Telewest going into liquidation?
 

I have been informed by TW shareholder that the company is going into voluntary liquidation & changing it name to TITAN CABLE ...is this trues & what are the implications for TW customers?

Re: telewest going into liquidation?
 

If a anouncement had been made to share holders wouldn't it be all over the media?

Re: telewest going into liquidation?
 

Well, as I understand it, currently all shareholders have been asked to vote & the directors have recommended this motion - Voting will take place 20 May 05 and it seems that the shareholders have little choice but to vote for the company to be declared insolvent & call in the liquidators (who have already been selected)

Re: telewest going into liquidation?
 

I won't believe this unless I see it confirmed somewhere.

Re: telewest going into liquidation?
 

I thought telewest looked pretty good financially, and I find it impossible to beleive they have got this far down the line and this is the first we have heard about these rumors..

Re: telewest going into liquidation?
 

hi and :welcome: to the site , something like this would be all over the media as stated previosly :)

Re: telewest going into liquidation?
 

News to me, and I'm a shareholder ;)

Re: telewest going into liquidation?
 

there would be news on here if it were true

http://www.londonstockexchange.co.uk...IRSQB01VP28TGL

Re: telewest going into liquidation?
 

Believe me its true - I have SEEN the Extraordinary General Meeting Notice - The shareholders are requested to vote in favour of winding down Telewest & renaming it TITAN CABLE - Meeting will take place 10:00 20 May 2005The title of the document sent to shareholders is "TELEWEST COMMUNICATIONS PLC Proposed solvent members' voluntary liquidation"

Re: telewest going into liquidation?
 

Here is the article

http://66.102.9.104/search?q=cache:M...uidation&hl=en

http://www.telewest.co.uk/ourcompany/pdf/74027Oktp.pdf

Re: telewest going into liquidation?
 

interesting information... but dated 28th April 2004

Re: telewest going into liquidation?
 

So Rupert is a year out.
Don't panic Mr Mannering

Re: Telewest going into liquidation?
 

No - rupert is not a year out - the financial restructuring did take place in 2004 but apparently has not done the company any good -
The EXTRAORDINARY GENERAL MEETING is due to take place 20 MAY 05 - which appears to serve as a formality to satisfy company rules & procedures - the company WILL be wound down

Re: Telewest going into liquidation?
 

:welcome: to CF rupert (thought I'd jump in as nobody else has apart from paul - shame on you all!!).

I guess we just wait and see what happens, personally I'm not sure what to make of it but we'll find out soon enough.

Re: Telewest going into liquidation?
 

This is Telewest Communications PLC - the old Company. In simple terms a new company (Telewest Global) was formed last year and all the old TW buisness and assets transferred to it. This just looks like the final winding up of the old, defunt, company.

Re: Telewest going into liquidation?
 

^ makes sense, takes a while to complete the legalities and tax fun of moving such a company.

Teach me to post past midnight.

Re: Telewest going into liquidation?
 

Yep.
The compoany are in huge debt after they bought off loads of small cable companies a few years back.
Dunno about the name "Titan cable" tho
seems pointless.
What will happen to the customers?
I WANNA KNOW!
LOL
cheers ppl 4 the info

Re: Telewest going into liquidation?
 

Reread the thread...

Re: Telewest going into liquidation?
 

Certainly sounds like it to me... is it not a case of wasting money on renaming an old defunct company?

Re: Telewest going into liquidation?
 

Paul is correct it is only ht eold company being wound up. I doubt they will be renaming it.

Re: Telewest going into liquidation?
 

The EGM notice clearly states:

Special Business
1. THAT the company be wound up voluntarily
2 THAT James Robert etc. be and are hereby appointed liquidators....
3.blah blah
4 THAT the name of the company be changed to Titan plc.

Re: Telewest going into liquidation?
 

rupert do you have any further evidence to back up your claims, as already stated by now it would be reported in the media.

Re: Telewest going into liquidation?
 

rupert. If you have evidence of this, please post it.

If Telewest were about to fold and a General meeting had been called to announce this, then other telewest shareholders on this board would have recieved the same notices. The Stock Exchange would have also stopped trading on Telewest shares (which they have not). They usually stop trading on a company's shares around the time the bankruptcy is announced to the shareholders.

I haven't even mentioned the fact that if a company the size of Telewest actually did fold, SOMEBODY in the media would say something about it.

In short, if you wish people to believe you, post evidence.

Re: Telewest going into liquidation?
 

Come on rupert, were waiting. :D

Re: Telewest going into liquidation?
 

Sorry for the double post.

I take it that you have no evidence for us rupert, as you seem to have suddenly gone quiet. :D

Re: Telewest going into liquidation?
 

All quiet on the western front, eh rupert?

Re: Telewest going into liquidation?
 

it would seem so , unless he is not about to dig himself out of the hole :erm: :D :D

Re: Telewest going into liquidation?
 

Sorry - I was not in a hole but in a cellar doing some DIY plumbing - I cant believe other shareholders have not recieved this notice - As for the shares, Have any of you tried buying / selling TW shares? they have been withdrawn since last year - I am sure TW shareholders on the forum will be able to confirm that the in return for many thousands of shares held, shareholders ended up with 20 odd - these can only be traded in the USA .
As for the evidence - I can upload the EGM notice if anyone can tell me how

Re: Telewest going into liquidation?
 

You need to have access to a scanner. Scan the image into the PC. Save it as a JPG (JPEG) or PNG file.

When you post, click the "Go Advanced" option and then "Manage Attachments". You can use this window to upload the saved image to CableForum. It will appear as attachment to the post.
__________________

BTW, people not being able to trade shares in Telewest outside the USA is apparently news to the London Stock Exchange. They were accepting trades yesterday.

http://www.londonstockexchange.co.uk...ue&ns=Telewest

BTW, that is Telewest Global. As stated earlier, Telewest Communications was wound up as part of the recent restructuring. As you can see in the above link, shares in Telewest Global are still available for trade.

Re: Telewest going into liquidation?
 

Yes, I can confirm the first part of your statement - at the point of exchange, each TW Global share was equal to a much larger number of the old TW Communications shares (and the value of each share was much larger as a result). The second part of your statement is wrong. TW Global shares can be bought on the LSE. Their code is TGL I believe.

Re: Telewest going into liquidation?
 

telewest have just contracted a new installition company to instaill there product in warrington and everywhere eles as ith the same company that are contracted to ntl for there instails.

Re: Telewest going into liquidation?
 

Theres nothing new about that, Avonline have been doing installs for Telewest in Birmingham for a while now.

Re: Telewest going into liquidation?
 

Confirmed:

http://www.londonstockexchange.com/e...IRSQB01VP28TGL

Re: Telewest going into liquidation?
 

its not avonline that will be doing there instals it will be cobra

Re: Telewest going into liquidation?
 

So why didn't you state that in your earlier post?

Re: Telewest going into liquidation?
 

sorry missed it out

Re: Telewest going into liquidation?
 

Now, now, deep breath and calm down. :)

Re: Telewest going into liquidation?
 

I'm not stressed at all. :D

Re: Telewest going into liquidation?
 

So if Telewest are going into liquidation how come they are merging with Ntl?I would hardly think that NTL with all their own problems would merge with a liquidating firm. :confused:

Re: Telewest going into liquidation?
 

It would appear that some info rupert has got hold of appears to be wrong, or he has mis-interpreted it. :D

Re: Telewest going into liquidation?
 

Yes that's what I thought-it's just the way he keeps coming back and continues to believe it that puzzles me. :confused:

Re: Telewest going into liquidation?
 

Here is the Document as promised

Re: Telewest going into liquidation?
 

Look at the first image, and read this from the 27th April. :)

Re: Telewest going into liquidation?
 

I can't read much beyond the heading and I can't quite make out the date..could you repost it so we can see it a little clearer? :erm:

Re: Telewest going into liquidation?
 

Ok - I will rescan with better definition

However, if you look carefully at last page clause 4 - It says the name should be changed to TITAN cable co - Why? if they are winding up old co???

Re: Telewest going into liquidation?
 

For clarification, if someone does a company search they will not find telewest cable as a liquidated company.

Re: Telewest going into liquidation?
 

Indeed. The shares were still trading on NASDAQ yesterday. I thought the first step in winding up any company was to suspend trading in shares.

Re: Telewest going into liquidation?
 

It's a different telewest. I could go and buy the company Telewest at Home Ltd (or something similar) if I wanted to today. Does not mean it is related to the listed company.

Re: Telewest going into liquidation?
 

Telewest Global. I got the info from Telewest's investor relations page. http://ir.telewest.co.uk/phoenix.zht...IROL-ShareInfo

Re: Telewest going into liquidation?
 

Telewest Global is the NEW company, not being wound up (actually it's shares are steadily going up). Telewest Communications is the OLD company (being wound up, and changed to Titan).

That's it, nothing more to see or worry about.

Re: Telewest going into liquidation?
 

Apologies for adding to this post so late (nearly 6 months!) but I am a TW Comminications shareholder and due to changing address recently am without any info on the corporate action taken in July this year and the implications for it's shareholders. If anyone there can post some useful info I'd be grateful. Reading the earlier posts on this Friday, it very much looks like we've been stitched, is that the case? :( Regards...

Re: Telewest going into liquidation?
 

I'm not a shareholder, but would like to share some of my views.

Telewest Communications is now a division of the NTL Group (NTL Incorporated). Until NTL decides what to do next.

I strongly feel that NTL will retain all assets, shareholders ect.... But the name,brand including Blueyonder, very few employees will all go in to liquidation.

Blueyonder customers will automatically be transfered to NTL World, Flextech will be a division of the NTL Group.

What belongs to NTL:

Telewest Communications (Flextech is still a division of Telewest)
Telewest Business (Still a division of Telewest Communications)
Front Row and Teleport (now 100%)
Blueyonder
NTL ConsumerCorp
NTL Business
NTL World
Virgin Net (Virgin Group sold it's 50% stake in 2004, so NTL now owns 100%)

What will probably go into liquidation:

Telewest Communications and eurobell (Since NTL is larger and bigger brand)
Blueyonder (Since NTL already an internet division)
NTL Freedom (Since NTL ConsumerCorp has expanded)
Front Row (Since Teleport is taking over)
NTL

Other companies such as Infolines/IPM UK have gone through the similar process:

In 1995, IPM Communications part of IPM Group PLC in italy aquired two payphone businesses; Mercury Payphones and Burwell plc. Mercury payphones (MCL payphones) was the street payphone division of Mercury Communications and IPM purchased all of the payphones, IPM replaced most of the blue mercury kiosks with the Orange interphone kiosks, IPM only replaced 1,500 and the rest including the Mercury name were sent into liquidation because they weren't commercially viable.

The Interphone division and managed payphones sector was called Infolines Limited and Infolines Public Networks. Many operations were sold to Central payphones in 1997 and Central payphones was the trading name for Infolines public Networks.

Interphone and many other payphones and communication services were still held by IPM-Infolines Limited. In 2000, IPM UK and Premier tele solutions merged and bacame Infolines Premier. A year later, the company experienced severe financial difficulty because of the takeover of Infolines Limited. In 2001, Premier Managed Payphones transfered all assets from Infolines Limited and Infolines Limited went into liquidation. The same year, Premier sold Interphone to Infolines Public Networks trading as Central payphones, Interphone then traded as a seperate company as Interphone Public Networks and went into liquidation recently just after selling 1,000 (Nearly all) of it's assets.

Infolines Public Networks was recently aquired by 4 kiosk solutions. Keeping all staff and any shareholders.

There aren't many shareholders as these businesses are all LTD's and not PLC's.

Since IPM sold Infolines Limited and Infolines Public Networks there was no reason for it to exist in the UK! So it disappeared back to italy. Note that, Infolines Limited and Infolines Public Networks became very seperate companies from 1997.

Since that Infolines Public Networks/Central payphones was aquired by 4 Kiosk Solutions, there was no need for 2 other trading names and the remaining 187 interphone kiosks were placed into liquidation together with Central Payphones.

This is something similar to the Telewest and NTL situation.

Re: Telewest going into liquidation?
 

The debt for equity swap certainly reduced your ownership of the firm, however as it would be bankrupt otherwise it could be argued that you have not been shafted. This explains what happened to the ADRs, an ADR was the US equivilant of the Share.
http://www.adrbny.com/files/AC5047.pdf

Re: Telewest going into liquidation?
 

So what happens to my email account then? I had a blueyonder one for years now and don't particularly want to have to email xxx people to say it has to change.

Re: Telewest going into liquidation?
 

I doubt very much whether it will change any time soon, if ever. There are still plenty of people out there with freeserve email addys after all.

Re: Telewest going into liquidation?
 

Many of these names are IMHO divisions and brands, not corporate entities.

Re: Telewest going into liquidation?
 

Thanks for your time on the above replies however upon further research it has become clear to me that Telewest Communications deliberately changed their name to Titan Plc earlier this year in view of the impending liquidation, then set up a new company Telewest Global in order to keep trading, thus shafting their existing shareholders especially in light of the recent merger with NTL. Shareholders of the old company were actually offered just 1 TW Global share for each 804.40 TW Communication shares! I mean is this right?? I wonder if anyone else have any views/experience of this?

Re: Telewest going into liquidation?
 

Err yes, anyone with NTL shares will have had a similar experience. Both NTL and Telewest built up too much debt and had zero chance of ever making enough money to pay off their creditors. The only solution was to pay the creditors by giving them most of the company, in the form of new shares. It's not so very different from a bank reposessing your house if you don't pay the mortgage. And as a shareholder, Telewest is *your* house. The debt-for-equity swap effectively dilutes the value of the shares you are left with. It's not nice, but as a shareholder, it was your Board of Directors that took the decisions that almost led to ruin. When you buy shares, you take the risk and the responsibility when things go pear shaped just as you reap the profits when times are good.

Re: Telewest going into liquidation?
 

This is similar to the Marconi (and I believe NTL), and soon possibly Eurotunnel deals that have / will occurred in recent years. The company borrows and borrows and the investment does not produce the revenue stream to pay the cost of borrowing, or even if it produces a revenue stream to pay the interest cost, it does not show the ability to ever repay the debt. The banks want their capital back and the arrangement of the loan means they can forclose and liquidate the company. This is not in the best interest of anyone, so they do a debt for equity swap and dilute your shareholding and replace their debt with equity, this equity does not require repayment and only requires dividend payment when cashflow can support it, thus putting the company on a sustainable footing going forward.

Boffins, Accountants and Lawyers look at this and work out the best way to restructure, in the TW case it involved creating a new corporate entity.

So have you been shafted, well you invested in a company that did not perform and as a result lost money, however you still have a stake in the pheonix company so it could be worse. Who shafted you, the banks who when they realised they could not get their money back took action, or the directors who borrowed it in the first place, or Sky who bent all the rules of their licence to achieve success more quickly or the global telecoms market which resulted in the cost of voice calls falling rapidy, or the FA for charging fortunes for pay football.

Re: Telewest going into liquidation?
 

Changes to Telewest and Blueyonder services are not likely until at least May 2006.

The blueyonder domain may never close or it may end in years to come similar to the @cableinet email domain.

Talking about email, is anyone planning to set up an account with Google (Gmail)?

Gmail is no longer giving out @gmail.com addresses anymore in the UK, instead they are giving out @googlemail.com addresses. Existing users of @gmail.com addresses should not make any changes, this change has been made due to another company in the UK also using the gmail name.

Anyone using wanadoo?

Wanadoo is being rebranded as 'Orange' in 2006 and it is likely addresses are going to be @orange.net

Re: Telewest going into liquidation?
 

Not a wanadoo customer (is that the old freeserve?) but I do have Orange mail (purely for the convenience I get an sms when mail hits my inbox) altho I'm very select who I give the addy to.

Re: Telewest going into liquidation?
 

If that happens, wannadoo customers may be a bit miffed that there aliases may not be available. Orange already offer an email service with the *@orange.net tld

Re: Telewest going into liquidation?
 

Good question!

I have an orange email too. However, orange planned to change the orange mobile email service to another name called 'Wire'. Did you recieve their newsletter about this?

When the change is complete, Wanadoo (Freeserve) customers will be given orange.net email addresses.

I really think that orange should use @orangeworld.net or .co.uk for mobile customers.

Re: Telewest going into liquidation?
 

So does this mean Telewest cable T.V will change. Will they have new boxes?

Re: Telewest going into liquidation?
 

:welcome: to the Forum.

No, it doesn't mean any change. All that is being wound up is the shell of a company left over from Telewest's bankruptcy restructuring last year. Your service won't change at all as a result of this.

Re: Telewest going into liquidation?
 

As Telewest is technically a division of NTL, NTL will just transfer all assets over to NTL and any debts lerking about in the Telewest division will just go into liquidation together with any brand names that NTL doesn't want to use.

Your service is not likely to change, the prices and packages may vary next year when the company has decided what to call itself. I think they keep the following:

NTL Home
NTL Business
NTL World
Virgin.net
Teleport
Front Row (Until all areas are phased out)
Flextech

They will probably not keep:

Telewest Broadband
Telewest Business/Imminus
Blueyonder
Blueyonder Workwise

Re: Telewest going into liquidation?
 

Telewest is technically no such thing! The buy-out has been announced but will not occur until well into 2006. As of now, Telewest is an entirelyt independent company.

Re: Telewest going into liquidation?
 

i was searching through my draws and i noticed that i have 300 telewest Comms shares

can someone tell me what happens with these shares now?

they were brought at 253.75p at the time

but i cant find any information about telewest comm anywhere (i can only find the nasdaq listing)


any help would be greatful

Re: Telewest going into liquidation?
 

The best thing you can do is take the certificates down to the high street and go into a bank (any large branch should have a share dealing sevice). However if these are old Telewesty shares, you may find they are practically worthless now.

Re: Telewest going into liquidation?
 

i got them in 1999 i think it was


so worthless?

Re: Telewest going into liquidation?
 

Pretty much. The company almost went bankrupt after borrowing too much money. The settlement involved the creditors being handed most of the value of the company. Still, you might get a couple of pennies, take them to a share-dealing bank and ask. You've nothing to lose, and you might at least get a pint out of it. :)

Re: Telewest going into liquidation?
 

excellent thanksalot


i wasnt sure u see

due to this ntl/telewest merge/takeover

i wasnt sure what was meant to be happening


but after reading what u said i can see that you are right

Re: Telewest going into liquidation?
 

erm... don't remember seeing anything about this at all - and it sure ain't easy trying to secure potofgold@isp email addresses so I don't really wanna be forced into giving up the ones I acquired :dozey: