/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050711.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, July 11, 2005, Vol. 6, No. 135 Headlines F R A N C E ALSTOM SA: Strengthens Presence in Italy Through Ansaldo EUROTUNNEL SA: Fitch Downgrades FLF1 Notes to Speculative Grade RECIF SA: Finuchem Takeover Receives Green Light G E R M A N Y CSH HANDEL: Court to Verify Claims Next Month G+S KUNSTSTOFFTECHNIK: Sold to Indian Auto Parts Maker KURT LINKE: Creditors' Claims Due August MASSIVBAU GMBH: Creditors Meeting Set September MG ROVER: PwC Delivers Good News to Dealers MWG BIOTECH: Writes down Receivables from U.S., Indian Units NIGURA METZLER: Hong Kong-based Parent Mulls Bankruptcy Filing OCR AUTOSERVICE: Proofs of Claim Due Next Week PLANUNGS-BAU: Under Bankruptcy Administration SCHLACHTZENTRUM GELSENKIRCHEN: Falls into Bankruptcy G R E E C E OLYMPIC AIRLINES: Net Loss Flies Higher H U N G A R Y MALEV HUNGARIAN: London Flights Unaffected by Bombings I T A L Y IMPREGILO SPA: EUR649 Mln Capital Hike Well-supported PARMALAT FINANZIARIA: Deloitte to Settle Suits N E T H E R L A N D S ROYAL SHELL: Inks Shares Swap Deal With Gazprom R U S S I A AKSUBAEVSKIY: Appoints A. Boltakov Insolvency Manager BAKALINSKIY WOOD-COMBINE: Declared Insolvent EAST TELEPHONE: Undergoes Bankruptcy Supervision Procedure EURO-LEASING: Creditors Have Until July 18 to File Claims GORNOMARIYSKAYA MOVABLE: Under Bankruptcy Supervision IMPEXBANK: Fitch Assigns Eurobond Final 'B-' Rating LYTKA-WOOD: Kirov Court Names V. Bobrov Insolvency Manager MANTUROVSKAYA SEL-KHOZ-TEKHNIKA: Declared Insolvent MOS-METRO-STROY: Hires Insolvency Manager from Moscow NEREKHTA-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set July 28 OAO ROSNEFT: Admits Violating Financial Ratios to Buy Yugansk ROMASHKINSKIY: Succumbs to Bankruptcy S W E D E N SAS GROUP: June Passenger Traffic Up U K R A I N E BILGOROD-DNISTROVSKIJ: Temporary Insolvency Manager Comes in CHECHELNIK' ALCOHOL: Under Bankruptcy Supervision FUDIMPEKS-CHERKASSY: Liquidator Takes over Helm MRIYA AGROFIRM: Poltava Court Opnes Bankruptcy Proceedings NALADCHIK: Volodimir Brin Named Liquidator PARHOMIVTSI: Court Names Temporary Insolvency Manager ROSOSHA' PAPER: Bankruptcy Shreds Group SECURITY AGENCY: Succumbs to Insolvency SHOSTKA AGRO-INDUSTRIAL: Declared Insolvent TROSTYANETS ALCOHOL: Bankruptcy Supervision Begins U N I T E D K I N G D O M ACTIVATE UK: Hires Administrators from Buchanans AG WHESSOE: General Meeting Set August ASHTEAD GROUP: Posts GBP16.4 Million Pre-tax Profit ASHTEAD GROUP: Raising GBP70 Mln to Prepay Convertible Loan Note ASHTEAD GROUP: Sends out Prospectus on Share Issuance ASHTEAD GROUP: Moody's Rates Senior Secured Notes (P)B2 ASHTEAD GROUP: Recapitalization Announcement Prompts S&P Review AUTUMN NOMINEES: Members Pass Winding-up Resolutions BELMORE HOTEL: Calls in Administrators from PKF BWSS LIMITED: Voluntarily Files for Liquidation BWSS LIMITED: Gives Creditors Until July 27 to File Claims CHRISTIE TYLER: Seven Units Succumb to Receivership CLOUD NINE: Administrator from Purnells Moves in CO-AG (U.K.): Meeting of Creditors Set Next Week CONCRETE LIMITED: Winding-up Report Out Next Month CROWN QUILTING: Fabric Manufacturer Calls in Administrator GLOBDUYK (WARRINGTON): Liquidator's Report Out Next Month GRAPHCAM LIMITED: Final Liquidator's Report Out August 16 HOWE ANDERSON: Neville Adams Limited Appoints Receiver JMK CONTRACTS: Liquidator Takes over Operations JOHN GOLD: Hires Milner Boardman & Partners as Administrator KELDA LIMITED: Final Meeting Set August KELDA LIMITED: Liquidator's Report Out Next Month MG ROVER: Two Bidders Want to Transfer Engine Production Abroad MIDLAND SECURITY: Names P&A Partnership Administrator MOWLEM PLC: Annual Loss Lower Under IFRS NORTH WEST: Administrators from Begbies Traynor Step in OAK TRANSPORT: Hires Administrators from UHY Hacker Young PINDERS (DEWSBURY): Hires Administrator from Mazars PORTABLE FLOORMAKERS: Names Poppleton & Appleby Administrator QUAKEGEM LIMITED: Final Meeting Set August RAEES CUISINE: Creditors Opt for Liquidation RANDOM COMPUTING: Hires Administrator RAVENSCROFT PLASTICS: Revives Operation Under New Name, Owner REGUS GROUP: Expects First-half Earnings to Rise 7.6% RENTOKIL INITIAL: Awaits GBP130 Mln Repayment from Ashtead ROBERT WISEMAN: First-quarter Sales Volume Up 12% ROYAL MAIL: Reports Improvements in Service SML REALISATIONS: Hires KPMG Liquidators SOUTHAMPTON INSTITUTE: E&Y to Deliver Winding-up Report SPARE PARTS: Shareholders Decide to Liquidate Firm SPARE PARTS: Creditors Have Until September to File Claims TAMARA D: Creditors Meeting Set Friday THE JOINT INSOLVENCY: Appoints KPMG Liquidator THOMAS ANDERSON: Wood Product Manufacturer Names Administrator UNIQ PLC: New CEO to Take over Next Month WEATHERGUARD SYSTEMS: Appoints Liquidator from Tenon Recovery WOOLWORTHS GROUP: Moody's Confirms Ba1 Rating WYVERN FURNITURE: Management Buyout Saves 200 Jobs ********* =========== F R A N C E =========== ALSTOM SA: Strengthens Presence in Italy Through Ansaldo -------------------------------------------------------- Embattled engineering giant Alstom S.A. plans to penetrate the Italian market through local engineering group Ansaldo, Il Sole 24 Ore says. Patrick Kron, Alstom's chief executive, expressed interest in defining and strengthening alliances with Ansaldo, particularly in the transport business. Asked if Alstom would acquire a stake in Ansaldo, Mr. Kron stressed he wished to define proposals for industrial alliance with the Italian company. Mr. Kron, however, added they are amenable to any proposals if Ansaldo's parent Finmeccanica would open its door to a new investor. According to Mr. Kron, Alstom and Ansaldo are cooperating in a consortium to produce the high-speed ETR 500 train. Both groups are also working together in the Saturn consortium in developing Europe's ERTMS signaling system. Alstom posted EUR15.8 billion in sales in 2004, allowing it to book EUR550 million in operating income. The group also slashed its net losses in half to EUR0.86 billion from EUR1.84 billion. The engineering group also cut its net debt to EUR1.4 billion from EUR3.7 billion. CONTACT: ALSTOM S.A. 3 Avenue Andre Malraux 92300 Levallois France Phone: 33 (0) 1 41 49 27 13 Fax: 33 (0) 1 41 49 79 32 1 Web site: http://www.alstom.com EUROTUNNEL SA: Fitch Downgrades FLF1 Notes to Speculative Grade --------------------------------------------------------------- Fitch Ratings has downgraded the unwrapped notes of the Eurotunnel S.A.-related debt-repackaging vehicle called Fixed- Link Finance B.V. These involve the: (a) GBP200 million Class A1 notes due 2025 to 'BB+' from 'BBB'; (b) EUR103 million Class A2 notes due 2025 to 'BB+' from 'BBB'; (c) GBP0.05 million Class B1 notes due 2025 to 'B+' from 'BB'; (d) EUR135 million Class B2 notes due 2025 to 'B+' from 'BB'; and (e) EUR142 million Class C2 notes due 2025 to 'B-' ('B minus') from 'B+'. The unwrapped tranches of debt issued by FLF1 remain on Rating Watch Negative. FLF1's GBP232 million Class G1 notes due 2025 and EUR365 million Class G2 notes due 2025 (both wrapped by MBIA) are rated 'AAA'. Eurotunnel's underlying junior debt (Tier 1, Tier 2 and Tier 3) forms the collateral for FLF1. The ratings of the other related debt-repackaging vehicle, Fixed- Link Finance 2 B.V., remain unchanged. FLF2 unwrapped GBP120 million Class A notes due 2026 are rated 'BBB-' (BBB minus) Rating Watch Negative, and the GBP620 million guaranteed notes due 2027/28 (wrapped by MBIA) are rated 'AAA'. Eurotunnel's Tier 1A debt forms the collateral for the FLF2 notes. This rating action is prompted by a review of Eurotunnel's performance and current stance in negotiating with debt creditors. Fitch is also concerned that management has been distracted from concentrating on operational issues during this period of change in the company's heavy goods vehicle and car traffic yield management. The agency is also awaiting details on the progress with Project DARE (Deliver Actions to Revitalize Eurotunnel) initiatives, which seek to largely compensate for the reduction in railway income in November 2006. In April 2005, Eurotunnel's shareholder-aligned management stated GBP2.4 billion-GBP2.8 billion (EUR3.3-EUR4 billion) as its initial estimate of surviving group debt. This opening negotiation stance has been rejected by representative debt creditors. Management has highlighted a deadline of October 2005 for agreement, ahead of a shareholder dilution consent deadline. Fitch believes that negotiations will take many more months than this. Ratings of FLF1 and FLF2 relate to vehicles, which have repackaged Eurotunnel's debt, and where Fitch's ratings have been based on the income streams and ultimate value, which the agency believes would still be available to the repackaged debt vehicles, assuming that Eurotunnel enters into an overall restructuring of its debt burden. FLF1's Class A unwrapped notes rely substantially on Eurotunnel's Tier 1 and Tier 2 debt for its underlying collateral and income. Fitch believes that the amount outstanding under Tier 1 debt will remain relatively unscathed from Eurotunnel's prospective debt negotiations due to: the ability to service this level of debt relative to Eurotunnel's on-going profits; the hierarchy of this debt in the capital structure; and the voting power of certain creditors. Relative to Tier 1 debt, other tranches of debt may be impaired to different degrees, perhaps due to the vagaries of Eurotunnel's write-off debt negotiations rather than economic rationale. FLF1's Class A notes encompass the underlying (undisclosed) ratings of Eurotunnel's Tier 1 and Tier 2 debt and, given current events, derive little benefit from the structuring of FLF1. FLF1 has cash resources but Fitch believes, assuming a Eurotunnel debt refinancing by 2007, that this cash will be exhausted on servicing Class C and Class B interest. Given the cessation of enhancing interest rate derivative income by 2009 (if not before); the implementation of floating rate plus (penal) margins for FLF1's bond in 2009; the likely lack of additional cash through principal amortizations from FLF1's holdings of Eurotunnel's junior debt; and Fitch's understanding that the vehicle can not be collapsed until senior notes (Class A and certain wrapped G notes) are not paid interest; the 'natural' collapse of this bankruptcy remote vehicle could take some time depending on what underlying collateral survives the Eurotunnel debt negotiations relative to senior obligations. In Fitch's view the tranched liquidity facilities provide minimal credit enhancement and the initial GBP15 million Guaranteed Investment Contract provides little uplift for ultimate principal repayment obligations. The legal final maturity of the notes is 2025. Using the same parameters, the subordinated Class B and Class C debt have been rated accordingly. FLF2 is structured as more of a pass-through vehicle with Tier 1A debt as its underlying collateral. The vehicle has no separate liquidity recourses available to it. Its investment grade rating reflects the ability to service this level of debt relative to Eurotunnel's on-going profits; the hierarchy of this debt in the capital structure; the voting power of certain creditors; that interest payments on this tranche of debt should continue to be serviced through various Eurotunnel cash waterfall mechanisms (end of stabilization period, standstill, etc.) and its bullet 2026-2028 maturities are more conducive to the type of debt Eurotunnel management needs as part of the debt negotiations. Furthermore, Tier 1A debt is only subordinate to some GBP380 million of senior debt. Indeed, senior plus all Tier 1 debt totals GBP1.7 billion - well within management's figures. Furthermore, MBIA, representing Tier 1A's vote as well as FLF1's junior debt holdings, has every incentive to make sure that this tranche of debt is not impaired in forthcoming negotiations. Fitch's update on Eurotunnel called "Eurotunnel and related FLF1 and FLF2 debt vehicles - How Far Underwater Are They?" dated 19 May 2005, is available at http://www.fitchratings.com(under Structured Finance/European/Research Highlights). CONTACT: FITCH RATINGS Paul Crawford, Structured Finance London Phone: +44 20 7862 4136 John Hatton, Corporate London Phone: +44 20 7417 4283 Media Relations Julian Dennison, London Phone: +44 20 7862 4080 RECIF SA: Finuchem Takeover Receives Green Light ------------------------------------------------ The Toulouse Commercial Court has approved Finuchem's takeover of loss-making silicon wafer handling equipment maker Recif S.A., Les Echos says. Finuchem, which specializes in robotics equipment for producing semi-conductors, offered to keep Recif's entire operations and retain as many jobs as possible. Finuchem, however, is not required to acquire Recif's debt. By acquiring Recif, Finuchem could generate 50% of its activities outside the car industry starting next year. Finuchem's shares grew by 11.10% in Paris to EUR16.10 following the approval. Recif succumbed to administration in April 29, 2005 after booking EUR10.9 million in net losses for 2004, a twofold increase from EUR5.3 million a year before. After failing to fund a much- needed restructuring, things turned for the worse when one potential investor backed out from rescue talks, citing a decline in order backlog. Based in Aussonne near Toulouse, the group managed to hike its turnover by 28% to EUR28.8 million in 2004, but failed to offset its operating losses, which swelled from EUR7.21 million in 2003 to EUR7.97 million in 2004. CONTACT: RECIF S.A. ZI du Moulin 31840 Aussonne Phone: 33 (0) 825 83 47 47 Fax: 33 (0)5 61 85 27 66 Web site: http://www.recif.com GROUPE FINUCHEM 76, boulevard de la Republique 92100 Boulogne-Billancourt Phone: +33 1 46 10 90 60 Fax: +33 1 46 10 90 70 Web site: http://www.finuchem.fr ============= G E R M A N Y ============= CSH HANDEL: Court to Verify Claims Next Month --------------------------------------------- The district court of Hannover opened bankruptcy proceedings against CSH Handel & Softwareberatungs GmbH on June 21. 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 Jens Wilhelm V. Creditors and other interested parties are encouraged to attend the meeting on August 23, 2005, 11:05 a.m. at the district court of Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger Allee 26, 30161 Hannover, 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: CSH HANDEL & SOFTWAREBERATUNGS GmbH Lange Str. 10, 31515 Wunstorf Contact: Ulrike Hauptmann, Manager Jens Wilhelm V, Administrator Oskar-Winter-Str. 8, 30161 Hannover Phone: 0511/696846-0 Fax: 0511/696846-79 G+S KUNSTSTOFFTECHNIK: Sold to Indian Auto Parts Maker ------------------------------------------------------ The insolvency administrator of plastic maker G+S Kunststofftechnik GmbH has sold the firm to India�s auto components maker Motherson Sumi Systems Ltd. for EUR2 million, reports say. Motherson bought G+S through its German subsidiary MSSL GmbH. Administrators will use part of the money to pay creditors over a period of three years. G+S, located near Stuttgart, assembles plastic injection molding components. It is a supplier to major automobile manufacturers in Europe. It has annual turnover of EUR9 million. It will become Motherson's subsidiary following the acquisition. CONTACT: G+S KUNSTSTOFFTECHNIK GMBH Osterlangstrasse 60 73527 Schwabisch Gmuend, Lindach Web site: http://www.gs-technik.de/ Contact: Thomas Plocher KURT LINKE: Creditors' Claims Due August ---------------------------------------- The district court of Hannover opened bankruptcy proceedings against Kurt Linke Horgerate KG on June 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 2, 2005 to register their claims with court-appointed provisional administrator Ralph Buenning. Creditors and other interested parties are encouraged to attend the meeting on August 31, 2005, 8:45 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude, Hamburger Allee 26, 30161 Hannover, 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: KURT LINKE HORGERATE KG Ostfeldstr. 5, 30559 Hannover Contact: Guenther Dietrich Doege Ralph Buenning, Administrator Karl-Wiechert-Allee 1c, 30625 Hannover Phone: 0511/554706-0 Fax: 0511/554706-99 MASSIVBAU GMBH: Creditors Meeting Set September ----------------------------------------------- The district court of Leipzig opened bankruptcy proceedings against Massivbau GmbH on June 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 10, 2005 to register their claims with court-appointed provisional administrator Michael Schoor. Creditors and other interested parties are encouraged to attend the meeting on September 7, 2005, 11:00 a.m. at the district court of Leipzig, Saal 056, 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: MASSIVBAU GmbH Oschatzer Weg 22, 04758 Liebschuetzberg Contact: Horst Hanel, Manager Roland Marsch, Manager Andreas Schulze, Manager Michael Schoor, Administrator Schorlemmerstrasse 2, 04155 Leipzig MG ROVER: PwC Delivers Good News to Dealers ------------------------------------------- Dealers of MG Rover Deutschland GmbH could pocket a portion of the proceeds from the sale of some 2,900 new and used cars held by the firm's administrators. This came after PricewaterhouseCoopers, according to Auto Industry, confirmed that MG Rover Export Ltd. is not a higher- ranking creditor than the German distribution company's dealers. In April, U.K.-based MG Rover Group Limited collapsed, triggering a domino effect involving eight European subsidiaries. These units, including MG Rover Deutschland GmbH, act as sales centers between MG Rover U.K. and dealers within each European region, providing branding, sales and marketing and logistics and transportation support. In June, the Duesseldorf court appointed a specialist insolvency lawyer to look into the affairs of MG Rover Deutschland GmbH. Lawyer Horst Peipenburg reportedly handled the insolvency of DAF Trucks in the 1990s, for which PwC was also appointed administrator. CONTACT: MG ROVER DEUTSCHLAND GmbH Moselstrasse 19 41464 Neuss Phone: + 49 (0) 21 31-9 38-0 Fax: + 49 (0) 21 31-9 38-3 33 E-mail: info@mgrover.de Web site: http://www.mgrover.de MWG BIOTECH: Writes down Receivables from U.S., Indian Units ------------------------------------------------------------ The Supervisory Board and the Management Board of MWG Biotech AG (ISIN: DE0007300105) said that more than half of the shareholders� equity of MWG Biotech AG�s has been consumed. The current evaluation of the business development of the subsidiaries in the U.S. and India have required additional write- downs on account receivables from these subsidiaries, which have had an equity reducing effect. In general, the implementation of the restructuring measures initiated continues to be on target. The Management Board will immediately call in a General Meeting in accordance with S 92 (1) AktG (German Stock Corporation Act) to notify the shareholders. The date of the General Meeting will be published with the invitation notification. * * * MWG Biotech finished 2004 with a total group turnover of EUR33.0 million (2003 EUR43.0 million). The 23.2% reduction was largely blamed to the decline in turnover of its two business lines Genomic Diagnosis (microarrays) and Genomic Technology (lab automation). This came following an announcement that these segments would be divested. The EBITDA (earnings before interest, tax and depreciation) before restructuring was -EUR8.9 million in 2004 (2003: -EUR3.8 million). To this the meanwhile divested two business units Genomic Diagnosis and Genomic Technology contributed -EUR8.9 million. The core business (Genomic Synthesis and Genomic Information) delivered a balanced EBITDA. The number of employees had been reduced from 380 to 285, with further job cuts set until the end of the second quarter of 2005. MWG Biotech will most likely employ approximately 165 employees in its three facilities in Ebersberg, Germany, High Point, North Carolina/USA, and Bangalore, India. CONTACT: MWG BIOTECH AG Anzinger Strasse 7a 85560 Ebersberg Germany Phone: +49 8092 82 890 Fax: +49 8092 2 10 84 Web site: http://www.the-mwg.com NIGURA METZLER: Hong Kong-based Parent Mulls Bankruptcy Filing -------------------------------------------------------------- NiGuRa Metzler Optik GmbH plans to file for bankruptcy due to insurmountable debt, its Hong Kong-listed parent Moulin Global Eyecare Holdings said. The filing may affect the operations of the equally troubled Moulin Global, reports say. The firm is under provisional liquidation. Its chairman Ma Bo-kee together with his son, Chief Executive Cary Ma, have been arrested for allegedly masterminding a HK$1.6 billion fraud. Moulin Global went into liquidation on June 23 at the request of creditors. It has more than HK$5.33 billion in debt. The company has subsidiaries in Europe and the United States. NiGuRa Metzler Optik is the leading frames company in the German market and the second biggest supplier of sunglasses to qualified opticians. CONTACT: NIGURA METZLER OPTIK GMBH Heesenstr. 70 D - 40549 Duesseldorf Phone: +49 / 0211 / 30 100 0 Fax: +49 / 0211 / 30 100 490 E-mail: info@nigura-metzler.de Web site: http://www.nigura-metzler.com/ Contact: Helmut Otto, Executive Manager OCR AUTOSERVICE: Proofs of Claim Due Next Week ---------------------------------------------- The district court of Landshut opened bankruptcy proceedings against OCR Autoservice GmbH on June 21. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until July 15, 2005 to register their claims with court-appointed provisional administrator Ernest Pirkl. Creditors and other interested parties are encouraged to attend the meeting on August 5, 2005, 8:50 a.m. at the district court of Landshut, Sitzungssaal 9/I, 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: OCR AUTOSERVICE GmbH Fuerholzener Str. 16 in 85386 Eching Ernest Pirkl, Administrator Ottostrasse 9, 85354 Freising Phone: 08161/53739-0 Fax: 08161/53739-1 PLANUNGS-BAU: Under Bankruptcy Administration --------------------------------------------- The district court of Dortmund opened bankruptcy proceedings against Planungs-Bau Partner GmbH on June 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 9, 2005 to register their claims with court-appointed provisional administrator Erich Holzemann. Creditors and other interested parties are encouraged to attend the meeting on September 20, 2005, 11:00 a.m. at the district court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, 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: PLANUNGS-BAU PARTNER GmbH Am Geist 3-4, 59174 Kamen Contact: Matthias Mengin, Manager Hansastr. 33a, 59192 Bergkamen Erich Holzemann, Administrator Goethestrasse 2, 59065 Hamm Phone: 02381/ 92 42 0-0 Fax: 92 42 020 SCHLACHTZENTRUM GELSENKIRCHEN: Falls into Bankruptcy ---------------------------------------------------- The district court of Essen opened bankruptcy proceedings against Schlachtzentrum Gelsenkirchen Verwaltungsgesellschaft mbH on June 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until August 10, 2005 to register their claims with court-appointed provisional administrator Dr. Johannes Graute. Creditors and other interested parties are encouraged to attend the meeting on August 25, 2005, 1:40 p.m. at the district court of Essen, Hauptstelle, Zweigertstr. 52, 45130 Essen, 2. OG, gelber Bereich, Saal 293, 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: SCHLACHTZENTRUM GELSENKIRCHEN VERWALTUNGSGESELLSCHAFT mbH Am Schlachthof 4a, 45883 Gelsenkirchen Contact: Dr. Uwe Tillmann, Manager Armin Trinkwalder, Manager Obere Gasse 11, 87600 Kaufbeuren Dr. Johannes Graute, Administrator Kettwiger Strasse 2-10, 45127 Essen Phone: 02 01/10953 =========== G R E E C E =========== OLYMPIC AIRLINES: Net Loss Flies Higher --------------------------------------- Struggling national carrier Olympic Airlines is in deeper trouble, after its net loss swelled to EUR87 million in 2004 from EUR23 million a year before, Reuters says. Together with last year's deficit, Olympic's EUR110 million in accumulated losses edges closer to its EUR130 million in equity. The government is currently looking for private investors for the carrier, saying its privatization is its only chance for survival. The state wants to dispose of the carrier to reduce its EUR1.6 billion debt, one of the highest in the euro zone as percentage of gross domestic product (GDP). Three potential buyers are competing to acquire the group, with Greek-American group Olympic Investors-York Capital being the preferred one. Press reports identify the other bidders as U.K. company Klesch and Dutch investment fund Sure Estates. The state is currently holding talks with Olympic Investors, but did not rule accepting additional offers. The sale also entails Olympic's subsidiaries in ground handling and aircraft servicing. Meanwhile, former Olympic workers have filed EUR55 million in wage claim against the carrier, according to the group's latest results, prepared using Greek accounting standards. Olympic Airlines was created in 2004 by the previous Socialist government after failing to find buyers for the nearly bankrupt Olympic Airways, which had been racking up an estimated debt of more than US$133 million a year. CONTACT: OLYMPIC AIRLINES S.A. 96 Sygrou Ave. 11741 Athens Phone: +30 1 9267221 Fax: +30 1 9267858 E-mail: olyair10@otenet.gr Web site: http://www.olympicairlines.com ============= H U N G A R Y ============= MALEV HUNGARIAN: London Flights Unaffected by Bombings ------------------------------------------------------ Troubled national carrier Malev Hungarian Airlines would still have scheduled flights to London, despite Wednesday's suspected terrorist attack at the capital, Budapest Business Journal says. Malev said its flights to London would proceed as scheduled, but advised passengers to inquire through the Internet or phone about any last minute changes. Explosions ripped through the heart of London Thursday, destroying three subway trains and blasting the roof off a crowded red double-decker bus. The blasts left 37 people dead and 700 wounded. British Prime Minister Tony Blair blamed Al- Qaeda for the incident, saying the bombings were designed to coincide with the opening of the G-8 summit in Scotland. Malev Hungarian Airlines expects another operating loss for 2005. It sees a HUF1.8 billion deficit at the operating level and HUF4.95 billion overall. In 2004, the carrier booked an operating loss of HUF4.4 billion (US$$21.9 million) on revenues of HUF123.8 billion. It expects to break even next year, partly as a result of its membership to the oneworld alliance, which Malev claims will increase its revenues by as much as HUF8 billion a year and net profit by HUF4 billion. Since the fall of Communism in the country, the government, which owns 99.95% of Malev's stake, has tried to sell Malev several times but failed. Malev has struggled to increase revenues due to the proliferation of budget airlines at its Budapest hub that has pushed prices down and cut into its market share. CONTACT: MALEV HUNGARIAN AIRLINES Konyves Kalman korut 12-14, H-1097 Budapest Phone: +36 1 235 3100 Fax: +36 1 235-3255 E-mail: malev@malev.hu Web site: http://www.malev.hu ALLAMI PRIVATIZACIOS ES VAGYONKEZELO RT. (APV RT.) Pozsonyi ut 56 H-1133 Budapest Phone:(36 1) 237 4400 Fax:(36 1) 237 4100 E-mail: apvrt@apvrt.hu Web site: http://www.apvrt.hu/english/m3.html ========= I T A L Y ========= IMPREGILO SPA: EUR649 Mln Capital Hike Well-supported ----------------------------------------------------- Impregilo S.p.A. announced the results of its share capital increase at the close of the rights offer to shareholders on up to 324,956,544 ordinary shares, for a value of EUR649,913,088. The offer, held from June 13, to July 1, 2005, closed successfully, with shareholders exercising 73,384,345 rights or 99.36% of the total offer, corresponding to 322,891,118 new ordinary shares for an overall value of EUR645,782,236. Impregilo also said that, in accordance with previous undertakings, and in respect of the overall amounts specified above, Gemina S.p.A. and IGLI S.p.A. had exercised 6,596,870 and 11,366,090 rights respectively, accounting for 8.93% and 15.39% of the total offer and corresponding to 29,026,228 and 50,010,796 new ordinary shares, for an overall value of EUR58,052,456 and EUR100,021,592. At the close, 469,415 rights had not been exercised, accounting for 0.64% of the total offer and corresponding to 2,065,426 new ordinary shares, for an overall value of EUR4,130,852. The unexercised rights will be offered on the Borsa Italian automated trading system during the July 7, 8, 11, 12 and 13 2005 sessions, through Banca IMI S.p.A. All the unexercised rights will be offered at the first session; any rights that are not placed will be offered at the subsequent sessions. "The success of the rights issue reflects the market�s interest in our company and the new business plan," commented Impregilo S.p.A. Chief Executive Officer Alberto Lina. "The share capital increase completes our financial re- organization," Lina added. "Now the company can launch its strategic program to strengthen its focus on its Engineering & Construction core business and reduce invested capital." CONTACT: IMPREGILO S.p.A. Viale Italia 1, Sesto S. Giovanni 20099 Milan Phone: +39-02-244-22111 Fax: +39-02-244-22293 Web site: http://www.impregilo.it GENERALE MOBILIARE INTERESSENZE AZIONARIE S.p.A. Via Turati n. 16/18 Milan Phone: +39-02-444-23121 Fax: +39-02-444-23120 E-mail: investor.relator@gemina.it Web site: http://www.gemina.it PARMALAT FINANZIARIA: Deloitte to Settle Suits ---------------------------------------------- Big Four accounting group Deloitte plans to settle part of the multi-billion suits it is facing for its role in Parmalat Finanziaria S.p.A.'s collapse, Reuters says. Deloitte is facing two US$ billion suits: one filed by Parmalat administrator Enrico Bondi, which auditor Grant Thornton, Bank of America and Citigroup are also facing; and the other filed by investor Deminor, which is representing the dairy group's shareholders and bondholders. William Parrett, Deloitte's global chief executive, said "If we could settle the suit to an amount equal to or less than the cost to defend it, that would be a sensible economic decision." "We would take that decision," Mr. Parrett added. Mr. Parrett, however, stressed Deloitte is not responsible for any fraud that caused Parmalat's collapse in December 2003. He said, "We think we'll be proven not to be responsible for the Parmalat matter. "We expect to defend ourselves to the fullest, and we expect to win. "We didn't perpetrate the fraud; we were a victim of it and we uncovered it." Deloitte has asked the New York district court to dismiss Mr. Bondi's suit. The court dismissed in June a similar motion to quash the class action suit, allowing it to proceed. Investment bank Morgan Stanley became the first institution to settle its dispute with Parmalat last month, agreeing to pay EUR155 million. The bankruptcy court in Parma recently set an August 26 deadline for Parmalat creditors to vote on the proposed debt-for-equity swap. A positive vote would pave the way for Parmalat's relisting sometime in September or October. The group's shares have been absent in the stock market since Parmalat collapsed under the weight of a EUR14 billion debt. CONTACT: PARMALAT FINANZIARIA S.p.A. Legal Seat 43044 Collecchio (Pr) Via Oreste Grassi, 26 Administrative Seat 20122 Milan Piazza Erculea, 9 Phone: +39 02 806 8801 Fax: +39 02 869 3863 Web site: http://www.parmalat.net DELOITTE TOUCHE TOHMATSU 1633 Broadway New York, NY 10019-6754 Phone: 212-436-2000 Fax: 212-436-5000 Web site: http://www.deloitte.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Inks Shares Swap Deal With Gazprom ----------------------------------------------- Alexey Miller, Chairman of the Management Committee of OAO Gazprom, and Jeroen van der Veer, Chief Executive of the Royal Dutch/Shell Group of Companies, have signed a Memorandum of Understanding in London regarding a swap of shares in Zapolyarnoye-Neocomian and Sakhalin-II projects. The swap is strategically important to both parties. The Memorandum of Understanding sets out the high level principles of a transaction through which Gazprom would acquire up to 25% plus one share in the Sakhalin II venture, and Shell would acquire a 50% interest in the Zapolyarnoye Neocomian field. The difference in value, to be defined by the parties, will be compensated through a package of cash and other assets to be agreed by the parties. Preparation for the execution of the swap will be coordinated by a steering committee and joint working groups. The steering committee will consist, on principles of parity, of representatives of Gazprom and Shell. According to the Memorandum, the parties intend to commence due diligence and evaluation on their respective assets and finalize the definitive arrangements for the transaction in 2006. Alexey Miller, after the signing ceremony said: "In pursuit of its strategy, Gazprom becomes a player in the LNG sector and enters new markets. The document signed [Thurs]day opens the way for Gazprom to become in the nearest future a large shareholder of a fast growing project for hydrocarbons development, LNG production and sale to strategic markets in North America and Asia-Pacific Region." Jeroen van der Veer said: "We welcome Gazprom as a great Russian partner in the Sakhalin II project and are confident Gazprom will make significant contributions towards maximizing the long term value of the project. Joint development of the Zapolyarnoye- Neocomian field will build on our position in Western Siberia, where we already have our successful Salym project. (This) day strengthens the good relationship between Shell and Gazprom and is a basis for further cooperation on integrated gas projects both in Russia and internationally." CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com OAO GAZPROM 16 Nametkina 117997 Moscow, V-420, Russia Phone: +7-95-719-3001 Fax: +7-95-719-8333 Web site: http://www.gazprom.ru =========== R U S S I A =========== AKSUBAEVSKIY: Appoints A. Boltakov Insolvency Manager ----------------------------------------------------- The Arbitration Court of Tatarstan republic commenced bankruptcy proceedings against Aksubaevskiy after finding the rope factory insolvent. The case is docketed as A65-27991/2004-SG4-26. Mr. A. Boltakov has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to 420029, Russia, Tatarstan republic, Kazan, Post User Box 44. CONTACT: AKSUBAEVSKIY Russia, Tatarstan republic, Aksubaevskiy region Mr. A. Boltakov Insolvency Manager 420029, Russia, Tatarstan republic, Kazan, Post User Box 44 BAKALINSKIY WOOD-COMBINE: Declared Insolvent -------------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Bakalinskiy Wood-Combine (TIN 0207002710) after finding the municipal enterprise insolvent. The case is docketed as A07-40458/04-G-ADM. Mr. I. Sayfutdinov has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to 450000, Russia, Bashkortostan republic, Ufa, Post User Box 1174. CONTACT: BAKALINSKIY WOOD-COMBINE 452650, Russia, Bashkortostan republic, Bakalinskiy region, Sosnovka, Sosnovaya Str. 10 Mr. I. Sayfutdinov Insolvency Manager 450000, Russia, Bashkortostan republic, Ufa, Post User Box 1174 EAST TELEPHONE: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Udmurtiya republic has commenced bankruptcy supervision procedure on close joint stock company East Telephone (TIN 1831081667). The case is docketed as A71- 16/2005-G2. Mr. P. Nizov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) EAST TELEPHONE Russia, Udmurtiya republic, Izhevsk, Votkinskoye Shosse, 14 (b) Temporary Insolvency Manager 427430, Russia, Udmurtiya republic, Votkinsk, Sadovnikova Str. 2 Phone: 8 (34145) 6-66-71 (c) The Arbitration Court Of Udmurtiya republic Russia, Izhevsk, Svobody Str. 139 EURO-LEASING: Creditors Have Until July 18 to File Claims --------------------------------------------------------- The Arbitration Court of Saint-Petersburg and the Leningrad region commenced bankruptcy proceedings against Euro-Leasing after finding the close joint stock company insolvent. The case is docketed as A56-8044/2005. Mr. M. Brylev has been appointed insolvency manager. Creditors have until July 18, 2005 to submit their proofs of claim to 191036, Russia, Saint-Petersburg, Post User Box 44. CONTACT: EURO-LEASING 198260, Russia, Saint-Petersburg, Soldata Korzuna Str. 40 Mr. M. Brylev Insolvency Manager 191036, Russia, Saint-Petersburg, Post User Box 44 GORNOMARIYSKAYA MOVABLE: Under Bankruptcy Supervision ----------------------------------------------------- The Arbitration Court of Mariy El republic has commenced bankruptcy supervision procedure on open joint stock company Gornomariyskaya Movable Mechanized Column. The case is docketed as A-38-1431-11/37-05. Mr. A. Tanerov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 424004, Russia, Mariy El republic, Yoshkar-Ola, Volkova Str. 60, Office 304. A hearing will take place on Aug. 26, 2005. CONTACT: GORNOMARIYSKAYA MOVABLE MECHANIZED COLUMN 425350, Russia, Mariy El republic, Koz'modemyansk, Gagarina Str. 40a Mr. A. Tanerov Temporary Insolvency Manager 424004, Russia, Mariy El republic, Yoshkar-Ola, Volkova Str. 60, Office 304 IMPEXBANK: Fitch Assigns Eurobond Final 'B-' Rating --------------------------------------------------- Fitch Ratings has assigned Dresdner Bank Aktiengesellschaft's US$100 million (EUR83.79 million) 9.0% issue of limited recourse loan participation notes due June 2007 a final Long-term 'B-' (B minus) rating. The notes are to be used solely for financing a loan to Russia's Impexbank (rated Long-term 'B-' (B minus), Short- term 'B', Individual 'D/E', Support '5', Outlook Stable). Dresdner will only pay noteholders principal and interest received from Impex under the loan agreement. Further details on the issue can be found in Fitch's announcement dated 15 June 2005 at http://www.fitchratings.com. Impex was founded in 1993 and its current beneficial owners, two individuals, obtained control over the bank in 1999. Since then, the bank has grown rapidly, and at end-2004 was one of the 30 largest in Russia by total assets, with a network including over 90 full service offices and almost 300 retail outlets. CONTACT: FITCH RATINGS James Watson Vladlen Kuznetsov, Moscow Phone: +7 095 956 9901 Media Relations Jon Laycock, London Phone: +44 20 7417 4327 IMPEXBANK 20/10 Build.1A Novopeschanaya St., Moscow 125252 Russia E-mail: international@impexbank.ru Web site: http://www.impexbank.ru FOR CORPORATE CUSTOMERS: Phone/Fax: +7 095 752 5252 FOR RETAIL CUSTOMERS: Phone: +7 095 258 3232 FOR FINANCIAL INSTITUTIONS: Phone: +7 095 258 3219 Fax: +7 095 248 1370 LYTKA-WOOD: Kirov Court Names V. Bobrov Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Kirov region has commenced bankruptcy supervision procedure on limited liability company Lytka-Wood. The case is docketed as A28-35/05-21/20. Mr. V. Bobrov has been appointed temporary insolvency manager. Creditors have until July 18, 2005 to submit their proofs of claim to 614094, Russia, Perm, Svyazistov Str. 24-64. A hearing will take place on Sept. 20, 2005. CONTACT: LYTKA-WOOD Russia, Kirov region, Afanasyevskiy region, Lytka, Shkolnaya Str. 17 Mr. V. Bobrov Temporary Insolvency Manager 614094, Russia, Perm, Svyazistov Str. 24-64 MANTUROVSKAYA SEL-KHOZ-TEKHNIKA: Declared Insolvent --------------------------------------------------- The Arbitration Court of Kostroma region commenced bankruptcy proceedings against Manturovskaya Sel-Khoz-Tekhnika after finding the agricultural machinery insolvent. The case is docketed as A31-731/2005-18. Mr. A. Kovalev has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to 156025, Russia, Kostroma, Rabochij Pr. 48, Apartment 38. CONTACT: MANTUROVSKAYA SEL-KHOZ-TEKHNIKA Russia, Kostroma region, Manturovo, Sovetskaya Str. 36 Mr. A. Kovalev Insolvency Manager 156025, Russia, Kostroma region, Rabochij Pr. 48, Apartment 38 MOS-METRO-STROY: Hires Insolvency Manager from Moscow ----------------------------------------------------- The Arbitration Court of Moscow region commenced bankruptcy proceedings against Mos-Metro-Stroy after finding the building assembly enterprise insolvent. The case is docketed as 40- 18984/05-123-34B. Mr. I. Sarkisyan has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to 101990, Russia, Moscow, Lubyanskiy Proezd, 5, Building 1, Room 214. CONTACT: MOS-METRO-STROY 109180, Russia, Moscow region, Spasskiy Per. 8 Mr. I. Sarkisyan Insolvency Manager 101990, Russia, Moscow region, Lubyanskiy Proezd, 5, Building 1, Room 214 NEREKHTA-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set July 28 ---------------------------------------------------------- The Arbitration Court of Kostroma region has commenced bankruptcy supervision procedure on open joint stock company Nerekhta-Agro- Prom-Khimiya (TIN 4419000077). The case is docketed as A31- 1818/200-18. Mr. A. Kutsakov has been appointed temporary insolvency manager. Creditors have until July 18, 2005 to submit their proofs of claim to 153045, Russia, Ivanovo, Afanasyeva Str. 31, Apartment 45. A hearing will take place on July 28, 2005, 9:30 a.m. CONTACT: NEREKHTA-AGRO-PROM-KHIMIYA 157800, Russia, Kostroma region, Nerekhta, Druzhby Str. 31 Mr. A. Kutsakov Temporary Insolvency Manager 153045, Russia, Ivanovo, Afanasyeva Str. 31, Apartment 45 OAO ROSNEFT: Admits Violating Financial Ratios to Buy Yugansk ------------------------------------------------------------- State-owned OAO Rosneft admitted at its 2004 accounts it violated conditions for existing loans to buy Yuganskneftegaz in December, according to Kommersant. Rosneft's report prepared under U.S. GAAP showed total debt increasing 5.4 times to US$22.65 billion due to the purchase. Rosneft was able to buy the former unit of Yukos Oil for US$9.3 billion despite it having no money. It was provided credit by a bank, described only as a large Russian state bank acting as agent for a large foreign bank. Rosneft said at its report it violated total debt to consolidated EBITDA ratio, and consolidated total debt to consolidated tangible net assets ratio. The long-term portion of the unpaid debt under the credit agreements for which the conditions were violated amounts to US$1.66 billion, according to Kommersant. The notes to the report show Rosneft obtaining short-term credits totaling US$1.805 billion at 8% per annum from state banks. To repair the dent brought by the acquisition, it issued short-term bills worth US$6.102 billion at a rate of 2.5% per annum. These credits and bill loans were refinanced at US$1.165 billion and US$5.3 billion, respectively, by attracting long-term credits, the report said. In addition, it entered into a five-year credit amounting to US$465 million from a Russian state bank in April 2005. Rosneft also obtained US$2 billion in credit from ABN Amro Bank guaranteed by its subsidiary Krasnodarneftegaz to refinance existing debt. Rosneft is now in talks with creditors to obtain relief from possible liability. It has not yet reached final agreement with the banks, but is optimistic it would not be forced to pay the funds in the near term. Its auditor OOO Ernst and Young, however, is not as hopeful. It suggested the debt should be classified as short-term. In order to mend its balance sheet, Rosneft intends to reclaim property worth US$3.53 billion from Yukos for oil delivered in 2004 that remained unpaid. Rosneft's corporate credit and senior unsecured debt ratings are rated �B-� negative by S&P. It reflects Rosneft's tight liquidity and aggressive strategic and financial policies, according to the rating agency. The ratings were on CreditWatch with negative implications reflecting Rosneft's ongoing negotiations with creditors over covenant waivers and new financing, and the elimination of the prospect of a merger with a higher rated entity. CONTACT: YUKOS OIL Web site: http://www.yukos.com/ International Information Department Hugo Erikssen Phone: +7 095 540 6313 E-mail: inter@yukos.ru Investor Relations Contact Alexander Gladyshev Phone: +7095 788 00 33 E-mail: investors@yukos.ru ROMASHKINSKIY: Succumbs to Bankruptcy ------------------------------------- The Arbitration Court of Tatarstan republic commenced bankruptcy proceedings against Romashkinskiy after finding the open joint stock company insolvent. The case is docketed as A65-20241/2004- SG4-16. Mr. A. Boltakov has been appointed insolvency manager. Creditors have until Aug. 18, 2005 to submit their proofs of claim to 420029, Russia, Tatarstan republic, Kazan, Post User Box 44. CONTACT: ROMASHKINSKIY Russia, Tatarstan republic, Chistopolskiy region Mr. A. Boltakov Insolvency Manager 420029, Russia, Tatarstan republic, Kazan, Post User Box 44 =========== S W E D E N =========== SAS GROUP: June Passenger Traffic Up ------------------------------------ Troubled carrier SAS AB posted a 4% hike in June passenger traffic, Reuters says. The carrier also saw its load factor rise by 1.8 percentage points year-on-year to 71.6% of capacity. SAS, however, kept a cautious outlook due to overcapacity and intense rivalry in the air sector. In May alone, SAS booked a 7% hike in yield, or revenue per passenger per kilometer. SAS, however, expects yield figures for June to remain the same as last year. Chief Executive Jorgen Lindegaard recently revealed the carrier might implement another surcharge if oil price remained consistently above US$60 per barrel. The group imposed a EUR4 to EUR6 surcharge earlier this year, notwithstanding the EUR2 fuel surcharge implemented in September 2004. The SAS Group, jointly owned by the government of Sweden, Norway and Denmark, has been muddling for the past years through a slump in air travel, high fuel prices, overcapacity and intense rivalry from low cost carriers like Ryanair. The carrier is currently implementing a drastic cost-cutting program aimed at returning to profitability this year, despite facing higher oil prices and a business drop in Sweden, one of its core markets. The group is currently facing a SEK30 million fine from the Norwegian competition authority for abusing its market leader position. The regulator has already imposed a SEK20 million fine against SAS for undercutting competitor's prices on a route. CONTACT: SAS AB Frosundaviks Alle 1, Solna S-195 87 Stockholm, Sweden Phone: +46-8-797-00-00 Fax: +46-8-797-16-03 Web site: http://www.scandinavian.net ============= U K R A I N E ============= BILGOROD-DNISTROVSKIJ: Temporary Insolvency Manager Comes in ------------------------------------------------------------ The Economic Court of Odessa region commenced bankruptcy supervision procedure on OJSC Bilgorod-Dnistrovskij Fish Combine (code EDRPOU 05775119). The case is docketed as 32/40-05/1682. Mr. A. Bespalko has been appointed temporary insolvency manager. The company holds account number 26001305510014 at Prominvestbank, Bilgorod-Dnistrovskij branch, MFO 328458. CONTACT: BILGOROD-DNISTROVSKIJ FISH COMBINE 67701, Ukraine, Odessa region, Bilgorod-Dnistrovskij, Kishinivska Str. 36 ECONOMIC COURT OF ODESSA REGION 65032, Ukraine, Odessa region, Shevchenko Avenue, 4 CHECHELNIK' ALCOHOL: Under Bankruptcy Supervision ------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure on State Enterprise Chechelnik' Alcohol Plant (code EDRPOU 05459176) on April 19, 2005. The case is docketed as 5/75-05. Mr. Sergij Adamenko (License Number AA 485222) has been appointed temporary insolvency manager. The company holds account number 2600638731 at Oshadbank, Vinnitsya branch, MFO 302076. CONTACT: STATE ENTERPRISE CHECHELNIK' ALCOHOL PLANT Ukraine, Vinnitsya region, Chechelnik, 50-Richya SRSR Str. Mr. Sergij Adamenko Temporary Insolvency Manager Ukraine, Vinnitsya region, Chervonih Kursantiv Str. 8/13 ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 FUDIMPEKS-CHERKASSY: Liquidator Takes over Helm ----------------------------------------------- The Economic Court of Cherkassy region commenced bankruptcy proceedings against Fudimpeks-Cherkassy (code EDRPOU 31278678) on March 1, 2005 after finding the limited liability company insolvent. The case is docketed as 10/2840. Mr. Grigorij Kovalenko (License Number AA 419224) has been appointed liquidator/insolvency manager. CONTACT: FUDIMPEKS-CHERKASSY Ukraine, Cherkassy region, Lesi Ukrainka Str. Mr. Grigorij Kovalenko Liquidator/Insolvency Manager 18000, Ukraine, Cherkassy region, Blagovisna Str. 299/55 ECONOMIC COURT OF CHERKASSY REGION 18005, Ukraine, Cherkassy region, Shevchenko Avenue, 307 MRIYA AGROFIRM: Poltava Court Opnes Bankruptcy Proceedings ---------------------------------------------------------- The Economic Court of Poltava region commenced bankruptcy proceedings against Mriya Agrofirm (code EDRPOU 03771962) on May 5, 2005 after finding the limited liability company insolvent. The case is docketed as 10/73. Mr. Igor Avramenko (License Number AA 719839) has been appointed liquidator/insolvency manager. The company holds account number 2600030185 at Oshadbank, Grebinka branch, MFO 391043. CONTACT: MRIYA AGROFIRM Ukraine, Poltava region, Grebinka district, Sliporid Mr. Igor Avramenko Liquidator/Insolvency Manager 36003, Ukraine, Poltava region, Nezalezhnosti Square, 1B, room 18 ECONOMIC COURT OF POLTAVA REGION 36000, Ukraine, Poltava region, Zigina Str. 1 NALADCHIK: Volodimir Brin Named Liquidator ------------------------------------------ The Economic Court of Harkiv region commenced bankruptcy proceedings against Naladchik (code EDRPOU 32236183) on May 20, 2005 after finding the limited liability company insolvent. The case is docketed as B-50/72-05. Mr. Volodimir Brin has been appointed liquidator/insolvency manager. CONTACT: NALADCHIK 61139, Ukraine, Harkiv region, Kotlova Str. 228/24 Mr. Volodimir Brin Liquidator/Insolvency Manager Ukraine, Harkiv region, Gv. Shironintsiv Str. 73/96 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square, 5, Derzhprom, 8th Entrance PARHOMIVTSI: Court Names Temporary Insolvency Manager ----------------------------------------------------- The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on Agricultural LLC Parhomivtsi (code EDRPOU 03788810). The case is docketed as 2/149-B. Mr. Volodimir Poberezhnij (License Number AA 668306) has been appointed temporary insolvency manager. The company holds account number 260031498 at JSPPB Aval, Hmelnitskij regional branch, MFO 315966. CONTACT: PARHOMIVTSI Ukraine, Hmelnitskij region, Hmelnitskij district, Parhomivtsi Mr. Volodimir Poberezhnij Temporary Insolvency Manager Ukraine, Hmelnitskij region, Starokostyantinivske Shose Str. 22/64 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square, 1 ROSOSHA' PAPER: Bankruptcy Shreds Group --------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against Rososha' Paper Factory (code EDRPOU 00278681) on May 16, 2005 after finding the open joint stock company insolvent. The case is docketed as 228/10-863. Mr. Vitalij Bolhovitin (License Number AA 630030) has been appointed liquidator/insolvency manager. CONTACT: ROSOSHA' PAPER FACTORY Ukraine, Vinnitsya region, Lipovetskij district, Rososha, Kirov Str. 8 Mr. Vitalij Bolhovitin Liquidator/Insolvency Manager Ukraine, Vinnitsya region, Hmelnitske Shose Str. 2a/602 ECONOMIC COURT OF VINNITSYA REGION 21100, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 SECURITY AGENCY: Succumbs to Insolvency --------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Security Agency (code EDRPOU 31098376) on May 16, 2005 after finding the limited liability company insolvent. The case is docketed as 42/53 B. Ms. Valentina Plushakova (License Number AA 783003) has been appointed liquidator/insolvency manager. The company holds account number 26007051701146 at CB Privatbank, Yuzivske branch of Donetsk region, MFO 335496. CONTACT: SECURITY AGENCY 83015, Ukraine, Donetsk region, Voroshilovskij district, Lubavin Str. 2 Ms. Valentina Plushakova Liquidator/Insolvency Manager 83054, Ukraine, Donetsk region, Politbijtsiv Str. 5/47 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 SHOSTKA AGRO-INDUSTRIAL: Declared Insolvent ------------------------------------------- The Economic Court of Odessa region commenced bankruptcy proceedings against Shostka Agro-Industrial (code EDRPOU 30920352) on May 12, 2005 after finding the limited liability company insolvent. The case is docketed as 6/147-04. Mr. Dmitro Kozin (License Number AA 487785) has been appointed liquidator/insolvency manager. CONTACT: SHOSTKA AGRO-INDUSTRIAL 41100, Ukraine, Sumi region, Shostka, Karl Marks Str. 54 Mr. Dmitro Kozin Liquidator/Insolvency Manager 40034, Ukraine, Sumi region, Internatsionalistiv Str. 63A/36 ECONOMIC COURT OF ODESSA REGION 65032, Ukraine, Odessa region, Shevchenko Avenue, 4 TROSTYANETS ALCOHOL: Bankruptcy Supervision Begins -------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy supervision procedure on State Enterprise Trostyanets Alcohol Plant (code EDRPOU 05459157) on April 5, 2005. The case is docketed as 10/67-05. Mr. Artur Milovan (License Number AB 719877) has been appointed temporary insolvency manager. The company holds account number 2600118120004 at JSCB Praveks-bank, Vinnitsya branch, MFO 302742. CONTACT: STATE ENTERPRISE TROSTYANETS ALCOHOL PLANT 24300, Ukraine, Vinnitsya region, Trostyanets, Lenin Str. 14 Mr. Artur Milovan Temporary Insolvency Manager 21900, Ukraine, Vinnitsya region, Frunze Str. 57/71 ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose, 7 =========================== U N I T E D K I N G D O M =========================== ACTIVATE UK: Hires Administrators from Buchanans ------------------------------------------------ Name of company: ACTIVATE UK LIMITED (Company No 3310504) Nature of Business: Marketing Address of Registered Office: 226-236 City Road, London EC1V 2TT Date of Appointment: June 27, 2005 Administrators' Names and Address: Alan Peter Whalley and Peter Anthony Hall (IP Nos 6588 and 3966), both of Buchanans plc, Latimer House, 5 Cumberland Place, Southampton SO15 2BH. * * * Activate is a non-traditional marketing agency that connects brands to the very heart of audiences they want to reach. Current clients include Adobe, Electronic Arts, MTV, Nickelodeon, The Daily Telegraph and UIP. Visit http://www.activateuk.co.uk for more information. CONTACT: ACTIVATE UK LTD. 226-236 City Road London EC1V 2TT Phone: +44 (0) 20 7702 5550 Fax: +44 (0) 20 7702 5560 E-mail: contact@activateuk.co.uk BUCHANANS PLC Latimer House 5 Cumberland Place Southampton SO15 2BH Phone: 023 8022 1222 AG WHESSOE: General Meeting Set August -------------------------------------- Notice is hereby given, pursuant to section 94 of the Insolvency Act 1986, that a General Meeting of AG Whessoe Limited will be held at the offices of Fergusson & Co Ltd., Shackleton House, Falcon Court, Preston Farm, Stockton on Tees TS18 3TS, on 23 August 2005, at 10:00 a.m., for the purpose of having an account laid before the Meeting showing the manner in which the winding- up has been conducted and the property of the Company disposed of, and of hearing any explanation that may be given by the Liquidator. A Member entitled to attend and vote at the above Meeting may appoint a proxy to attend and vote instead of him. A proxy need not be a Member of the Company. M E Fergusson, Liquidator CONTACT: FERGUSSON & CO LTD. Shackleton House, Falcon Court, Preston Farm Contact: Malcolm Edward Fergusson, Liquidator Phone: 01642 669 155 Fax: 01642 613 535 ASHTEAD GROUP: Posts GBP16.4 Million Pre-tax Profit --------------------------------------------------- Ashtead Group plc, the equipment rental group serving the U.S. and U.K. construction, industrial and homeowner markets, has released its results for the fourth quarter and year ended 30 April 2005. Highlights (a) group full year pre-tax profit before goodwill of GBP25.3 million (2004* -- GBP7.6 million); (b) group full year pre-tax profit of GBP16.4 million (2004 -- loss of GBP33.1 million); (c) group Q4 pre-tax profit before goodwill of GBP4.4 million (2004* -- GBP3.1 million); (d) group Q4 pre-tax profit of GBP2.1 million (2004 -- loss of GBP10.0 million); (e) Sunbelt full year profit** up 48% to US$108.2 million (2004 -- US$73.3 million); (f) A-Plant full year profit** nearly trebled to GBP11.7 million (2004 -- GBP4.0 million); (g) debt further reduced by GBP53.6 million from cash flow despite 73% increase in capital expenditure to GBP125.5 million***; and (h) proposed capital reorganization announced. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - [*] in 2004, also before exceptional items [**] Sunbelt's and A-Plant's profit comprises their operating profit before goodwill amortization and, in 2004, exceptional items [***] excluding lease capitalization effects - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Ashtead's chief executive, George Burnett, said: "Strong performances by all three of our divisions drove a significant recovery in the Group's full year results. In the U.S., Sunbelt's profits rose 48% on revenues up 15% as it continued to take market share in improving trading conditions. In the U.K., A-Plant delivered a near trebling of profits and a substantially improved return on capital. Technology is now also benefiting strongly from increased investment in offshore oil exploration globally with its profits up 26% to GBP3.4 million. "The capital reorganization announced [Thurs]day will provide, when finalized, a stable and appropriate long-term platform for the Group's future development. It will complete the renewal of all the Group's debt facilities and extend the average debt maturity to 7 years. The Board also expects the reorganization will enable it to propose to shareholders the resumption of dividends in respect of the year ending 30 April 2006. "In the U.S., the key private non-residential construction market is strong and is forecast to remain so. In addition, the shift from ownership to rental continues. The outlook for Sunbelt therefore remains encouraging. Overall, U.K. markets continue to be stable. A-Plant's focus remains on improving returns and growing market share. Technology should benefit from increased investment in oil exploration and production. Accordingly, the Board anticipates reporting further progress in the coming year." A copy of these results is available free of charge at http://bankrupt.com/misc/AshteadGoup(2004).mht CONTACT: ASHTEAD GROUP PLC King's Court, 41-51 Kingston Rd. Leatherhead Surrey KT22 7AP, United Kingdom Phone: +44-1372-362-300 Fax: +44-1372-376-610 Web site: http://www.ashtead-group.com Cob Stenham, Non-executive Chairman Phone: 020 7299 5562 George Burnett, Chief Executive Ian Robson, Finance Director Phone: 01372 362300 The Maitland Consultancy Brian Hudspith Phone: 020 7379 5151 ASHTEAD GROUP: Raising GBP70 Mln to Prepay Convertible Loan Note ---------------------------------------------------------------- Ashtead proposes to raise approximately GBP70 million, before expenses, through the Placing and the Open Offer of 73.4 million New Ordinary Shares at the Issue Price of 95.5 pence per share. The Placing and the Open Offer have been fully underwritten by J.P. Morgan Securities and Evolution. Background to and reasons for the Placing and the Open Offer (a) Introduction During the last 12 months, Ashtead has made significant progress. Operationally, the business has performed well, aided by an improved outlook in the non-residential construction industry in the U.S. market. The continuing strength of the U.S. market and the recent strong performance of A-Plant in competitive market conditions in the U.K. have been particularly encouraging. Financially, cash generation has been strong and the business has continued to reduce its overall levels of debt and to extend the maturity of its facilities whilst at the same time lowering its funding costs. During 2004, two new facilities were put in place, which replaced the Company's 2000 Senior Secured Credit Facility and resulted in a reduction in the average interest rate and an increase in the maturity profile of the debt: (1) In April 2004, Ashtead Holdings plc issued GBP120 million in principal amount of the Senior Loan Notes. The funds received were used to pre-pay $200 million of the 2000 Senior Secured Credit Facility. The Senior Loan Notes bear interest at a rate of 12% and are repayable in full on 1 May 2014; and (2) In November 2004, the Group completed the syndication of the Senior Secured Credit Facility, a new $675 million five-year asset-based first priority senior facility, which is committed until November 2009. The proceeds of the Senior Secured Credit Facility were used to repay the amounts outstanding under the 2000 Senior Secured Credit Facility and the accounts receivable securitization, with the balance of the facility available to fund future requirements. Since 1 March 2005, interest has been payable at LIBOR plus 225 basis points. As at 30 April 2005, net debt was GBP493.2 million. This comprised: (i) GBP216.0 million under the Senior Secured Credit Facility; (ii) GBP32.0 million of obligations under finance leases; (iii) GBP115.8 million under the Senior Loan Notes; (iv) GBP131.3 million under the Convertible Loan Note; and (v) GBP0.2 million of other indebtedness; less (vi) a cash balance of GBP2.1 million. As at the same date, total shareholders' funds were GBP126.9 million. The Convertible Loan Note was issued to a subsidiary of Rentokil Initial plc by Ashtead in part consideration for the acquisition of BET USA, Inc. in June 2000. The Convertible Loan Note is redeemable at par on 31 March 2008 but under the terms of the Senior Secured Credit Facility, must be refinanced by Ashtead prior to November 2007. Ashtead has agreed the terms for the grant of an option with Rentokil Initial plc to repay early the Convertible Loan Note in its entirety for a total sum of GBP119.5 million plus all outstanding accrued unpaid interest (assuming that the option is exercised on or before 15 August 2005). The Company may not exercise the option under the Option Agreement if, at any time after the date of the Option Agreement but prior to the redemption date, the average of the mid-market closing prices of an Ashtead ordinary share for a period of ten consecutive days exceeds 125 pence. The repayment amount represents a discount of approximately 11% to the aggregate nominal value of GBP134 million. The amount of outstanding accrued unpaid interest as at 3 August 2005, being the date on which it is currently anticipated that the option to repay will be exercised, will be GBP10.4 million. If the Convertible Loan Note is not repaid early, on the adoption of IFRS in the current financial year, an additional non-cash interest charge of approximately GBP3 million will be included in the Company's consolidated profit and loss account. The revised interest charge equates to the deemed total cost to the Company of providing the debt element of the Convertible Loan Note as determined under the provisions of IAS 32. The terms of the Senior Loan Notes prescribe the circumstances under which the Company may exercise the option to repay the Convertible Loan Note. The Company has elected to use the most cost-effective of the options available by using debt ranking on a pari passu basis with the Senior Loan Notes to raise this finance. In order to exercise this option (and to take advantage of the discount), the Company must not exceed a ratio of consolidated debt to EBITDA of 2.75 times (calculated on a pro forma basis). Over the course of the past two years, through cash flow applied to reduce debt and earnings growth, the Company has de-leveraged from a consolidated debt to EBITDA ratio of 4.1 times as at 30 April 2003 to a ratio of 2.9 times as at 30 April 2005. Having achieved this reduction through trading, the Board has determined that it is now appropriate to use equity in the form of the Placing and the Open Offer to achieve the remaining reduction necessary to allow the Company to take advantage of the early repayment discount negotiated with Rentokil Initial plc. Given the requirement to raise equity in order to allow the Convertible Loan Note to be repaid, the Board has decided to take the opportunity to exercise the Company's option to redeem up to 35%, being GBP42 million, of the Senior Loan Notes at a redemption price of 112% of their principal amount, plus the accrued interest. This will allow the Company to reduce further its average cost of borrowing by using the majority of the proceeds of the Placing and the Open Offer to redeem the maximum possible amount of outstanding Senior Loan Notes. (b) Structure of the refinancing The Board has therefore proposed a refinancing, which includes: (1) The raising of approximately GBP70 million, before expenses, by the issue of 73.4 million New Ordinary Shares at the Issue Price of 95.5 pence per New Ordinary Share pursuant to the Placing and the Open Offer; and (2) The raising of $250 million (approximately GBP142 million at an exchange rate of $1.7544 as at 6 July 2005 [(being the last practicable date prior to the publication of this document) or approximately GBP131 million at an exchange rate of $1.9099 as at 30 April 2005 (the last balance sheet date)], before expenses, by the issue of the New Senior Loan Notes, which will be repayable in full in August 2015. The interest rate payable will only be determined once the marketing of the New Senior Loan Notes is complete. Current indications are for an interest rate of around 9%. Once the final interest rate has been determined, which is expected to be by 22 July 2005, an announcement will be made. Both elements of the refinancing are inter-conditional. The Placing and the Open Offer are both underwritten. (c) Use of proceeds and benefits of the refinancing The combined proceeds of the Placing and the Open Offer and the Debt Issue will be used to pre-pay in full the Convertible Loan Note at a total cost of GBP119.5 million, plus the unpaid accrued interest (assuming that the option is exercised on or before 15 August 2005), and to redeem GBP42 million in principal amount of the Senior Loan Notes together with accrued interest and the premium payable on redemption. Specifically, the proceeds of the Placing and the Open Offer will be used to redeem such portion of the Senior Loan Notes at a total cost of approximately GBP48 million, with the balance being applied to pre-pay the Convertible Loan Note and to finance the transaction expenses. Through the refinancing, the Company will be able to: (a) improve its financial flexibility by satisfying early its obligations to repay the Convertible Loan Note, whilst realizing a discount of approximately 11%; (b) further de-leverage the balance sheet; (c) further extend the average debt maturity to approximately 7 years; (d) avoid the potential dilution to existing shareholders which would occur if the Convertible Loan Note were to convert into equity; (e) redeem up to 35% of the Senior Loan Notes which carry interest at a rate of 12%; (f) broaden the investor base; and (g) facilitate the payment of dividends in the future. The Directors believe that the stronger capital base created by the refinancing will provide the Company with significantly greater flexibility in developing the Group over the coming years. This refinancing will complete the restructuring of the Group's capital base, which commenced in April 2004 with the issue of the Senior Loan Notes. The revised arrangements provide a secure long-term capital structure for Ashtead, which will provide flexibility to the Company going forward and allow the management to concentrate on the Group's strategic development. (d) Effects of the refinancing As a result of: (i) the repayment of the Convertible Loan Note in full; (ii) the redemption of GBP42 million in principal amount of the Senior Loan Notes; (iii) the issue of $250 million (approximately GBP142 million) in principal amount of the New Senior Loan Notes; and (iv) the raising of GBP66.2 million (net of expenses) through the Placing and the Open Offer of the New Ordinary Shares, the Company anticipates that its annual interest charge under IFRS will be reduced. Accordingly, taking into account the enlarged share capital, the Directors expect the refinancing to be only modestly earnings dilutive. (e) Dividend policy Under the terms of the Senior Loan Notes, there are restrictions on the Company's ability to pay a dividend to its shareholders. These include, inter alia, a restriction on the Company's ability to distribute more than 50% of its adjusted net earnings (essentially, its profit or loss for the financial year ignoring any charge or credit for deferred tax). For this purpose, any payment of interest on the Convertible Loan Note is treated as a distribution. However, interest on the New Senior Loan Notes being used to finance the repayment of the Convertible Loan Note will no longer be treated as a distribution. Accordingly, as a result of the refinancing, the Company's flexibility to pay dividends will be significantly improved. Additionally, the Company is currently prohibited by its agreement with the holder of the Convertible Loan Note from paying dividends whilst any interest remains due on the Convertible Loan Note. This restriction will be lifted following the proposed repayment of the Convertible Loan Note. Consequently, the Board currently anticipates that it will be able to propose to shareholders the resumption of dividends in respect of the year ended April 2006. Principal terms of the Placing and the Open Offer The Company is proposing to raise approximately GBP70 million before expenses (GBP66.2 million net of expenses) through the issue of 73,350,352 New Ordinary Shares at the Issue Price of 95.5 pence per share. The issue price represents a discount of approximately 9.9% to the Closing Price for an Existing Ordinary Share of 106 pence on 6 July 2005 (being the latest practicable date prior to this Announcement). Pursuant to the Placing and Open Offer Agreement, 19.0 million New Ordinary Shares have been conditionally placed firm at the Issue Price with institutional and certain other investors pursuant to the Firm Placing and are not being offered to shareholders under the Open Offer. The remainder, being 54.4 million New Ordinary Shares, have been conditionally placed at the Issue Price with institutional and certain other investors, but are subject to clawback to satisfy valid applications by Qualifying Shareholders under the Open Offer. The Placing and the Open Offer have been fully underwritten by J.P. Morgan Securities and Evolution. Qualifying Shareholders are being given the opportunity under the Open Offer to subscribe for the New Ordinary Shares at the Issue Price pro rata to their existing shareholdings on the basis of 1 New Ordinary Share for every 6 Existing Ordinary Shares registered in their name as at the Record Date and so in proportion for any other number of Existing Ordinary Shares then held. Shareholders should note that the Open Offer is not a 'rights issue'. Invitations to apply under the Open Offer are not transferable unless to satisfy bona fide market claims and the Application Form is not a document of title and cannot be traded. Shareholders should be aware that in the Open Offer, unlike in the case of a rights issue, any New Ordinary Shares not applied for under the Open Offer will not be sold in the market or placed for the benefit of shareholders, but will be placed with the Placees for the benefit of the Company at the Issue Price pursuant to the terms of the Placing and Open Offer Agreement. The Placing and the Open Offer are conditional on, inter alia, (i) Admission occurring no later than 8.00 a.m. on 3 August 2005 or such later time and/or date, being no later than 15 August 2005, as the Company, JPMorgan Cazenove, J.P. Morgan Securities and Evolution may agree; (ii) the passing of Resolutions 1 and 2 at the Extraordinary General Meeting to be convened on 1 August 2005; and (iii) the Debt Issue becoming unconditional in all respects subject only to Admission (save where the Company, JPMorgan Cazenove, J.P. Morgan Securities and Evolution may otherwise agree). Further details of the Placing and the Open Offer are set out in the Prospectus and in the Application Form which are being sent to Qualifying Shareholders. Subject to the satisfaction of the conditions of the Placing and the Open Offer, the New Ordinary Shares to be issued under the Open Offer will be registered in the names of the Qualifying Shareholders validly applying for them and issued, as applicable, either: (a) in certificated form, with the relevant share certificate expected to be dispatched by post, at the applicant's risk, by 8 August 2005; or (b) in CREST, with delivery (to the designated CREST account) of the New Ordinary Shares applied for expected to take place by 3 August 2005 unless the Company exercises its right to issue such New Ordinary Shares in certificated form. Admission Application has been made to the U.K. Listing Authority for admission of the New Ordinary Shares to the Official List and to the London Stock Exchange for admission of the New Ordinary Shares to trading on its market for listed securities. Subject to the Placing and the Open Offer becoming unconditional in all respects, it is expected that Admission will become effective and that dealings in the New Ordinary Shares, fully paid, will commence by no later than 8.00 a.m. on 3 August 2005. Reduction of Capital The following matter, whilst not a condition to the Placing and the Open Offer, is linked to it and will affect all shareholders going forward. The Company's audited accounts for the year ended 30 April 2005 show that the Company has a surplus on its profit and loss account of approximately GBP2.4 million. The Company may only pay dividends out of profits available for distribution, as determined in accordance with the Companies Act. It may not, therefore, pay dividends at a time when it has a deficit on its profit and loss account. Accordingly, in order to facilitate the payment of dividends in the future, it is proposed that: (i) the amount standing to the credit of the Company's share premium account as at the date of the Extraordinary General Meeting be cancelled; and (ii) subject to the Placing and the Open Offer becoming unconditional in all respects and the New Ordinary Shares being duly issued, the amount standing to the credit of the Company's share premium account immediately following the issue of the New Ordinary Shares be reduced by an amount equal to the share premium in respect of the New Ordinary Shares which may be credited to the Company's share premium account. The Companies Act provides that the cancellation or reduction of a share premium account requires the passing of a special resolution by the Company in general meeting and subsequent confirmation by the Court. Subject to the passing of the requisite special resolution, Ashtead will seek the confirmation of the Court to the Reduction of Capital. It is not possible to state with certainty if and when the Court's confirmation will be obtained, but it is expected that this will be before the end of October 2005. Further information concerning the Reduction of Capital is set out in the Prospectus. Current Trading and Prospects Last year's momentum has continued into the current year. Group turnover for the two months ended 30 June 2005 was up 12.5% over the previous year. Sunbelt's revenues in U.S. dollars rose 17% in the same period. The refinancing described above will, when finalized, provide a stable and appropriate long-term platform for the Group's future development. It completes the renewal of all the Group's debt facilities and extends the average debt maturity to 7 years. The Board also expects that the reorganization will enable it to propose to shareholders the resumption of dividends in respect of the year ending 30 April 2006. In the United States, the key private non-residential construction market is strong and is forecast to remain so. In addition, the shift from ownership to rental continues. The outlook for Sunbelt therefore remains encouraging. Overall, markets in the United Kingdom continue to be stable. A-Plant's focus remains on improving returns and growing market share. Ashtead Technology Rentals should continue to benefit from increased investment in oil exploration and production. Accordingly, the Board anticipates reporting further progress in the year ending 30 April 2006. Pro forma Financial Position As at 30 April 2005, the Group had net assets of GBP126.9 million and net debt of GBP493.2 million. After adjusting for the expected proceeds of GBP66.2 million (net of expenses) from the Placing and the Open Offer, the pro forma net assets as at 30 April 2005 would be GBP195.2 million and pro forma net financial indebtedness would be GBP433.4 million. The pro forma net financial indebtedness to EBITDA ratio falls from 2.9 to 2.6. The pro forma is calculated using the historical exchange rate of $1.9099 to the pound as at 30 April 2005. Extraordinary General Meeting An extraordinary general meeting to approve the Resolutions, to be held at The London Room, City Point, 1 Ropemaker Street, London, EC2Y 9HT, will be convened on 1 August 2005 at 10.30 a.m. Further information on the Resolutions (which are to authorize the directors of the Company to allot and to dis-apply statutory pre-emption rights in respect of the New Ordinary Shares (subject to certain conditions) and to complete the reduction of capital) is set out in the Circular. Prospectus It is expected that the Prospectus, setting out full details of the Placing and the Open Offer and containing further information on the Company, will be posted to shareholders later today, accompanied by the Circular and, in the case of Qualifying Shareholders, by the Application Form. Application Forms will be personal to Qualifying Shareholders and may not be transferred except to satisfy bona fide market claims. Expected Timetable of Principal Events Record Date for the Open Offer the close of business on 5 July 2005 Latest time and date for splitting Application Forms (to satisfy bona fide market claims only) 3:00 p.m. on 26 July 2005 Latest time for receipt of Application Forms 3:00 p.m. on 28 July 2005 and payment in full under the Open Offer Latest time and date for receipt of Forms of Proxy 10:30 a.m. on 30 July 2005 for the Extraordinary General Meeting Extraordinary General Meeting 10:30 a.m. on 1 August 2005 Admission and commencement of dealings in New 8:00 a.m. on 3 August 2005 Ordinary Shares New Ordinary Shares in uncertificated form expected to be 3 August 2005 credited to CREST stock accounts Definitive share certificates for New Ordinary Shares in 8 August 2005 certificated form expected to be dispatched CONTACT: ASHTEAD GROUP PLC George Burnett, Chief Executive Officer Ian Robson, Finance Director Phone: 1372 362300 JPMORGAN CAZENOVE LIMITED Phone: 020 7588 2828 Julian Oakley Dermot McKechnie EVOLUTION SECURITIES LIMITED (Joint broker, joint bookrunner and joint underwriter) Steve Roberts Stuart Andrews Phone: 020 7071 4300 THE MAITLAND CONSULTANCY Emma Burdett Brian Hudspith Phone: 020 7379 5151 ASHTEAD GROUP: Sends out Prospectus on Share Issuance ----------------------------------------------------- Ashtead Group plc on Tuesday posted a Prospectus, setting out details of the Placing and the Open Offer, and a Circular to shareholders convening an Extraordinary General Meeting on 1 August 2005. Two copies each of the Prospectus and Circular are being submitted to the Financial Services Authority and will be available shortly for inspection at the Financial Services Authority's Document Viewing Facility, which is situated at Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS (Phone: 020 7066 1000). The Prospectus has also been made available to the public pursuant to section 3.2 of the Prospectus Rules and copies of the Prospectus will be available from or can be inspected at the registered office of the Ashtead Group Plc (King's Court, 41-51 Kingston Road, Leatherhead, Surrey, KT22 7AP) and the offices of Slaughter and May (One Bunhill Row, London EC1Y 8YY). Definitions used in the Prospectus sent to Shareholders dated 7 July 2005 shall have the same meanings when used in this announcement, unless the context requires otherwise. * * * NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, FRANCE, JAPAN OR NEW ZEALAND. CONTACT: ASHTEAD GROUP PLC King's Court, 41-51 Kingston Rd. Leatherhead Surrey KT22 7AP, United Kingdom Phone: +44-1372-362-300 Fax: +44-1372-376-610 Web site: http://www.ashtead-group.com Cob Stenham, Non-executive Chairman Phone: 020 7299 5562 George Burnett, Chief Executive Ian Robson, Finance Director Phone: 01372 362300 The Maitland Consultancy Brian Hudspith Phone: 020 7379 5151 ASHTEAD GROUP: Moody's Rates Senior Secured Notes (P)B2 ------------------------------------------------------- Moody's Investors Service assigned a (P)B2 rating to the proposed US$250 million issue of Second Priority Senior Secured Notes due August 2015 to be issued by Ashtead Holdings Plc. The proceeds of the new notes will be used to prepay the unrated existing Rentokil subordinated convertible loan notes due 2008 of Ashtead Group Plc. Concurrently, Moody's has raised the corporate family rating (formerly know as senior implied rating) of Ashtead Group Plc to Ba3 from B1 and the rating of the group's first priority senior secured credit facility at Sunbelt Rentals to Ba3 from (P) B1. (a) New Ratings Assigned: Second Priority Senior Secured Notes due August 2015 of US$250 million at Ashtead Holdings Plc rated (P)B2; (b) Rating Affirmed: GBP120 million of Second Priority Senior Secured Notes due 2014 at Ashtead Holdings Plc rated B2. (c) Ratings Upgraded: (i) Corporate Family Rating at Ashtead Group Plc raised to Ba3 from B1; and (ii) US$675 million first priority senior secured credit facilities at Sunbelt Rentals raised to Ba3 from (P)B1. (d) Rating to be withdrawn: Issuer Rating of Ashtead Group Plc at B3. The assigned new rating reflects the fact that the proposed new second priority senior secured notes will rank pari passu with the existing second priority senior secured notes due 2014 and will be fully and unconditionally guaranteed on a senior basis by Ashtead Group Plc and all of the Issuer's direct and indirect subsidiaries that guarantee the first priority senior secured credit facility and the 2014 notes. In addition the new notes will be secured on a second priority basis by substantially all of the collateral securing the first priority senior secured credit facility and the 2014 notes. The collateral supporting both notes issues and the first priority senior debt includes liens over substantially all of the tangible and intangible property of the borrowers and the guarantors at anytime owned or acquired. Other indenture terms, conditions and covenants of the new notes are largely identical to those of the existing 2014 notes. The differential of two notches between the first priority senior secured credit facility rating of Ba3 and those of the second priority senior secured notes issues of (P) B2 and B2 reflects the fact that the layer of subordinated debt represented by the Rentokil convertible loan note will be eliminated and an increased amount of debt will sit at the second priority level. On a drawn debt basis, and taking into account the expected prepayment of up to GBP42 million of the existing 2014 second priority notes, in total second priority debt will represent approximately 47% of group indebtedness. The drawn debt under the first priority senior secured credit facility is estimated to represent circa. 45.5% of group borrowings and hence has not been notched up above the corporate family rating. The upgrade of the corporate family rating reflects Moody's assumption that the proposed refinancing which includes the group's intention to raise additional equity through a fully underwritten issue and concurrent new notes issue will be completed as anticipated. Should this does not transpire, the ratings upgrade may be reversed. The intended use of proceeds of the equity issue is to prepay a proportion of the existing second priority senior secured notes due 2014 of Ashtead Holdings Plc, as well as repay certain drawings under the first priority senior secured credit facility. The upgrade also takes into account fundamental improvements in operating margins and internal cash flow generation achieved by the group over the past 18 months as well as the substantial debt repayment of some GBP105 million from free cash flow over the last two years. Key positive effects of the proposed transactions, which support the upgrade include: (a) The elimination of the near term financing risk represented by the 2008 maturity of the Rentokil subordinated convertible notes which will be repaid by the issue of the new notes; (b) The anticipated application of equity proceeds of GBP60 million to repay debt; (c) The expected completion of the group's long term funding structure as a result of the transactions, giving the group an average debt maturity of seven years; (d) The reduction in financial leverage since late 2003 from a ratio of Total Debt/EBITDA of 3.8x to a level of 2.6x which is expected to be sustainable over the next three years. The ratings upgrade is also supported by the marked improvement in operating margins over the past 18 months which has been achieved through a combination of cost structure rationalization, underlying market recovery, market price increases and business mix. The group's leading market positions, comprehensive, high quality and well maintained rental fleet, geographical scale and the high level of customer diversity are also positive issues. Key rating constraints remain the group's continuing need for high maintenance and growth capex going forward, in order to reduce the average age of the rental fleet and improve the group's competitive position. As a result, there is little prospect of further reduction in absolute indebtedness over the next three years. The group's exposure to the highly cyclical rental equipment sectors in both the U.S. and U.K. also represents significant risk of softer margins and reduced free cash flow during a downturn. The stable outlook reflects Moody's expectation that Ashtead is adequately positioned to trade successfully through the normal industry cycle. In respect of near term prospects it is assumed that the non-residential construction market in the US will continue to benefit from the current improved growth momentum, while the UK market is expected to remain relatively stable with potential demand increases arising from specific large national construction projects. However, in the event that the market trading conditions weaken materially causing margin erosion and thus a significant reduction in free cash flow generation, the ratings could face downwards pressure. Given the limited prospect of absolute debt reduction over the next three years, as a result of Ashtead's significant levels of maintenance and growth capital expenditure, upward rating pressure appears unlikely. Liquidity remains good with satisfactory availability under the senior credit facilities of approximately US$141.2 million, taking into account the $50 million liquidity block. Mandatory debt amortization is also not onerous with only GBP1.4 million repayable per annum over the next four years. Furthermore, the group has a flexible growth capex model, which can be scaled back to provide additional liquidity when necessary. The (P)B2 rating assigned to the new notes assumes there will be no material variations to the draft legal documentation reviewed by Moody's and that these agreements are legally valid, binding and enforceable. Registered in the U.K., Ashtead is a leading provider of rental equipment in the U.K. and the U.S., through it's a-Plant and Sunbelt subsidiaries. As at financial year ending April 30, 2005, the group generated annual revenues of GBP523.7 million and EBITDA of GBP169.7 million. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) David G. Staples, Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Susie Maidment, Asst Vice President - Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 ASHTEAD GROUP: Recapitalization Announcement Prompts S&P Review --------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' corporate credit and other ratings on U.K.-based equipment rental company Ashtead Group PLC on CreditWatch with positive implication. At the same time, the '1' recovery rating on the group's US$675 million ABL facility is affirmed. This follows Thursday's announcement of an intended recapitalization via an equity placement of about GBP70 million. In addition, the group is also seeking to refinance its 2008 Rentokil convertible with new, US$250 million, 10-year notes. The increase in equity is conditional upon approval by shareholders at an Extraordinary General Meeting (EGM) due to be held on Aug. 1, 2005, and also upon the successful issuance of the US$250 million notes. Based on this occurring, Standard & Poor's expects all ratings to benefit from a one-notch upgrade. At this time, Standard & Poor's is expected to assign its 'B' rating to the proposed notes, which is two notches below the expected 'BB-' corporate credit rating. "The CreditWatch placement reflects our belief that Ashtead's credit risk profile will substantially benefit from the successful execution of both transactions," said Standard & Poor's credit analyst Jarrad Oberhardt. "In particular, financial leverage will somewhat improve at the same time as their debt maturity profile is extended. Equally important, this demonstrates a commitment to a more moderate financial policy going forward." Following the proposed equity issue Ashtead's high financial leverage will moderately improve. Pro forma lease-adjusted funds from operations (FFO) to net debt is about 25% (18% for 2004), and net debt to EBITDA will fall to 3.1x for fiscal 2005, down from the level of 4.2x at the end of 2004. The addition of further equity and the refinancing of the 2008 Rentokil convertible further secure the group's funding base. Refinancing risk is now termed-out to late 2009 at the earliest, when the ABL facility expires. The shortest maturity for non- asset-based debt finance will now be 2014, providing Ashtead with a solid long-term funding base. Standard & Poor's also views the proposed recapitalization as a commitment from management to adhere to a more moderate financial risk profile. Accordingly, we expect that fully adjusted net debt to EBITDA should remain around a range of 3.0x�4.0x going forward. The ratings on Ashtead continue to reflect the limited forward visibility of demand and our expectation that Ashtead will retain limited free cash flow. They also factor in the highly cyclical, fragmented, and fiercely competitive nature of Ashtead markets. Despite these risks, however, Ashtead has sound market positions in the U.K. and the U.S. and maintains a diverse customer base. Ratings information is available to subscribers of RatingsDirect at http://www.ratingsdirect.com. It can also be found at http://www.standardandpoors.com. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office Hotline (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5916; or Moscow (7) 095-783-4017. Members of the media may also contact the European Press Office via e-mail: media_europe@standardandpoors.com CONTACT: ASHTEAD GROUP PLC King's Court, 41-51 Kingston Rd. Leatherhead, Surrey KT22 7AP United Kingdom Phone: +44-1372-362-300 Fax: +44-1372-376-610 Web site: http://www.ashtead-group.com AUTUMN NOMINEES: Members Pass Winding-up Resolutions ---------------------------------------------------- At Extraordinary General Meetings of Winter Nominees Limited and Winter Nominees Limited, duly convened, and held at 24 Conduit Place, London W2 1EP, on 30 June 2005, the subjoined Special Resolutions were duly passed: �That the Companies be wound up voluntarily, and that Ian Franses, of Ian Franses Associates, 24 Conduit Place, London W2 1EP, be and is hereby appointed Liquidator for the purposes of such winding-up.� J J Walker, Chairman Autumn Nominees is formerly M M & S (2602) Limited. Winter Nominees is M M & S (2604) Limited. CONTACT: WINTER NOMINEES LIMITED 24 Conduit Place, London W2 1EP IAN FRANSES ASSOCIATES Ian Franses, Liquidator 24 Conduit Place, London W2 1EP Phone: 020 7262 1199 Fax: 020 7262 2662 E-mail: if@ianfranses.co.uk BELMORE HOTEL: Calls in Administrators from PKF ----------------------------------------------- Name of company: THE BELMORE HOTEL LIMITED (Company No 00825152) Nature of Business: Hotel with Restaurant Address of Registered Office: Sovereign House, Queen Street, Manchester M2 5HR Date of Appointment: June 29, 2005 Administrators� Names and Address: Kerry Bailey (IP No 8780) and Jonathan D. Newell (IP No 6419), both of Sovereign House, Queen Street, Manchester M2 5HR * * * Originally built in 1875, the Belmore Hotel is the epitome of classic English elegance situated in a leafy suburb. It is superbly located within easy reach of the motorway network, Manchester Airport and Metrolink tram system. Visit http://www.belmorehotel.co.uk/for more information. CONTACT: THE BELMORE HOTEL LIMITED 143 Brooklands Road Ringway Sale Manchester South Phone: 0161 9732538 Fax: 0161 973 2665 E-mail: belmore_hotel@hotmail.com PKF Sovereign House, Queen Street, Manchester M2 5HR Phone: 0161 8325481 Fax: 0161 8323849 E-mail: info.manchester@uk.pkf.com Web site: http://www.pkf.co.uk BWSS LIMITED: Voluntarily Files for Liquidation ----------------------------------------------- At an Extraordinary General Meeting of Bwss Limited, duly convened, and held at 3 The Quadrant, Coventry CV1 2DY, on 27 June 2005, the following Special Resolution was duly passed: �That the Company be wound up voluntarily, and that Gavin Geoffrey Bates, of BRI Business Recovery and Insolvency, 3 The Quadrant, Coventry CV1 2DY, be and he is hereby appointed Liquidator for the purposes of such winding-up.� R C White, Director * * * BWSS retails automotive fuel. CONTACT: BWSS LIMITED 100-102 St James Road, Northampton NN5 5LF BRI BUSINESS RECOVERY AND INSOLVENCY 3 The Quadrant, Coventry CV1 2DY Contact: Gavin Geoffrey Bates, Liquidator Phone: 024 7663 4884 Fax: 024 7623 1551 E-mail: gbates@briuk.co.uk BWSS LIMITED: Gives Creditors Until July 27 to File Claims ---------------------------------------------------------- Notice is hereby given that the Creditors of BWSS Limited, are required, on or before 27 July 2005, to send their names and addresses with particulars of their debt to the undersigned Gavin Geoffrey Bates of BRI Business Recovery and Insolvency, 3 The Quadrant, Coventry CV1 2DY, the Liquidator of the said Company, and, if so required by notice in writing by the said Liquidator, to prove their debt and claims at such time and place as shall be specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution made before such debt are proved. G G Bates, Liquidator CONTACT: BWSS LIMITED 100-102 St James Road, Northampton NN5 5LF BRI BUSINESS RECOVERY AND INSOLVENCY 3 The Quadrant, Coventry CV1 2DY Contact: Gavin Geoffrey Bates, Liquidator Phone: 024 7663 4884 Fax: 024 7623 1551 E-mail: gbates@briuk.co.uk CHRISTIE TYLER: Seven Units Succumb to Receivership --------------------------------------------------- On July 1, 2005, Administrative Receivers from Ernst & Young LLP were appointed to the companies belonging to the Christie Tyler Group. They are Christie Tyler Limited, CT Distribution Limited, Christie-Tyler South Wales West Division Limited, Deeside Furniture Limited, Earlybird Furniture Limited, Lebus Furniture Limited, and Wyvern Furniture Limited. These companies had for some time struggled in the face of increasing international competition, and more recently, weaker retail trading, as U.K. consumer demand has fallen. Retailers Allders and Courts have both closed in the past year. Shareholders and lenders had considered various options with management and concluded that a restructuring through an insolvency process provided the best opportunity to secure a viable trading business, with improved prospects for the employees of various group companies. Although various businesses have been sold on a solvent basis to Sofa Brands International Limited, the above companies have been placed in administrative receivership. These specialize in the manufacture of upholstered furniture operating from 5 locations in the U.K. and employ around 1,600 people in total. Sofa Brands International Limited has purchased the assets and order book of Cambria Mobel Limited, whose 400 employees have also transferred. One of the joint administrative receivers, Mike Rollings, said: "We are continuing to trade the various companies on a 'business as usual' basis while we explore the possibility of a sale of the businesses and their assets as going concerns. "During the period of trading, it is our intention to look to satisfy the existing customer orders that were in hand at the date of our appointment." CONTACT: CHRISTIE TYLER LIMITED Abergarw Road Brynmenyn, Bridgend Mid Glamorgan CF32 9LN Phone: 01656 726 200 Fax: 01656 726 233 E-mail: bstitfall@christietyler.co.uk CLOUD NINE: Administrator from Purnells Moves in ------------------------------------------------ Name of company: CLOUD NINE LIMITED (t/a Boogie Nights) (Company No 04571270) Nature of Business: Nightclub Address of Registered Office: 22 Chepstow Road, Newport, South Wales NP19 8EA Date of Appointment: June 30, 2005 Administrator�s Name and Address: Raymond Henry Purnell, Purnells, St Marks House, 3 Gold Tops, Newport, South Wales NP20 4PG CONTACT: PURNELLS St Marks House 3 Gold Tops Newport Gwent NP 20 4PG Phone: 01633 214712 Fax: 01633 246599 E-mail: ray@purnells.co.uk CO-AG (U.K.): Meeting of Creditors Set Next Week ------------------------------------------------ The creditors of Co-Ag (U.K.) Limited will meet on July 18, 2005 at 10:30 a.m. It will be held at The Castle and Ball Hotel, High Street, Marlborough, Wiltshire SN8 1LZ. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to R. F. Simms and F. A. Simms at 39 Station Road, Lutterworth, Leicestershire LE17 4AP not later than 12:00 noon, July 15, 2005. CONTACT: 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 CONCRETE LIMITED: Winding-up Report Out Next Month -------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Concrete Limited (In Liquidation) Notice is hereby given in accordance with section 146 of the Insolvency Act 1986 that the final meeting of creditors of company will be held on August 1, 2005, 11:00 a.m. at 12 Carden Place, Aberdeen, AB10 1UR, for the purposes of receiving an account of the winding-up from the liquidator, together with any explanation that may be given by him. The meeting will also consider these resolutions: (a) To approve the liquidator�s release; and (b) To authorize the liquidator to dispose of the company�s accounting records three months after the final meeting. Michael J. M. Reid, CA, Liquidator June 23, 2005 CONTACT: MESTON REID & CO 12 Carden Place Aberdeen AB10 1UR E-mail: info@mestonreid.com Web site: http://www.meistonreid.com Michael James Meston Reid E-mail: reidm@mestonreid.com Phone: 01224 625554 Fax: 01224 626089 CROWN QUILTING: Fabric Manufacturer Calls in Administrator ---------------------------------------------------------- Name of company: CROWN QUILTING CO. LIMITED (Company No 02162161) Nature of Business: Preparation and Spin of Other Textiles Trade Classification: 1717 Date of Appointment: June 28, 2005 Administrators� Names and Address: Jonathan Lord and Robert Cooksey (IP Nos 9041 and 9040), both of Bridgestones, 125-127 Union Street, Oldham, Lancashire OL1 1TE * * * Crown Quilting Co. Ltd. was formed in 1982 and has grown to become one of U.K.'s major manufacturers and suppliers of quilted fabrics. M. Grewal is the company's managing director while G. Singh is sales and marketing director. Visit http://www.crownquilting.co.uk/for more information. CONTACT: CROWN QUILTING CO LTD. Crown House Marston Road Wolverhampton WV2 4NJ West Midlands Phone: 01902 421314 Fax: 01902 428683 BRIDGESTONES 125-127 Union Street Oldham Lancashire OL1 1TE Phone: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk GLOBDUYK (WARRINGTON): Liquidator's Report Out Next Month --------------------------------------------------------- Notice is hereby given, pursuant to section 93 and 94 of the Insolvency Act 1986 that Annual and Final Meetings of the Members of Globduyk (Warrington) Limited will be held at the offices of Budsworth & Co, 454 Chester Road, Old Trafford, Manchester M16 9HD, on 9 August 2005, at 2:00 p.m., for the purpose of showing how the winding-up has been conducted and the property of the Company disposed of, and for receiving an account of the winding- up and any explanation that may be given by the Liquidator. Any person entitled to attend and vote may appoint a proxy who need not be a Shareholder. Proxies to be used at the Meeting must be lodged no later than 12:00 noon of the business day prior to the Meeting at the offices of Budsworth & Co, 454 Chester Road, Old Trafford, Manchester M16 9HD. B E Budsworth, Liquidator * * * Globduyk is an insurance brokerage services business. CONTACT: GLOBDUYK (WARRINGTON) LIMITED 454 Chester Road, Old Trafford Manchester M16 9HD BUDSWORTH & CO. 454 Chester Road, Old Trafford, Manchester M16 9HD Contact: Beverley Ellice Budsworth, Liquidator Phone: 0161 877 2081 Fax: 0161 877 2091 E-mail: advice@recoverypros.co.uk GRAPHCAM LIMITED: Final Liquidator's Report Out August 16 --------------------------------------------------------- Notice is hereby given, in pursuance of section 94 of the Insolvency Act 1986, that a General Meeting of Graphcam Limited will be held at Salisbury House, Station Road, Cambridge CB1 2LA, on 16 August 2005, at 10:00 a.m., for the purpose of having an account laid before the Members showing the manner in which the winding-up has been conducted and the property of the Company disposed of, and of hearing any explanation that may be given by the Liquidator. A Member entitled to attend and vote at the above Meeting may appoint a proxy or proxies to attend and vote instead of him. A proxy need not be a Member of the Company. S Lettice, Liquidator * * * Graphcam offers computer-related services. CONTACT: PETERS ELWORTHY & MOORE Salisbury House, Station Road, Cambridge CB1 2LA Contact: Shay Lettice, Liquidator PETERS ELWORTHY & MOORE Salisbury House Station Road Cambridge Cambridgeshire CB1 2LA Phone: 01223 362333 Fax: 01223 461424 E-mail: slettice@pem.co.uk HOWE ANDERSON: Neville Adams Limited Appoints Receiver ------------------------------------------------------ Name of company: HOWE ANDERSON UNITED CONTRACTORS LIMITED (Reg No 03689203) Previous Name of Company: H.A.U.C. Limited Nature of Business: Construction Contractors Trade Classification: 4521 Date of Appointment of Joint Administrative Receivers: 27 June 2005 Name of Person Appointing the Joint Administrative Receivers: Neville Adams Limited Joint Administrative Receivers: Frank Wessely and Peter James Hughes-Holland (Office Holder Nos 007788 and 001700), both of Vantis Numerica, 81 Station Road, Marlow, Buckinghamshire SL7 1NS CONTACT: VANTIS NUMERICA 81 Station Road, Marlow, Buckinghamshire SL7 1SX Phone: 01628 478100 Fax: 01628 472629 Web site: http://www.numerica.biz JMK CONTRACTS: Liquidator Takes over Operations ----------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF JMK Contracts Limited I, James Inglis Smith, CA, Suite 412, Baltic Chambers, 50 Wellington Street, Glasgow G2 6HJ, give notice, pursuant to Rule 4.19(4)(b) of the Insolvency (Scotland) Rules 1986, that on June 10, 2005, I was appointed Liquidator of the JMK Contracts Limited, having their registered office at 176 Bath Street, Glasgow G2 4HG, by Resolution of the First Meeting of Creditors in terms of section 138(3) of the Insolvency Act 1986. A Liquidation Committee was not established. I do not intend to summon another Meeting to establish a Liquidation Committee unless requested to do so by one-tenth, in value, of the Company�s Creditors in terms of section 142(3) of the Insolvency Act 1986. J. I. Smith CA, Liquidator CONTACT: SMITH INGLIS & CO. Suite 412 Baltic Chambers 50 Wellington Street Glasgow G2 6HJ James Inglis Smith Phone: 0141 248 8339 Fax: 0141 248 8339 JOHN GOLD: Hires Milner Boardman & Partners as Administrator ------------------------------------------------------------ Name of company: JOHN GOLD & SON LIMITED (Company No 04733019) Nature of Business: Manufacturer of Other General Machinery Address of Registered Office: Unit 36 Mariner, Lichfield Road Industrial Estate, Tamworth, Staffordshire B79 7UL Trade Classification: 2924 Date of Appointment: June 30, 2005 Administrators� Names and Address: Colin Burke and Gary J Corbett (IP Nos 8803 and 9018), both of Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG * * * John Gold & Son Limited turns raw brass, steel, stainless steel and aluminum into complete valves that are fully assembled and tested. Visit http://www.john-gold.com/for more information. CONTACT: JOHN GOLD & SON LIMITED Unit 36, Mariner, Lichfield Road Industrial Estate Tamworth, Staffordshire B79 7UL Phone: 01827 65011 Fax: 01827 310154 E-mail: john@john-gold.com MILNER BOARDMAN & PARTNERS Century House, Ashley Road, Hale, Cheshire WA15 9TG Phone: 0161 927 7788 Fax: 0161 927 7733 E-mail: info@milnerb.co.uk Web site: http://www.milnerboardman.co.uk KELDA LIMITED: Final Meeting Set August --------------------------------------- Notice is hereby given, pursuant to section 94 of the Insolvency Act 1986, that a Final Meeting of the Members of Kelda Limited will be held at the offices of Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne, on 12 August 2005, at 10:00 a.m., to consider, and if thought fit, pass the following Resolutions, as an Ordinary Resolution, and as an Extraordinary Resolution respectively: �That the Liquidator�s statement of account for the period of the liquidation be approved�, and �that the books, accounts an documents of the Company and Liquidator be disposed of as the Liquidator sees fit, subject to any legal requirements governing the period of retention.� A Member entitled to attend and vote at the above Meeting may appoint a proxy to attend and vote instead of him or her. W Paxton, Liquidator CONTACT: ROBSON LAIDLER Fernwood House, Fernwood Road Jesmond, Newcastle upon Tyne NE2 1TJ Contact: Phone: 0191 281 8191 Fax: 0191 281 6279 Web site: http://www.robson-laidler.co.uk/ KELDA LIMITED: Liquidator's Report Out Next Month ------------------------------------------------- Notice is hereby given, pursuant to section 94 of the Insolvency Act 1986, that a Final Meeting of the Members of Kelda Limited will be held at the offices of Robson Laidler LLP, Fernwood House, Fernwood Road, Jesmond, Newcastle upon Tyne, on 12 August 2005, at 10:00 a.m., to consider, and if thought fit, pass the following Resolutions, as an Ordinary Resolution, and as an Extraordinary Resolution respectively: �That the Liquidator�s statement of account for the period of the liquidation be approved,� and �that the books, accounts an documents of the Company and Liquidator be disposed of as the Liquidator sees fit, subject to any legal requirements governing the period of retention.� A Member entitled to attend and vote at the above Meeting may appoint a proxy to attend and vote instead of him or her. W Paxton, Liquidator CONTACT: ROBSON LAIDLER Fernwood House, Fernwood Road Jesmond, Newcastle upon Tyne NE2 1TJ Contact: Phone: 0191 281 8191 Fax: 0191 281 6279 Web site: http://www.robson-laidler.co.uk/ MG ROVER: Two Bidders Want to Transfer Engine Production Abroad --------------------------------------------------------------- Two bidders of parts of MG Rover Group Limited are thinking of moving abroad the production of MGTF engines, says Reuters, quoting a source privy to the talks. "These are lift-and-shift bids. They�re not about resumption of major production at Longbridge. It brings some finality to the situation," revealed the source, who refused to name the bidders. Rover used to manufacture engines for convertible MGTF cars, but the report only bolsters speculations that revival of Rover operations at the Longbridge plant is unlikely to happen, a thought that David James would not be happy about. Mr. James leads the GBP40 million all-British bid to buy the MG sports car business and plans to revive the Longbridge plant by rehiring 500 former MG Rover workers. On Wednesday, he complained that the government, particularly the Department of Trade and Industry, sidelined their offer in favor of foreign consortia. He stressed that they were having difficulties in pushing their bid, which could have been influenced by the government. Mr. James said: "Our bid stands as a valid British bid backed by British money to ensure the continuation of production at Longbridge. But we are angry that different standards are being applied to the bids." A DTI representative, however, brushed aside the claims of favoritism, while administrator PricewaterhouseCoopers said they consider all the bids they receive and that they work for the benefit of creditors. PwC was expected to conclude the sale of all or part of MG Rover last week, following the carmaker's collapse in April that left 6,000 people jobless. Rover is facing liquidation to pay up GBP1.8 billion in debt, but with only GBP85.5 million in assets, it has to find a ready rescuer. Potential buyers shortlisted by PwC include an Iranian investor and TVR sports car owner Nikolai Smolenski for the entire MG Rover group. CONTACT: MG ROVER GROUP LIMITED Longbridge, Bickenhill Birmingham B31 2TB, United Kingdom Phone: +44-121-475-2101 Fax: +44-121-482-2403 Web site: http://www1.mg-rover.com MIDLAND SECURITY: Names P&A Partnership Administrator ----------------------------------------------------- Name of company: MIDLAND SECURITY LEICESTER LIMITED (formerly London Shutters Ltd.) (Company No 05198150) Nature of Business: Sale of Roller Shutter Security Systems Address of Registered Office: 93 Queen Street, Sheffield S1 1WF Date of Appointment: June 27, 2005 Administrators� Names and Address: Andrew Philip Wood and Philip Andrew Revill (IP Nos 9148 and 6421), both of The P&A Partnership, 93 Queen Street, Sheffield S1 1WF * * * Midland Security Leicester Limited formerly traded as London Shutters Ltd. The company provides cost-effective security solutions to the commercial and non-commercial sectors. Visit http://www.londonshutters.comfor more information. CONTACT: THE P&A PARTNERSHIP 93 Queen Street, Sheffield S1 1WF Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com MOWLEM PLC: Annual Loss Lower Under IFRS ---------------------------------------- As a listed company in the European Union, Mowlem plc is required to report its consolidated accounts under International Financial Reporting Standards (IFRS) with effect from January 2005. Accordingly, the Group will prepare its 2005 interim and annual financial statements under IFRS. The Group has completed its initial assessment of the adjustments required to restate the financial statements from U.K. Generally Accepted Accounting Principles (U.K. GAAP) to IFRS. This assessment has been based on all IFRS and interpretations issued by the International Accounting Standards Board and its committees as adopted by the European Union. The impact of moving from U.K. GAAP to IFRS is summarized in the table below. This information is unaudited and it is possible that further changes will be required before it is published as comparative information. These changes may result from the issuance of new IFRS guidance, as well as new technical and commercial interpretations. GBPmillion Six months ended Year ended 30 June 2004 31 December 2004 As reported IFRS As reported IFRS under UK GAAP under UK GAAP Turnover 957 956 2,066 2,049 Profit/(loss) before taxation 3.9 6.6 (15.3) (10.9) Net debt 53.7 66.8 18.9 27.5 Shareholders' funds 201.0 141.8 187.0 129.8 - - - - - - - - - The most significant items contributing to the changes reflect: (a) the inclusion in the balance sheet of employee pension liabilities and the recognition in the profit and loss account of a lower charge for employee pension benefits. These adjustments are comparable to those that would be required if the Group adopted FRS17 in its U.K. GAAP accounts. Mowlem will adopt the 'corridor method' permitted under IAS19; (b) goodwill no longer being amortized; (c) dividends not being accrued unless approved by the balance sheet date; (d) deferred tax being recognized on all timing differences; (e) some of the Group's joint arrangements that were proportionately consolidated under U.K. GAAP now being equity accounted; (f) the Group's share of profits of equity accounted joint arrangements, including PFI SPVs, being reflected as the share of post tax profit rather than the share of operating profit, interest and tax under U.K. GAAP; and (g) the change in treatment of a property lease from operating lease to finance lease. More details on the impact of moving from U.K. GAAP to IFRS is available on the Group's Web site at http://www.mowlem.com. CONTACT: MOWLEM PLC White Lion Court, Swan St., Isleworth London TW7 6RN, United Kingdom Phone: +44-20-8568-9111 Fax: +44-20-8847-4802 Web site: http://www.mowlem.com Brian O'Neill Phone: 020 7405 5251 NORTH WEST: Administrators from Begbies Traynor Step in ------------------------------------------------------- Name of company: NORTH WEST FRAMING LIMITED (Company No 03791662) Nature of Business: Picture Frame Manufacture and Retail Address of Registered Office: c/o Begbies Traynor, 1 Winckley Court, Chapel Street, Preston PR1 8BU Date of Appointment: June 30, 2005 Administrators� Names and Address: David Acland and Steven Williams (IP Nos 8894 and 8887), both of Begbies Traynor, 1 Winckley Court, Chapel Street, Preston, Lancashire PR1 8BU * * * David Brenkley is the managing director of the company. Visit http://www.northwestframing.co.ukfor more information. CONTACT: NORTH WEST FRAMING LTD. Unit 7 Crowland Close Southport PR9 7RR Merseyside Phone: 01704 540750 Fax: 01704 884750 BEGBIES TRAYNOR 1 Winckley Court Chapel Street Preston PR1 8BU Phone: 01772 202000 Fax: 01772 200099 E-mail: preston@begbies-traynor.com Web site: http://www.begbies.com OAK TRANSPORT: Hires Administrators from UHY Hacker Young --------------------------------------------------------- Name of company: OAK TRANSPORT PALLETS LIMITED (Company No 04661669) Nature of Business: Couriers Trade Classification: Division 6/28 Road Transport Date of Appointment: June 29, 2005 Administrators� Names and Address: Andrew Andronikou and Ladislav Hornan (IP Nos 1253 and 2059), both of UHY Hacker Young, St Alphage House, 2 Fore Street, London EC2Y 5DH CONTACT: OAK TRANSPORT PALLETS LIMITED Unit 5 Bluebell Business Estate Sheffield Park East Sussex TN22 5HQ UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com PINDERS (DEWSBURY): Hires Administrator from Mazars --------------------------------------------------- Name of company: PINDERS (DEWSBURY) LIMITED (Company No 04982793) Nature of Business: Manufacture and Installation of Signs Address of Registered Office: 9 Moorhead Lane, Shipley, Bradford Trade Classification: 2524�Manufacture of Other Plastic Products Date of Appointment: June 29, 2005 Administrators� Names and Address: Paul Charlton and Timothy Alan Askham (IP Nos 5838 and 007905), both of Mazars, Mazars House, Gelderd Road, Gildersome, Leeds * * * Formed in January of this year, Pinder has the reputation for service and quality, built up over 25 years. The company offers sheet metal forming/CNC routing using plastics, foam, wood, MDF, composites, soft metals, multiple drilling, profiles, lettering. Visit http://www.pindersign.co.ukfor more information. CONTACT: PINDERS (DEWSBURY) LIMITED 241 Bradford Road, Batley, West Yorkshire Phone: 01924 437123 Fax: 01924 437124 E-mail: info@pindersign.co.uk MAZARS LLP Mazars House Gelderd Road, Gildersome Leeds LS27 7JN Phone: 0113 204 9797 Fax: 0113 387 8760 Web site: http://www.mazars.co.uk PORTABLE FLOORMAKERS: Names Poppleton & Appleby Administrator ------------------------------------------------------------- Name of company: PORTABLE FLOORMAKERS LIMITED (Company No 2764429) Nature of Business: Temporary Flooring Systems Address of Registered Office: Redhill Marina, Ratcliffe-on-Soar, Nottingham NG11 0EB Date of Appointment: June 30, 2005 Administrators� Names and Address: M. D. Hardy and M. T. Coyne (IP Nos 1453 and 6575), both of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH * * * In 1992, Joe Weston-Webb formed Portable Floormakers Limited, which manufactures a wide range of portable flooring for all uses including; Florlok dance floors, exhibition floors, laminated flooring, beach coverings, and roadways. It also supply other products for the entertainment and leisure industries including banqueting chairs and tables, portable bar units and counters, low price carpeting, folding staging/rostra, trailer sized forklift trucks and more. Visit http://www.portablefloormakers.co.ukfor more information. CONTACT: PORTABLE FLOORMAKERS LTD. Redhill Marina Ratcliffe on Soar Nottingham NG11 0EB Nottinghamshire Phone: 01509 673753 Fax: 01509 674749 POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk QUAKEGEM LIMITED: Final Meeting Set August ------------------------------------------ Notice is hereby given that a Final Meeting of the Members of Quakegem Limited has been summoned by the Liquidator under section 94 of the Insolvency Act 1986. The Meeting will be held at the offices of Poppleton & Appleby, 35 Ludgate Hill, Birmingham B3 1EH, on 19 August 2005, at 2:30 p.m., for the purpose of having a final account laid before them by the Liquidator, showing the manner in which the winding-up of the said Company has been conducted, and the property of the Company disposed of, and of hearing any explanation that may be given by the Liquidator, and also of determining the manner in which the books, accounts and documents of the Company shall be disposed of. M T Coyne, Liquidator Quakegem's main products are hoop earrings in gold & silver. CONTACT: POPPLETON & APPLEBY 35 Ludgate Hill, Birmingham B3 1EH Phone: 0121 200 2962 Web site: http://www.pandabirmingham.co.uk QUAKEGEM LTD. Sandy Lane Titton Stourport on Severn DY13 9QA Hereford and Worcester Phone: 01299 877171 Fax: 01299 827815 Web site: http://www.quakegem.com RAEES CUISINE: Creditors Opt for Liquidation -------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Raees Cuisine Limited (In Liquidation) I, Bryan A Jackson, of PKF (U.K.) LLP, 78 Carlton Place, Glasgow G5 9TH, hereby give notice that I was appointed Liquidator of Raees Cuisine Limited by a Resolution of a Meeting of Creditors, duly convened and held in PKF (U.K.) LLP, 78 Carlton Place G5 9TH, under the terms of Section 138 of the Insolvency Act and Rule 4.12 of the Insolvency (Scotland) Rules 1986, on June 21, 2005. No Liquidation Committee was formed at this Meeting. I hereby give notice that, under Rule 4.18 of the Insolvency (Scotland) Rules 1986, I do not intend to summon a further Meeting for the purpose of establishing a Liquidation Committee. However, under the terms of Section 142(3) of the Insolvency Act 1986, I am required to call such a Meeting if requested to do so by one-tenth in value of the Company�s creditors. Bryan A. Jackson June 21, 2005 CONTACT: PKF 78 Carlton Place Glasgow G5 9TH Phone: 0141 429 5900 Fax: 0141 429 5901 E-mail: info.glasgow@uk.pkf.com Web site: http://www.pkf.co.uk Bryan Alan Jackson E-mail: bryan.jackson@uk.pkf.com RANDOM COMPUTING: Hires Administrator ------------------------------------- Name of company: RANDOM COMPUTING LIMITED (Company No 02586138) Nature of Business: Computer Services Trade Classification: 7,36 Date of Appointment: June 23, 2005 Administrators� Names and Address: David Frederick Wilson (IP No 703) and Julian Nigel Richard Pitts (IP No 7851), both of Wilson Pitts, Glendevon House, Hawthorn Park, Coal Road, Leeds LS14 4PQ. * * * Random Computing has been involved in performance computing systems for more than 15 years, from the earliest CAD applications through to the evolution of collaborative processes. It has worked in almost every market, which utilizes performance-computing systems. Specific examples are: automotive (Nissan, Perkins, Ricardo), aerospace (Dowty, TRW Lucas), engineering (Caradon Ideal, MSXi, Rolls-Royce), motorsport (Jaguar Racing) and product design (Kinneir Dufort). Nigel Hobden is the company's Chairman, Arni Wookey is the Managing Director while Lynn Humphreys is the Financial Controller. Visit http://www.random.co.uk/for more information. CONTACT: RANDOM COMPUTING LTD. 29 Grand Union Centre West Row, London W10 5AS Phone: +44 (0) 20 8964 3900 Fax: +44 (0) 20 8964 3994 E-mail: info@random.co.uk WILSON PITTS Glendevon House Hawthorn Park Coal Road Leeds West Yorkshire LS14 1PQ Phone: 0113 237 5560 Fax: 0113 237 5561 RAVENSCROFT PLASTICS: Revives Operation Under New Name, Owner ------------------------------------------------------------- Flamstead Holdings Ltd. has reportedly redeemed U.K. extruder Ravenscroft Plastics Limited out of receivership. According to PRW, operations at Ravenscroft Plastics' Tewkesbury, Gloucestershire site will resume under a new company name, HL Ravenscroft. The acquisition will result to a combined group turnover of GBP12 million for Flamstead Holdings, which also owns Derby-based extruder and injection molder HL Plastics and toolmaker Tarpey Harris. Flamstead managing director Roger Hartshorn said: "This accelerates our trade extrusion expansion by three years and will lay the foundations for our future ambitions of further developing our own product lines and manufacturing process." Ravenscroft Plastics was established in 1958 as a privately owned company, founded by Ted Ravenscroft and Hedley Bonnes. Two decades after, the company moved to a much larger site in Tewkesbury. With three factories in close proximity, Ravenscroft has established a key position in the thermoplastic extrusion industry. In 1998, through its innovative approach to product development, Ravenscroft Plastics developed a new cavity closure system for the new house build market and then in 2000 Ravenscroft acquired the manufacturing and distribution rights for a cable management ducting range of products with the trade name "Betaduct." Following the development of these ranges, the businesses were transferred to a newly formed associated companies -- Cavalok Building Products Limited and Beta Cable Management Systems Limited -- in May 2004. CONTACT: RAVENSCROFT PLASTICS LIMITED Green Lane Newtown, Tewkesbury Gloucestershire GL20 8HD Phone: 01684 292 272 or 01684 299 669 Fax: 01684 299 124 Web site: http://www.ravenscroft.co.uk REGUS GROUP: Expects First-half Earnings to Rise 7.6% ----------------------------------------------------- Regus Group plc, a global provider of office outsourcing, has issued a trading update for the six months ended 30 June 2005. All numbers are stated on a pro forma basis including HQ and at constant rates. EMEA represents Europe, Middle East and Africa (excluding the group's U.K. Associate). Trading in the second quarter has continued in line with the Board's expectations with good progress in both profit and cash generation. Unaudited revenues for the first six months are expected to be approximately 7.6% up on the first six months of 2004. In the first six months, Revenue Per Available Workstation (REVPAW) increased by 9.3% over the same period last year driven by month-on-month revenue increases. The Group has seen growth in revenues and enhanced margins across all three regions. In particular, EMEA has progressed well by increasing its revenues while reducing costs. Organic revenue growth in the Asia Pacific region has been supplemented by new center openings in China, India, Japan and Korea in the first half and the Americas continue to benefit from the acquisition of HQ. Commenting on the first six months performance, Chief Executive Mark Dixon said: "Regus' performance continues to improve in line with the Board's expectations. Inquiries remain strong, demonstrated by our healthy 12-month forward order book, which was 15.3 % higher at 30 June 2005 than at the same date last year on a comparable basis. "We enter the second half of 2005 well positioned to achieve our objectives for the full year. The Group will open new centres in the second half of the year in Asia Pacific and the Americas, which are expected to start contributing to the Group next year." Regus will announce its interim results for the six months ended 30 June 2005 during the week commencing 12 September 2005. CONTACT: REGUS GROUP PLC 3000 Hillswood Dr. Chertsey Surrey KT16 0RS, United Kingdom Phone: +44-1932-895-500 Fax: +44-1932-895-501 Web site: http://www.regus.com Financial Dynamics David Yates Richard Mountain Phone: +44 20 7269 7291 RENTOKIL INITIAL: Awaits GBP130 Mln Repayment from Ashtead ---------------------------------------------------------- Ashtead Group plc has disclosed details of a proposed refinancing. This would include the early repayment of the GBP134 million unsecured convertible loan note received by Rentokil Initial plc as partial consideration for the sale of its U.S. plant services business in June 2000, and which is due for repayment on 31 March 2008. If the proposed refinancing is successfully completed prior to 15 August 2005, Rentokil Initial plc would receive an agreed early repayment sum of GBP130 million, inclusive of all accrued interest and in addition to the GBP3.5 million interest received in April 2005. The board of Rentokil Initial plc believes that early repayment of the unsecured convertible loan note is in the best interests of its shareholders given that it would remove the potential risk of future payment default and eliminate the potential volatility on future reported financial results under the new International Financial Reporting Standards, particularly IAS39. * * * The company's restructuring became effective in June and the new New Rentokil Initial shares were admitted to the Official List and to trading on the London Stock Exchange's market for listed securities at that time. In May, non-executive chairman Brian McGowan, said: "In trading terms, the year has started off largely as expected, with a deterioration in profits compared with the first four months of 2004. This was due to the full effect of the significant increases in the investment in sales, marketing, service, I.T. and H.R., which were progressively fed in from May 2004 as well as the ongoing challenges of a difficult, price competitive market place. These trends are likely to continue into the second half." CONTACT: RENTOKIL INITIAL PLC Felcourt East Grinstead West Sussex RH19 2JY Phone: +44-1342-833-022 Fax: +44-1342-326-229 E-mail: pr@rentokil-initial.co.uk Web site: http://www.rentokil-initial.com ROBERT WISEMAN: First-quarter Sales Volume Up 12% ------------------------------------------------- At the Annual General Meeting of the Board of Robert Wiseman Dairies plc Thursday, Chairman Alan Wiseman said: "We are pleased to report that sales volumes in the first three months of the new financial year are satisfactory and are 12% ahead of last year's first quarter. "As expected, the new business with Tesco started in April and we have been pleased with sales from our new store allocation. Likewise, Pure, the new Extended Shelf Life milk for Tesco, was launched in store and has had a promising start with sales volumes building nicely in line with our expectations. "We will continue servicing Wm Morrison until October 2005 as previously announced, and are finalizing our plans for reducing costs to mitigate the loss of this contract. "Our new depot at Northampton is progressing satisfactorily and is on schedule to be operational by November. Planning for a new dairy in South West England continues and discussions with local authorities regarding planning are ongoing." * * * Robert Wiseman Dairies was earlier expected to reveal a 15% fall in 2004 profits, which is believed to be mainly caused by the loss of a contract with Asda. Robert Wiseman had a year of costly bidding wars with rivals Dairy Crest, and Arla, who had consistently complained to the competition watchdog about the group's dominance. The firm also lost a deal with Morrison last year. It won new contracts from Tesco and Sainsbury, but the six-month dry spell is believed to have reduced its milk production to about 1.2 billion liters from 1.35 billion last year, according to the report. The worst result of the setback was the loss of all businesses of its Scottish market. Robert Wiseman is reportedly mulling job cuts at the operation. CONTACT: ROBERT WISEMAN DAIRIES LTD. Cairn Place Nerston Industrial Estate East Kilbride, G74 4NQ Strathclyde Phone: 01355 247777 Fax: 01355 228181 Web site: http://www.wiseman-dairies.co.uk ROYAL MAIL: Reports Improvements in Service ------------------------------------------- New figures from Royal Mail showed a 5% improvement in the amount of U.K. mail delivered without loss, damage or substantial delay during 2004-05 than in the preceding year. More than 99.93% of the 22 billion letters collected and delivered by Royal Mail were last year delivered safely, to the correct address and without substantial delay. There was also an 11% rise in the number of inquiries and complaints to Royal Mail�s customer call centers �- from 1,647,000 in 2003-04 to 1,824,000 last year, when mail services were disrupted because of massive changes in Royal Mail�s network. Royal Mail Operations Director Tom Melvin said: �Last year was a period of massive, but necessary change. Now we have moved on, delivering the best quality service in ten years and still improving. But we aren�t complacent -� we take every problem and complaint seriously. We know we�ve a long way to go and need to keep improving our service to customers. �Because we want to improve, we�ve actively encouraged people to tell us when we do get something wrong, or when a letter goes astray. Earlier this year we sent a leaflet to more than 27 million addresses, giving people advice on how to raise problems � - both directly with Royal Mail and, if issues are not resolved, with Postwatch. Changed delivery times inevitably require a period of adjustment, but it remains the case that fewer than one letter in 10,000 prompts an inquiry or complaint to Royal Mail. �However, despite the massive improvements in our overall standard of service, there is still much more to do. We will never be satisfied with even a tiny percentage of customers� mail experiencing problems. Over the course of last year we�ve worked hard to address the real causes of problems, and have put concrete, practical plans in place which will deliver the further improvements in performance that our customers deserve.� Just over 15 million letters out of 22 billion -� less than 0.07% -� were lost, did not arrive at the correct destination, or did arrive at the correct address but with such a delay that they were recorded as �lost.� This represents an improvement of 45% on the position three years ago, before Royal Mail�s Renewal Plan was implemented, and an improvement of 5% over last year. CONTACT: ROYAL MAIL HOLDINGS PLC 148 Old St. London EC1V 9HQ Phone: +44-20-7250-2888 Fax: +44-20-7250-2244 Web site: http://www.royalmailgroup.com SML REALISATIONS: Hires KPMG Liquidators ---------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF SML Realisations Limited (In Liquidation) We, Blair Carnegie Nimmo and Gerard Anthony Friar, Chartered Accountants, KPMG LLP, 191 West George Street, Glasgow G2 2LJ, hereby give notice, that by Interlocutor of the Court of Session, pursuant to section 140(1) of the Insolvency Act 1986, dated May 31, 2005, we were appointed joint liquidators of SML Realisations Limited, having its registered office at c/o KPMG LLP, 3rd Floor, 191 West George Street, Glasgow G2 2LJ. A creditors� committee was established during the administration proceedings. Under Rule 4.61 of the Insolvency (Scotland) Rules 1986 the creditors� committee is deemed to continue as the liquidation committee. Accordingly, I do not intend to summon further meetings of creditors or contributories for the purpose of establishing a liquidation committee unless one-tenth, in value, of the creditors require it in terms of section 142(3) of the Insolvency Act 1986. Blair Carnegie Nimmo and Gerard Anthony Friar, Joint Liquidators June 27, 2005 CONTACT: KPMG LLP 191 West George Street Glasgow G2 2LJ Phone: (0141) 226 5511 Fax: (0141) 204 1584 Web site: http://www.kpmg.co.uk SOUTHAMPTON INSTITUTE: E&Y to Deliver Winding-up Report ------------------------------------------------------- Notice is hereby given, pursuant to sections 93 and 94 of the Insolvency Act 1986, that Annual and Final Meetings of the Members of Southampton Institute Library Services Limited will be held at 1 More London Place, London SE1 2AF, on Thursday 11 August 2005, at 11:00 a.m. and 11:05 a.m. .respectively, to receive an account showing how the winding-up of the Company has been conducted and its property disposed of and to hear any explanation that may be furnished by the Joint Liquidators. Any Member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of him or her and such a proxy need not be a Member. If you wish to appoint a proxy, a proxy form should be lodged with me at Ernst & Young LLP, 1 More London Place, London SE1 2AF, no later than 12.00 noon on Wednesday 10 August 2005. P J Brazzill, Joint Liquidator Southampton Institute is into library and archive services. CONTACT: SOUTHAMPTON INSTITUTE LIBRARY SERVICES LIMITED Southampton Institute, East Park Terrace, Southampton, Hampshire SO14 0YN Web site: http://www.solent.ac.uk/ ERNST & YOUNG LLP 1 More London Place, London SE1 2AF Contact: Patrick Joseph Brazzill, Liquidator Alan Lovett, Liquidator SPARE PARTS: Shareholders Decide to Liquidate Firm -------------------------------------------------- At an Extraordinary Meeting of the Members of Spare Parts Services Limited, duly convened, and held on 28 June 2005, the following Resolutions were duly passed as a Special Resolution, an Ordinary Resolution, as Special Resolutions and as an Ordinary Resolution respectively: �That the Company be wound up voluntarily, that Simon Gwinnutt, of Smith Cooper, be and he is hereby appointed Liquidator for the purposes of winding-up the Company, that the said Simon Gwinnutt be and he is hereby authorized to pay all classes of Creditors in full and all such other matters as described in Part 1 to Schedule 4 Insolvency Act 1986, and that the said Simon Gwinnutt be and he is hereby authorized to receive in compensation or part compensation for the transfer or sale of the assets, shares, policies or other like interests for distribution among the Members of the Company, and that the Liquidator�s remuneration shall be fixed by reference to the time properly given by the Liquidator and his staff in attending to matters arising in the winding-up, including those falling outside his statutory duties undertaken at the request of Members.� F Castellini * * * Spare Parts is formerly Castellini (U.K.) Limited. It supplies and repairs dental equipment. CONTACT: SPARE PARTS SERVICES LIMITED Wilmot House, St James Court Friar Gate, Derby DE1 1BT Simon Gwinnutt Smith Cooper, Wilmot House St. James Court, Friar Gate, Derby Web site: http://www.smithcooper.co.uk/ SPARE PARTS: Creditors Have Until September to File Claims ---------------------------------------------------------- Notice is hereby given that I, Simon Gwinnutt, of Smith Cooper, Wilmot House, St James Court, Friar Gate, Derby DE1 1BT, was appointed Liquidator by the Members of Spare Parts Services Limited (formerly Castellini (U.K.) Limited) on 28 June 2005. The Creditors of the above-named Company, are required, on or before 30 September 2005, to send their names and addresses and the particulars of their claims and the names and addresses of their Solicitors, if any, to Simon Gwinnutt, Smith Cooper, Wilmot House, St James Court, Friar Gate, Derby DE1 1BT, the Liquidator of the said Company, and if so required by notice in writing from the Liquidator, either by their Solicitors or personally, to come in and prove their debt or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debt are proved. S Gwinnutt, Liquidator * * * Spare Parts is formerly Castellini (U.K.) Limited. It supplies and repairs dental equipment. CONTACT: SMITH COOPER Wilmot House, St James Court, Friar Gate Derby DE1 1BT Contact: Simon Gwinnutt, Liquidator Web site: http://www.smithcooper.co.uk/ TAMARA D: Creditors Meeting Set Friday -------------------------------------- The creditors of Tamara D Limited (Company No 05170639) will meet on July 15, 2005 at 11:00 a.m. It will be held at Mercer & Hole, 72 London Road, St Albans, Hertfordshire AL1 1NS. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Steven Leslie Smith and James Richard Harries, both of Mercer & Hole, 72 London Road, St Albans, Hertfordshire AL1 1NS not later than 12:00 noon, July 14, 2005. CONTACT: MERCER & HOLE Gloucester House 72 London Road St Albans Hertfordshire AL1 1NS Phone: 01727 869141 Fax: 01727 869149 E-mail: stevesmith@mercerhole.co.uk THE JOINT INSOLVENCY: Appoints KPMG Liquidator ---------------------------------------------- At an Extraordinary General Meeting of The Joint Insolvency Monitoring Unit Limited, duly convened, and held at 100 Barbirolli Square, Manchester M2 3AB, on 21 June 2005, the following Resolutions were duly passed, as a Special Resolution and as an Ordinary Resolution respectively: �That the Company be wound up voluntarily, and that Stephen Treharne, of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB, be and is hereby appointed Liquidator for the purpose of such winding-up.� K Ross, Chairman 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 THOMAS ANDERSON: Wood Product Manufacturer Names Administrator -------------------------------------------------------------- Name of company: THOMAS ANDERSON FURNISHINGS LIMITED (Company No 05057200) Nature of Business: Manufacture of Other Products of Wood Trade Classification: 2051 Date of Appointment: June 28, 2005 Administrators� Names and Address: Jonathan Lord (IP No 9041) and Robert Cooksey (IP No 9040), both of Bridgestones, 125-127 Union Street, Oldham, Lancashire OL1 1TE CONTACT: BRIDGESTONES 125-127 Union Street Oldham Lancashire OL1 1TE Phone: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk UNIQ PLC: New CEO to Take over Next Month ----------------------------------------- Uniq Plc, the European convenience food group, has appointed Geoff Eaton as Group Chief Executive with effect from 1 August 2005. A Chartered Accountant, Mr. Eaton has held a number of senior positions in general management and corporate development, most recently as Chief Executive of ISIS Research, the fast-growing international service business. Prior to that he was with Tomkins plc where he served as an Executive Director at RHM in U.K., as Executive Vice President with the Gates Corporation in the U.S.A. and as Head of Corporate Development for the Tomkins group. Nigel Stapleton, Chairman, said: "Geoff will bring to the Company highly relevant general management, commercial and corporate development experience, with a successful track record in corporate transactions. His strategic clarity and leadership qualities will complement the skills of the three Divisional Managing Directors and the central team in executing successfully the strategic development of Uniq." Geoff Eaton, BA Econ (Manchester University), 46, qualified as a Chartered Accountant with Arthur Andersen in 1983 working in London and Hong Kong. He moved to Hill Samuel corporate finance in 1986 and joined Tomkins plc early in its development in 1988. During his time at Tomkins, the group developed sales of GBP300 million to sales of GBP5 billion. From 1992 to 1995, he was an Executive Director of RHM following its acquisition by Tomkins when a significant turnaround was achieved. In 1996, Mr. Eaton led the team responsible for the acquisition of Gates Corporation by Tomkins, a global engineering company headquartered in Denver Colorado and was appointed Executive Vice President of Gates during which time the company grew successfully through the acquisitions of Stant Corporation and Schrader Bridgeport. In 1998, Mr. Eaton returned to the U.K. to head up Corporate Development for Tomkins worldwide to facilitate the refocusing of the group on engineering and building products following the sale of RHM. In 2001, he was appointed CEO of ISIS Research. Remuneration Mr. Eaton's remuneration at Uniq includes a base salary of GBP330,000, cash in lieu of pension of 20% of salary, eligibility for an annual cash bonus on achievement of pre-agreed targets with a maximum payout of 120% of salary in a full year for exceptionally good performance and Performance Incentive Shares to the value of one times salary subject to performance conditions. In addition, he will purchase GBP100,000 worth of Uniq shares and be awarded Matching Shares on a 2:1 ratio on equivalent terms and subject to the same performance conditions as under the existing PIP Matching Scheme approved by shareholders. CONTACT: UNIQ PLC 1 Chalfont Park Gerrards Cross Buckinghamshire SL9 0UN Phone: +44-1753-276-000 Fax: +44-1753-276-071 Web site: http://www.uniq.com GAINSBOROUGH Julian Walker Phone: 020 7190 1705 WEATHERGUARD SYSTEMS: Appoints Liquidator from Tenon Recovery ------------------------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Weatherguard Systems Ltd. (In Liquidation) I, Christine Convy, of Tenon Recovery, 44 Victoria Road, Kirkcaldy KY1 1DH, hereby give notice that on June 29, 2005, I was appointed Liquidator of Weatherguard Systems Limited by a Resolution of the First Meeting of Creditors held in terms of section 138(3) of the Insolvency Act 1986. No Liquidation Committee was established. Accordingly, I hereby give notice that I do not intend to summon a further Meeting for the purpose of establishing a Liquidation Committee unless one-tenth, in value, of the Creditors require it in terms of section 142(3) of the Insolvency Act 1986. C. Convy, Liquidator CONTACT: TENON RECOVERY 44 Victoria Road Kirkcaldy KY1 1DH Phone: 01592 263212 Fax: 01592 641180 E-mail: kirkcaldy@tenongroup.com Web site: http://www.tenongroup.com WOOLWORTHS GROUP: Moody's Confirms Ba1 Rating --------------------------------------------- Moody's Investors Service changed the outlook for Woolworths Group Plc to negative from stable. Concurrently, Moody's confirms Woolworths' issuer rating of Ba1. This concludes the review initiated on March 2, 2005. The negative outlook reflects Moody's opinion that, notwithstanding the steps taken by management to focus its retail estate by rationalizing Big W and seeking to dispose MVC, and their achievements in growing its entertainment wholesale and publishing division, the group's medium-term prospects remain difficult to ascertain. In Moody's view, restoring top line sales and improving operating profitability at Woolworths' main- chain represents an ongoing challenge for the group. Moody's regards the sales uplift generated from the new format stores (the 10/10 program) as encouraging, particularly in the first year, but notes that to date only a small percentage of the store network has been updated and consequently the impact on group operating performance has been modest. The pace of the group's refit programs will be an important element in stabilizing overall sales but require management to continue to balance capital expenditure requirements against operating cash flows and leverage. Woolworths' rating continues to reflect the group's reliance on the Christmas trading period and top line volatility of entertainment products, which are impacted by release schedules and popularity of releases. Whilst Woolworths' on balance sheet debt is low with only GPB99.6 million of debt on balance sheet as of FY05, its estate is entirely leasehold, resulting in a high lease and pension adjusted net leverage of 4.4x. Additionally, the group utilizes its GPB250 million revolving credit facility to meet seasonal working capital movements during the course of the year, resulting in average debt balances higher than at yearend. Woolworths' gross pension deficit amounted to GBP98 million as of FY05, however Moody's notes the fact the group is making sizeable cash contributions of GBP16 million per annum to reduce the deficit over time. Positively, Woolworths' Ba1 rating continues to be supported by the group's national retail presence and strong market shares in a number of retail segments, e.g. toys, confectionery, children's clothing and homeware. The rating also positively factors in the group's fast growing entertainment wholesale and publishing division i.e. EntertainmentUK (EUK) and 2entertain, its joint venture with the BBC. In particular, the rating benefits from the growth in scale of these businesses as an additional source of revenues and their increasing contribution to the consolidated group's cash flows. The outlook could stabilize if the negative trend in EBIT margins over the past three years is reversed, if the group can deliver top-line growth and RCF/net adjusted debt approaching 15%. Conversely, ratings could fall if EBIT margins fall below 2%, RCF/net adjusted debt in the low teens and net adjusted leverage exceeds 4.5x. Headquartered in London, U.K., Woolworths Group plc is a major U.K. retailer. For the fiscal year ended January 2004, the company reported net sales of GBP2.8 billion. CONTACT: MOODY'S FRANCE S.A. (PARIS) Eric de Bodard, Managing Director Corporate Finance Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Amanda Neff, VP - Senior Credit Officer Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 WYVERN FURNITURE: Management Buyout Saves 200 Jobs -------------------------------------------------- Two companies belonging to the Christie Tyler Group were reportedly bought out of receivership by their management, saving over 200 jobs in the process. According to the Birmingham Post, managing director Len Hughes led the buyout of Wyvern Furniture Limited and its distribution unit Earlybird Furniture Limited, after parent company Christie Tyler called in receivers from Ernst & Young last week. Mr. Hughes, who has been managing Wyvern Furniture for 15 years, was supported by finance director Keith Williams, design director Richard Thatcher, and operation and production director Simon Townsend. The team, which was said to have doled out an undisclosed seven- figure sum for the takeover, expressed hope for the firms to resume operations under the same name, maintaining the employees at the two factories. Mr. Hughes was positive about the steady growth of Wyvern Furniture, which has a turnover of about GBP16 million. On July 1, the two companies, along with five other Christie Tyler subsidiaries fell into administrative receivership. Ernst & Young, in a statement, disclosed the companies had for some time struggled amid increasing overseas competition, and more recently, weaker retail trading, as consumer demand declined in the U.K. Some of the businesses of Christie Tyler have been sold on a solvent basis to Sofa Brands International Limited. CONTACT: WYVERN FURNITURE LIMITED Units 13 / 15 Hartlebury Trading Estate Hartlebury Kidderminster Worcestershire DY10 4JB Phone: 01299 251 100 Fax: 01299 251 836 CHRISTIE TYLER LIMITED Abergarw Road Brynmenyn, Bridgend Mid Glamorgan CF32 9LN Phone: 01656 726 200 Fax: 01656 726 233 E-mail: bstitfall@christietyler.co.uk ********* 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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