I am a trader as well as an investor and hopefully this thread will reflect both aspects ....

We should start by saying this is a highly speculative share and the market takes no prisoners.

Over the last 18 months I made lots twice in the early days - then lost it back - bought a million at 2.6p average - founded the TAG - bought another half a million or so at sub 1p - sold most at average 4.25 - bought back at 2.2p and less - sold most at 3.5p and now buying back - overall a good net profit at this time.

I think the d4e will happen (say 90% chance) and the 3% currently talked about will give or should give a price equating to say 3/5p. Longer term on succcess of d4e and progress in the sales market the shares should move to around 10p - assumming markets are not in freefall.

I am looking to buy at any time and hoping for a war generated dip - when I do I will let you know.

The TAG site is a great place for catching up on the TWT news and I will post here as well.

Currently trading on TWT is light (1.7 million traded) and the price is down a littlw with a wide spread (2.01/2.35p). This is a sets share and you must expect a crtain amount of manipulation in these troubled times - FTSE down over 4% intraday

I have a core holding of at least half a million shares and intend to be a long term investor at this time.


ainsoph


http://www.investoraction.co.uk - currently we have 804 registered members holding around 100 million shares in total

When the last preliminary results were announced can you tell me the mkt reaction?

I wouldn't pay too much attention to that - things are a lot different now.

In my view the only 'real' thing that is going to move this price significantly upwards is confirmation of the agreement of the restructure plans.

What's L2 showing. Offer has moved up & hence I probably should not have kept waiting. Thanks Ains/Baldrick, too late for me now so hope can get in tommorrow @lower level.

last figures were on the 7th nov - and the shares lost against the opening price

vols picking up now and as always only a few peeps want to sell



ains

I expect the headline losses to be pretty dire. This to reflect further massive writedowns in asset value.
The end game being to make TWT a slimmer & meaner company post restructure.
Whether or not existing shareholders participate in the future of the company, is open to question.

Existing shareholders are in line for the minimum 3% already discussed ..... don't see this changing on the downside



ains

Existing Shareholders are in line for the minimum 3%, only if agreed to by Bondholders.
This figure was speculatively put forward by TWT Directors at the time of restructure announcement. It was never agreed to by Bondholders.
Since Telewest are now officially in default, neither the Directors or Shareholders have any bargaining powers, on what ratio restructure will be.
That will be down to the 'generosity' of Bondholders.

thats just nonsense ...... it is already agreed that shareholders will have the vote on the package for D4E including Liberty - we sre not about to vote for nothing. We don't need the generosity of the bondholders - they do not run or own the company and you have made a complete mistake in saying the bondholders didnt agree - that's where the 3% figure came from ........


ains

HIGHLIGHTS

- Broadband leadership
- 297,000 broadband subscribers today
- 10% of customers subscribe to triple-play (up from 3%)
- EBITDA before exceptionals up 19% year-on-year to 379m
- Headcount reductions of 1,450 delivered
- Capex down by 27% year-on-year
- Exceptional non-cash charge of 1,643m for asset impairment
- Financial restructuring discussions continue

Commenting on the results, Charles Burdick, managing director of Telewest
Communications, said:

'We continue our focused strategy designed to accelerate cash generation, future
profitability and provide a platform for growth. These results demonstrate the
progress we have made. Costs (before redundancy payments) and capex are
significantly down and revenues, EBITDA and EBITDA margin are up. We now have
297,000 broadband customers and approximately 80% market share in our cabled
areas.

'Our efforts are now focused on sustaining our leadership in broadband, building
a profitable customer-base, great customer service and controlling costs. We are
building on our strengths in local access to the residential and business
customer; the power of bundling multiple services; and our unique position in
content through our ownership of Flextech.

Management and staff have responded well in very difficult circumstances and I
am confident that the right strategies and steps have now been taken to deliver
the vision for this company.'

Telewest takes 1.6 billion pound asset writedown
27/03/2003 07:27


LONDON (Reuters) - Telewest Communications, Britains second largest cable group, has reported 19 percent growth in core 2002 earnings and but has taken a 1.643 billion pound non-cash asset impairment charge.

The writedown pushed Telewest to a net loss after exceptionals to 2.218 billion pounds for the year to December 31. The company also said talks on its 3.5 billion pound debt restructuring were continuing.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 379 million pounds from 319 million the year before. Analysts had forecast EBITDA of between 372 million and 391 million pounds.


2003 Reuters

03/27 02:01
Liberty Media to Pay Starz Encore Chief Executive $275 Million
By Adam Steinhauer


Englewood, Colorado, March 27 (Bloomberg) -- Liberty Media Corp., the company controlled by billionaire John Malone, said the head of its Starz Encore cable-television networks exercised options requiring Liberty to pay him about $275 million.

John Sie, chief executive of Starz Encore Group, exercised 54 percent of the ``phantom stock appreciation rights'' he held in the unit he runs, Liberty said Tuesday in a filing with the U.S. Securities and Exchange Commission. The options' estimated value of $275 million may be adjusted after an appraisal of Starz Encore's business, Liberty said.

Sie is reducing his investment in the Starz Encore group of movie networks as its cash-flow growth slows. Comcast Corp., the biggest U.S. cable-TV system operator, is withholding some payments that Starz Encore claims it's owed and is suing Starz Encore in a contract dispute over programming costs.

``Certainly there are some issues at Starz that they need to work through, especially with Comcast,'' said James Stephenson, a fund manager at Bel Air Investment Advisors in Los Angeles. Bel Air held 703,073 Liberty Media shares in December.

Sie, who exercised his options in December, ``believes that the best years for Starz Encore Group are still ahead,'' Starz Encore spokesman Eric Becker said in an e-mail.

The growth of digital-cable systems, which carry more channels, and introduction of video-on-demand services will benefit Starz, Becker said.

Sie exercised the options to ``diversify his portfolio'' after 12 years at Starz Encore, Becker said.

Liberty said it will pay Sie with a combination of cash and Liberty stock.

Comcast Dispute

Starz Encore's operating cash flow won't rise this year and its revenue will rise at a percentage rate in the ``low single digits'' at most, Liberty said Tuesday. That assumes that Comcast continues to pay the rate it has agreed to under its own agreement with Starz Encore.

Comcast bought AT&T Corp.'s cable-TV unit last year. Starz claims that Comcast owes it the higher rate that AT&T had agreed to pay to carry the networks on the former AT&T cable systems.

Starz's operating cash flow rose 19 percent to $371 million last year. Englewood, Colorado-based Liberty defines operating cash flow as earnings before interest, depreciation, amortization and some other expenses.

QVC, Vivendi

The dispute over Starz Encore's rates may be settled in Comcast's negotiations with Liberty over their jointly-owned QVC shopping network, analysts said. Liberty has exercised an option requiring Comcast to either buy Liberty's 43 percent stake in QVC or give Liberty the option of buying Comcast's majority stake.

``The question is, will they resolve it in the suit or will they resolve it in a bundle of issues they have with Comcast?'' said Robert Routh, an analyst at Natexis Bleichroeder Inc.

A Comcast spokesman didn't immediately return a phone call seeking comment.

Liberty Chief Executive Robert Bennett has said the company may buy a controlling stake in Vivendi Universal SA's U.S. entertainment assets. Those include the Universal film studio and the USA and Sci-Fi cable TV networks.

Liberty might combine those assets with Starz Encore, Routh said.

Liberty shares were unchanged at $10.09 yesterday in New York Stock Exchange composite trading. The stock has fallen 16 percent over the past year.

BBC

Telewest makes a 2.2bn loss


Cable company Telewest has managed to stem its losses but it is still deeply in the red.
It made a net loss of 506m ($798m) in the past financial year, an improvement on the 801m loss the previous year.

But it also wrote off a large sum because the value of its assets had fallen - and that took the overall loss to 2.2bn.

The managing director, Charles Burdick, said the results showed the company was making progress.

He said Telewest was leading the way with broadband connections in its cabled areas and was focusing on holding on to that lead.

03/27 07:28
Telewest Fourth-Quarter Loss Widens on Writedown, Sales Decline
By Dex McLuskey


London, March 27 (Bloomberg) -- Telewest Communications Plc, the second U.K. cable-television company in a year agreeing to hand bondholders control, said its fourth-quarter loss widened as sales fell and it lowered the value of its network.

The net loss swelled to 1.8 billion pounds ($2.84 million), or 63.3 pence a share, from 1.3 billion pounds, or 46.5p, a year earlier. Revenue fell to 327 million pounds from 333 million pounds, the company said in a Regulatory News Service statement.

Telewest and bigger rival NTL Inc. amassed about $26 billion of debt building networks and buying rivals to compete with British Sky Broadcasting Group Plc and BT Group Plc. Telewest will give bondholders 97 percent of the equity in return for 3.5 billion pounds they're owed. NTL bondholders took control after the company reneged on repaying $10.9 billion of debt.

Telewest added 46,046 Blueyonder faster Internet customers in the quarter and lost 11,024 cable-TV subscribers, it said.

The fourth-quarter loss included an exceptional charge of 1.6 billion pounds, including 1.49 billion pounds to write down goodwill at the cable and TV content units, the statement said.

The year-earlier loss included a 1.13 billion-pound charge to write down the value of the Flextech unit, which provides TV programs to broadcasters. Flextech also has a joint venture, UKTV, with the British Broadcasting Corp.

Telewest shares yesterday rose 4.4 percent to 2.6 pence in London, valuing the company at 75 million pounds.

Good morning Ainsoph

Hi

seems that we got what the market expected .....


ains


Article detail

View article raw |





(AFX-Focus) 2003-03-27 08:11 GMT: Telewest says confident of successful outcome to restructuring talks - UPDATE
(Updating with cashflow forecast from chief executive)
LONDON (AFX) - Telewest Communications PLC said it was confident of a successful outcome to talks aimed at securing a rescue package for the heavily-indebted cable TV, telephone and internet group.

The comments came as the company unveiled a full-year net loss of over 2 bln stg following a large asset write-off.

Telewest said negotiations with creditors over a plan to swap 3.5 bln stg of its 5.2 bln debt for equity were continuing.

"Negotiations are continuing with the bondholder committee, the company's senior lenders and certain other major stakeholders with a view to the completion of the restructuring," it said.

And it added: "The board of directors have confidence in the successful conclusion of a restructuring of the company's balance sheet."

The news came as the company revealed that a 1.64 bln stg asset write-off led to a net loss of 2.29 bln stg in the 12 months to December, wider than the 1.94 bln loss it racked up the previous year.

Its net loss excluding exceptional items came in at 506 mln stg, narrower than 2002's 801 mln loss.

EBITDA (earnings before interest tax and debt amortisation) rose to 379 mln stg from 319 mln.

Chief executive Charles Burdick told reporters during a conference call that the company is on track to become cash flow positive by the end of the year, six months ahead of the group's original schedule.

Nick Goodway, Evening Standard 27 March 2003

ABLE company Telewest was left nursing a 2.2 billion loss last year, including a 1.6 billion writedown of its assets, following its failure so far to secure a debt-for-equity swap.




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Managing director Charles Burdick is confident the financial restructuring will happen and that it will at least see Telewest through to being cashflow positive.



But in the meantime lawyers and accountants advising on the balance sheet restructuring managed to clock up fees of 22 million in the last year.


The odds on Telewest merging with rival NTL have lengthened recently as major bondholder Bill Huff has withdrawn from restructuring talks. Burdick said: 'Our efforts are now focused on sustaining our leadershipin broadband, building a profitable customer base, greater customer service and controlling costs.


Turnover rose 2% to 1.35 billion with earnings before interest, tax, depreciation and amortisation* up 19% to 379 million. But even before exceptional charges net* losses were 501 million. Capital spending fell from 653 million to 477 million but net debt crept up from 5.1 billion to 5.3 billion.


Telewest now has 297,000 broadband customers and 183,000 of them subscribe to the triple play of internet, telephone and television.

LONDON, March 27 (Reuters) - Telewest Communications Plc, Britain's second largest cable company, said on Thursday there were no major obstacles to its 3.5 billion pound ($5.5 billion) debt restructuring.

"Because I've made predictions of timing in the past, I'm going to hesitate making any further predictions," Managing Director Charles Burdick told reporters on a conference call. "But we're getting closer."

"It's slow, steady progress. I'm anxious to do this as quickly as possible. It takes a lot of different parties to come to the table, but there are no major obstacles in place."

Having cut just completed 1,450 job cuts, Burdick said there would be more by the end of 2003. "We ended the year at just over 9,000 employees, and we would expect that to be reduced in the range of several hundred through attrition," he said.

Copyright 2003, Reuters News Service

Charles Burdick interview on www.cantos.com

updates with comments on job losses)
LONDON (AFX) - Telewest Communications PLC said it is confident of a successful outcome to talks aimed at securing a rescue package for the heavily-indebted cable TV, telephone and internet group.

The comments came as the company, which has racked up debts of over 5 bln stg after an ill-conceived expansion drive, unveiled a full-year net loss of over 2 bln stg following a large asset write-off.

Telewest said negotiations with creditors over a plan to swap 3.5 bln stg of its 5.2 bln debt for equity are continuing.

"Negotiations are continuing with the bondholder committee, the company's senior lenders and certain other major stakeholders with a view to the completion of the restructuring," it said.

And it added: "The board of directors have confidence in the successful conclusion of a restructuring of the company's balance sheet."

The overhaul is expected to leave its embattled shareholders with just 3 pct of the company.

At the height of the boom in telecom and media stocks three years ago, Telewest was worth more than 14 bln stg. It is now worth around 20 mln stg.

News of the continuing negotiations came as the company revealed that a 1.64 bln stg asset write-off led to a net loss of 2.29 bln stg in the 12 months to December, wider than the 1.94 bln loss it racked up the previous year.

Its net loss excluding exceptional items came in at 506 mln stg, narrower than 2002's 801 mln loss.

EBITDA (earnings before interest tax and debt amortisation) rose to 379 mln stg from 319 mln.

Chief executive Charles Burdick told reporters during a conference call that the company is on track to become cash flow positive by the end of the year, six months ahead of the group's original schedule.

He also said the company would lose "several hundred" jobs through attrition this year.

"There are no across-the-board job cuts," he said. "But through attrition we expect to end the year (with) a lower number (of workers) -- basically by not replacing people that leave."

Telewest currently employs around 9,000 workers, he said.

no real change in the trading range - volumes are high @ 11.5 million


Telewest inches closer to debt agreement

Chris Tryhorn Guardian
Thursday March 27, 2003

Telewest managing director Charles Burdick today said the cable company was making "slow, steady progress" in its efforts to resolve its debt restructuring.

Mr Burdick said negotiations with John Malone's Liberty Media and Deutsche Telekom - both of which hold 10% of Telewest's bonds - and the bondholders' committee are getting closer to completing what he called an "intensive paper process of agreements".

Telewest, Britain's second largest cable company, owes 3.5bn to the bondholders, and agreed last year to exchange the debts for 97% of the group's shares.

Reports have suggested the refinancing will be completed by the end of May, but Mr Burdick today refused to give a precise indication.

He also implied that a merger with NTL, which has just emerged from Chapter 11 bankruptcy with a new team of executives, was inevitable.

"We have gone from 26 cable companies [in 1990] to two, and some day that will be one," he said. "That will be market permitting and shareholder permitting."

Telewest revealed today its losses had increased in 2002 to 2.2bn from 1.9bn. This made allowance for a write-off of 1.6bn of goodwill.

The company said it was changing its focus from subscriber acquisition to "churn reduction" and focusing on customer service as well as cost control.

"We are very focused on churn reduction and tightening up our sales process," Mr Burdick said.

It is facing a battle from BSkyB's satellite service for TV business and from BT for the provision of broadband internet services. Telewest claims it has 297,000 broadband customers.

Mr Burdick said he was keen to further the identification of the Telewest name with its content arm Flextech and its channels including Trouble, Bravo and FTN, by stamping programmes with the Telewest logo and introducing other cross-promotional measures.

He is still looking for a replacement for the former managing editor of Flextech, Jane Lighting, who has moved to being chief executive of Channel Five.

In its drive to cut costs, Telewest trimmed its workforce last year by 1,450 to just over 9,000, and Mr Burdick said "several hundred" jobs would go in 2003 as a result of "attrition", departing workers who will not be replaced.

Mr Burdick said the company was well placed for growth after restructuring.

"We will be well positioned to realise our ambition of being the leading broadband communications company in the UK," he said.