books GBP41 Million Profit
-------------------------------------------
At the Annual General Meeting of Henderson Group plc, Chairman
Rupert Pennant-Rea said: "Our first year as a dual-listed
company was challenging and rewarding.  We have built a strong
independent Group, and the financial results show a big
improvement.

"For the year to 31 December 2004, the Group made a profit
before tax of GBP41 million, compared with a loss of GBP864
million in 2003.  The change was helped by good growth in
profits in Henderson Global Investors and a turnaround in Life
Services, where we improved efficiency, embedded value and
capital strength.

"We took various steps during 2004 to improve the capital
position and operational structure of the company.  We moved out
of non-core or non-performing businesses, selling our investment
in Virgin Money and closing Towry Law International to new
business.

"We used the proceeds from another placing of ordinary shares to
buy out the Pearl holding in HHG Invest, and this allowed us to
take full control of Henderson Global Investors and also
strengthen the balance sheet.

"The big event of the year, though, happened at the end -- the
proposed sale of the Life Services business -- which was
overwhelmingly approved at the Extraordinary General Meeting in
February this year.  After completing the Sale in mid-April and
getting Court approval for the share cancellation, the Group
returned GBP871 million to shareholders.

"We did this through two transactions, one that we called the
Return of Cash and the other the Reduction of Investor Base.
Under the Return of Cash, all shareholders had 52% of their
holdings cancelled in return for a cash payment of 55 pence per
share.  Under the second transaction, the Reduction of Investor
Base, unless a shareholder opted out, up to 499 shares of each
remaining holding was cancelled at 64 pence per share.

"The combined effect of this was that almost 700,000
shareholders had their entire holding cashed out at an average
price of 59.3 pence per share.  By way of comparison, the
average share price over the month immediately before the
announcement of the proposed Sale was 49 pence on the London
Stock Exchange and AUD1.19 on the Australian Stock Exchange.

"All this was a complicated exercise, but it went very smoothly.
It produced a shareholder register that, although still large,
is more or less consistent with the size of the new Henderson
Group. We now have about 155,000 shareholders, of whom almost
143,000 are in Australia or New Zealand.  Nearly 154,000 of our
shareholders own 10,000 shares or fewer, and together they hold
11% of the Company's issued share capital.

"With such major changes to the Company's structure, it made
sense to change its name.  The Henderson Group now properly
reflects the strategic focus that we place on developing
Henderson Global Investors as a leading fund manager.

"The Group is well capitalized and has no debt.  We will be
disciplined and prudent in the way we use capital, ensuring that
we have the assets needed to meet regulatory and working capital
requirements and to back provisions and contingencies.  Capital
not required to develop the business will be returned to where
it belongs, with the shareholders.

"Before the Demerger, the Board took the view that dividends
should only be paid out of any cash earnings above and beyond
what the business needs for operational purposes.  We expect to
pay a final dividend in early 2006, in respect of the financial
year 2005.

"To do this, we will shortly be contacting shareholders to get
bank account details so that dividends can be paid by direct
credit.  This is a secure, convenient and economical way for
shareholders to receive their dividends.  It minimizes the risk
of loss, fraud or theft - and it saves the company some money,
so it benefits all shareholders.  If any shareholders do not
provide account details, their dividends will be retained by the
company until we do have the relevant details.  If that sounds a
bit draconian, I can only say that an electronic transfer is
better than sending off a dividend cheque without the certainty
that it will reach the right person.

"I receive a fair amount of correspondence and feedback from
shareholders directly, and I welcome that.  It gives me a sense
of the issues that matter to you, so I thought it would be
helpful to touch on some that have come up recently.

"First, how did we set the share price at which capital was
returned to shareholders, and how did we calculate the number of
shares to be cancelled?

"The answer is that we aimed to return GBP775 million to
shareholders with the Return of Cash transaction, and the only
way we could fix that amount was by setting a price per share in
December 2004, so that the proposal documents could be printed
and posted to shareholders.  At that time, the share price was,
in round numbers, 55 pence.  This automatically determined that
52% of shares would be cancelled so as to hit our target of
GBP775 million going back to shareholders.

"The second transaction, the Reduction of Investor Base, was
designed to cash-out holders with a remaining holding of fewer
than 500 shares.  This was expected to return around GBP100
million to shareholders - and here the Board was happy to be
less precise, because the amount of cash involved was much
smaller than the GBP775 million I described a moment ago.  We
set the price for this second transaction using the average
closing price on the London Stock Exchange over the 20 business
days immediately before the Record Date, plus a 5% premium.  As
you would expect, this price was higher than the price before
the sale of Life Services was announced - and in fact it was 64
pence.

"Another question, leading on from that: why was it necessary to
reduce the number of shareholdings on the register?

"When HHG demerged from AMP in December 2003, we inherited
almost 974,000 shareholders.  A year later this had come down
slightly, but it was still 875,000.  The costs of servicing this
number of holders, including the production and posting of the
annual report and Annual General Meeting documents, would be
completely disproportionate to the size of the new Group.  By
way of comparison, BP, one of the largest companies in the world
with a market capitalization of about GBP117 billion, has around
1.3 million shareholders, not many more than we had.  As a
result of reducing our number of shareholders, we expect to make
savings of up to GBP4 million a year, roughly 10% of the pro-
forma profits for the new Group.

"We didn't actually compel small shareholders to sell their
shares.  Everybody could choose to opt out of the plan -- and
out of the 5% premium -- and roughly 25,000 chose to do just
that.  Fair enough: we are flattered they have decided to stay.

"It's time for me to shut up, but I do want to conclude by
saying that your Board believes that much has been achieved in
the past year.  The Group has moved from having complicated
structures, non-core assets and problematic inter-company
ownership to today's Henderson, with a healthy asset manager, a
simple corporate structure and a stronger balance sheet.

"I am pleased that the new Henderson has the approval of our
shareholders, and I would like to thank you for your support and
encouragement during the year."

Chief Executive Roger Yates said: "With the sale of Life
Services complete, Henderson Group now has a much simpler
and straightforward corporate structure.  It comprises
principally Henderson Global Investors, the fund management
business, but also the much smaller financial advisor, Towry
Law.  Henderson Global Investors is a well-diversified fund
manager, both in terms of asset class and client type, operating
principally in the U.K. and Europe, with assets under management
of approximately GBP69 billion at 31 December 2004.  The
business is financially strong and has some good market
positions within it.

"As we have said before, our objective now is to grow Henderson
Global Investors into a more profitable and valuable business,
capitalizing on the inheritance we have.  In doing this, there
will be a number of important building blocks.

"First, and most obviously, we need to deliver strong and
consistent investment results to our clients.  In 2004 our
investment results were mixed.  We had strong results in
property, hedge funds and some specialist equity and fixed
income areas but disappointing results in core equity and fixed
income. As a result we have made some important management
changes.  In particular we appointed new heads of Fixed Income
and Equities, being David Jacob and Andrew Formica respectively.
Both have a mandate to review all aspects of process, structure
and people to ensure that we consistently deliver to our clients
across our product range.

"Second, we intend to remain a diversified business.  In the
turbulent markets of recent years, this diversification has been
a source of great strength for Henderson, enabling us to report
consistent financial results and to invest steadily in our
business across the cycle.  Thus, whereas in 2000 and 2001 our
institutional business acted as the growth engine of the group,
today property, hedge funds and some of our mutual fund
businesses have taken up the running.  Of course, we have to be
careful not to spread ourselves too thinly and find ourselves in
the trap of having a series of sub-scale businesses.  This point
aside, however, our diversity will remain an important feature
of our business model.

"Third, we need to continue to drive revenue margins higher.  In
2004 we made good progress on this front, with the underlying
management fee margin moving up from 25bps in 2003 to 28bps in
2004.  Including transaction and performance fees, the revenue
margin moved from 28bps in 2003 to 34bps in 2004.  Given the
relative scale of management fees, such an approach demands that
we grow our higher margin activities such as property, private
capital, hedge funds and mutual funds.  Besides offering healthy
margins, these areas are also growing quickly in terms of client
appetite.  It is this combination of high margins and growth,
which makes them highly attractive areas of opportunity for us.

"In the current year, as in 2004, the revenue gains from
expansion in these areas should offset the revenues lost from
the steady run-down of assets in the closed life books now owned
by Pearl Group (as LCIG is now known) and the continuing
attrition in our institutional book of business.  The former is
reducing at circa GBP2 billion per annum -- a consequence of the
books being closed to new business -- while the latter is likely
to see a considerably greater outflow in 2005 than seen in 2004.
This is due to the continuing trend among clients to move assets
away from balanced to specialist mandates and to continuing
pedestrian investment performance in this business.  The overall
position in 2005 therefore is likely to be one where assets
under management fall, but revenue margins rise.  This reflects
our business, where revenues, margins and profit trends are more
important than the absolute levels of assets under management.

"Fourth, we continue to focus on cost control as a building
block of improved profitability.  In 2004, Henderson Global
Investors delivered operating profits up 63% to GBP52 million
from GBP32 million in the prior year.  This growth ensured an
improvement in the cost to income ratio, despite increases in
some components of the cost base.  The ratio improved from 84%
in 2003 to 79% in 2004.  We have made good progress in
controlling costs so far this year and we are on track to reach
our goal of 75% for Henderson Global Investors in the short to
medium-term.

"The smaller U.K. business of Towry Law reported a breakeven
position for 2004.  The management of Towry Law has worked hard
on reducing costs to create a platform for an improved business
unit result in 2005, albeit one which will remain modest in a
Group context.   In addition, Towry Law International was closed
to new business in May of last year following a strategic
review.  In the full year results, we announced additional
provisions in respect of Towry Law International to cover
potential claims arising from legacy products sold by this
business.  We are continuing to work with the relevant
regulators to settle these matters but believe that our existing
provisions are adequate.

"The balance sheet of the Group remains strong with significant
net cash balances, though some of these are held against
potential warranty and indemnity claims which might arise
following the sale of Life Services.  No such claims have been
made as yet.  If this cash is not needed for these purposes or
other business needs, we will return it to shareholders, in the
most efficient way possible.

"We adopted IFRS from 1 January 2005 and will provide
information to the market later this month about the impact that
the new standards will have on our accounts by providing
restatements in relation to the full year 2004 for the Group.
The main adjustments relevant to the Group post the sale of Life
Services include accounting for pensions and goodwill, leasehold
incentives, commissions, investments and, in some instances, the
timing of recognition of performance fees.  It should be noted
that there is no IFRS impact on business fundamentals and cash
flows, the development of our business strategy, or capital
management policies.

"As regards 2005, the year has started reasonably well and
Henderson Group is on track to meet its targets for the year.
Assets under management are likely to be lower, reflecting the
outflows of Pearl's closed life books and our institutional
business.  Offsetting this, revenue margins should be at least
maintained and we have made some progress on cost control.
Elsewhere, Towry Law should make a small positive contribution
for the year.  Corporate costs, net of investment return, will
be considerably lower than last year.

"When we look back at the last 18 months, we do so with a sense
of achievement.  Both the improvement in profits in Henderson
Global Investors and the disposal of Life Services to Pearl
Group created significant value for our shareholders.  Following
the Sale, we now have a solid platform on which to build further
value for our shareholders.  Henderson Global Investors is a
growth business and if it can deliver superior investment
results to its clients, the medium and long-term prospects for
the business are good."

CONTACT:  HENDERSON GROUP PLC
          4 Broadgate
          London
          EC2M 2DA, United Kingdom
          Phone: +44-20-7454-9779
          Fax: +44-20-7818-1820
          Web site: http://www.henderson.com

          Investor Inquiries
          Gail Williamson
          Director of Investor Relations
          Phone: +44 20 7818 5168
          E-mail: investor.relations@henderson.com


INVERESK PLC: Carrongrove Mill Closure to Affect 150 Jobs
---------------------------------------------------------
Inveresk Plc has agreed to sell its Gemini paperboard brand to
Scottish paper producer Tullis Russell Papermakers Ltd. for a
maximum total consideration of GBP7 million with a further GBP8
million being payable to Inveresk in respect of services
provided to Tullis Russell between now and November 2005.

Inveresk will sell their Gemini brand name and order book to
Tullis Russell, also based in Scotland at Markinch, Glenrothes
in Fife.  Gemini is a well-established brand within the U.K. and
mainland Europe in the coated board market where Tullis Russell
are also already represented with their Trucard product.

Both products are used in high quality cards, covers and
packaging applications.  Tullis Russell intends to take
advantage of recent productivity increases to absorb much of the
current Gemini sales into its own operation and will continue to
invest strongly in the brand in the future.  The move will help
Tullis Russell to secure its future by strengthening its
competitive position and improving the mill's product mix.
Production is planned to transfer fully to the Markinch
operation by early November.

The consideration for the sale of the Intellectual Property is
GBP5 million in cash on completion.  A further GBP2 million will
become payable in cash dependent upon the level of sales tons
made between November 2005 and November 2006.  This
consideration will become payable in early December 2006.  A
further GBP8 million will be payable in cash on a monthly basis
between June and November 2005 in respect of Inveresk
maintaining the continuity of Carrongrove's production, sales
and marketing.

The proceeds generated from these transactions of between GBP13
million and GBP15 million will be used to substantially
eliminate bank borrowings, which at 31 December 2004 stood at
GBP15.7 million.

In the year ended 31 December 2004, the Carrongrove mill
generated sales revenue of GBP26.2 million and operating profits
of GBP1.62 million struck before central costs, exceptional
costs and financial interest.  The assets being sold have a
nominal value within the books of Inveresk.

Inveresk's other mill at St Cuthberts in Somerset is unaffected
by the sale and will continue to operate in its specialty fields
of artist and inkjet papers in addition to its pre-impregnated
resin based papers for the decor and furniture industries.
Indeed, the company has recently appointed a new General Manager
for the business in the shape of David Doorbar who has joined
Inveresk after a distinguished 26 year career with Arjo Wiggins
and has exciting plans for the development of the site's range
of specialty products.

Inveresk's real estate portfolio is likely to play a more
prominent role in the future strategic development of the
Company's activities.

Inveresk Chief Executive Alan Walker said: "This is a day of
mixed emotions in the long history of Carrongrove where
papermaking has taken place for more than 200 years.  The mill
enjoys an excellent reputation for the quality of its products
and its people and we have made excellent progress in improving
customer service levels, internal efficiencies and growing
international sales.

"However the harsh reality is that the business is operating in
very challenging market conditions and I have long spoken of the
need for consolidation within the industry.  We are facing
escalating costs, particularly in energy and in raw materials,
which we are simply unable to pass on to our customers in a
market, which is resistant to sales price increases.  This,
allied to the significant investment costs the business is
facing in terms of safety, energy, environment and new
equipment, together with the mill's dependency on international
markets for its sales and therefore its exposure to the extreme
volatility of the Euro and U.S. dollar, has convinced us that
shareholders' interests would be best served by finding a
suitably like minded producer to whom we have now sold our
brands resulting in the significant enhancement of shareholder
value.

"The closure of the Carrongrove Mill is anticipated to take
place in November of this year with the potential loss of around
150 jobs.  We obviously regret enormously the impact on the
people involved and on the local Stirlingshire community and
will be doing all we can to help and support our employees
through what will clearly be a difficult and emotional time.  We
feel confident that our brand is passing into safe hands at
Tullis Russell who will protect the integrity of the products
and service the needs of our loyal customers around the world."

Tullis Russell Chief Executive Fred Bowden said: "While we feel
greatly for all impacted by the Carrongrove closure later this
year, for Tullis Russell it represents an enormous opportunity
to improve our performance and secure the future of papermaking
jobs in Markinch.

"It also ensures the enhancement of the Gemini brand and
safeguards supply for its many customers around the world."

CONTACT:  INVERESK PLC
          Carrongrove Paperboard Mill
          Denny
          Falkirk FK6 5HJ, United Kingdom
          Phone: +44-1324-827-200
          Fax: +44-1324-826-248
          Web site: http://www.inveresk.co.uk

          TULLIS RUSSELL PAPERMAKERS LTD.
          Markinch Glenrothes
          Fife KY7 6PB, United Kingdom
          Phone: +44-1592-753-311
          Fax: +44-1592-610-872
          Web site: http://www.tullis-russell.co.uk


ISHARES LIMITED: Names Deloitte & Touche Liquidator
---------------------------------------------------
At the general meeting of Ishares Limited, the special and
ordinary resolutions to wind up the company were passed.  J. R.
D. Smith and N. J. Dargan of Deloitte & Touche LLP, Athene
Place, PO Box 810, 66 Shoe Lane, London EC4A 3WA have been
appointed joint liquidators of the company.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


JEWELLINK LIMITED: Hires BDO Stoy Hayward as Administrator
----------------------------------------------------------
Malcolm Cohen and Shay Bannon (IP Nos 6825/01, 8777/01) have
been appointed administrators for Jewellink Limited.  The
appointment was made May 31, 2005.  The company manufactures and
sells jewelry.

CONTACT:  BDO STOY HAYWARD LLP
          8 Baker Street
          London W1U 3LL
          Phone: 020 7486 5888
          Fax: 020 7487 3686
          E-mail: london@bdo.co.uk
          Web site: http://www.bdostoyhayward.co.uk


MANGIARE LIMITED: Calls in Administrators
-----------------------------------------
A. Clifton and A. Poxon (IP Nos 8766, 8620) have been appointed
joint administrators for Mangiare Limited.  The appointment was
made June 1, 2005.  Its registered office is located at 145
Minories, London EC3N 1LS.

                            *   *   *

Mangiare, which sells Italian food, opened its first outlet in
Theobalds Road in June 2000 and currently has three branches.

CONTACT:  MANGIARE LIMITED
          145 Minories
          London EC3N 1LS
          Phone: 020 7264 0355

          John Cronk
          Managing Director
          E-mail: john@mangiare.co.uk
          Web site: http://www.mangiare.co.uk/

          DTE LEONARD CURTIS
          50-52 Newhall Street
          Birmingham
          West Midlands B3 3QE
          Phone: 0121 236 7274
          Fax: 0121 236 7556
          E-mail: AClifton@dte-leonardcurtis.com


MASTERLOCK LIMITED: Vantis Business Administrators Move in
----------------------------------------------------------
Nigel Hamilton-Smith and Peter Wastell (IP Nos 2093, 9119) have
been appointed joint administrators for Masterlock Limited.  The
appointment was made June 1, 2005.  The company handles
recruitment consultancy.

CONTACT:  VANTIS BUSINESS RECOVERY
          Torrington House,
          47 Holywell Hill, St Albans,
          Hertfordshire AL1 1HD
          Phone: 01727 811111
          Fax: 01727 810057
          E-mail: nhamiltons@aol.com
          Web site: http://www.vantismt.com


PROJEX (SOUTHERN): Administrator from Singla & Co. Moves in
-----------------------------------------------------------
S. K. Singla (IP No 2521) has been appointed administrator for
Projex (Southern) Limited.  The appointment was made June 1,
2005.

The company manages project and develops property.  Its
registered office is located at 12 Devereux Court, London WC2R
3JL.

CONTACT:  PROJEX (SOUTHERN) LTD.
          Priory Chambers/6 Church St
          Christchurch BH23 1BW
          Phone: 01202 496222

          SINGLA & CO
          12 Devereax Court
          Strand
          London WC2R 3JL
          Phone: 020 7353 6922
          Fax: 020 7583 4126


STEWART ESTATES: Creditors Meeting Set Later this Month
-------------------------------------------------------
            IN THE MATTER OF THE INSOLVENCY ACT 1986

                               and

          IN THE MATTER OF STEWART ESTATES LIMITED
                      (In Receivership)

Notice is hereby given pursuant to Section 67(2) of the
Insolvency Act 1986 that a meeting of Creditors of the above
named company will be held at 32 Albyn Place, Aberdeen on June
24, 2005 at 10:30 a.m. for the purposes of presenting the report
of the Joint Receivers and, if thought fit, appointing a
creditors' committee.

Creditors, whose claims are unsecured either in whole or in
part, are entitled to attend in person or by proxy, and a
resolution will be passed by a majority of those voting.  Only
creditors whose claims and proxies have been submitted and
accepted at or before the meeting may vote.

Pursuant to section 67(2)(b) of the Insolvency Act 1986, notice
is hereby given that any unsecured creditor wishing to obtain,
free of charge, a copy of the Report prepared by the Joint
Receivers should write to the address below.

G. H. Martin, Joint Receiver
June 2, 2005

                            *   *   *

Founded five years ago as a family-run business, Stewart Estates
specializes in residential sales and lettings.  The group
provides wide coverage of area around Thames Ditton including
The Dittons, Surbiton, Kingston-upon-Thames, Claygate and Esher.

CONTACT:  STEWART ESTATES
          25/27 High Street
          Thames Ditton
          Surrey KT7 0SD
          Phone: 020 8224 6568
                 020 8873 1945
          Fax: 020 8224 6568
          E-mail: stew.estates@mcmail.com
          http://www.elmbridge-online.co.uk/stewart-estates

          PRICEWATERHOUSECOOPERS LLP
          32 Albyn Place
          Aberdeen AB10 1YL
          Phone: [44] (1224) 210100
          Fax: [44] (1224) 253318
          Web site: http://www.pwcglobal.com


TELTRON LIMITED: Meeting of Creditors Set Wednesday
---------------------------------------------------
The creditors of Teltron Limited will meet on June 15, 2005 at
2:00 p.m.  It will be held at One Great Cumberland Place, Marble
Arch, London W1H 7LW.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to One Great Cumberland Place, Marble Arch, London
W1H 7LW not later than 12:00 noon, June 14, 2005.

CONTACT:  LEONARD CURTIS & CO
          One Great Cumberland Place,
          Marble Arch, London W1H 7LW
          Phone: 020 7535 7000
          Fax:   020 7723 6059
          E-mail: solutions@leonardcurtis.co.uk
          Web site: http://www.leonardcurtis.co.uk


T.MULLINS BUILDERS: Appoints Administrator from Houghton Stone
--------------------------------------------------------------
Simon Thornton (IP No 9031) has been appointed administrator for
T. Mullins Builders Limited.  The appointment was made May 13,
2005.  The company is engaged in general construction.

CONTACT:  HOUGHTON STONE BUSINESS RECOVERY
          The Conifers, Filton Road,
          Hambrook, Bristol BS16 1QG
          Phone: 0117 957 9009


VANMAN (UK): Hires F A Simms & Partners Administrator
-----------------------------------------------------
Richard Frank Simms (IP No 9252) has been appointed
administrator for Vanman (UK) Limited.  The appointment was made
May 27, 2005.

                            *   *   *

Vanman offers a wide range of new vans for sale at cheap prices.
Its competitive pricing structure has made it one of the largest
independent van dealers in the U.K.

CONTACT:  VANMAN (UK) LTD.
          Arena House
          9 Nimrod Way
          Ferndown Industrial Estate
          Ferndown
          Dorset BH21 7SH
          Phone: 0870 609 4031
          Fax: 01202 862 686
          Web site: http://www.vanman.co.uk/

          F A SIMMS & PARTNERS PLC
          Insol House
          39 Station Road
          Lutterworth
          Leicestershire LE17 4AP
          Phone: 01455 557111
          Fax: 01455 552572
          E-mail: rsimms@fasimms.com


WHEEL (UK): Creditors Meeting Set Next Week
-------------------------------------------
The creditors of Wheel (UK) Limited will meet on June 21, 2005
at 10:30 a.m.  It will be held at the offices of Begbies
Traynor, No 1 Old Hall Street, Liverpool L3 9HF.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Begbies Traynor, No 1 Old Hall Street, Liverpool
L3 9HF not later than 12:00 noon, June 20, 2005.

CONTACT:  BEGBIES TRAYNOR
          No 1 Old Hall Street,
          Liverpool L3 9HF
          Phone: 0151 227 4010
          Fax:   0151 227 4009
          Web site: http://www.begbies.com


WHITEHEAD MANN: Appoints Group Finance Director
-----------------------------------------------
Mark Ground is joining the Board of Whitehead Mann Group plc as
Group Finance Director.

Mr. Ground, 34, is currently Head of Finance and Company
Secretary.  He joined Whitehead Mann in July 2001.  He qualified
as a chartered accountant with Binder Hamlyn in 1996 and worked
as a management consultant from 1997 until joining Whitehead
Mann.

Sir Colin Southgate, Chairman, said: "I am delighted to welcome
Mark to the Board, he has a sound knowledge of our business and
is highly respected by our people.  He will be an excellent
addition to the team."

                            *  *  *

In March, Whitehead Mann Inc., the U.S.-based unit of Whitehead
Mann Group Plc -- the sixth largest executive search firm in the
world -- filed a prepackaged chapter 11 plan of liquidation in
the U.S. Bankruptcy Court for the Southern District of New York.

The British-based parent is shuttering its offices in New York,
Boston and Colorado Springs, and wants to wind up its existing
U.S. businesses.  The U.S. company reports in its bankruptcy
papers that it has US$546,000 in assets and US$7.8 million of
liabilities.

Whitehead Mann Inc. merged with three other search firms (Baines
Gwinner (North America), Inc.; Pendletom James Associates,
Inc.; and Summit Leadership Solutions Corp.) between 2000 and
2002.  In 2002, as a result of a general slowdown in the U.S.
economy, Peter A. Clarke, the company's sole officer relates,
the U.S. executive search market, highly sensitive to
macroeconomic trends, has declined significantly.  By the end of
2002, the Company reduced its staff.  In 2003, senior search
partners jumped ship.  Rent and other overhead costs became
unmanageable as revenues declined.  As a result, the Company
couldn't meet its financial obligations.

CONTACT:  WHITEHEAD MANN GROUP PLC
          14 Hay's Mews
          London
          United Kingdom
          W1J 5PT
          Phone: +44 20 7290 2000
          Fax: +44 20 7290 2050
          Web site: http://www.wmann.com


W.H. KEYS: Sets Creditors Meeting Next Week
-------------------------------------------
The creditors of W.H. Keys Limited will meet on June 21, 2005 at
10:00 a.m.  It will be held at The Institute of Directors, 1
Victoria Square, Birmingham B1 1BD.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to BDO Stoy Hayward LLP, 125 Colmore Row, Birmingham
B3 3SD not later than 12:00 noon, June 20, 2005.

                            *   *   *

W.H. Keys was established to produce blended oils and greases
from tar in 1886 by Major William Hall Keys. The business became
a limited company in 1908 and has been operating continuously on
the current 5-acre site in Church Lane, West Bromwich.  The
founder died in 1945, since which time the family involvement
has continued.

Today the modern West Bromwich site houses a manufacturing plant
which has extensive production facilities for a wide range of
bituminous products and research facilities, which enable it to
produce products to individual customer requirements.

W.H. Keys Limited is represented on the technical committees of
various National Trade Associations and employs the latest
quality control practices to ensure that our products can be
used with the highest level of confidence, even in the most
extreme situations.

CONTACT:  W.H. KEYS LIMITED
          Web site: http://www.wh-keys.com

          BDO STOY HAYWARD LLP
          125 Colmore Row,
          Birmingham, B3 3SD
          Phone: 0121 200 4600
          Fax: 0121 200 4650
          E-mail: birmingham@bdo.co.uk
          Web site: http://www.bdo.co.uk


WIGMORE GROUP: Full-year Pre-tax Loss Up to GBP6.79 Million
-----------------------------------------------------------
The Wigmore Group plc, contractors to the hotel and leisure
industries, released its preliminary results for the year ended
31 December 2004 along with a business review and appointments
to the board.

Highlights:

(a) the Group made a pre-tax loss of GBP6.79 million (2003: loss
    of GBP0.36 million) after exceptional costs of GBP4.43
    million (2003: GBPnil);

(b) loss per share 0.75p (2003: loss 0.26p);

(c) new experienced board appointed;

(d) Andrew Latham appointed as Chief Executive;

(e) Keith Lees FCA, appointed as Finance Director;

(f) business reorganized around Speymill's core hotel and
    leisure markets;

(g) central overheads reduced;

(h) current order prospects at over GBP30 million;

(i) new property management division formed to take advantage of
    Real Estate Investment Trust (REIT) legislation;

(j) proposal to rename the Company 'Speymill Group plc'; and

(k) proposed share structure rationalization with a 1-for-100
    share consolidation.

Chairman Paul Doona said: "The figures reflect an appalling year
for the Group and root and branch restructuring has been
necessary since the financial rescue by our majority shareholder
Burnbrae.  I am, however, confident that the Group is now on a
firm financial footing and that the long tried patience of our
shareholders will ultimately be rewarded.

"The year to December 2004 was a very poor one for the Group
resulting in a loss after tax of GBP6.71 million (2003: loss
GBP0.36 million) which comprised pre-exceptional losses of
GBP2.28 million (2003: loss GBP0.36 million) and exceptional
costs of GBP4.43 million (2003: GBPnil).

"I was appointed as Chairman in November 2004 and in my first
statement, I am pleased to have the opportunity to describe
significant changes in the financing, management, core business
and, most importantly, the prospects of the Company.  Radical
changes, made in the second half of 2004 and since the year-end,
have put the Company on the right track towards health and
profitability, and far removed from its parlous state last year.

Board and Management

"First of all I am pleased to introduce a new board: Andrew
Latham, the new Chief Executive, has most recently served as
interim Managing Director of Speymill Contracts Limited during
the start of the reconstruction of the Group and has significant
experience in the hotel and leisure industries.  Keith Lees, the
new Finance Director, has 25 years' experience in industry,
including considerable involvement in contracting companies.  I
also welcome to the Company four Non-Executive Directors, each
of whom brings a wealth of relevant experience.

"These are Sir James Mellon KCMG, who after a distinguished
career as a diplomat has valuable experience of the sector in
which we operate, most notably as former Executive Chairman of
Thamesmead Urban Development Corporation and as former Chairman
of the housing agency, Scottish Homes; Denham Eke, Managing
Director of Burnbrae Group Ltd., your Company's largest
shareholder, which has considerable property interests; Ilyas
Khan, the Managing Director of Crosby Capital Partners, the AIM-
listed investment banking and asset management company; and
Anthony Baillieu, Chairman of Regent Pacific Group, the Hong
Kong-listed asset management group.

"The team beneath main board level has also been re-shaped and
strengthened and the benefits of these changes are already being
felt.

Overview and Strategy

"The Company's survival during 2004 and the early months of 2005
depended on significant additional finances, mostly provided
through Burnbrae, which is a private investment company whose
portfolio includes an expanding brand, Sleepwell Hotels.  Not
only is Burnbrae the majority shareholder in your Company but,
as a major client in the hotel and leisure construction and
refurbishment sector, it intends to provide a stream of
opportunities to the Group as it pursues its own expansion plans
in the U.K. and the Isle of Man, where it is based.

"The hotel and leisure sector has always been the specialist
focus of Speymill Contracts, and is now the core of the Group's
business.  Accordingly, your board proposes to rename the
Company Speymill Group plc.  A resolution to that effect will be
tabled at the forthcoming AGM.

"Along with Burnbrae I am delighted to also welcome a number of
other new shareholders.  Your board is determined to ensure that
there is a rewarding future for all its shareholders, old and
new.

"We were also supported throughout the period by our bankers,
Bank of Scotland.  Your board is most appreciative of the
confidence demonstrated by the bank in the Company and is also
encouraged by the constructive way in which our recovery plans
have been received.

"Other parts of an all-embracing recovery program have included
rationalizing costs by closing the Crawley offices and the
consolidation of all of the Group's activities at Speymill
Contracts' premises in Huntingdon.  To improve the focus on core
activities in the hotel and leisure sector, we also recently
announced the disposal of D.F. Blanchard Ltd., which
incorporated the business of First National Property
Maintenance.

"We also plan to amend the share structure and will propose a
resolution at the AGM to approve a 1-for-100 share
consolidation.  The Financial Review that follows describes
other mechanisms that have already strengthened our position.
As a means of fully aligning shareholder and employee interests,
we intend to use share incentive schemes to encourage and reward
management performance.

"Your Company's fortunes are therefore being revived and the
outlook has significantly improved.  Speymill's order prospects
currently total over GBP30 million.  We expect that this figure
will grow substantially in 2006 and 2007 as the impact of the
new management team is felt and as a result of demand from
Burnbrae's hotel and leisure operations in the U.K. and Isle of
Man.

"We also intend to capitalize on our core competencies through
other initiatives in property development and facilities
management.  One initiative is the creation of a new business
division, which will investigate the potential of U.K. Real
Estate Investment Trusts, or their equivalent.  These would
offer a tax advantage under expected forthcoming legislation.

Appreciation and Outlook

"In closing I wish to thank all our employees for their
continued support and to offer encouragement particularly to
those forming the new core of the business at Speymill.  I also
wish to thank our suppliers and sub-contractors and the
professional advisers that have helped in the restructuring and
new direction of the Group.  There is considerable work to be
done at all levels, but I am confident of fruitful results."

A copy of these results is available free of charge at
http://bankrupt.com/misc/WigmoreGroup(Q12005).mht

CONTACT:  THE WIGMORE GROUP PLC
          Arundel House, Amberley Ct., County Oak Way
          Crawley
          West Sussex RH11 7XL, United Kingdom
          Phone: +44-845-070-1200
          Fax: +44-845-070-2300
          Web site: http://www.wigmoregroup.com

          Paul Doona
          Executive Chairman
          Phone: 01624 698131

          Tim Blackstone
          Britton Financial PR
          Phone: 0207 251 2544

          Jonathan Naess
          Nabarro Wells & Co Ltd.
          Phone: 0207 710 7400


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

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

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

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