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

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.

The Scotsman

Telewest takes control as profits rise by 19%

BY GARETH MACKIE BUSINESS EDITOR


TELEWEST Communications, the UKs second-largest cable group, today reported 19 per cent growth in core profits, but has taken a 1.64 billion writedown in the value of its assets.

Earnings before interest, tax, depreciation and amortisation came to 379 million last year, the troubled firm said, compared with 319m in 2001 and in line with analysts expectations.

Total turnover in the year to the end of December rose two per cent to 1.35bn, but the writedown pushed Telewest to a net loss, after exceptional items, of 2.2bn, and the company said talks on restructuring 3.5bn of its massive debt pile were continuing.

Managing director Charles Burdick 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."

He said costs before redundancy payments and capital expenditure were down "significantly".

Last May, Telewest announced 1500 job losses, or 15 per cent of the total workforce, while cutting annual capital expenditure from 600m to 450m. Staff at its operation at Edinburgh Park are being affected by those cuts, but the company has not confirmed how many posts are being lost in the Capital.

Mr Burdick said: "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."

Last month it was revealed that Walt Disney Television International, the distribution arm of Disney, had investigated the possibility of buying Flextech, Telewests TV production and distribution division. No formal bid was made and the two companies are not believed to have started even informal talks.

Ex-Flextech chief executive Jane Lighting has been installed as the new head of Channel 5, and the unit is being run in the short term by Mark Luiz, Telewests finance director.

Telewest has focused on selling high-speed internet access to the 4.7 million homes available to its network. It added 46,046 broadband subscribers in the fourth quarter, and as of today has a total of 297,000 broadband customers.

But as it competes with satellite television company BSkyB and former telephone monopoly BT, the cable company lost 866 telephony subscribers and 11,024 cable subscribers in the fourth quarter.

Telewests average monthly revenue per user rose to 41.80 from 41.59 in the third quarter and just over 40 a year ago.

Mr Burdick said negotiations with creditors over a plan to swap 3.5bn of its 5.2bn debt for equity were continuing.

The company has already agreed in principle to hand over 97 per cent of its equity to bondholders to wipe out 3.5bn in bond debt. That means Telewest shareholders will be left owning only about three per cent of the company.

Telewest, like rival NTL, ran up massive debts by spending billions of pounds on a rapid expansion drive.

Highest volume for 7 weeks already and that's before US open - price has edged down a tad but stil within recent trading range


ains



Telewest reports £2.2bn losses channel 5

Cable operator Telewest has reported a £2.2 billion loss for last year after it took a £1.6 billion write-down on the value of its assets.

The company, which provides cable television and internet services, announced the figures as it continued efforts to complete a financial restructuring.

The UK's second biggest cable operator has been working for the last year to overhaul a £3.5 billion debt mountain but has offered no firm guidance on when the talks with bondholders, senior lenders and stakeholders would be finished.

However, the Woking, Surrey-based group said it was confident of a successful conclusion to the process.

Telewest, like rival NTL, ran up massive debts after spending billions on a rapid expansion drive with its network now covering nearly 5 million homes.

In a statement, Telewest said it now had 80 per cent of market share in its cabled areas and had taken its number of broadband customers to 297,000 - 183,000 of those subscribing to Internet, telephone and television.

As part of a cost-cutting exercise the company has delivered 1,450 job cuts of the 1,500 it promised in the summer and has slashed capital expenditure by 27 per cent to £477 million during the past year.

Telewest made a loss before the write downs of £506 million in the year to December 31, an improvement on the £801 million loss the previous year. But that rose to an overall loss of £2.2 billion after the write downs.

In January, Telewest overcame a major hurdle when it secured a new £2.2 billion bank loan, allowing it to stay in business while it thrashed out a debt-for-equity swap.

Analysts in the City have predicted Telewest could merge with rival NTL when both have stabilised their financial position.

In the fourth quarter, Telewest sold for cash its shareholding in SMG for £45 million and Maidstone Studios for £4 million in further moves designed to pay off debts.

Revenues from the consumer division rose 6 per cent to £910 million, mainly from the growth of broadband products, with average revenue per user growing by 4 per cent to £41.80 for the year.

Internet and other revenues rose by 98 per cent to £79 million in 2002 while revenue from the business division increased by 5 per cent to £224 million.



--

2 million buy just gone through @ the touch ......

If what I've stated is nonsense, please tell me where it specifically states existing shareholders are guaranteed 3% of post restructure equity.
The only news I can see is:- Telewest Communications PLC, the heavily-indebted cable company, said it was confident of securing a deal with lenders that would allow it to stay in business.
They have only a non-binding preliminary agreement to restructure. Although 3% may well happen, bondholders could still do what they did to both Energis & NTL.
Since TWT are effectively in administration, in all but name, shareholders can have no say in any restructure. Given the asset/equity value of the company, the bondholders could go to the courts, state they are willing to accept equity for debt & get the lot.
I suggest you study Company Law in this respect & in particular how easily the two companies mentioned were handed over to creditors.

I have copies of all the relevant paperwork from TWT - articles of association and memorandum ..... of course I don't profess to be a lawyer but have spoken with their directors + their chairman + their lawyers. Also have correspondance with them, the DTI and FSA chair peeps.

This situation is different to the ones you mention and whilst their are no guarantees - the company will not be going into administration - shareholders will be voting on the proposals and it's probable existing shareholders will get 3%.

By all means short them if you think differently - I am looking to add a few and will apppreciate any help I can get. My money is on the long side and will stay there for the end game.

Suggest you reread some of the above posts thast have originated from twt


ains

Whilst not speaking directly to Telewest Officers, I have been in communication with them. On the rest I can only say me too ainsoph.
I am not a shorter, holding 40k+ of TWT & like you holding out 'til the end: however it pans out.
Given past performances from the Board of Telewest, I now have little faith in any of their actions: in relation to shareholder security.
Their obligations are first to the company, then creditors & at the bottom of the pile is the shareholder.

I accept they will look after their own jobs first and also the general concept that although we feed them - the shareholders are last in the queue. There is little doubt the previous CEO led us astray but we cannot do much about the past. I am reasonably assured from my discussions that TWT will not be able to do a Marconi. It is in no ones interests for the company to go into administration and therefore the bondholders will have to negotiate on a reasonable basis - accepting the fact that Liberty have a blocking vote and also control a substantial number of bonds.

I am reasonably confident but now talking from the strength of having traded myself into net profit. I still go along with the idea we will see a successful D4E and the minimum value of current shares will be 3p with a high probability of 5p in the very short term.


ains




Telewest announces massive losses after a major impairment of its assets as the restructuring of its balance sheet grinds slowly on.


Chief executive Charles Burdick preferred to focus on the operational successes of selling broadband Internet access, but with equity that is about to disappear to the bondholders and losses of 2.2 billion after these write-offs, the cable television operator holds little allure.

Telewest (TWT) has taken a massive 1.6 billion asset impairment to better reflect current valuations of such assets. Although this is a non-cash item, it leaves a particularly nasty pre-tax loss.

Turnover for the year to December rose 3% to 1.35 billion and earnings before amortisation and the exceptional write-offs rose 19% to 379 million.

The company has slashed some 400 million a year off costs through a 40% reduction in staff as well as a 27% cut in capital expenditure, which is expected to continue next year also. Capital expenditure should run at around 'the mid-three hundreds [million]' next year.

Burdick said the balance sheet restructuring, which involves a debt for equity swap that will leave equity holders with just 3% of the company, is a 'slow process' which is still grinding on but is 'getting closer.'

The company is still in talks with banks and bondholders, significantly Deutsche Bank and Liberty Media.

Burdick reckons today's results are 'solid' and particularly show success in broadband sales as well as a 'relentless' focus on cutting costs.

He said the company had reviewed its strategy, and has shifted its focus to leadership in Broadband Internet, which has the highest margins, and is most likely to prompt users to take Telewest's 'triple play,' of telephony, TV and Internet.

The company's business division grew by 5% by focusing on upselling to existing corporate customers, although services to other carriers were down to 43 million from 61 million.

The content business, Flextech, grew advertising revenues 'ahead of the market.'

Burdick's target for the company is for it to be cashflow positive by the fourth quarter of this year.

Shares are down 0.2p to 2.4p, valuing the one-time giant at just 68.9 million.

Citywire Verdict:

Telewest talks of broadband leadership, but it has stiff competition in BT. It continues to lose plenty of customers from churning, the business division still has enormous challenges in the wholesale sector due to other carriers' problems, and if Telewest is lucky and finalises the debt restructuring, there will be just a tiny amount left for equity holders. All in all, one to pull the plug on.

2003 Citywire

Telewest claims 300,000 broadband punters...
By Tim Richardson
Posted: 27/03/2003 at 15:13 GMT


Telewest has almost 300,000 broadband customers, it boasted today.

Publishing its full year results, the cableco said that it had 297,000 broadband users, with 31,000 of those signed up to its 1Mbps service.

No doubt Telewest is keen to plug this good news story and the fact that it is to begin trials of a new 2Mbps broadband service.

Predictably, though, many of today's headlines have focused on the cableco's announcement that it made a loss of 2.2 billion for the year, which included and "exceptional non-cash charge" of 1.64 billion for the devaluation of some of its assets.

Turnover for the year was up a smidgen at 1.3 billion.

Zeroing-in on its Internet operation, Telewest reported that revenues from this had increased by 98 per cent to 79 million in 2002, due mainly to the growth in broadband subscribers. Of which it now has nearly 300,000.

The company also claims that its broadband product is helping to attract new customers for other services, including digital TV and telecoms.