/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/050929.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, September 29, 2005, Vol. 6, No. 193 Headlines B E L G I U M TELENET COMMUNICATIONS: Fitch Considers IPO Positive Development TELENET GROUP: Moody's Reviews Ratings for Upgrade C Z E C H R E P U B L I C PLZENSKA BANKA: Court Names New Receiver G E R M A N Y AUTOHAUS ROCHLITZ: Creditors Meeting Set December AUTOHAUS ROTHE: Succumbs to Bankruptcy BONDZIO BEDACHUNGEN: Court Calls in Administrator from HWW CONSIAL AG: Proofs of Claim Due November DAIMLERCHRYSLER AG: To Sack 8,000 Mercedes Workers, Says Paper DAIMLERCHRYSLER AG: MTU Sale Talks On GESELLSCHAFT BUERGERLICHEN: Court to Verify Claims January HEIDELBERGCEMENT AG: Ratings Affirmed at 'Ba1' HKB GASTRO: Under Bankruptcy Administration OPUS SERVICE: Court Appoints Tiefenbacher Administrator PREUSSISCHE SPIRITUOSEN: Creditors' Claims Due December SAMSUNG SDI: Shuts down Display Manufacturing Plant SKS RESTAURANT: Hamburg Business Goes Bust SOLIDWEAR STRICKWAREN: Falls into Bankruptcy UNITY MEDIA: Reports EUR16.3 Million Second-quarter EBITDA I R E L A N D ELAN CORPORATION: Launches US$850 Million Exchange Offer I T A L Y PARMALAT FINANZIARIA: Capitalia Chair Calls Accusation Fantastic PARMALAT FINANZIARIA: Gets Rave Review from Lehman Brothers N E T H E R L A N D S ROYAL SHELL: Cancels 950,000 'A' Shares VERSATEL TELECOM: Court Rejects Centaurus' Appeal on Tele2 Bid P O L A N D SWARZEDZ MEBLE: To Declare Bankruptcy if Share Offering Fails R O M A N I A BANCA TIRIAC: Wraps up Merger with HVB Bank Romania R U S S I A AEROFLOT: Leases 'Problematic' Ilyushin Planes AGRO-SIB: Bankruptcy Supervision Procedure Begins ENERGO-GAS-COMPLECT: Insolvency Manager Takes over Business EVRAZ GROUP: Unit to Pay Interim Dividend of RUR2.29 Per Share FACTORY OF REINFORCED CONCRETE: Succumbs to Bankruptcy GUKOVSKOYE: Bankruptcy Hearing Set Next Month IDA-WOOD: Court Brings in Insolvency Manager KUPINSKIY: Claims Filing Period Ends Next Month ROZOVSKOYE: Bankruptcy Hearing Set December SHELTER-INVEST-AGRO: Declared Insolvent TALITSKIY TIMBER: Hires M. Marvin Insolvency Manager VOLGOGRAD-MONTAGE: Bankruptcy Supervision Procedure Begins T U R K E Y TURKIYE IS BANKASI: Sells Share in Izmir Demir to Sahin-Koc VESTEL ELEKTRONIK: Outlook Negative on Weakened Performance U K R A I N E BANK FINANCE: Moody's Rates Currency Deposits 'B2' TAS-INVESTBANK: Moody's Assigns B2/NP/E+ Ratings TAS-KOMMERZBANK: Foreign Currency Deposit Rated 'B2' U N I T E D K I N G D O M A.C.R. SERVICES: Members Decide to Wind up Business ALEXON GROUP: Declares Dividend Despite First-half Slump ALPHASTAR LIMITED: Names Tenon Recovery Liquidator ASA COMMUNICATIONS: Files for Liquidation BRANDED SUIT: In Liquidation CAMBERMAIN LIMITED: Liquidators from F A Simms Move in CAPANAC LIMITED: Names Harrisons Administrator C D A ENTERTAINMENT: Calls in Liquidator CLEARGOLD CONTRACTORS: Hires Taylor Rowlands Administrator COMEC VOICE: Calls in Administrators from Harrisons CORPORATE P.INC.: Telemarketer Liquidates CRADLECRAFT ENGINEERING: Creditors Meeting Set October 10 DANKA BUSINESS: Divests Six Units for US$10 Million DAVILL RECRUITMENT: Monahans Administrator Enters Firm EXCEL PLANT: Files for Winding-up EXPORTSPAS LIMITED: Creditors Meeting Set Friday GAIM (UK): Creditors to Meet Later this Month GATE GOURMET: Shakes up Corporate Structure GRAYSTONE PAVING: Appoints Begbies Traynor Liquidator HARVEY F. SMITH: In Liquidation HOLLYWOOD DVD: Hires Administrators from Unity Corporate ICELITE LIMITED: Appoints DTE Leonard Curtis Administrator IRVINE MARTIN: Names Administrators from Larking Gowen JESSOP PLANT: Names Poppleton & Appleby Liquidator METAL BULLETIN: Sells Troubled U.S. Business for US$1 MG ROVER: Nanjing Promises Longbridge Revival in 2007 MOWLEM PLC: Wins GBP28.5 Mln Deal to Build Sports Complex PARTNERS PROPERTY: Hires P&A Partnership Administrator PAUL GASCOIGNE: PR Firm Winds up with GBP100,000 Debt PURE AIR: Calls in Administrators from Mitchell Charlesworth RANK GROUP: 'BB+' Rating Affirmed; Outlook Negative REGAL PETROLEUM: To Pursue Plans to Develop Ukrainian Assets ROBERT WISEMAN: Volumes, Turnover in Line with Expectations SPENCE CONSTRUCTION: In Administrative Receivership TORVER SITE: Creditors Meeting Set Next Week TURNER & NEWALL: U.S. Parent Promises GBP250 Mln to Pension Fund UNIQ PLC: U.K. Division Incurs GBP6.5 Million Loss WM MORRISON: Safeway Disposes of 30 Sites to Tesco ********* ============= B E L G I U M ============= TELENET COMMUNICATIONS: Fitch Considers IPO Positive Development ---------------------------------------------------------------- Fitch Ratings has placed the ratings of Belgium-based Telenet Communications N.V. on Rating Watch Positive (RWP) following the launch of its proposed initial public offering (IPO). Ratings On Rating Watch Positive: -- Telenet Communications N.V. EUR500 million senior notes: 'B-' -- Telenet Group Holding N.V. US$558 million senior discount notes: 'CCC+' -- Telenet Bidco N.V. Senior Unsecured: 'B' -- Telenet Bidco N.V.'s senior secured debt: 'BB-' The RWP on Telenet will be resolved once the proposed IPO has been completed and the proceeds have been applied. Telenet announced on September 25 that the company hopes to raise up to EUR298 million in new funds from the IPO, which will be used to pay down debt. Telenet may redeem up to 35% of its senior notes and 35% of its senior discount notes with the IPO proceeds. Earlier this year, Telenet prepaid an amount of EUR105 million under its senior secured facilities, which reduced total debt/EBITDA to 4.9x at end-June 2005. Fitch estimates that debt prepayment from IPO proceeds could reduce leverage to around 4.0x. Telenet's ratings reflect the company's strong market positions in cable television, Internet and telephony services and, in particular, the stability of the cable television business. Roger Coyle, Director in Fitch's Leveraged Finance Group, said: "Notwithstanding strong operating and financial results in 2004 and H1 2005, Telenet's rating has thus far been constrained by the group's high financial leverage, the potential for increased price competition in the Belgian Internet and telephony markets, and the anticipated costs of Digital TV rollout. "Using the proceeds of the IPO to reduce debt could bring Telenet's leverage down to around 4.0x, which is likely to result in a rating upgrade." The proposed IPO also comprises a secondary offering of approximately EUR800 million to EUR960 million, which would reduce the stakes of several of Telenet's existing shareholders and result in Telenet having a free float of up to 49.6%. Fitch notes that Liberty Global is not selling any shares in the offering and is expected to maintain its 21.4% stake in Telenet. Telenet is a cable operator in Belgium providing cable television, broadband Internet and telephony services to 2.6 million subscribers in the Flanders region. In H1 2005, Telenet generated revenues of EUR359 million and EBITDA of EUR170 million. CONTACT: FITCH RATINGS Roger Coyle, London Phone: +44 (0) 20 7862 4105 Michelle De Angelis Phone: +44 (0) 20 7417 3499 Web site: http://www.fitchratings.com Media Relations Julian Dennison, London Phone: +44 20 7862 4080 TELENET GROUP: Moody's Reviews Ratings for Upgrade -------------------------------------------------- Moody's Investors Service has initiated a review for possible upgrade on the ratings of Telenet Group Holding N.V. and Telenet Communications N.V. following Telenet's recent announcement to proceed with an initial public offering. Affected ratings are: -- Telenet Group Holding N.V.: (a) Corporate Family rating at B2; and (b) US$558 million senior unsecured notes due 2014 at Caa2 -- Telenet Communications N.V.: EUR500 million senior notes due 2013 at B3 Moody's notes that it is market expectations that Telenet is likely to raise approx. EUR1.3 billion in primary and secondary proceeds from its IPO. Primary proceeds are expected to be approx. EUR280 million (excluding an employee offering of c. EUR18.5 million). Moody's understands that Telenet will use the net primary proceeds to reduce its outstanding bond debt through claw-back provisions in their indentures. In its ratings review Moody's will focus on the company's capital structure following its IPO and its financial and dividend policy going forward. Additionally, Moody's notes Telenet's robust operating and financial performance over the past six months. The company has continued to increase its broadband Internet and telephony subscriber base, which resulted in revenue and EBITDA growth when compared with the same period last year. In its review Moody's will also focus on the competitive market dynamics and its potential impact on Telenet's future operating performance. Headquartered in Belgium, Telenet is the largest provider of broadband cable services in Belgium, operating through its network in Flanders. For the six months ending June 30, 2005, the company reported revenues and EBITDA of approximately EUR358.8 million and EUR169.9 million respectively. CONTACT: MOODY'S INVESTORS SERVICE LTD. (LONDON) Jenya Brown, Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 David G. Staples, Managing Director Moody's Investors Service Ltd. Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =========================== C Z E C H R E P U B L I C =========================== PLZENSKA BANKA: Court Names New Receiver ---------------------------------------- The Regional Court of Plzen has appointed a new receiver for bankrupt Plzenska Banka (PB) to replace Luda Sabatova, Czech News Agency says. Ms. Sabatova had asked the court for leave after accusations of tax evasion surfaced against her. The court granted her request and named Zdenek Vlcek as her replacement. PB filed for bankruptcy in March 2003 following the closure of its one and only branch in Plzen. The district court of Plzen admitted in November CZK2.158 billion in claims against PB, which only has CZK1.26 billion in assets. Some 1,300 creditors are now wondering how the bank will settle their claims. CONTACT: PLZENSKA BANKA a.s. Nam. Republiky 130/16 P.O. BOX 322 306 22 Plzen Phone: +420 377 235 354-359 Fax: +420 377 235 330 E-mail: plzenska.banka@plba.cz Web site: http://www.plba.cz ============= G E R M A N Y ============= AUTOHAUS ROCHLITZ: Creditors Meeting Set December ------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against Autohaus Rochlitz am Markt GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 20, 2005 to register their claims with court-appointed provisional administrator Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting on December 1, 2005, 10:15 a.m. at the district court of Chemnitz Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in Chemnitz, 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: AUTOHAUS ROCHLITZ AM MARKT GmbH Bismarckstrasse 3, 09306 Rochlitz Contact: Ulrich Nolte, Manager Markus M. Merbecks, Administrator Dr. Handschumacher & Merbecks Ludwigstrasse 58, 09113 Chemnitz Web site: http://www.handschumacher.de AUTOHAUS ROTHE: Succumbs to Bankruptcy -------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against Autohaus Rothe GmbH on August 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 12, 2005 to register their claims with court-appointed provisional administrator Irmgard Niemeyer-Uhlmann. Creditors and other interested parties are encouraged to attend the meeting on November 23, 2005, 10:30 a.m. at the district court of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in Chemnitz, 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: AUTOHAUS ROTHE GmbH Gewerbepark 5, 08258 Markneukirchen Contact: Stefan Rothe, Manager Irmgard Niemeyer-Uhlmann, Administrator Theodor-Korner-Platz 12, 09130 Chemnitz BONDZIO BEDACHUNGEN: Court Calls in Administrator from HWW ---------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against Bondzio Bedachungen GmbH on September 5. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 5, 2005 to register their claims with court-appointed provisional administrator Carsten Morgenstern. Creditors and other interested parties are encouraged to attend the meeting on November 23, 2005, 10:15 a.m. at the district court of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, Chemnitz, 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: BONDZIO BEDACHUNGEN GmbH Lichtensteiner Strasse 43, 09394 Hohndorf Contact: Peter Bondzio, Manager Carsten Morgenstern, Administrator HWW Wienberg Wilhelm Michaelstrasse 71, 09116 Chemnitz Web site: http://www.hww-kanzlei.de CONSIAL AG: Proofs of Claim Due November ---------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Consial AG on August 30. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 24, 2005 to register their claims with court-appointed provisional administrator Stephan Mitlehner. Creditors and other interested parties are encouraged to attend the meeting on October 6, 2005, 9:05 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on January 19, 2006, 9:05 a.m. at the same venue. CONTACT: CONSIAL AG Kronberger Str. 12,14193 Berlin Stephan Mitlehner, Administrator Walter-Benjamin-Platz 6, 10629 Berlin DAIMLERCHRYSLER AG: To Sack 8,000 Mercedes Workers, Says Paper -------------------------------------------------------------- DaimlerChrysler AG's Mercedes division is reportedly axing more than 8,000 workers in Germany, instead of 5,000 as earlier speculated, said Stuttgarter Nachrichten. Without citing sources, the paper said DaimlerChrysler was expected to reveal plans of job reductions Wednesday. On Sunday, Agence France-Presse reported that Mercedes will start axing jobs as early as this year through attrition. Under the scheme, also called "natural wastage," workers leaving the company will not be replaced. Mercedes will also implement voluntary redundancies, since it has agreed with unions not to carryout forced redundancies until 2012. The agreement covers about 160,000 staff on the German payroll. While the group's Chrysler unit is slowly turning around, Mercedes' market share continues to dwindle. The brand has been described as "tarnished" in the wake of a series of slipups in design and engineering. Mercedes has also seen falling profits due to model changeovers, the strong euro, and losses at its Smart venture, which has already cost the company EUR512 million. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com DAIMLERCHRYSLER AG: MTU Sale Talks On ------------------------------------- DaimlerChrysler AG started talks to sell MTU Friedrichshafen shortly after buying the remaining shares of the diesel engine maker. If everything goes smoothly, DaimlerChrysler is expected to conclude the sale by the end of the year. The sale, however, risked being turned into a political issue because most of the interested buyers are foreign companies, The Business says. DaimlerChrysler has refused to identify any of the possible buyers, but a person privy to the deal said more than 10 firms are involved. Aside from German truck maker MAN, which is ready to re-launch its bid for the unit, U.S. group Carlyle is also involved. MTU is estimated to fetch more than EUR1.2 billion. MTU's role as supplier of engines for Germany's main battle tank, Leopard II, could also pose a problem, as sale of all companies earning from the defense industry requires approval from the state. Berlin is expected to interfere in any deal that may involve job reductions. MTU, which employs more than 6,000 people, also builds engines for trains, ships and construction machinery. It had turnover of EUR1.75 billion in 2004. CONTACT: DAIMLERCHRYSLER AG 70546 Stuttgart, Germany Phone: +49 711 17 0 Fax: +49 711 17 22244 Web site: http://www.daimlerchrysler.com GESELLSCHAFT BUERGERLICHEN: Court to Verify Claims January ---------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Gesellschaft buergerlichen Rechts Schopenhauerstrasse 54 on August 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until November 30, 2005 to register their claims with court-appointed provisional administrator Dr. Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting on October 19, 2005, 11:05 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on January 25, 2006, 10:35 a.m. at the same venue. CONTACT: GESELLSCHAFT BUERGERLICHEN RECHTS SCHOPENHAUERSTRASSE 54 Contact: Dieter-Martin and Juliane Hartwig, Managers Schopenhauerstr. 54, 14129 Berlin Dr. Dirk Wittkowski, Administrator Kirchblick 11, 14129 Berlin HEIDELBERGCEMENT AG: Ratings Affirmed at 'Ba1' ---------------------------------------------- Moody's Investors Service confirmed the Ba1 ratings of HeidelbergCement AG and supported subsidiaries. The outlook is positive. This concludes the review initiated on 15 June 2005. The confirmation reflects: (a) The strength of HeidelbergCement's underlying business positions, with their inherently cash generative features; (b) Moody's expectation that HeidelbergCement's underlying retained cash flow and profitability will strengthen over the forthcoming years due to an improving business environment and cost cutting measures; (c) An improved balance sheet profile following the March 2005 rights issue, providing greater flexibility to accommodate increased dividends if required; (d) Moody's understanding that the recently completed acquisition of HeidelbergCement by Spohn Cement, a company related to the Merckle family, will at most have limited negative impact on HeidelbergCement's current capital structure; (e) The expectation that HeidelbergCement will be able to comfortably meet its immediate dividend requirements to service a portion of the sizeable acquisition debt at Spohn Cement; and (f) Moody's expectation that HeidelbergCement has sufficient capacity to pay an increased dividend should other sources of Spohn debt repayment not materialize as expected. That noted, should the company have to make additional contributions, Moody's would initially revisit the positive outlook. The rating also takes into account: (a) The loss of flexibility to minimize dividends should the company need to conserve cash; (b) The emphasis placed on management to deliver on the group's restructuring measures; (c) The ongoing weakness in some of the European building materials markets, particularly Germany; (d) continued reliance on the currently strong performing North American market; and (e) German cartel office fines (EUR253 million) for alleged price fixing pending since 2003 which could result in a sizeable one-off cash outflow although it is unclear if and when legal proceedings will commence in respect thereof. The acquisition by Spohn Cement has been primarily funded by a EUR2.6 billion amortizing term loan. Debt service is expected to come primarily from cash funds from other sources of the Merckle group but also from HeidelbergCement dividends. HeidelbergCement currently has dividend restrictions imposed by the 2010 high yield bond indenture. However, the level of dividends expected to be paid by HeidelbergCement to contribute to the Spohn debt service are well below the threshold. Moody's notes that the high yield bond could be redeemed as from July 2007 at management's option. HeidelbergCement also has additional indirect dividend restricting covenants in other documentations but the thresholds currently provide more headroom than the bond indenture. The company also has statutory limitations on dividends but these are currently not restrictive given HeidelbergCement's capitalization. In line with public statements from HeidelbergCement's and Spohn Cement's management, Moody's assumes that there will be no merger between HeidelbergCement and Spohn, no profit and loss transfer agreement and no other measures to push the debt from Spohn down to HeidelbergCement. An upgrade of HeidelbergCement could be justified depending upon: (a) The ability to strengthen the retained cash flow/net adjusted debt ratio sustainably above 20%; and (b) the implementation of restructuring measures as expected. Should HeidelbergCement need to increase its dividends the impact will hit the retained cash flow measure but will in addition depart from Moody's initial expectations and as a result this may slow the company's progress towards achieving an investment grade rating. With committed credit lines of about EUR 1.2 billion at its disposal, substantial cash balances and only limited maturities coming due within the next 12 months, Moody's considers that HeidelbergCement's liquidity comfortably meets the liquidity needs. Moody's believes that in due course management will address the maturity of one of its major bonds coming due in 2007. Rating confirmed for the following ratings: (a) HeidelbergCement AG: (i) Issuer rating: Ba1 (ii) Corporate Family rating: Ba1 (iii) Senior unsecured debt: Ba1 (iv) Bank Credit Facility: Ba1 (b) HeidelbergCement Finance B.V.: Senior unsecured debt guaranteed by HeidelbergCement: Ba1 (c) HeidelbergCement Financial Services AB: Senior unsecured debt guaranteed by HeidelbergCement: Ba1 Headquartered in Heidelberg, Germany, HeidelbergCement AG was founded in 1873 and is publicly traded. The company produces cement as well as building materials and building chemicals. The group's fiscal 2004 revenue amounted to EUR6.9 billion. CONTACT: MOODY'S DEUTSCHLAND GmbH (FRANKFURT) Matthias Hellstern, Vice President - Senior Analyst Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Michael West, Managing Director Corporate Finance Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 HKB GASTRO: Under Bankruptcy Administration ------------------------------------------- The district court of Halle-Saalkreis opened bankruptcy proceedings against HKB Gastro GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 18, 2005 to register their claims with court-appointed provisional administrator Dr. Lucas F. Flother. Creditors and other interested parties are encouraged to attend the meeting on November 15, 2005, 10:45 a.m. at the district court of Halle-Saalkreis, Saal 1.044, Justizzentrum, Thueringer Str. 16, 06112 Halle, 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: HKB GASTRO GmbH Franckestrasse 1, 06110 Halle Contact: Andreas Brandt, Manager Dr. Lucas F. Flother, Administrator Hansering 1, D-06108 Halle Phone: 0345/212220 Fax: 0345/2122222 OPUS SERVICE: Court Appoints Tiefenbacher Administrator ------------------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against OPUS Service GmbH Sicherheit -- Reinigung -- Landschaftspflege on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 11, 2005 to register their claims with court-appointed provisional administrator Frank Ruediger Scheffler. Creditors and other interested parties are encouraged to attend the meeting on November 22, 2005, 10:00 a.m. at the district court of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in Chemnitz, 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: OPUS SERVICE GmbH SICHERHEIT -- REINIGUNG -- LANDSCHAFTSPFLEGE Kaufmannstrasse 18, 09117 Chemnitz Contact: Peter Mueller, Manager Frank Ruediger Scheffler, Administrator Tiefenbacher Ulmenstrasse 14, 09112 Chemnitz Web site: http://www.tiefenbacher.de PREUSSISCHE SPIRITUOSEN: Creditors' Claims Due December ------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against Preussische Spirituosen Manufaktur GmbH on September 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until December 1, 2005 to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting on October 20, 2005, 10:20 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on February 2, 2006, 10:00 a.m. at the same venue. CONTACT: PREUSSISCHE SPIRITUOSEN MANUFAKTUR GmbH Seestrasse 13,13353 Berlin Dr. Christoph Schulte-Kaubruegger, Administrator Genthiner Str. 48, 10785 Berlin SAMSUNG SDI: Shuts down Display Manufacturing Plant --------------------------------------------------- South Korea's Samsung SDI Co. closed its cathode ray tube (CRT) plant in Berlin, Germany on Sept. 22, according to Asia Pulse. The factory has incurred large losses as flat panels and cheap display products from China and India overwhelmed the local industry. The German plant was established in 1993 with Samsung's purchase of a local CRT producer. It has production capacity of 250,000 glass tubes, and employs 700 employees. Workers are protesting the closure, and are calling for the reversal of the decision, which they claim was "unilateral." Samsung SDI Co. is a display-making unit of Samsung Group. It has six overseas CRT factories in Brazil, Hungary, Mexico, Malaysia, and China. CONTACT: SAMSUNG SDI CO. Web site: http://www.samsungsdi.com/ SKS RESTAURANT: Hamburg Business Goes Bust ------------------------------------------ The district court of Hamburg opened bankruptcy proceedings against SKS Restaurant GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 17, 2005 to register their claims with court-appointed provisional administrator Michael W. Kuleisa. Creditors and other interested parties are encouraged to attend the meeting on November 14, 2005, 9:30 a.m. at the district court of Hamburg, Insolvenzgericht, Weidestrasse 122 d, 22083 Hamburg, Saal 1, 2. Ebene (Zi. 2.18), 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: SKS RESTAURANT GmbH Alsterdorfer Strasse 262-264, 22297 Hamburg Contact: Savvas Sovaros, Manager Michael W. Kuleisa, Administrator Speersort 4-6, 20095 Hamburg Phone: (040) 303010 SOLIDWEAR STRICKWAREN: Falls into Bankruptcy -------------------------------------------- The district court of Chemnitz opened bankruptcy proceedings against solidwear Strickwaren GmbH on September 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 13, 2005 to register their claims with court-appointed provisional administrator Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting on November 17, 2005, 9:30 a.m. at the district court of Chemnitz, Saal 28, im Gerichtsgebaude Fuerstenstrasse 21, in Chemnitz, 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: SOLIDWEAR STRICKWAREN GmbH Am Eisenberg 18 a, 08107 Kirchberg Contact: Thomas and Tino Dorfel, Managers Wolfgang Hauser, Administrator Poetenweg 36, 08056 Zwickau UNITY MEDIA: Reports EUR16.3 Million Second-quarter EBITDA ---------------------------------------------------------- Unity Media (registration of name change from iesy Repository GmbH pending) unveils consolidated results for the quarter ended June 30, 2005. Financial & Corporate Highlights[1] -- Basic cable ARPU[2] increased from EUR8.16 in Q1 2004 to EUR8.25 in Q2 2005, -- Q2 2005 EBITDA stable at EUR16.3 million (EUR15.9 million in Q2 2004) with margin of 48.0%, -- ish Acquisition and related Financing completed Operational Highlights -- Basic Cable Subscribers of 1.197 million at 30 June 2005 (3.996 million in NRW), -- Strong growth in digital subscribers to 13,821 as of 30 June 2005 up from 5,873 in the previous year in Hesse (up from 29,834 to 74,629 in NRW), -- Significant growth in High Speed Internet subscribers with 6,137 as of 30 June 2005 from 446 in the previous year (from 11,190 to 21,376 in NRW), -- Telephony RGUs in NRW up from 2,768 in the previous year to 8,934 as of 30 June, -- Total of 350,000 homes upgraded to bi-directional capability as of 30 June 2005 (1.3 million in NRW), -- Frankfurt upgrade completed in Q2 2005 Report of Parm Sandhu, CEO of Unity Media We have made significant progress on all fronts. During the second quarter we created Unity Media through a combination of iesy and ish. The integration of the businesses is advanced and in line with our original plans. The combined platform has been organized to focus on the needs of our customers. We will pursue growth through innovative new offers, in particular utilizing our 1.66 million homes already upgraded to bi-directional capability. We completed the upgrade of Frankfurt in the second quarter and now have 20% of our entire network upgraded. We will shortly connect Hesse to our state-of-the art Network Operating Centre in Kerpen and create Europe's largest interconnected cable network. New digital television offers played out from Kerpen will be launched to our customers in Q4. Operationally, despite a competitive environment, we maintained stability in our basic cable subscriber base while significantly growing our digital television, high-speed Internet and telephony subscribers. Our focus on cost control and strict capital discipline continues with a pro forma EBITDA margin for the quarter in excess of 45%. In August we announced the combination of Unity Media and Tele Columbus for which we expect a final regulatory decision from the Federal Cartel Office later this year. This combination will bring together the strength of Unity Media's network and product portfolio with the unparalleled sales capability of Tele Columbus. About Unity Media Unity Media is headquartered in Cologne and is the proprietor of the Hessian cable network operator iesy and the North Rhine-Westphalia cable network operator ish. The two companies are the largest providers of cable television in their respective states. In addition to analogue cable services, ish and iesy also offer digital television, high speed Internet and telephony. On 30 June 2005 iesy and ish had approximately 5.2 million basic cable customers, 88,450 digital TV customers, 27,500 high speed Internet customers, and 9,800 telephone connections. More information on iesy and ish can be found at http://www.iesy.de and http://www.ish.de Corrected copy of the report is available free of charge at http://bankrupt.com/misc/UnityMedia(Q22005)2.pdf - - - - - - - - - - - [1] Financial highlights and statistics on the following page exclude the ish Acquisition closed on 24 June [2] Calculated by dividing basic cable subscription revenues (including basic cable installation fees but excluding basic cable carriage fees) for a period by the average number of total basic cable subscribers for that period and the number of months for that period. * * * In conjunction with its merger with iesy, the company closed EUR920 million of new senior secured credit facilities (EUR850 million funded term loans, with an incremental EUR70 million revolving credit facility) and drew from a EUR360 million bridge loan facility. Pro forma for the transaction, the Company has EUR1,625 million total debt and approximately EUR15 million of cash on hand, representing approximately EUR1,610 million net debt. AlixPartners LLC is helping the company in its restructuring efforts. CONTACT: ISH Stefan Lennardt Corporate Communication Phone: +49 221 37792 197 E-mail: presse@ish.com IESY GMBH Gary Ferrera Chief Financial Officer Phone: +49 69 973 24 600 E-mail: investor.relations@iesy.de ============= I R E L A N D ============= ELAN CORPORATION: Launches US$850 Million Exchange Offer -------------------------------------------------------- Elan Corporation, plc on Tuesday announced that its wholly owned subsidiaries, Elan Finance public limited company and Elan Finance Corp. have commenced an offer to exchange up to US$850 million aggregate principal amount of the Issuers' 7-3/4% Senior Fixed Rate Notes due 2011, registered under the United States Securities Act of 1933, as amended, for their outstanding 7-3/4 % Senior Fixed Rate Notes due 2011; and up to US$300 million aggregate principal amount of the Issuers' Senior Floating Rate Notes due 2011, registered under the Securities Act, for their outstanding Senior Floating Rate Notes due 2011. The exchange Notes will be guaranteed by Elan and certain of Elan's subsidiaries. The outstanding Notes were issued in a private placement in November 2004, at which time the Issuers agreed to file a registration statement for the Exchange Offer. The Exchange Offer is not conditioned upon any minimum principal amount of outstanding Notes being tendered for exchange. The Exchange Offer will expire at 5:00 p.m., New York City time, on October 27, 2005, unless extended. Tenders of outstanding Notes may be withdrawn at any time prior to the expiration of the Exchange Offer. The terms of the exchange Notes (and related guarantees) are substantially identical to the outstanding Notes (and related guarantees), except for certain transfer restrictions and registration rights relating to the outstanding Notes. Any outstanding Notes not tendered will remain subject to existing transfer restrictions. The Bank of New York is serving as the Exchange Agent in connection with the Exchange Offer. Requests for information, the prospectus and other documents relating to the Exchange Offer should be directed to the Exchange Agent at The Bank of New York, Corporate Trust Operations, Reorganization Unit, 101 Barclay Street, 7 East, New York, New York 10286; Tel. (212) 815-5788; Attention: William Buckley. About Elan Elan Corporation, plc is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. Visit http://www.elan.comfor more information. CONTACT: ELAN CORPORATION PLC Lincoln House Lincoln Place Dublin2 Ireland Phone: +353 1 709 4000 Fax: +353 1 709 4108 Web site: http://www.elan.com ========= I T A L Y ========= PARMALAT FINANZIARIA: Capitalia Chair Calls Accusation Fantastic ---------------------------------------------------------------- Cesare Geronzi, chairman of local banking group Capitalia, denies any role in the collapse of Parmalat Finanziaria, La Stampa says. Invited for questioning by prosecutors last week, the banker called the accusation against him a fantasy and unverifiable. Parmalat founder Calisto Tanzi and finance director Fausto Tonna had told investigators he forced Parmalat to buy an ailing Cirio subsidiary so that Cirio can pay its debt to the bank. The two alleged the subsidiary was grossly overpriced. They added Mr. Geronzi threatened to call Capitalia's loan to Parmalat if it did not buy the Cirio unit. Capitalia was one of Parmalat's creditor banks that recently voted in favor of the debt-for-equity swap proposed by administrator Enrico Bondi. TCR Europe reported on Sept. 8 that Capitalia intends to become a Parmalat shareholder when the food group returns to the stock market sometime this month or October after being out of it since 2003, when it collapsed under EUR14 billion of 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 PARMALAT FINANZIARIA: Gets Rave Review from Lehman Brothers ----------------------------------------------------------- A U.S. investment bank thinks the new Parmalat is an attractive investment, Il Sole 24 Ore says. Lehman Brothers believes the new company offers tremendous prospects from among others, possible gains from pending lawsuits against creditor banks and advisors and potential future dividend yields. It also noted that unlisted Parmalat shares have been trading well on the unofficial "grey" market at EUR2.20 to EUR2.30 apiece. Creditors recently voted in favor of a debt-for-equity swap that will hand them control of the new company. The group will be renamed to Parmalat S.p.A. upon re-listing sometime this month or the next. 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 LEHMAN BROTHERS HOLDINGS INC. 745 7th Ave. New York, NY 10019 Phone: 212-526-7000 Fax: 212-526-8766 Toll Free: 800-666-2388 Web site: http://www.lehman.com ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Cancels 950,000 'A' Shares --------------------------------------- On 26 September 2005, Royal Dutch Shell plc purchased for cancellation 950,000 'A' Shares at a price of EUR26.85 per share. It further purchased for cancellation 350,000 'A' Shares at a price of 1,819.62 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 4,022,065,000. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * Shell's buyback scheme is understood to be aimed at reviving shareholders' and investors' confidence. The buyback program follows a damaging reserves overestimation scandal last year. About the Company Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The Trouble Shell admitted overstating its proved reserves by almost 6.0 billion barrels between January 2004 and February this year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. 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 VERSATEL TELECOM: Court Rejects Centaurus' Appeal on Tele2 Bid -------------------------------------------------------------- The Enterprise Chamber of the Court of Appeal of Amsterdam (Ondernemingskamer) has denied the request from Centaurus Capital Limited and others to order provisional measures in relation to the recommended cash offers made by Tele2 Finance B.V. for all issued and outstanding ordinary shares in the capital of Versatel Telecom International N.V. and for all the issued and outstanding 3.875% convertible senior notes due 2011 convertible into ordinary shares in the capital of Versatel. The Enterprise Chamber of the Court of Appeal has rejected all arguments brought forward by Centaurus c.s. underlying their request. Versatel will continue as planned with its role in the offer process and will now concentrate on the extraordinary general shareholders meeting of Thursday 29 September 2005. This press release is among others a public announcement as meant in article 9b paragraph 1 of the Dutch Securities Markets Supervision Act Decree 1995 (Besluit Toezicht Effectenverkeer 1995). * * * This is a press release of Versatel Telecom International N.V. Not for release, publication or distribution in whole or in part, in or into Australia, Canada, Italy or Japan CONTACT: VERSATEL TELECOM INTERNATIONAL N.V. Wouter van de Putte, Investor Relations Phone: +31 20 750 2362 Cilesta van Doorn, Corporate Communications Phone: +31 20 750 1318 =========== P O L A N D =========== SWARZEDZ MEBLE: To Declare Bankruptcy if Share Offering Fails ------------------------------------------------------------- Swarzedz Meble S.A. may file for bankruptcy unless it gets at least PLN10 million (EUR2.6 million) from its share offering, said Puls Biznesu. Chief Executive Jaroslaw Krol said it doesn't make sense to run the business if it doesn't earn enough from selling newly issued shares. The furniture producer is expected to collect PLN35 million if all 53 million shares worth PLN0.65 each will be sold. Revenues will be used to fund restructuring measures, which would involve covering debt of PLN24.6 million and raising capital by PLN10 million. Swarzedz booked a net loss of PLN12 million in the first half of the year. Meanwhile, deputy chief executive Wlodzimierz Ehrenhalt is counting on the company's popular and valuable brand as it mulls increasing its range of products and opening more outlets. He also disclosed plans of outsourcing 70% of operations, while retaining one production plant. The management is also confident of achieving sales of PLN55 million to PLN8 million, gross margin at 40% and EBITDA margin at 15% to 20% in two years starting 2006. CONTACT: SWARZEDZ MEBLE S.A. ul. Poznanska 14 62-020 Swarzedz Phone: +48 (61) 817 23 60 Fax: 817 25 60 Web site: http://www.swarzedz-sa.com.pl ============= R O M A N I A ============= BANCA TIRIAC: Wraps up Merger with HVB Bank Romania --------------------------------------------------- Bank Austria Creditanstalt (BA-CA) and Banca Tiriac have finalized the transaction, which shall result in a merger of HVB Bank Romania and Banca Tiriac. BA-CA and two entities ultimately controlled by Mr. Ion Tiriac had signed an agreement in June, which entered into effect Sept. 1. Thereby BA-CA acquired 50% plus one share in Banca Tiriac, while the entities controlled by Mr. Ion Tiriac in turn acquired 50% less one share in HVB Bank Romania. This was achieved through a sale and an exchange of shares. Following the merger of the two banks, BA-CA shall continue to hold the majority at 50% plus one share in the new bank and will have responsibility for managing the business. The other main shareholders in the new bank will be the entities controlled by Mr. Ion Tiriac. Additionally, the minority shareholders of Banca Tiriac will automatically become shareholders in the new bank. The preparations for the merger of HVB Bank Romania and Banca Tiriac started Sept. 1. During the integration process, both banks will operate in parallel. The merger is planned to be completed in the first half of next year and is subject to approval by all relevant authorities. It will create the fourth largest Romanian bank with total assets of EUR2.1 billion, 7.5% market share and 720,000 customers. In preparation for the merger, some changes in the management of the two banks will take place. The management of HVB Bank Romania will consist of: -- Dan Pascariu, 55, Chief Executive Officer (CEO) and responsible for International Markets, -- Manuela Plapcianu, 42, currently Head of the Retail Banking Division at HVB Bank Romania, will join the management of HVB Bank Romania and become responsible for Retail and Corporate. Wolfgang Schoiswohl, currently responsible for Corporate, will join the management of Banca Tiriac, -- Andreas Gschwenter, 36, currently Chief Operations Officer (COO) at HVB Bank Serbia and Montenegro, will join the management of HVB Bank Romania. He will assume the functions of COO and Integration Manager, -- Florian Kubinschi, 45, currently Chief Financial Officer \ (CFO) at Banca Tiriac, will join the management of HVB Bank Romania to assume the position of CFO The management of Banca Tiriac will consist of: -- Selcuk Saldirak, 49, Chief Executive Officer (CEO), responsible for International Markets, -- Haluk Kurcer, 49, Chief Operations Officer (COO), -- Catalin Parvu, 48, responsible for Retail and SME Business, -- Wolfgang Schoiswohl, 43, currently member of the management of HVB Bank Romania and responsible for Corporate, will join the management of Banca Tiriac and assume the function of CFO, The management changes are subject to the approval by the Romanian National Bank and by the general shareholders' meeting of the banks and will become effective following registration with the Trade Register. BA-CA, a member of HVB Group, is operating the largest banking network in Central and Eastern Europe, with EUR36 billion total assets, more than 1,000 offices and 4.7 million customers. During the past years, BA-CA has received more than 250 awards in recognition of its achievements in Central and Eastern Europe. In 2004, BA-CA was named "Best Bank in Austria and CEE" by Euromoney and "Bank of the Year in Austria and CEE" by The Banker. In 2005, HVB Bank Romania was awarded as "Best Debt House" by Euromoney. * * * In May, Fitch Ratings placed Banca Comerciala Ion Tiriac S.A.'s Long-term 'B+' and Short-term 'B' ratings on Rating Watch Positive, following the announcement of the its planned merger with HVB Romania to form HVB Tiriac. Its other ratings are affirmed at Individual 'D' and Support '5'. The Rating Watch will be resolved on the completion of the merger, which is expected before end-2005, subject to regulatory approval. This rating action reflects the increased support Banca Tiriac could receive from Bank Austria Creditanstalt -- the 100% owner of HVB Bank Romania -- on completion of the merger. BACA will own over 50% of the merged entity, HVB Tiriac, and have full control of its business. The impact on the ratings will be dependent on, among other things, the level of integration between HVB Tiriac and its parent. BACA is 75%-owned by Germany's Bayerische Hypo- und Vereinsbank (HVB, rated 'A-'). Banca Tiriac is 73.6%-owned indirectly and directly by Mr. Ion Tiriac. At end-2004, Banca Tiriac represented 2.9% of total system assets. HVB Bank Romania represented 4.6%, and together the banks would be the fourth largest in the market. CONTACT: BANCA TIRIAC Phone: +40 21 3025 600 E-mail: bancatiriac@cbit.ro Web site: http://www.bancatiriac.ro/ =========== R U S S I A =========== AEROFLOT: Leases 'Problematic' Ilyushin Planes ---------------------------------------------- Shareholders of Aeroflot have approved the lease of six Ilyushin 96-300 aircraft despite last month's grounding of said planes due to safety reasons, says Reuters. The state-controlled airline has been working on a deal to acquire the locally made Ilyushin planes, at US$50 million each, in exchange for customs rebates on imports of foreign-assembled aircraft. "The deal has been approved according to the federal law... and Aeroflot's charter," the airline said in a statement. At the balloting to approve the deal, the government, which controls 51% of Aeroflot, was not allowed to vote. "A preliminary count showed that more than half of shareholders who took part in the vote, that is shareholders owning a total of 29.256% of the company, had submitted a 'yes' vote." The order to ground all operating Ilyushin 96-300 planes in Russia was triggered by a brake problem that disrupted President Vladimir Putin's trip in August. This forced Aeroflot to suspend flights of six aircraft to the United States, Canada, Vietnam, China and South Korea to comply with the order. The aircraft constitute 40% of the carrier's long-haul fleet. * * * Based in Moscow's Sheremetyevo Airport, Aeroflot controls 11% of domestic and 39% of international markets for air carriage. For the first quarter of the year, Aeroflot's net loss doubled to RUB875 million, despite a hike in revenues from RUB9.986 billion to RUB11.085 billion. The carrier recently named Ivanov Victor Petrovich chairman. CONTACT: AEROFLOT - RUSSIAN AIRLINES JSC Leningradsky Prospect 37, Bldg. 9 125167 Moscow, Russia Phone: +7-095-155-6643 Fax: +7-095-155-6647 Web site: http://www.aeroflot.ru AGRO-SIB: Bankruptcy Supervision Procedure Begins ------------------------------------------------- The Arbitration Court of Novosibirsk region has commenced bankruptcy supervision procedure on Sibirskaya agro-industrial company Agro- Sib. The case is docketed as A45-7455/05-4/72. Mr. A. Rusanov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 630077, Russia, Novosibirsk, Kostycheva Str. 40/2, Post User Box 210. CONTACT: AGRO- SIB Russia, Novosibirsk region, Krasnyj Pr. 184 Mr. A. Rusanov Temporary Insolvency Manager 630077, Russia, Novosibirsk region, Kostycheva Str. 40/2, Post User Box 210 ENERGO-GAS-COMPLECT: Insolvency Manager Takes over Business ----------------------------------------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Energo-Gas-Complect after finding the close joint stock company insolvent. The case is docketed as A45-1506/01-SB/102. Mr. S. Lebedev has been appointed insolvency manager. Creditors have until October 20, 2005 to submit their proofs of claim to 630091, Russia, Novosibirsk, Kamenskaya Str. 64a, Office 6. CONTACT: ENERGO-GAS-COMPLECT Russia, Novosibirsk region, Verkh-Tula, Sovetskaya Str. 3 Mr. S. Lebedev Insolvency Manager 630091, Russia, Novosibirsk region, Kamenskaya Str. 64a, Office 6 EVRAZ GROUP: Unit to Pay Interim Dividend of RUR2.29 Per Share -------------------------------------------------------------- Evraz Group S.A. disclosed Monday that shareholders of OAO Nizhny Tagil Iron and Steel Plant (NTMK) has adopted a resolution to pay an interim dividend. According to the resolution, NTMK will pay an interim dividend of RUR2.29 per share based on its results for the first half of 2005. The total amount of the dividend payment will be RUR2,999,906,792, representing approximately 33% of NTMK's net profit for the first half of 2005. Dividends are payable within 60 days (and no later than November 24, 2005) to shareholders of record on August 11, 2005. About Evraz Group S.A. Evraz Group is one of the largest vertically integrated steel and mining businesses with operations mainly in the Russia. In 2004, Evraz produced 13.7 million tonnes of crude steel. Evraz Group is a listed company on the London Stock Exchange. The company listed its global depositary receipts (GDRs) on the LSE on June 2, this year, after raising US$422 million from new investors. Evraz's principal assets include three of the leading steel plants in Russia: Nizhny Tagil (NTMK) in the Urals region, and West Siberian (Zapsib) and Novokuznetsk (NKMK) in Siberia. In July, Standard & Poor's Rating Services assigned its 'B+' long-term corporate credit rating to Evraz Group S.A. and its core subsidiary Mastercroft Ltd. Standard & Poor's credit analyst Elena Anankina said: "The ratings on Evraz and Mastercroft reflect the companies' complex organizational and ownership structure with, historically, significant related party transactions, and a short track record as a single group." CONTACT: EVRAZ GROUP S.A. Corporate Affairs and Communications Irina Kibina Alexander Karlashov Phone: +7 095 234 4629 E-mail: IR@eam.ru FACTORY OF REINFORCED CONCRETE: Succumbs to Bankruptcy ------------------------------------------------------ The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Factory of Reinforced Concrete Goods-7 after finding the open joint stock company insolvent. The case is docketed as A45-7362/03-SB/186. Mr. G. Taran has been appointed insolvency manager. Creditors have until October 20, 2005 to submit their proofs of claim to 630099, Russia, Novosibirsk, Oktyabrskaya Str. 84, Room 10. CONTACT: Mr. G. Taran Insolvency Manager 630099, Russia, Novosibirsk region, Oktyabrskaya Str. 84, Room 10 GUKOVSKOYE: Bankruptcy Hearing Set Next Month --------------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy proceedings against Gukovskoye (TIN 6144003780) after finding the mine building enterprise #1 insolvent. The case is docketed as A53-2116/2005-S2-7. Mr. V. Rondar has been appointed insolvency manager. Creditors may submit their proofs of claim to 344019, Russia, Rostov-na-Donu, Sholokhova Pr. 8A. A hearing will take place on October 21, 2005, 4:30 p.m. CONTACT: GUKOVSKOYE 347879, Russia, Rostov region, Gukovo, Militseyskaya Str. 4 Mr. V. Rondar Insolvency Manager 344019, Russia, Rostov-na-Donu, Sholokhova Pr. 8A IDA-WOOD: Court Brings in Insolvency Manager -------------------------------------------- The Arbitration Court of Vologda region commenced bankruptcy proceedings against Ida-Wood after finding the limited liability company insolvent. The case is docketed as A13-3861/2005-25. Mr. A. Prokofyev has been appointed insolvency manager. Creditors may submit their proofs of claim to 160000, Russia, Vologda region, Post User Box 163. CONTACT: IDA-WOOD Russia, Vologda region, Gryazovetskiy region, Vokhtoga, Kolkhoznaya Str. 30 Mr. A. Prokofyev Insolvency Manager 160000, Russia, Vologda region, Post User Box 163 KUPINSKIY: Claims Filing Period Ends Next Month ----------------------------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Kupinskiy after finding the mechanical plant insolvent. The case is docketed as A45-714/05-25/4. Ms. N. Lapchuk has been appointed insolvency manager. Creditors have until October 20, 2005 to submit their proofs of claim to 630049, Russia, Novosibirsk, Galushaka Str. 3-1. CONTACT: KUPINSKIY 630740, Russia, Novosibirsk region, Kupino, Rabochaya Str. 104 Ms. N. Lapchuk Insolvency Manager 630049, Russia, Novosibirsk region, Galushaka Str. 3-1 ROZOVSKOYE: Bankruptcy Hearing Set December ------------------------------------------- The Arbitration Court of Omsk region has commenced bankruptcy supervision procedure on close joint stock company Rozovskoye (TIN 5531002492). The case is docketed as K/E-144/05. Mr. A. Vaysberg has been appointed temporary insolvency manager. A hearing will take place on December 13, 2005, 2:00 p.m. at the Arbitration Court of Omsk region. CONTACT: ROZOVSKOYE 646783, Russia, Omsk region, Russko-Polyanskiy region, Bologoye, Komsomolskaya Str. 22 Mr. A. Vaysberg Temporary Insolvency Manager 644082, Russia, Omsk region, Sibirskaya Str. 47 SHELTER-INVEST-AGRO: Declared Insolvent --------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy proceedings against Shelter-Invest-Agro (TIN 6165085649) after finding the limited liability company insolvent. The case is docketed as A53-12700/05-S2-30. Mr. N. Lyadnov has been appointed insolvency manager. Creditors may submit their proofs of claim to Arbitration Court of Rostov region. A hearing will take place on October 12, 2005, 2:30 p.m. CONTACT: SHELTER-INVEST-AGRO Russia, Rostov-na-Donu, Vavilova Str. 62/1 TALITSKIY TIMBER: Hires M. Marvin Insolvency Manager ---------------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy supervision procedure on open joint stock company Talitskiy Timber Industry Combine. The case is docketed as A60-9844/05-S2. Mr. M. Marvin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 620149, Russia, Ekaterinburg, Zoologicheskaya Str. 9. A hearing will take place on November 9, 2005. CONTACT: TALITSKIY TIMBER INDUSTRY COMBINE 623640, Russia, Sverdlovsk region, Talitsa, Lunacharskogo Str. 75 Mr. M. Marvin Temporary Insolvency Manager 620149, Russia, Ekaterinburg, Zoologicheskaya Str. 9 VOLGOGRAD-MONTAGE: Bankruptcy Supervision Procedure Begins ---------------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy supervision procedure on limited liability company Volgograd-Montage. The case is docketed as A12-10136/05-s58. Mr. M. Sorokin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 129110, Russia, Moscow, M. Ekaterininskaya Str. 17/21. A hearing will take place on October 24, 2005. CONTACT: VOLGOGRAD-MONTAGE Russia, Volgograd region, Orekhovo-Zuevskaya, 16 Mr. M. Sorokin Temporary Insolvency Manager 129110, Russia, Moscow region, M. Ekaterininskaya Str. 17/21 =========== T U R K E Y =========== TURKIYE IS BANKASI: Sells Share in Izmir Demir to Sahin-Koc ----------------------------------------------------------- As per the resolution of Board of Directors of Turkiye Is Bankasi A.S. (Isbank) dated 23 September 2005, the Head Office is authorized to sign the sales agreement and related documents, and execute the transactions for the sale of Isbank's 54.68% share in Izmir Demir Celik Sanayi A.S.'s (metal manufacturing and machinery) NTL62,250,000 capital with a nominal value of NTL34,037,960 to Sahin-Koc Celik Sanayi A.S. in return for US$79,050,000 which will be paid in cash. The sales agreement was signed on 23 September 2005. The sale price is determined according to the valuation report prepared by a professional company. "Discounted Cash Flow Method" was used in the valuation process. The transfer of shares will materialize after obtaining the permissions required by the Turkish Competition Authority. The profit arising from the sale will be certain after the collection of sales revenue. After the sale the bank will have no direct shares in Izmir Demir Celik Sanayi A.S. About the Company Isbank is the largest private sector bank in Turkey with a 13% market share in both loans and deposits. It is 41.5%-owned by the bank's pension fund and 28% by the Republican People's Party. Historically a corporate bank, Isbank has concentrated on building its loans to the small business and retail sectors, which tend to be more diverse and profitable. On September 9, Fitch Ratings upgraded Isbank's Long-term local currency rating to 'BB' from 'BB-' driven by the company's stronger and consistent profitability, continued solid funding structure, improved asset quality measures and good capitalization. This is balanced by relatively low, albeit improved, free capital and a sizeable proportion of government securities at 38% of assets. CONTACT: TURKIYE IS BANKASI A.S. Contact: Sirri Erkan Deputy Chief Executive & Chief Financial Officer Phone: 00 90 212 316 30 55 Fax: 00 90 212 316 09 95 E-mail: sirri.erkan@isbank.com.tr Web site: http://www.isbank.com.tr VESTEL ELEKTRONIK: Outlook Negative on Weakened Performance ----------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook to negative from stable on Turkish integrated, low-cost consumer-electronics manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S., reflecting the company's sudden deterioration in operating performance in the first half of 2005. At the same time, the 'B+' long-term corporate credit rating was affirmed. "The rating remains primarily constrained by Vestel's high exposure to foreign currency-denominated debt, which is nearly 100% of total debt, and costs," said Standard & Poor's credit analyst Benedetta Rospigliosi. "Expected significant business expansion investments also constrain the rating." These weaknesses are partially mitigated by Vestel's good position in the EU TV market and its high proportion of hard currency-denominated revenues. These revenues did decrease, however, to 63% of the total in the first half of 2005 from 78% a year earlier. In the first half of 2005, the company faced heightened competition in the European market and severe price declines, particularly in flat TVs and digital products. Total debt at June 30, 2005, was New Turkish lira (TRY) 1.1 billion (about $815 million), including TRY386 million of vendor financing. The negative outlook reflects the deterioration in the company's financial profile and possible liquidity challenges owing to the financial covenants of its public bond indenture. "Although the recent poor operating performance was influenced, to some extent, by unfavorable currency fluctuations and is viewed only as a temporary setback, the rating could be lowered if a sufficient recovery in profitability fails to materialize in the second half of 2005," said Ms. Rospigliosi. To revert to a stable outlook and to sustain the rating, we also expect the company to maintain its solid business positions as a contract manufacturer for the European consumer electronics market, moderate its negative free cash flow generation following a heavy investment phase in 2003-2005, and back any further expansion by a controlled financial policy. The rating will continue to be affected, either positively or negatively, by risks relating to Turkey's economic environment and currency evolution. 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 ============= U K R A I N E ============= BANK FINANCE: Moody's Rates Currency Deposits 'B2' -------------------------------------------------- Moody's Investors Service has assigned B2 long-term and Not-Prime short-term foreign currency deposit ratings and an E+ Financial Strength Rating (FSR) to Bank Finance and Credit (Ukraine). All ratings carry stable outlooks. Bank Finance and Credit's foreign currency deposit ratings reflect its fundamental credit strength and are not currently constrained by Ukraine's B2 (stable outlook) country ceiling for such ratings. The bank's ratings take into account: (a) Its fast growing franchise and wide branch network; (b) A loyal customer base that helped the bank to emerge from last year's turmoil relatively unscathed; (c) Experienced management; and (d) Promising business prospects from the expansion into retail lending. However, the bank's ratings are at the same time constrained by: (a) Ukraine's volatile economic and political environment; (b) Mounting competitive pressures; (c) Ambitious growth plans, which could pressure the bank's nascent risk management, with the temptation to liberalize loan underwriting standards, especially in rapidly growing retail; (d) Corporate governance concerns stemming from the presence of a dominant shareholder with equity interests in a number of Ukrainian industrial companies and somewhat blurred boundaries (through financial transactions) between the bank and the companies under the same beneficial control. (e) The bank's quite concentrated loan book and potentially understated level of related-party exposure; (f) A historically very weak financial performance and unclear prospects for recovery due to a recent precipitate fall in interest margins; (g) Reliance on expensive domestic funding sources; and (h) Dependence on external capital injections to sustain future growth. The bank's unconstrained ratings presently factor in a limited degree of support from its ultimate owner and from the Ukrainian financial authorities in case of need. Although such support cannot be ruled out, its predictability is relatively low. Moody's could change its view regarding the level of support from the authorities if the bank were to gain greater systemic importance with a material growth in its market shares. Relatively small by international standards, Bank Finance and Credit as of July 1, 2005 shared with another two banks 10th-12th ranking in Ukraine in terms of total assets and operated a commercial network of nearly 170 branches and outlets covering 22 Ukrainian regions. It is beneficially controlled by a local businessman and politician, whose other interests include a broad spectrum of mining, manufacturing, chemical, pharmaceutical and other businesses. In the past, the bank played a purely captive role to a wider group of companies, but for several years has managed to diversify to acquire more third-party business. Bank Finance and Credit is headquartered in Kyiv, Ukraine and reported total assets of US$641.5 million under IFRS at June 30, 2005. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Dmitry Polyakov, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 TAS-INVESTBANK: Moody's Assigns B2/NP/E+ Ratings ------------------------------------------------ Moody's Investors Service has assigned B2 long-term and Not-Prime short-term foreign currency deposit ratings and an E+ Financial Strength Rating (FSR) to TAS-InvestBank (TIB) of Ukraine. The outlook for the ratings is stable. According to Moody's, TIB's ratings reflect: (a) A limited degree of support from the related TAS- Kommerzbank; (b) Its entrenched position as provider of a higher-risk/higher- return tailor-made financing to Ukrainian companies as well as private banking services; (c) A proficient management team; and (d) its higher-than-average profitability, which is, however, in part driven by the higher risk profile of the bank's business. At the same time, TIB's ratings are constrained by: (a) Its small size, short track record and weak, although rapidly growing, franchise; (b) Concerns over the longer-term viability of the bank's business model and associated challenges to maintain currently robust asset quality and profitability in the future; (c) Exceptionally high concentrations on both sides of the balance sheet that expose the bank to the risk of extreme losses and liquidity strain under adverse scenarios; (d) Marginal capitalization and liquidity given such embedded vulnerability; (e) A high degree of reliance on related-party funding; and (f) Potential difficulties associated with the bank's operating environment. TIB's foreign currency deposit ratings reflect its fundamental credit strength and are not currently constrained by Ukraine's B2 (stable outlook) country ceiling for such ratings. Hence any short-term upward movements in the ceiling are thus unlikely to trigger an automatic change in the foreign currency deposit rating of TIB. The bank's ratings also factor in a limited degree of support from TAS-Kommerzbank (TKB) (rated by Moody's B2/NP/E+) -- a larger and marginally financially stronger bank controlled by the same beneficial owner, which will become a majority shareholder of TIB in the near future, in line with a recently unveiled plan to create a banking holding on the basis of these two financial institutions. Moody's also notes that the banks are perceived by market participants as being strongly linked with each other in view of market awareness of the common beneficial ownership as well as some common elements of the brand name. Therefore, Moody's believes that this creates a strong propensity for mutual support between the banks. TAS-Investbank is headquartered in Kyiv, Ukraine, and reported total assets of US$83 million in accordance with IFRS as of December 31, 2004. According to the National Bank of Ukraine, the bank ranked 37th in terms of total assets and 45th in terms of capital (reported under local accounting standards) among Ukrainian banks as of July 1, 2005. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Dmitry Polyakov, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 TAS-KOMMERZBANK: Foreign Currency Deposit Rated 'B2' ---------------------------------------------------- Moody's Investors Service has assigned B2 long-term and Not-Prime short-term foreign currency deposit ratings and an E+ Financial Strength Rating (FSR) to TAS-Kommerzbank (TKB) of Ukraine. The outlook for the ratings is stable. According to Moody's, TKB's ratings reflect: (a) A reasonable strategy executed by an experienced management team; (b) A positive track record of profitability; and (c) A solid capital base which supports future growth. At the same time, TKB's ratings are constrained by: (a) Its small size and short track record as well as a relatively less recognised name and less developed distribution channels compared with its stronger peers; (b) Implementation risks associated with the bank's ambitious expansion strategy, which could initially lead to a substantial surge in capital expenditure and incremental operating costs, thus straining the bank's financial flexibility; (c) Challenges to sustain the currently high level of profitability, which is in part driven by high margins over the cost of funds charged by the bank, while its fees and commissions stream is relatively frail; (d) High concentrations on both sides of the balance sheet that expose the bank to the risk of extreme losses and liquidity drain under adverse scenarios; (e) Substantial credit exposure to companies controlled by the bank's beneficial shareholder, though currently some of these loans are cash-covered and overall the bank is a net borrower from its related parties; (f) A high degree of reliance on related-party and relatively expensive retail funding; and (g) Potential difficulties associated with the bank's volatile operating environment. TKB's foreign currency deposit ratings reflect its fundamental credit strength and are not currently constrained by Ukraine's B2 (stable outlook) country ceiling for such ratings. Hence any short-term upward movements in the ceiling are thus unlikely to trigger an automatic change in the bank's foreign currency deposit rating. The bank's ratings factor in risks including potential contagion effects associated with the prospective consolidation of TAS-Investbank (TIB) (rated by Moody's B2/NP/E+) -- a smaller and financially less flexible bank controlled by the same beneficial owner, which will become a majority-owned subsidiary of TKB in the near future, in line with a recently unveiled plan to create a more aligned bank holding on the basis of these two financial institutions. Moody's also notes that the banks are perceived by market participants as being strongly linked with each other, in view of market awareness of the common beneficial ownership as well as some common elements of the brand name. Therefore, Moody's believes that this creates a strong propensity for mutual support between the banks and increases the interdependence of their ratings. TAS-Kommerzbank is headquartered in Kyiv, Ukraine, and reported total assets of US$182 million in accordance with IFRS as of December 31, 2004. The bank ranked 27th in terms of total assets (reported under local accounting standards) among Ukrainian banks as of July 1, 2005. CONTACT: MOODY'S INVESTORS SERVICE CYPRUS LIMITED (LIMASSOL) Adel Satel, Managing Director Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 Dmitry Polyakov, Asst Vice President - Analyst Financial Institutions Group Phone: (Journalists) 44 20 7772 5456 (Subscribers) 44 20 7772 5454 =========================== U N I T E D K I N G D O M =========================== A.C.R. SERVICES: Members Decide to Wind up Business --------------------------------------------------- M. F. Brown, Chairman of A.C.R. Services (Air Conditioning & Refrigeration) Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 15 at 25 Moorgate London EC2R 6AY. Stephen John Tancock of Smith & Williamson Limited, The Meeting House, Little Mount Sion, Tunbridge Wells, Kent TN1 1YS was appointed liquidator. ACR Services Ltd. specializes in the supply and installation of the latest in air conditioning technology. The company was established in 1979 and have successfully installed thousands of systems and regularly carry out contracts to the value range GBP1,000 to GBP100,000. Visit http://www.airconditioningnorth.co.uk/for more information. CONTACT: AIR CONDITIONING & REFRIGERATION SERVICES (NEWCASTLE) LTD. 16 Brunel Street Newcastle upon Tyne NE4 7AH UK Phone: 44 - (0)191 273 7700 ALEXON GROUP: Declares Dividend Despite First-half Slump -------------------------------------------------------- Alexon Group plc has reported Interim Results for the 26 weeks ended 30 July 2005. These results have been prepared in accordance with International Financial Reporting Standards (IFRS) that are expected to be applicable to the 2005/06 full-year financial statements. Comparative figures have been restated accordingly. As permitted, the interim financial statements have been prepared in accordance with the U.K. listing rules and not in accordance with IAS 34 "Interim Financial Reporting." Highlights (a) overall sales of GBP197.7 million (2004: GBP197.9 million) and like-for-like sales down 1%; (b) operating profit of GBP7.8 million (2004: GBP10.9 million); (c) basic earnings per share of 9.45 pence (2004: 13.74 pence); (d) interim dividend declared of 3.00 pence per Ordinary Share (2004: 2.83 pence); and (e) share buyback program continued with 980,000 shares purchased for cancellation for an aggregate sum of GBP2.7 million. Report of Chief Executive John Osborn Although 2005 is proving to be a challenging year, we believe that our diversified portfolio of brands will stand us in good stead in the difficult retail environment, which currently prevails. Overall sales were level with the prior year, with like-for-like sales down 1%, a reflection of the challenging trading environment faced by all four Divisions in the first half of the year. Gross margins were slightly higher than the prior year. Weak performances from Dolcis and Menswear, the loss of business arising from the demise of Allders, and significant increases in host store commission rates contributed to an IFRS group operating profit of GBP7.8 million (U.K. GAAP GBP8.2 million before goodwill amortization) compared with IFRS GBP10.9 million (U.K. GAAP GBP11.2 million) last year. Alexon Brands Alexon Brands put in a sound performance on its continuing business, with like-for-like sales growth of 2.8%, coupled with a modest increase in gross margins. The operating profit for the half was GBP9.2 million (U.K. GAAP GBP9.5 million) compared to GBP10.1 million (U.K. GAAP �10.3m) in the prior year. The Division was hit by the loss of 73 Allders concessions, which impacted at the beginning of the second quarter, and increased concession commission rates. Profits were also affected by increased host store commission rates. The strongest performances by brand came from Eastex, which is geared to the older customer and is particularly resilient in a tougher retail climate, and Alex & Co., which has successfully replaced the eponymous Alexon brand. Dolcis Dolcis had a difficult half recording an operating loss of GBP0.9 million (U.K. GAAP GBP0.8 million), compared with a profit of GBP0.8 million (U.K. GAAP GBP0.9 million) in the prior year. Like-for-like sales were down 9% and lower margins resulted from the need to clear surplus stocks. There were a number of contributory factors; reduced demand for shoes as a fashion item and increased competition from garment retailers strengthening their shoe offer. Our response has been to strengthen our buying team and to increase the fashion content and appeal of our ranges, the effects of which should be felt in Spring 2006. Menswear Menswear recorded an operating loss of GBP1.5 million (U.K. GAAP loss of GBP1.5 million) against a loss of GBP0.3 million (U.K. GAAP loss of GBP0.3 million) for the prior year. Like-for-like sales were down 6%. Gross margins were slightly higher. While concession sales were strong, Envy suffered from weak performances from third party brands and a significant growth in the number of competitors in its sector. Going forward, we intend to increase the proportion of own brands (already performing well in our concession business) and thereby enhance margins. Bay Trading Bay Trading increased its operating profit to GBP1 million (U.K. GAPP GBP1 million) compared with GBP0.4 million (U.K. GAAP GBP0.4 million) in the prior year. While like-for-like sales were 1% down, gross margins were significantly ahead, the result of improvements in range acceptability. Much work has been done to strengthen the design content and appeal of the ranges, resulting in higher average prices and lower levels of markdown. The Division also benefited from a number of strong trends in the younger fashion market. Current Trading Group like-for-like sales for the first seven weeks of the half are 2.7% down on last year. While August sales were boosted by the successful clearance of residual stocks, sales in the last three weeks have been disappointing, reflecting tougher trading conditions and weak consumer demand. How long this will continue is impossible to predict at this stage. Shareholder Returns During the course of the half, 980,000 shares were purchased for cancellation for an aggregate sum of GBP2.7 million. The Board is declaring an interim dividend of 3.00 pence per Ordinary Share (2004 equals 2.83 pence) payable on 30 November 2005 to shareholders on the register at 4 November 2005. A copy of the financial results is available free of charge at http://bankrupt.com/misc/AlexonGroup(H12005).pdf CONTACT: ALEXON GROUP PLC 40-48 Guildford Street Luton Bedfordshire England LU1 2PB Phone: +44 1582 723131 Fax: +44 1582 399864 ALPHASTAR LIMITED: Names Tenon Recovery Liquidator -------------------------------------------------- G. Nardelli, Chairman of Alphastar Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 16 at Great Fosters Hotel, Stroude Road, Egham, Surrey TW20 9UR. Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ were appointed liquidators. CONTACT: TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com ASA COMMUNICATIONS: Files for Liquidation ----------------------------------------- S. Willock, Director of ASA Communications Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 15 at Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG. Darren Brookes of Milner Boardman & Partners, Century House, Ashley Road, Hale, Cheshire WA15 9TG was appointed liquidator. CONTACT: ASA COMMUNICATIONS LIMITED Ashbourne House 334 Wellington Road North Stockport Cheshire SK4 5DA United Kingdom Phone: 0161-282 8000 Fax: 0161-282 8001 Web site: http://www.mailbuilder.co.uk 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 BRANDED SUIT: In Liquidation ---------------------------- D. I. Mendoza, Chairman of The Branded Suit Company Limited, informs that resolutions to wind up the company were passed at an EGM held on Sept. 15 at 24 Conduit Place, London W2 1EP. Ian Franses of Ian Franses Associates, 24 Conduit Place, London W2 1EP was appointed liquidator. CONTACT: THE BRANDED SUIT COMPANY LIMITED 128, Cannon St., London England Phone: 02076237627 Fax: 02076266570 Web site: http://brandedsuitco.co.uk/about.htm IAN FRANSES ASSOCIATES 24 Conduit Place London W2 1EP Phone: 020 7262 1199 Fax: 020 7262 2662 E-mail: if@ianfranses.co.uk CAMBERMAIN LIMITED: Liquidators from F A Simms Move in ------------------------------------------------------ K. A. Duguid, Chairman of Cambermain Limited informs that extraordinary resolution to wind up the company was passed at an EGM held on Sept. 5 at Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP. Richard Frank Simms and Martin Richard Buttriss of F A Simms & Partners, Insol House, 39 Station Road, Lutterworth, Leicestershire LE17 4AP were appointed liquidators. CONTACT: CAMBERMAIN LTD. Granite Close, Mill Hill, Leicester, Leicestershire LE19 4AL Phone: 01162867122 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 CAPANAC LIMITED: Names Harrisons Administrator ---------------------------------------------- John Neil Harrison and Kenneth Webster Marland (Office Holder Nos 005474, 008917) of Harrisons were appointed administrators of Capanac Limited (Registered No 01542234) on Sept. 8. The company's registered office is at Kempton House, Kempton Way, Grantham NG31 7LE. CONTACT: CAPANAC LTD. Longscar Hall, The Front, Hartlepool, Cleveland TS25 1BU Phone: 01429234829 HARRISONS 23 Yarm Road, Stockton-on-Tees TS18 3NJ C D A ENTERTAINMENT: Calls in Liquidator ---------------------------------------- Baron Israel, founder of C D A Entertainment Ltd., informs that a resolution to wind up the company was passed at an EGM held on Sept. 16 at the offices of S G Banister & Co., 40 Great James Street, London WC1N 3HB. D. M. Patel of 40 Great James Street, London WC1N 3HB was appointed liquidator. CDA is a full-service entertainment company specializing in entertainment design. It has more than 15 years of marketing experience. Visit http://www.cdaentertainment.comfor more information. CONTACT: C D A ENTERTAINMENT LTD. 112-114 Wardour Street London, W1F 0TS Phone: 020 72877474 CLEARGOLD CONTRACTORS: Hires Taylor Rowlands Administrator ---------------------------------------------------------- J. Harvey Madden (IP No 007858) of Taylor Rowlands was appointed administrator of Cleargold Contractors Ltd. (Company No 4183552) on Sept. 15. The company's registered office is at 16 The Vale, Grove Hill, Middlesbrough TS4 2UR. CONTACT: CLEARGOLD CONTRACTORS Dormor Way, South Bank Middlesbrough Cleveland TS6 6XH United Kingdom Phone: (01642) 464074 TAYLOR ROWLANDS 8 High Street Yarm Cleveland TS15 9AE Phone: 01642 790790 Fax: 01642 785588 E-mail: harvey@taylorrowlands.co.uk COMEC VOICE: Calls in Administrators from Harrisons --------------------------------------------------- P. R. Boyle and J. C. Sallabank (IP Nos 008897 and 008099) of Harrisons were appointed joint administrators of Comec Voice & Data (Birmingham) Ltd. (Company No 04141738) on Sept. 19. The company's registered office is at Archway House, Bath Road, Padworth, Reading RG7 5HR. CONTACT: COMEC VOICE & DATA LTD. Archway House/Bath Rd Reading RG7 5HR Phone: 0118-971 1600 HARRISONS 4 St Giles Court, Southampton Street, Reading RG1 2QL Phone: 0118 951 0798 Fax: 0118 939 4409 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com CORPORATE P.INC.: Telemarketer Liquidates ----------------------------------------- At a Meeting of Creditors held on 16 September 2005 the Creditors confirmed the appointment of A Graham as Liquidator and that anything required or authorised to be done by the Liquidator be done. L. D. Gregory, Chairman of Corporate P.Inc Limited, also informs that resolutions to wind up the company were passed at an EGM held at the offices of Hawson Jefferies on the same day. The company was previously named Moneypenni Limited. Visit http://www.pinc.co.ukfor more information. CONTACT: CORPORATE P.INC. Unit 1 Meadowhall riverside Meadowhall road Sheffield S9 1BW Phone: 08707 550 466 Fax: 0114 244 6881 E-mail: info@pinc.co.uk HAMILTON INSOLVENCY PRACTITIONERS LIMITED Omega Court, 368 Cemetery Road, Sheffield S11 8FT CRADLECRAFT ENGINEERING: Creditors Meeting Set October 10 --------------------------------------------------------- Notice is hereby given by Carl Stuart Jackson and Nigel Ian Fox, both of Tenon Recovery, Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ, that a Meeting of Creditors of Cradlecraft Engineering Limited (Company No 1728496), Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ, is to be held at Highfield Court, Tollgate, Chandlers Ford, Eastleigh SO53 3TZ, on 10 October 2005, at 3:30 p.m. The Meeting is an initial Creditors' Meeting under paragraph 50 of Schedule B1 to the Insolvency Act 1986. I invite you to attend the above Meeting. A proxy form is available which should be completed and returned to me by the date of the Meeting if you cannot attend and wish to be represented. In order to be entitled to vote under Rule 2.38 at the Meeting you must give to me, not later than 12:00 noon on the business day before the day fixed for the Meeting, details in writing of your claim. C. S. Jackson, Joint Administrator CONTACT: CRADLECRAFT ENGINEERING LTD. Unit 3 Lyndean Industrial Estate 133 Felixstowe Road London SE2 9SG Phone: 020 8312 1636 Fax: 020 8312 1118 Web site: http://www.cradlecraft.co.uk/ TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com DANKA BUSINESS: Divests Six Units for US$10 Million --------------------------------------------------- Danka Business Systems plc has revealed the sale of its subsidiaries operating in Central and South America to Toshiba America Business Solutions, Inc., for US$10 million in cash. The purchase price is subject to a US$1 million holdback for a period of up to one year for potential contingencies. The transaction encompasses Danka's operations in Puerto Rico, Mexico, Panama, Brazil, Venezuela, and Chile. Danka Chief Executive Officer Todd Mavis said: "The sale of these businesses builds on earlier dispositions and culminates our efforts to narrow the scope of the Americas Group to our largest and, historically, most profitable entity, the United States. "This development will simplify our management and compliance requirements, enabling us to further streamline operations and focus our time and resources on the significant opportunities related to our high-value Managed Print Services (MPS) strategy. We plan to continue exploring additional ways around the world to concentrate our efforts on MPS in high-opportunity areas." The six subsidiaries sold to Toshiba provide, within their respective territories, imaging systems (including copiers and multi-functional peripheral devices) as well as related services and supplies. Combined, the subsidiaries employ about 500 people and contributed revenue of US$30.4 million and operating profit of US$1.6 million in Danka's fiscal year ended on March 31, 2005. The Central and South American Units' cumulative balance sheets assets were US$21.6 million as of March 31, 2005. Danka expects to record an estimated non-cash loss on the sale of approximately US$31million in the quarter ended September 30, 2005 in its U.S. GAAP financial statements, approximately two-thirds of which is attributed to the write-off of non-cash foreign currency cumulative translation adjustments for the Central and South American business units. Net proceeds from the sale will be used for working capital and reinvestment purposes. TABS incoming President and Chief Executive Rick Taylor said: "This transaction gives us a stronger direct presence in Latin America, which we believe provides tremendous market opportunities. We are pleased to have concluded this transaction with Danka, which remains one of our premier business partners." As part of its comprehensive reengineering and restructuring initiative, Danka has exited non-strategic or underperforming operations in several parts of the world over the past few years, including Canada earlier in the prior quarter and Portugal and Russia during the fiscal year ended March 31, 2005. About the Company Headquartered in London and St. Petersburg, Florida, Danka Business Systems plc is an independent provider of enterprise imaging systems and services. With a worldwide workforce of 9,500, the company delivers value to clients worldwide by using its expert technical and professional services to implement effective document information solutions. In July, Danka Business Systems plc reported first-quarter revenue of GBP166.8 million, gross margins of 33.7% and a loss from continuing operations before tax and finance costs of GBP2.3 million, including a cost restructuring charge of GBP3.0 million. For the full year, Danka reported turnover of GBP668.2 million and operating losses of GBP22.8 million excluding exceptional items. Danka's fourth quarter turnover was GBP158.6 million and operating losses were GBP27.1 million excluding exceptional items. The results include a GBP9.4 million provision for U.S. trade debtors in the fourth quarter. Including the exceptional restructuring charges of GBP5.1 million and GBP4.0 million, the Group reported operating losses of GBP27.9 million for the full year and GBP31.0 million for the fourth quarter respectively. CONTACT: DANKA BUSINESS SYSTEMS PLC 1230 Arlington Business Park Theale West Berkshire RG7 4TX, United Kingdom Phone: +44-118-903-2163 Web site: http://www.danka.com DAVILL RECRUITMENT: Monahans Administrator Enters Firm ------------------------------------------------------ Paul Michael McConnell (IP No 7802) of Monahans was appointed administrator of Davill Recruitment Limited (Company No 04265925) on Sept. 15. The company's registered office is at McGills, Oakley House, Tetbury Street, Cirencester GL7 1US. Davill Recruitment Limited is an international recruitment consultancy. It specializes in international recruitment across a variety of professions with agents who specializes in the recruitment of healthcare professionals -- nurses, care assistants, radiographers, physiotherapists, occupational therapists, social workers, doctors etc for the international market place. Visit http://www.davill.co.uk/for more information. CONTACT: DAVILL RECRUITMENT LTD. 3 Pullman Court, Great Western Road, Gloucester, Gloucestershire GL1 3ND Phone: 01452412111 Fax: +44(0) 1452 412777 E-mail: recruitment@davill.co.uk MONAHANS 38-42 Newport Street Swindon Wiltshire SN1 3DR Phone: 01793 521231 Fax: 01793 512188 E-mail: paulm@monahans.co.uk EXCEL PLANT: Files for Winding-up --------------------------------- J. S. Khaira, Chairman of Excel Plant (Southern) Limited, informs that a resolution to wind up the company was passed at an EGM held on Sept. at Rifsons House, 63-64 Charles Lane, St John's Wood, London NW8 7SB. Arif Anwar of Rifsons, Rifsons House, 63-64 Charles Lane, St John's Wood, London NW8 7SB was appointed liquidator. The company supplies trommels, slow-speed & high-speed shredders, complete turnkey plants, starscreens, and balers to the recycling and associated industries. Visit http://www.excelplantuk.comfor more information. CONTACT: RIFSONS Rifsons House 63-64 Charles Lane St Johns Wood London NW8 7SB Phone: 020 7586 9831 Fax: 020 7586 9834 E-mail: arif@rifsons.com EXPORTSPAS LIMITED: Creditors Meeting Set Friday ------------------------------------------------ Notice is hereby given by Kevin Murphy and William John Turner of Chantrey Vellacott DFK LLP, Russell Square House, 10-12 Russell Square, London WC1B 5LF, that a Meeting of the Creditors of Exportspas Limited (Company No 5117818), Russell Square House, 10-12 Russell Square, London WC1B 5LF, is to be held at Chantrey Vellacott DFK LLP, Russell Square House, 10-12 Russell Square, London WC1B 5LF, on Friday 30 September 2005, at 11:00 a.m. The Meeting is an initial Creditors' Meeting under paragraph 51 of Schedule B1 to the Insolvency Act 1986. A proxy form is available which should be completed and returned to me by the date of the Meeting if you cannot attend and wish to be represented. In order to be entitled to vote under Rule 2.38 at the Meeting you must give to me, not later than 12:00 noon on the business day before the day fixed for the Meeting, details in writing of your claim. K Murphy and W J Turner, Joint Administrators CONTACT: CHANTREY VELLACOTT DFK LLP Russell Square House 10-12 Russell Square London WC1B 5EH Phone: 020 7307 8200 Fax: 020 7307 8222 E-mails: kmurphy@cvdfk.com wturner@cvdfk.com GAIM (UK): Creditors to Meet Later this Month --------------------------------------------- Notice is hereby given, pursuant to paragraph 51 of Schedule B1 of the Insolvency Act 1986, that a Meeting of the Creditors of GAIM (UK) LIMITED (t/a The Enfield Hotel & The Burwood House Hotel- Company No 04673099) will be held at 8 Baker Street, London W1U 3LL, on 30 September 2005, at 12:30 p.m., for the purposes of considering and, if thought fit, approving the proposals of the Administrators for achieving the aim of the Administration Order, and also to consider establishing and, if thought fit, to appoint a Creditors' Committee. A person authorised under section 375 of the Companies Act 1985 to represent a corporation must produce to the Chairman of the Meeting a copy of the resolution from which their authority is derived. The copy resolution must be under seal of the corporation, or certified by the Secretary or Director of the corporation as a true copy. Please note that a Creditor is entitled to vote only if he has delivered to the Administrators not later than 12:00 noon on 29 September 2005, details in writing of the debt claimed to be due from the Company, and the claim has been duly admitted under the provisions of the Insolvency Rules 1986, and there has been lodged with the Administrators any proxy which the Creditor intends to be used on his behalf. Notice is hereby given, for the purposes of paragraph 49(6) of Schedule B1 of the Insolvency Act 1986, that Members of the Company should write to Shay Bannon, at BDO Stoy Hayward LLP, 8 Baker Street, London W1U 3LL, for copies of the Administrators' statement of proposals. Copies of the Proposals will be sent, free of charge. S. Bannon, Joint Administrator CONTACT: BDO STOY HAYWARD LLP 8 Baker Street London W1U 3LL Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdostoyhayward.co.uk GATE GOURMET: Shakes up Corporate Structure ------------------------------------------- Gate Gourmet, a global airline catering and logistics company, on Tuesday announced a realignment of its organizational and management structure by consolidating sales and service functions in its operating divisions. David Siegel, Chairman and Chief Executive Officer, said the new structure addresses several strategic objectives. "Overall, we are striving to be even more market oriented and customer focused with our sales and service functions integrated within the geographic divisions. We will be more responsive as business conditions change by region or within market sectors, and be more attuned to opportunities both within and outside of our traditional catering role," Siegel said. Sales and customer service will now be fully integrated within the geographic divisions, under the direction of three division presidents, Paul Lilley in Europe, Pete Pappas in the Americas and Odd Engebretsen in Asia/Pacific, who will continue to report to Executive Vice President and Chief Financial Officer Guy Dubois. Support and infrastructure for the sales function will be provided by a new corporate department of Marketing and Business Development, headed by John Whisnant. In this role, Whisnant is responsible for identifying new or emerging market opportunities worldwide and developing related tools and processes for the newly formed divisional sales teams. Because of these changes, Niels Smedegaard, Executive Vice President, Global Sales Solutions, will be leaving the company following a transition period. With Smedegaard's departure, e-gatematrix Chief Operating Officer and Chief Financial Officer Torben Carlsen has been elevated to the role of President of that unit and will report directly to Siegel. Also, Jay Jenkins is appointed Vice President Business Development and interim President of Global Aviation Services, a newly formed subsidiary that will focus on providing transportation companies with a broad range of above- and below-the-wing airport services. Jenkins will report to Siegel in this new role. "We are fortunate to have an extraordinarily energetic and talented management team, and I look forward to their continuing contributions as we reposition Gate Gourmet for future success," Siegel said. "I am also very appreciative of the significant contributions Niels Smedegaard has made to this organization during his career. His deep understanding of, and passion for, the business helped guide Gate Gourmet during his long tenure." Siegel noted that since all the changes involve internal positions, the transition of duties and continuity of operations will be smooth and seamless. Gate Gourmet, with dual headquarters in Reston, Va., and Zurich, Switzerland, employs 22,000 people in 29 countries and is a global provider of in-flight catering and logistics services for more than 200 airlines worldwide. CONTACT: GATE GOURMET INTERNATIONAL Corporate Communications 1170 Plaza America Drive, Suite 800 Reston, VA 20190 U.S.A. Phone: +1 703 964 2300 Fax: +1 703 964 2399 E-mail: jbronson@gategourmet.com GRAYSTONE PAVING: Appoints Begbies Traynor Liquidator ----------------------------------------------------- Graystone Paving Limited informs that a resolution to wind up the company was passed at an EGM held on Sept. 14 at The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG. Jamie Taylor of Begbies Traynor, The Old Exchange, 234 Southchurch Road, Southend-on-Sea, Essex SS1 2EG was appointed liquidator. CONTACT: GRAYSTONE PAVING LTD. 4 Sheldon Avenue, Clayhall Ilford, Essex, IG5 0UD Phone: 020 8550 7510 020 8550 2822 E-mail: graystone.paving@lineone.net Web site: http://www.graystonepaving.co.uk/ BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com HARVEY F. SMITH: In Liquidation ------------------------------- T. F. Smith, Chairman of Harvey F. Smith (Printers) Ltd., informs that resolutions to wind up the company were passed at an EGM held on Sept. 7 at Novotel, Wilsons Lane, Longford, Coventry, Warwickshire CV2 6HL. T. Papanicola was appointed liquidator. Harvey F. Smith offers comprehensive design and print service for office stationery, leaflets, catalogues, brochures, posters, banners and flyers. Its list of clients includes British Bakeries, Lowe Group, AAA and Aston Villa FC. Visit http://www.Harveyfsmith.comfor more information. CONTACT: HARVEY F. SMITH (PRINTERS) LTD. Challenge Park 161-163 Hospital Street Birmingham B19 3XA West Midlands Phone: 0121 359 4405 Fax: 0121 359 4406 Contact: Trinters Smith, Managing Director HOLLYWOOD DVD: Hires Administrators from Unity Corporate -------------------------------------------------------- Matthew Colin Bowker and Suzanne Payne (IP Nos 8106 and 9225) of mail order company Hollywood DVD Limited (Company No 1700872) on Sept. 9. The company's registered office is at Clive House, Clive Street, Bolton BL1 1ET. CONTACT: UNITY CORPORATE RECOVERY AND INSOLVENCY Clive House Clive Street Bolton Lancashire BL1 1ET Phone: 01204 395000 Fax: 01204 383999 E-mail: matthewbowker@ubsg.co.uk ICELITE LIMITED: Appoints DTE Leonard Curtis Administrator ---------------------------------------------------------- J. M. Titley and A. Poxon (IP Nos 8617, 8620) of DTE Leonard Curtis were appointed administrators of Icelite Limited (Company No 02894419) on Sept. 16. The company's registered office is at Pendle House, Mead Way, Shuttleworth Mead, Padiham, Lancashire BB12 7NG. CONTACT: ICELITE LTD. Unit 10a & 10b Mead Way, Shuttleworth Mead, Burnley, Lancashire BB12 7NG Phone: 08707 707 458 Fax: 08707 707 459 DTE LEONARD CURTIS DTE House, Hollins Mount, Bury BL9 8AT Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com IRVINE MARTIN: Names Administrators from Larking Gowen ------------------------------------------------------ Matthew Robert Howard and David Nigel Whitehead (IP Nos 009219 and 008334) of Larking Gowen were appointed joint administrators of Irvine Martin (Plastics) Limited (Company No 0445860) on Sept. 12. The company's registered office is at King Street House, 15 Upper King Street, Norwich, Norfolk NR3 1RB. Irvine Martin manufactures and designs of industrial & decorative thermo vacuum formed products. Visit http://www.irvine-martin.co.ukfor more information. CONTACT: IRVINE MARTIN PLASTICS Kenton Road Debenham Stowmarket IP14 6LA Suffolk Phone: 01728 860909 Fax: 01728 861056 LARKING GOWEN King Street House 15 Upper King Street Norwich, Norfolk NR3 1RB Phone: 01603 624181 Fax: 01603 667800 E-mail: matt.howard@larking-gowen.co.uk JESSOP PLANT: Names Poppleton & Appleby Liquidator -------------------------------------------------- Jessop Plant Hire Limited informs that a resolution to wind up the company was passed at an EGM held on Sept. 14 at Best Western Forest Pines Hotel, Ermine Street, Broughton, Scunthorpe BN20 0AQ. Robert Michael Young and Ian Michael Rose of Poppleton & Appleby, The Old Barn, Caverswall Park, Caverswall Lane, Stoke-on-Trent ST3 6HP were appointed Joint Liquidators. Visit http://www.jeremyhaydn.com/websites/SiteJessop/for information about the company. CONTACT: THE P&A PARTNERSHIP The Old Barn, Caverswall Park, Caverswall Lane Stoke on Trent ST3 6HP Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com METAL BULLETIN: Sells Troubled U.S. Business for US$1 ----------------------------------------------------- Metal Bulletin plc on Monday disclosed the disposal of Avalon Research Group, Inc. and provided an update on current trading. In the interim statement issued on 30 August the company referred to challenging trading at our independent research provider Avalon, which made an operating loss of GBP0.5 million in the first half. Since then, it negotiated with the former shareholders, who include current senior management, of Avalon Research about restructuring the business to reduce operating losses and position Avalon for future growth. Despite extensive discussions, it has been unable to reach a satisfactory outcome and the Board of Metal Bulletin has therefore concluded that a complete exit from the business, which is exposed to continued income volatility, is in the best interests of shareholders. The former shareholders of Avalon Research had sought immediate payment of the US$12.5 million maximum available under an earnout arrangement. Metal Bulletin does not recognize this demand but does acknowledge that the relationship with Avalon management has broken down irretrievably. Rather than face an uncertain, protracted and highly costly litigation process in Florida, whilst being unable to stem trading losses at Avalon through taking full management control, the firm negotiated an immediate clean break settlement with the former shareholders and agreed on Sept. 26 via a binding Letter of Intent to sell the business back to them for US$1 (one dollar). In addition, at closing of legal documentation on or before 31 October 2005, Metal Bulletin will make a payment of US$6 million to settle all claims, and a further US$2 million capital injection to cover the costs of winding up the business. Both payments will be made by an extension to our existing borrowing arrangements. The deferred payment of US$3 million scheduled to be paid in 2011 falls away. The carrying value of GBP5.5 million will be written down to zero in Metal Bulletin Holdings Corporation's (a subsidiary of Metal Bulletin plc) balance sheet. Trading in the rest of the Group continues to be strong, particularly subscription income within BCA and the MMM division. The 2005 MARHedge Conference, which took place last week in Bermuda, exceeded its budget, and bookings for autumn events across the Group remain strong. The Group's operating performance in the second half has started well. Commenting on the disposal, Tom Hempenstall, Chief Executive of Metal Bulletin said: "Once it became clear that the Group faced the delay and uncertainty of litigation in the Florida State courts whilst being unable to stem losses at Avalon through taking full management control, the board took this decisive action which it believes to be in the best long term interests of shareholders." CONTACT: METAL BULLETIN PLC Tom Hempenstall, Chief Executive Leslie-Ann Reed, Finance Director Phone: 020 7827 9977 Tim Spratt/Charles Palmer Financial Dynamics Phone: 020 7831 3113 MG ROVER: Nanjing Promises Longbridge Revival in 2007 ----------------------------------------------------- MG Rover's new owner reportedly eyes restarting production at Longbridge by 2007, creating up to 1,200 jobs in the process. According to The Telegraph, Nanjing Automobile (Group) Corporation, which plans to build 100,000 cars annually within five years, will keep two of the site's final assembly production facilities as well as the paint shop. Nanjing vice president Wang Qiu Jing noted that the revival of Longbridge operations could even be earlier if the development of engines in China proved successful. He said: "The viability of the U.K. business is dependent upon the success of our new operation in China because it allows us to take advantage of a competitive global supply chain and shared new product development." Nanjing's plans for the plant were reportedly rooted on its review of the market situation in the U.K. and Europe. The company is said to be considering manufacturing four or five new models at the factory. Meanwhile, Tony Woodley, general secretary of the Transport and General Workers Union, has expressed support for Nanjing's plans, which he considered as genuine. MG Rover Group Limited produces automobiles under the Rover and MG brands, together with engine maker Powertrain Ltd. The company has been facing huge losses in recent years, reaching GBP64.1 million in 2004, which were blamed on reduced sales. Previously owned by Phoenix Venture Holdings, the company collapsed on April 8 after a tie-up with China's largest carmaker, Shanghai Automotive Industry Corporation (SAIC), failed to materialize. Days later, eight European subsidiaries followed suit. In July 2005, Nanjing bought the assets of both MG Rover and Powertrain Ltd. for GBP53 million. 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 NANJING AUTOMOBILE (GROUP) CORPORATION General Management Division Phone: 86-25-3432671 Fax: 86-25-3111295 3417873 E-mail: bnj3111037@jlonline.com Web site: http://www.nanqi.com.cn MOWLEM PLC: Wins GBP28.5 Mln Deal to Build Sports Complex --------------------------------------------------------- Mowlem plc has signed a GBP28.5 million contract with Doncaster Borough Council to build the Lakeside Sports Complex, a 15,000-seat community stadium to be used for football, rugby and athletics. The stadium will incorporate a 500-seat mini-stand, a series of synthetic turf pitches and track and field athletics facilities to be used by Doncaster Rovers football club and the Doncaster Dragons rugby team. Work will begin on site in October 2005, with completion expected in December 2006. Mowlem Chief Executive, Simon Vivian, said: "We look forward to providing Doncaster with a 21st century sports facility, which we know will make a major contribution to the local community. Following our recent success at Twickenham Stadium, this award further underlines our sports infrastructure credentials in the run up to the 2012 London Olympics." About the Company Mowlem plc, based in Middlesex, provides construction and support services to public and private sector customers across a comprehensive range of market sectors. It has more than 25,000 employees, and annual turnover of GBP2 billion. It has GBP228.4 million in assets and GBP18.9 million in debt. Its creditors are HSBC Bank, National Westminster Bank, and Lloyds TSB Bank. The Trouble Mowlem's business review in February led to the discovery of a number of accounting issues at its Technical Services unit. The errors nearly gave rise to technical breaches under certain bonding facilities. The review also resulted to the split up of its Construction Services operation into three units. Recently, the company warned its full year results will be GBP20 million lower than current market expectations due to changes in approach to profit recognition and contract valuation. The announcement follows three previous profit warnings since June 2004. It prompted Fitch Ratings to revise the outlook on the company to Negative from Stable. Senior Unsecured 'BB' and Short-term 'B' ratings were affirmed. CONTACT: MOWLEM PLC White Lion Court, Swan St., Isleworth London TW7 6RN Phone: +44-20-8568-9111 Fax: +44-20-8847-4802 Web site: http://www.mowlem.com PARTNERS PROPERTY: Hires P&A Partnership Administrator ------------------------------------------------------ Brendan Ambrose Guilfoyle and Andrew Philip Wood (IP Nos 2563 and 9148) of The P&A Partnership were appointed joint administrators of Partners Property Management Investments Limited (Company No 05174259) on Sept. 2. It offers other property services. The company's registered office is at 93 Queen Street, Sheffield S1 1WF. CONTACT: PARTNERS PROPERTY MANAGEMENT 25 Lowtown Pudsey West Yorkshire LS28 7BQ Phone: (0113) 255 6635 Fax: (0113) 255 2398 Web site: http://www.ppmleeds.co.uk 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 PAUL GASCOIGNE: PR Firm Winds up with GBP100,000 Debt ----------------------------------------------------- Paul Gascoigne Promotions Ltd. has been placed in liquidation with debt of around GBP100,000, said The Telegraph. The public relations firm, which owes the Inland Revenue and a private financial adviser, is owned by former England football player Paul Gascoigne. Grant Thornton has been appointed as its liquidator. Mr. Gascoigne, who attended the insolvency hearing Tuesday, established the company in the late 1980s. The company's income mostly came from Mr. Gascoigne's commercial and promotional endeavors, which include sponsorship deals and guest appearances. Profit reached around GBP500,000 a year at one point. Rob Caven, of Grant Thornton, said: "There had recently been a significant reduction in promotional activities, resulting in losses. Paul, as the sole director, realized PGPL had been unable to continue to trade. There are no employees." Meanwhile, Jane Morgan, Gascoigne's agent, said his financial advisers were "on top of it all." CONTACT: GRANT THORNTON U.K. LLP 95 Bothwell Street Glasgow G2 7JZ Phone: 0141 223 0000 Fax: 0141 223 0001 Web site: http://www.grant-thornton.co.uk PURE AIR: Calls in Administrators from Mitchell Charlesworth ------------------------------------------------------------ Jeremy Paul Oddie and Geoffrey Michael Weisgard (IP Nos 008918 and 002781) of Mitchell Charlesworth were appointed joint administrators of Pure Air & Health Limited on May 25. The company's registered office is at Mitchell Charlesworth, 6th Floor, Brazennose House West, Brazennose Street, Manchester M2 5FE. Pure Air was previously named Best Presentations Limited. It was engaged in corporate presentation. CONTACT: BEST PRESENTATIONS LTD. Manchester Phone: 0161 736 1007 MITCHELL CHARLESWORTH 6th Floor Brazennose House West Brazennose Street Manchester Greater Manchester M2 5FE Phone: 0161 817 6100 Fax: 0161 817 6102 E-mails: Jeremy.Oddie@mitchellcharlesworth.co.uk geoff.weisgard@mitchellcharlesworth.co.uk RANK GROUP: 'BB+' Rating Affirmed; Outlook Negative --------------------------------------------------- Fitch Ratings has affirmed U.K.-based Rank Group plc's ratings at Senior Unsecured 'BB+' and Short-term 'B'. The rating Outlook remains Negative. Rank's activities include gaming (Mecca Bingo, Grosvenor Casinos and Blue Square, Hard Rock Casinos), film processing and digital post-production services through Deluxe Film, and the Hard Rock cafe outlets. Hard Rock Hotels are operated through a joint venture with Sol Melia. Two Hard Rock hotels and casinos are located in Seminole Indian territories in Florida. Olivier de Combarieu, Director within Fitch's European corporates team, said: "Most of Rank's operations are highly mature, and the U.K. gaming deregulation is unlikely to markedly enhance the group's cash flow generation as it will only affect the Grosvenor Casino activities." Grosvenor Casino activities accounted for 14% of Rank's H105 operating profit. Rank's end-H105 net debt increased to GBP737 million due to the GBP51 million cash outflows from its Deluxe Film contract advances to studios. Unadjusted net debt-to-annualized EBITDA (under IFRS) stood at 2.9x at H105, compared to 2.4x at YE04. Although the increase in leverage partly reflects incremental Deluxe Film advances, there is little assurance that cash inflows from the amortization of those advances will be used to materially de-leverage the group over the two next years. Management has indicated that it may increase its payout to shareholders over the medium term. If this is the case, cash inflows from maturing advances may be paid out to shareholders. Yet Deluxe Film is also expected to provide additional advances to renew contracts with studios from 2007 onwards, thereby increasing its debt levels. Rank's ability to increase leverage is constrained by covenants such as a maximum leverage ratio included in bank financing arrangements. This affords these creditors some protection should Rank exceed the ratio threshold. However, the holders of the convertible and Yankee bonds issued by Rank do not benefit from such protection. Although a plan to "separate" Deluxe Film from the rest of the group was announced in September 2004, Fitch notes that the film processing operations may remain within Rank. Management admits than a de-merger followed by a listing of Deluxe Film as an independent entity will be difficult. It continues to look at selling Deluxe Film to a third-party, but such a transaction is less than ideal as contracts between Deluxe and studios include changes of control clauses. They have to be renegotiated, potentially reducing the value of Deluxe. As a result Deluxe Film may remain within Rank providing some diversification to a group that otherwise relies heavily on gaming and the Hard Rock cafes. Fitch notes that digital cinema remains a major threat looming over Deluxe Film. CONTACT: FITCH RATINGS Olivier de Combarieu, Paris Phone: +33 1 44 29 91 26 Frederic Gits Phone: +33 1 44 29 91 34 Web site: http://www.fitchratings.com Media Relations Julian Dennison, London Phone: +44 20 7862 4080 REGAL PETROLEUM: To Pursue Plans to Develop Ukrainian Assets ------------------------------------------------------------ Responding to the volatility in Regal Petroleum plc's share price over the last few trading days, the Board of Regal would like to inform shareholders that it does not and never has regarded a complete "sell out" of its 100% assets in the Ukraine to be the right course for the Company. The Board remains keen to pursue its original and preferred course of carrying out the full field development and production of its Ukraine assets for the benefit of the shareholders, the Government and the people of Ukraine. Although channels of communication with Peak Resources Ltd. of Hong Kong could still be described as "open," the Board believes these negotiations, which were foisted upon the Company after the discovery of an unknown apparent "option," would not be in the best interests of shareholders. While it is public knowledge that there is an ongoing appeal process in Ukraine the Board would like to clarify that this legal process is not connected in any way to the Company's license rights in Ukraine, which are not in question. The original case was initiated by the Company surrounding the distribution of the rights to property (wells, pipeline and pilot production plant) which were developed in the Joint Venture (JV) between the Company and Chernihivnaftogasgeology (CNGG) up to the date when that JV was dissolved in June 2004. At the Company's request, a value to be associated with those property rights was determined by the Court and its appointed auditor. The Company paid the appropriate sum into Court in August 2005. CNGG is currently appealing that valuation. Prior to the dissolution of the JV, the JV operated an "Exploration & Pilot Production License" from the Government. That license was subsequently replaced by the current "Development & Production License," which was awarded 100% to Regal. Dr. Rex Gaisford, Chief Executive of Regal, said: "Ukraine remains an exciting country in which Regal intends to develop a long-term presence. As the new political landscape becomes established, the Company will seek to build a strong relationship with the Ukraine Government based on mutual trust and transparency. The Company's present established position gives it a great opportunity to seek additional licenses and joint ventures in Ukraine and if this endeavor is successful, it will reinforce the Company's intention to have a growing long-term presence there. On conclusion of the Court appeal the Board will make a further announcement." About the Company Regal Petroleum plc is a London-based independent oil and gas producer listed on the Alternative Investment Market of the London Stock Exchange. It focuses on the exploration, development and production of oil and gas assets in Ukraine, Greece, Romania, Egypt and Liberia. Frank Timis, who also served as executive chairman, established the company in 1996. However, Mr. Timis stepped down in June as the company's annual losses quadrupled. For the year ending December 31, losses of US$2.9 million a year earlier ballooned to US$13.7 million (GBP7.55 million). Since March, the company has lost 83% of its value, with shares plunging significantly at the end of April when Regal raised GBP45 million at 390 pence a share following its discovery of a gas prospect in Romania. It sank further when a well at its prospect in Greece was found to be not commercially viable for exploration. CONTACT: REGAL PETROLEUM PLC 4th Floor 11 Berkeley Street London, England W1J 8DS Phone: +44 20 7647 6622 Fax: +44 20 7629 4297 Web site: http://www.regalpetroleum.com ROBERT WISEMAN: Volumes, Turnover in Line with Expectations ----------------------------------------------------------- Trading Report of Finance Director Billy Keane The company's sales volumes and turnover for the six months to 1 October 2005 are in line with forecast and the company is confident it will deliver results that are in line with current market expectations. The six-month period has seen us commence a significant new store allocation with Tesco, which has boosted volumes for our existing depots at Droitwich, Bristol and Taunton, as well as our temporary depot at Peterborough. This depot will, as planned, be replaced in November by our new GBP7.5 million depot at Northampton, which will assist efficiencies in servicing our customer base in the South-East of England. As previously announced, we will cease own label supplies to Morrisons from late October. As a result, we propose to cut back on production volumes at our Glasgow and Aberdeen dairies. We have tried to minimize the number of job losses arising from these measures through natural wastage, but unfortunately there may be some redundancies, giving rise to a provision of GBP0.3 million in the first half-year. Despite the loss of Morrisons, we still anticipate the full year will be a record one for the Company in terms of volume and turnover. We are pleased to have secured long-term volume growth for the business and look forward to developing our position as a key supplier to all our major customers including Tesco, Sainsbury's, and Somerfield. Our strategy of investing in state-of-the-art facilities to supply the multiple retailers has proved successful and we will continue with this approach. We are currently finalising a legal agreement to purchase a site for a new South-West dairy. Our chosen location is near Taunton, which will enable us to transfer our current workforce from our leased depot site in that area. The total cost of this project is estimated to be GBP30 million, with the dairy expected to be operational in spring 2007 with an initial capacity of 200 million liters. We reduced the price we paid to our direct suppliers for raw milk from 1 September in an attempt to bring our position closer to that of our major competitors, and guaranteed that price until January 2006. We will review our position again towards the end of the year. We note the recent report on Raw Milk Contracts by MDC and the NFU's recent document "a Vision for the Future," which we are studying closely and will give our views on in due course. Inflation in oil related costs is a concern. Although this was to some degree recovered through the achievement of higher milk selling prices in March, the recent continued rise in derv and plastic, together with anticipated higher energy costs, has eroded the effect of this increase. Similarly, competition in all sectors of the market is intense and makes recovery of these increased costs uncertain. We remain optimistic that with our new depot opening soon, and plans for the new dairy well advanced, we are in excellent shape going forward. The Group's Interim results will be announced on Wednesday, 9 November 2005. CONTACT: ROBERT WISEMAN DAIRIES PLC Cairn Place Nerston Industrial Estate East Kilbride, G74 4NQ Strathclyde Phone: 01355 247777 Fax: 01355 228181 Web site: http://www.wiseman-dairies.co.uk SPENCE CONSTRUCTION: In Administrative Receivership --------------------------------------------------- HSBC Bank Plc appoints Michael Edward George Saville and Rob Sadler (Office Holder Nos 7250 and 9172) of Begbies Traynor joint administrative receivers of Spence Construction Limited (Registered No. 01133479) on Sept. 16. The company handles civil construction contractors. CONTACT: SPENCE CONSTRUCTION LTD. The Justices, Kildwick, Keighley, West Yorkshire BD20 9AE Phone: 01535639639 BEGBIES TRAYNOR 30 Park Cross Street, Leeds LS1 2QH Web site: http://www.begbies.com TORVER SITE: Creditors Meeting Set Next Week -------------------------------------------- Notice is hereby given that a Meeting of the unsecured Creditors of Torver Site Services Limited will be held, pursuant to section 48(2) of the Insolvency Act 1986legx, at KPMG LLP, St Nicholas House, Park Row, Nottingham NG1 6FQ, on 4 October 2005, at 10:30 a.m., for the purpose of receiving the report of the Administrative Receivers, and, if thought fit, appointing a Creditors' Committee. A Creditor will be entitled to vote only if a written statement of claim is submitted to me at the above address by 12:00 noon on 3 October 2005, and if the claim is admitted for voting purposes. Any proxies that are intended to be used must be submitted to me before the Meeting. A Creditor whose claim is wholly secured is not entitled to attend or be represented at the Meeting. A W Graham, Joint Administrative Receiver CONTACT: KPMG LLP St Nicholas House Park Row Nottingham Nottinghamshire NG1 6FQ Phone: 0115 935 3535 Fax: 0115 935 3500 TURNER & NEWALL: U.S. Parent Promises GBP250 Mln to Pension Fund ---------------------------------------------------------------- Turner & Newall's parent company Federal Mogul and T&N administrators Kroll have reached a deal in principle regarding the funding of the firm's pension fund. Federal Mogul agreed to pay GBP250 million in to the T&N pension scheme with a further GBP125 million going to the asbestos victims. The pension fund has a deficit of GBP775 million. The agreement, which is still subject to approval from U.S. and British courts, will help the company exit Chapter 11. Federal- Mogul has been in bankruptcy since October 2001 due to asbestos liabilities, a considerable part of which comes from its 1998 purchase of T&N. As reported by TCR-Europe in August, a Memorandum Opinion and Order released Friday, August 19, 2005, Judge Rodriguez estimated the total amount of contingent and unliquidated claims against Turner and Newall Limited for personal injury or death caused by exposure to asbestos at US$9 billion in the United States and GBP229 million (about US$411 million) in the United Kingdom, including pending and future claims. Turner & Newall is based at Dudley Hill, Bradford. CONTACT: TURNER & NEWALL LIMITED Manchester International Office Centre Styal road Manchester M22 5TN FEDERAL-MOGUL CORPORATION 26555 Northwestern Hwy. Southfield, MI 48034 Phone: 248-354-7700 Fax: 248-354-8950 Web site: http://www.Federal-Mogul.com UNIQ PLC: U.K. Division Incurs GBP6.5 Million Loss -------------------------------------------------- Uniq plc has released a trading update ahead of its half-year results for the 26 weeks to 1 October 2005. Due to a disappointing 2nd quarter in the U.K. and Northern Europe, the Group operating profit for the 1st half will be close to breakeven. The outlook for the year is therefore substantially below expectation. Against this background, Geoff Eaton, who became Chief Executive on 1 August, is taking firm and swift action to achieve an increased pace of change to position the business for sustained recovery and profitable growth in the future. Southern Europe Year to date sales in Convenience ("Chilled/frozen") have been flat. The overall chilled market growth was slower than expected and against this backdrop the Marie brand grew its market share. The decline in Marie frozen sales continued, although there is early evidence that new product launches in the autumn could slow this trend. Margin erosion will leave Convenience profit lower in the first half. Restructuring of the sales force for chilled and frozen products, together with autumn product launches, backed by 2nd quarter media spend, will create a good momentum going into the 2nd half. Sales in Health ("spreads"), adjusting for the withdrawal from the healthy yogurts market, grew by 1.7% in a slowing market and margins have been maintained. As expected, sales in Spain have been adversely affected by the fire, however, management has responded quickly to put the Spanish business on a recovery path. Northern Europe In Northern Europe sales are down by 5% year to date and have been below management expectations due to poor summer weather and competitive activity. While cost-saving plans have eroded some of the impact, margin performance remains below last year. Initiatives are in place to improve performance into the second half including both volume gains and cost reductions. However, the outcome for the year is likely to be below last year. There is an increasing focus on sales and marketing in each market served while maintaining the high level of activity on cost reduction. In the first half of 2004/5 there was a one-off pension credit of GBP1.6 million. U.K. The U.K. is where the position is most challenging, where there are the greatest opportunities for recovery, and where significant new actions to improve future performance are being implemented. Although sales in the first five months were down by just 0.3%, the division overall incurred losses of GBP6.5 million (2004: GBP1.1 million loss). The most significant factor s behind this deterioration were the ongoing labor, waste and supply chain problems in desserts at Minsterley and the loss of salad business in the prior year at Spalding. There is considerable activity focused on the recovery in performance at Minsterley and some progress has been made in improving service to customers. However, it is a large and complex site and it is likely to take 12 to 18 months to get to acceptable performance. At Spalding the recovery is ahead of schedule. The remaining U.K. businesses have, overall, performed ahead of management expectations. Geoff Eaton, Uniq's Chief Executive, said: "After two months in the role I have identified significant opportunities and initiatives for improvement in each of our divisions. Clearly we face a challenging trading environment, a significant program of change and it will take time to deliver. However, the agenda for change is dynamic and exciting as we focus on optimizing the value in each business we operate." The Company will be meeting with City analysts as planned on Friday 30 September. Interim results for the 26 weeks to 1 October 2005 are due to be published on 14 November 2005. Except where specifically stated, figures are for the 21 weeks to 27 August 2005. 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 WM MORRISON: Safeway Disposes of 30 Sites to Tesco -------------------------------------------------- Wm Morrison Supermarkets plc has confirmed that its subsidiary Safeway Stores Limited had exchanged contracts with Tesco Stores Limited to sell the 30 forecourt sites that were inherited following the dissolution of the BP and Safeway partnership. The sale of 12 of the sites was subject to a pre-emption right in favor of BP Oil U.K. Limited who could acquire them on the same terms and conditions as agreed with Tesco. BP has triggered its pre-emption rights in respect of 9 of the sites. BP intends to retain 4 of the sites with the other 5 sites to be transferred to BP's nominee, Somerfield Stores Limited. The remaining 3 sites will transfer to Tesco, subject to the approval of the Office of Fair Trading. The 4 sites that will transfer to BP are in Guildford Merrow Epsom Road, Harlow Southern Way, Hitchin Oakfield, and Southampton Sholing. The 5 sites that will transfer to Somerfield are in Wolverhampton Bilston, Worthing Durrington, Wolverhampton Fallings Park, Bournemouth Westway, and Birmingham Harborne High Street The 21 sites that will transfer to Tesco, subject to OFT approval, are in Blackpool Whitegate Drive, Bolton Wigan Road, Bristol Winterbourne High Street, Cardiff Whitchurch, Chippenham Hungerdown Lane, Eastleigh Twyford Road, Exmouth Churchill Road, Gloucester Eastern Avenue, Kings Lynn Wooton Road, Middlesbrough Acklam Road, Middlesbrough Marton Stokesley, Newcastle UT Kenton, Norwich Earlham Road, Nottingham Nuthall Road, Plymouth Compton Eggbuckland Road, Rothwell Leeds Road, Sale Manor Avenue, St Helens Windle, Walsall Willenhall Pool Hayes, Warrington Winwick Road, and West Bromwich Stone Cross All staff will transfer to the relevant purchaser on completion. The value of the gross assets attributable to the 4 sites to be transferred to BP was GBP7.6 million at 30 January 2005. The value of the gross assets attributable to the 5 sites to be transferred to Somerfield was GBP8.6 million at 30 January 2005. The value of the gross assets attributable to the 21 sites to be transferred to Tesco was GBP39.1 million at 30 January 2005. About the Company Founded in 1899 by William Morrison, the company has grown from a single egg and butter stall in Bradford market to become the U.K. 's fourth largest, and rapidly growing supermarket chain. With over 150,000 people working in stores, factories, distribution centers and its head office, the company serves more than 10 million customers weekly. In May, Wm Morrison stated clearly that it was not in a position to provide reliable guidance on the level of profitability for the year as a whole. Since that time, the market has produced a wide range of profit estimates for the year 2005/6. While detailed forecasting work was underway, the Board believed the guidance for profit before tax, exceptionals and goodwill for the current year will fall within the range GBP50 million to GBP150 million. The Board reiterated that in 2006/7 there remains every indication that financial performance will improve significantly following completion of the conversion process and as the benefits of the actions taken to normalize the cost structure of the business are reflected in improving margins. CONTACT: WM MORRISON SUPERMARKETS PLC Hilmore House Thornton Road Bradford West Yorkshire England BD8 9AX Phone: +44 1274 494166 Fax: +44 1274 494831 Web site: http://www.morereasons.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. 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