Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: 80
Dated: 4th October 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKFTSE 100
The FTSE 100 index closed last week at a 1998 low of 4,750.4, down 157.8.
LONDON FOREIGN EXCHANGE
London remains by far the biggest foreign-exchange dealing centre, with average daily turnover rising from $464 billion in 1995 to $637 billion this year, a slower growth than New York's but still a greater turnover than New York and Tokyo combined.
Source: The Economist
THE REDENOMINATION OF SHARE CAPITAL - NEW LEGISLATION PROPOSED
New legislation giving companies a simpler legal mechanism for redenominating share capital was announced last week by Lord Simon, Minister for Trade and Competitiveness in Europe. The proposed legislation will also provide that the minimum share capital of a public company may be denominated in any currency, and not just sterling.
Proposals to amend the Companies Act 1985 will be brought forward using powers available under the Deregulation and Contracting Out Act 1994, and the changes could be in place by the end of 1999.
Lord Simon said:
"I am very keen to play a full part in helping UK business prepare
for the euro. The DTI's consultation "The Euro: Redenomination of share capital" showed that companies are starting to consider whether
to redenominate their share capital as the euro becomes widely-used
in Europe. Existing Companies Act 1985 procedures for the
reorganisation of share capital are not specifically designed for redenomination of shares, and can place an unnecessary burden on
companies in terms of cost, and the requirement for formal court
approval to any reduction in share capital.
" I propose to seek amendments to the Companies Act 1985 to provide a specific mechanism for companies to use in redenominating their share capital. The new mechanism would permit companies to resolve that references in any document to share capital denominated in one currency would be to the equivalent amount in euro (or another currency). A resolution of each class of shareholders would be required (although a resolution of the board would suffice where the company was redenominating into euro during any transitional period to membership of the single currency).
"The new mechanism would also permit companies to adjust the resulting nominal or par values of the shares to a more convenient figure in euro (or other currency), subject to shareholder approval and without the need for court approval. There would be no requirement for companies to issue new share certificates following redenomination.
" The second part of my proposal relates to the requirement in section 118 of the Companies Act 1985 that public companies should have a minimum amount of authorised and issued share capital of #50,000. Currently the Act requires this amount to be denominated in sterling, although companies can and do issue share capital in other currencies, over and above the minimum amount. Companies have told this Department that they favour having the flexibility to denominate the whole of their share capital - including the minimum amount - in a foreign currency; and I propose to seek an amendment to the Companies Act 1985 to allow them to do so.
"In preparing the new legislation the DTI will issue a further consultation document with detailed proposals for change."
STEPHEN BYERS OUTLINES PROPOSALS TO "ENHANCE LONDON'S REPUTATION AND POSITION IN FINANCIAL SERVICES"
"Our reforms of the financial services regulatory regime will enhance our reputation as a clean and attractive place to do business, and increase the public's confidence in the industry," said Chief Secretary Stephen Byers last week. He was speaking to a Financial Services Authority (FSA) conference in London where he also gave examples of the type of behaviour which will be covered by a new code of conduct.
He also emphasised the importance of having a robust regulatory structure in place to maintain London's pre-eminence in the financial services area at a time of global economic turmoil elsewhere;
"Recent events in Japan and elsewhere have shown that highly developed economies require highly developed and transparent systems for supervising financial services. Where supervision is ineffective and fails to command confidence the health and growth prospects of the whole economy can be threatened. London and the UK generally has an excellent reputation. The creation of the FSA is an opportunity to enhance that reputation further.
One area which will contribute to enhanced confidence is our new measures to deal with market abuse. These fill a gap that currently exists. A new code of market conduct will underpin this regime. It will detail the type of abuses which we are seeking to deter and set out safe harbours. Examples of the kind of behaviour include:
The membership of the Taskforce which aims to help people on low incomes gain access to financial services was announced last week by the Economic Secretary, Patricia Hewitt.
The Taskforce, chaired by Fred Goodwin, Deputy Group Chief Executive at the Royal Bank of Scotland, will look at ways banks can help credit unions expand their business and so assist more people on low incomes who have difficulty gaining access to financial services.
The membership of the Taskforce is:
"Access to financial services to those on low incomes is crucial if we are to prevent social exclusion. What we want to see is more banks, helping more credit unions, helping more people get access to savings and credit facilities.
"Too many people living on low incomes in communities without banks fall into the hands of loan sharks charging 100 per cent interest or more. Credit unions have an important role to play helping people to get a fair deal from financial services."
The Taskforce chairman, Fred Goodwin said:
"Nobody benefits from financial exclusion, and it is clear
that both credit unions and banks have important roles to
play in its eradication. By working together greater
inroads into the problem can be made, and the Taskforce
will be concentrating on how such collaboration can best be
achieved."
The Taskforce's remit is to:
The first meeting of the Taskforce was on the 28 September in London. It will produce its first report by the turn of the year and a final report by the middle of next year. The Treasury will provide the secretariat.
Some banks already co-operate with credit unions through:
The Treasury's work on credit unions is part of its wider work with the Cabinet Office's Social Exclusion Unit on tackling financial exclusion.
*** Forthcoming Creditors Meetings ***
Contributed byhttp://www.insolvency.co.uk
For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
From 05/10/98 to 13/10/98 Number of Creditor meetings : 132 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 05/10/98 F.T.C. Contracts Ltd 12.00 pm Glasgow Graphic Advert Practice (Scotland) Ltd 03.00 pm Hamilton Octavia Developments Ltd 11.00 am Glasgow Stained Glass Products Ltd 12.00 pm Glasgow 06/10/98 Abbe Metal Fabrications Ltd 11.00 am Glasgow 08/10/98 S K Electrical Distributors Ltd 10.30 am Kinross Shinebuff Ltd 02.30 pm Kinross 09/10/98 William Gerard Ltd 12.00 pm Edinburgh 23 Administrator Calling a meeting of Creditors 05/10/98 Feven Associates Ltd 12.00 pm Manchester 06/10/98 Okura & Co UK Ltd London 09/10/98 JC & NH Murray Ltd 11.00 am Richmond 48 Receiver calling unsecured Creditors Meeting 05/10/98 Pembleland Ltd 10.00 am Leeds Sealand Quality Foods Ltd 10.00 am London Sealand Quality Foods Subsidiary Ltd 10.00 am London 06/10/98 Integrated Options Ltd 10.00 am Guildford 07/10/98 CCM Armstrong Motorcycles Ltd 10.00 am Sheffield Finecare Plc 02.00 pm Manchester 08/10/98 Ark Realisations Ltd 11.00 am London Camborne Bingo Club Ltd 10.00 am Birmingham James Haworth Ltd 02.30 pm London 09/10/98 Pneuform Bending Machines Ltd 10.00 am London 13/10/98 Armstrong Homes Ltd 10.30 am Carlisle 67 Scotland - Receiver calling Meeting of unsecured Creditors 09/10/98 Woodcocks (Scotland) Ltd 11.00 am Edinburgh 84 N. Ireland - Creditors Voluntary Liquidation 05/10/98 Classform Ltd 12.15 pm Dungannon 98 Creditors Voluntary Liquidations 05/10/98 B & C Integrated Systems Ltd 10.00 am Glasgow Charter Interior Contracts Ltd 03.00 pm Southen-on-Sea Chase (Northburgh) Ltd 10.00 am London Chase (Sutton) Ltd 10.00 am London Choice Office Systems Ltd 11.00 am London Coastmist Ltd 11.00 am Chelmsford Colour Workshop Ltd - The 03.00 pm London Cool Rooms Ltd 10.30 am Sutton Data Entry Systems Ltd 12.00 pm Reading Grangewood Systems Ltd 10.30 am Liverpool J.S. (UK) Ltd 03.00 pm Barnet Lochvale Ltd 10.30 am Edinburgh Prestige Accident Management Serv Ltd 11.00 am Birmingham S. A. Watts (Aluminium) Ltd 11.00 am St Albans S. J. Carney Construction Ltd 11.00 am London Sky Dive Simulators Ltd 12.30 pm Darlington Total Print Solutions Ltd 02.30 pm St Albans X R Courier Services Ltd 10.15 am Worthing 06/10/98 ABCO Plastics Ltd 11.30 am South Normanton ASP (Oxford) Ltd 12.00 pm London ASP Cars (Private Hire) Ltd 12.00 pm London Audio Broadcasting Ltd 11.00 am Leeds Briny Ltd 02.30 pm London Cheshire Timber Components (1997) Ltd 11.30 am Stoke-on-Trent Downslade Quarry Ltd 12.00 pm Wincanton Essex Replica Castings Ltd 03.00 pm London Euro Lettings Ltd 11.00 am London Fast Consultants Ltd 10.30 am Rotherham GVS Commercials Ltd 11.00 am Wolverhampton Golfzone Ltd 11.00 am Southernhay East Henley Woodwork Ltd 11.00 am Birmingham Intermodal Shipping Ltd 10.15 am Manchester J V Sheet Metal Engineering Ltd 10.30 am Leeds Kalco-Pak Ltd 10.00 am Bristol London Roofing Centre Ltd 12.00 pm London M & F Gowns (Dressmakers) Ltd 12.00 pm London Manchester Plant Hire Ltd 10.30 am London Master Details Ltd 11.30 am Birmingham Orbital Engineering Services Ltd 11.30 am Glasgow Plymouth Blindmakers Ltd 12.00 pm Plymouth Premier Fitted Furniture Ltd 11.00 am London Pretend Ltd 11.00 am Birmingham Redbros Removal Company Ltd 11.00 am Slaugham Stocksfield (Bradford) Ltd 11.00 am Leeds Systems Servicing Ltd 11.00 am Edgware Tauras International Ltd 02.00 pm London Trimmings Company Ltd - The 02.00 pm London Wilson Roberts & Company Ltd 11.30 am Liverpool 07/10/98 Acme Delibake Ltd 02.00 pm Halesowen Barnet Timber Ltd 11.00 am London Brinkcliff (Environ. Products) Ltd 11.00 am Harpenden Egg Records Ltd 11.30 am Liverpool Expert Fashions Ltd 02.00 pm Portsmouth Fruit Fare Ltd 03.30 pm Lutterworth Howards Textiles Ltd 11.30 am Manchester Imagedale Ltd 02.30 pm London Inglebury Ltd 02.30 pm London Intec Machine Sales Ltd 02.45 pm Abingdon Kaycee Packaging Ltd 11.30 am Manchester Loftworld Conversions Ltd 12.00 pm Portsmouth Merit Construction Ltd 10.30 am Hull Microzone Develop. (Wood Green) Ltd 11.45 am London Multi Services Ltd 12.00 pm London PDS Express Ltd 11.00 am London Pact Medical Ltd 11.30 am Liverpool Pot Pourri Production Co Ltd - The 12.00 pm Hale Rossbuild Ltd 02.30 pm Blackpool Safe & Sound Northwest Ltd Warrington Scott Contracting Services Ltd 10.30 am Newcastle-u-Tyne T Norbury & Company Ltd 10.30 am Liverpool Withyridge Ltd 11.00 am Exeter Yuriko Ltd 11.30 am Brighton 08/10/98 Ashling Builders Ltd 11.30 am Southampton Ashling Craftsmen Ltd 10.30 am Southampton Euro Acoustics (Manufacturing) Ltd 03.30 pm Sileby Fame Ltd 02.30 pm Birmingham First Choice Production Engine. Ltd 02.30 pm Halesowen Geoffrey Pike Ltd 12.00 pm London Hansons Autocentre Ltd 11.30 am Lutterworth Keward Textiles Ltd 11.00 am Nottingham Melville Communications Ltd 11.00 am London R & M Evans (Superfloors) Ltd 11.30 am Welling Rooflight Systems and Installat Ltd 03.00 pm Manchester Snapheath Ltd 10.30 am Liverpool Sterling Air Conditioning Ltd 11.00 am Birmingham Stevenage Building Company Ltd 11.00 am Stevenage Whiteline Private Hire Ltd 11.45 am Holmfirth 09/10/98 A M V Ltd 02.30 pm Llandudno B.T.B. Colour Reproduction Ltd 10.30 am Reading Burnat International Transport Ltd 11.00 am London Crown Windows Doors & Conserv. Ltd 11.30 am Shedfield GSC Scaffolding Ltd 11.00 am Bristol Keenover Ltd 11.30 am Liverpool Pegasus Print Ltd 11.30 am Hull RTP By Design Ltd 11.30 am Newcastle-u-Tyne Romford Catering Ltd 12.00 pm London Style Print Litho Ltd 02.00 pm London 12/10/98 Blu Products Ltd 02.30 pm London Charge Electronic Design Ltd 03.00 pm Bournemouth Doubleknit Ltd 03.30 pm Lutterworth Knight Application and Support Ltd 10.00 am London Marston & Son (Carpets) Ltd 11.00 am London Martin's Roofing Supplies Ltd 12.00 pm London Merchant Capital Ltd 12.00 pm London New Media.Com Ltd 12.00 pm London Touchstone Driveways Ltd 02.30 pm Manchester 13/10/98 Beech Construction Labour Hire Ltd 10.00 am London Walker & Anderson (Kings Lynn) Ltd 12.00 pm Peterborough
TW LW TW LW
USA 1.7048 1.6853 Canada 2.5773 2.5782
Austria 20.1750 20.0034 Portugal 291.129 291.543
France 9.6161 9.5320 Belgium 59.1940 58.6340
Finland 8.7300 8.6560 Italy 2835.97 2809.62
Germany 2.8686 2.8448 Sweden 13.4826 13.4341
Holland 3.2333 3.2071 Switzerland 2.3764 2.3470
Spain 243.730 241.885 Ireland 1.1463 1.1362
Australia 2.9188 2.8932 Denmark 10.9067 10.8422
Hong Kong 13.2093 13.0577 ECU 1.4612 1.4496
Africa Com 9.9872 10.2861 Saudi Arabia 6.3937 6.3209
India 72.5009 71.5996 Malaysia 6.4763 6.4038
Singapore 2.9271 2.9196 Norway 12.6876 12.6654
Japan 232.840 228.190
TW This week LW Last week.
Source: The Economist
Community Hospitals Group announced pre-tax profits of 15.5 million pounds, after exceptional credit, on turnover of 85.6 million, for the year ending 30th June 1998. Earnings per share stand at 29.6p.
Formula One Holdings put off for "two or three years" its stockmarket flotation, but said it would borrow $2 billion on the Eurobond market instead. The company, which controls television rights to the motor-racing world championship, has had internal wrangles to sort out, as well as some disagreements with the European Commission.
Source: The Economist
Oasis Stores announced pre-tax profits of 4.77 million pounds, on turnover of 47.6 million, for the six months ending 1st August 1998. Earnings per share stand at 6.13p.
Rover chairman Walter Hasselkus stated last week that the UK currency was "over-valued" as BMW announced it was suspending production of the Rover 200 and 400 models in December.
Ricardo announced pre-tax profits of 8.01 million pounds, on turnover of 82.4 million, for the year ending 30th June 1998. Earnings per share stand at 11.6p.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by SIG Plc of assets of Owens-Corning Fibreglass (UK) Ltd, namely Kitsons Insulation Products Ltd
5 October Time TBA Norfolk branch meeting of the ICM The Branch Treasurer's Evening Out Venue TBA Postal replies to Mike Barnes, or telephone Ian Austin: 01603 291809 6 October 7.00 for 7.30pm North East branch meeting of the ICM Irish Debt Recovery Presentation by Matthew Wales of Mason Hayes & Curran, Dublin The Golden Lion Hotel, Lower Briggate, Leeds + Buffet 7 October 6.15 for 7.00pm West Midlands branch meeting of the ICM How We Make Money Speakers from the Birmingham Mint Club Suite, Birmingham Chamber of Commerce and Industry 8 October 6.15 for 6.30pm West of Scotland Branch AGM followed Tom Shields Diary Presentation by the popular Herald columnist The offices of Ernst & Young, George House, 50 George Square, Glasgow 13 October 7.30pm Kent branch meeting of the ICM Say Goodbye to 'Gone-Aways' Presentation by Experian (formerly The CCN Group) Ashford International Hotel Bookings for Kent Branch meetings - Ian Mella (tel: 01233 756253) Members - £3; Non-Members - £3.50; Students - £1 14 October 6.45 for 7.15pm Thames Valley branch meeting of the ICM Cash Flow Is Big When a Business is Small Joint meeting with the local branch of the Federation of Small Businesses Vodafone Group Services Ltd, Avon House, Canal View Road, Newbury 19th October 6.30pm Bristol & West of England branch meeting of the ICM Stress Management How to recognise stress both in yourself and others and how to deal with it White House Hotel, Staverton, Cheltenham + Buffet 20th to 21st October Credit North 1998 The Northern Conference and Exhibition for the Commercial and Consumer Credit Industry Free Conferences, Free Specialised Workshops, Free Exhibition. Over 40 top Industry Speakers The Royal Armouries, Leeds Registration Hotline +44 (0) 181-201-9888 Fax +44 (0) 181-201-8339 20 October 6.45 for 7.00pm Chilterns branch meeting of the ICM Debt Collecting in the Brewery Industry Presenter TBA Barns Hotel, Cardington Road, Bedford 21 October 6.00pm Merseyside & North Wales branch meeting of the ICM Students' Evening Intrum Justitia, 4th Floor, 47 North John Street, Liverpool + Buffet For further details contact; Kerry Bland on 0966 275454 or Malcolm Swann on 01604 673410 21 October 6.30pm East Midlands branch meeting of the ICM Credit Insurance - Local and Global Simon Risebrow and Tony Gardner, Gerling Namur, Insurers of Credit Kegworth Hotel, J24 Ml + Buffet 26 October 6.30 for 7.00pm Wessex branch meeting of the ICM The Woolf Report - the Impact on Credit Managers Presentation by Claire Sandbrook, Sherwoods International Services Ltd The Botleigh Grange Hotel Hedge End, Southampton (Please note new venue) + Buffet 27 October 6.30pm Sheffield branch meeting of the ICM Mock Meeting of Creditors PricewaterhouseCoopers, 1 East Parade, Sheffield S1 2ET 28 October 6.00 for 6.3Opm London branch meeting of the ICM The Sir Kenneth Cork Memorial Lecture Sir Roger Cork Royal Overseas League, Park Place, off St James Street, London SWl Booking essential - details in branch newsletter. 29 October 6.30pm Sussex & Surrey branch meeting of the ICM Visit to West Sussex Fire Brigade Horsham Fire Station, Hurst Road, Horsham 3 November Northern Ireland branch meeting of the ICM 5.30 for 6.00pm An Evening with Group Treasury Presentation by The Ulster Bank (Venue as 1 October) + Buffet 5 November 6.15 for 6.30pm West of Scotland Branch of the ICM Race Night Venue as 8 October + Buffet + Drinks # = pounds sterling
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