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

It's no good selling a product if the punter ca'nt pay for it, or thats the way I read it.

Thats about it - TWT had a problem with bad debts from peeps without plastic - they now insist all new customers start off paying with plastic. The high churn rate came from these 'down market' customers


ains

LONDON (AFX) - Charles Burdick, managing director of cable TV, broadband and telephony company Telewest Communications PLC, said he was now "more bullish" about turning cashflow positive from the last quarter of this year.
"I think I am much more bullish and encouraged that we will be able to achieve this in the fourth quarter," Burdick told reporters on a conference call.

In February, Burdick said the company aimed to turn cashflow positive by the year end, six months ahead of its original forecast.

Earlier the company said it had generated positive cashflow in the first three months ended March 31, 2003.

The company, which saw more customer cancellations in the quarter, plans to become cashflow positive through tight cost control, pushing growth in broadband customers and cutting its capital expenditure (capex).

Telewest posted a 48 pct fall in capital expenditure to 65 mln stg for the first quarter. Last year the group invested 477 million stg.

"General guidance on capex has been in the mid-3's(100s)," said Burdick.

Debt laden Telewest gave no update on its financial restructuring, which will see bondholders take control of 97 pct of the company in return for cancelling 3.5 bln stg in debts.

"We are making significant progress across all fronts," said Burdick.

"But we do not want to put a timeline on any completion, we are more comfortable with that approach than setting timelines that are historically missed," said Burdick, adding that the talks are complex. tim.farrand@afxnews.com

have they defaulted on the bond coupons now or are they still paying them?

LONDON (SHARECAST) - Telewest today claimed record first quarter underlying profits, but gave no indication on when its financial restructuring will be completed.

The debt laden cable company said "productive" talks were continuing with its banks and bondholders and an announcement about the progress would be made when appropriate.

Telewest is in talks over a debt-for-equity swap that will see its banks and bondholders swap 3.5bn of debt for 97% of its equity.

Interest costs in the first quarter amounted to 184m and pushed the company into a loss of 186m to end March, up 11% from the year previously

Before interest, tax, depreciation and amortisation (EBITDA) and exceptional items, profits were a record 105m, up 15% from a year ago. Sales were flat at 335m.

Telewest lost 15,000 subscribers in the three months, part of what it claims is a policy of concentrating on high spending customers and the internet through broadband.

It added another 37,000 broadband customers in the period, compared to 41,000 in same period a year ago, which helped to push broadband sales up 63% to 26m. Revenues per internet user also fell sharply from 29.93 to 22.50.

Big volume day with 22 million traded already - price up 11% - clearly the market likes the figures and the restructuring comments

ains





Thursday May 1, 09:38 AM




Telewest earnings rise but customers fall
By Braden Reddall, UK telecoms correspondent


LONDON (Reuters) - Telewest Communications (LSE: TWT.L - news) , the smaller of Britain's two cable groups, has reported first-quarter underlying earnings growth as talks on its 3.5 billion-pound debt refinancing drag on.


Telewest also generated positive cash flow in the quarter, helped by lower investment spending and interest payments and job cuts which may total as many as 500 for the year.


Pre-exceptional earnings before interest, tax, depreciation and amortisation (EBITDA) rose 15 percent to 105 million pounds. Turnover inched higher to 335 million pounds from 334 million.


Telewest has been pushing hard to boost high-speed Internet use, and broadband user numbers rose to 310,000. But household subscribers fell by 15,000 in the quarter to 1.74 million.


Managing Director Charles Burdick said a focus on profitable customers and broadband promotion led to the anticipated drop. He repeated plans to reignite overall user growth with marketing and an enhanced TV product in the second half of the year.


Telewest shares rose seven percent to 2.3 pence, valuing its equity at just 64 million pounds. The stock -- down from a peak above 500p hit in early 2000 -- trades at a small fraction of Telewest's real value, ahead of a debt-for-equity swap which will massively dilute the stakes of existing shareholders.


Telewest is trying to put the finishing touches to the debt refinancing, which will hand creditors 97 percent of the group.


"We're making significant progress across all fronts," Burdick said. "I hesitate to put a timeline on any of the completion, I think it's more comfortable with that approach than setting deadlines that historically have been missed."


DEBT WEIGHT OFF BACK


The debt is a heavy burden for the company. Interest costs, on top of depreciation and amortisation, dragged Telewest to a loss of 184 million pounds for the quarter. But many payments would not have to be made because of the restructuring, meaning the loss was actually around 55 million pounds, Burdick said.


Capital expenditure was 65 million pounds in the quarter, and Burdick said it would be in the "mid to low" 300 million range in the full-year, down from 477 million in 2002.


Due to reduced spending on interest and investment, Telewest generated seven million pounds in cash flow in the quarter.


As previously announced, hundreds of Telewest's 9,000 employees are being shed through attrition this year. Burdick said 109 jobs had been cut in the first quarter and that full-year losses would be in the range of 300 to 500 jobs.


As for Burdick's own job, the former finance director said the managing director title he adopted when the former chief executive left last year did not imply a new CEO would be hired.


"I anticipate that with the agreement of the new bondholders that I would continue in my current role with either my current title or a different title," he said.


Like Britain's other cable company NTL (NASDAQ: NTLI - news) , Telewest wants customers paying for the "triple play" of TV, phone and broadband. Telewest said 12 percent of its homes took all three.


But both face an uphill battle against dominant satellite TV company BSkyB Plc for pay TV and from former telecoms monopoly BT Group Plc (LSE: BT.L - news - msgs) for phone and broadband services.


Many in the industry assume NTL and Telewest will eventually merge, but NTL has played it down and Burdick insisted it was not currently on his agenda.


"My key focus is getting us through the restructuring. And really, I've not spent any time thinking about an NTL merger."


Telewest invested heavily in buying and upgrading cable networks at the technology market's peak in the late 1990s, buliding up huge debt. But at root, analysts say British cable should eventually make money.


Average monthly revenue per Telewest subscriber edged higher to 41.83 pounds in the first quarter from 41.80 last year, the highest of any European cable company.

16m sells as `wave riders` get out on the rise, can`t see this thing doing much now the "news" is discounted, just waiting for the ebb tide now to sub 2p again and then a serious punt for the next wave crest.

connecting industry


Core earnings rise at Telewest



(01/05/03) Britains smallest cable company, Telewest, has announced growth in its first quarter underlying earnings.

Earnings before interest, tax, depreciation and amortisation were 105 million, a 15% increase on figures for the same period in 2001. Turnover also increased to 335 million from 334 million the year before.

Its focus on increasing the level of high speed Internet access and cash generation meant, as expected the company saw a drop in household subscribers.

In a statement, managing director, Charles Burdick said: The focus on broadband, cash generation and profitable customers meant that, as expected, we experienced customer losses during the quarter. Nevertheless, household churn has fallen and with the reinvigoration of our marketing, especially around TV, we plan to see a return to customer growth in the second half of the year.

The profits growth comes at a time when Telewest is still negotiating a debt-for-equity swap that will give creditors 97% of the company in exchange for 3.5 billion of debt.

Who shagged TAG then, bad business that hacking.

Chris Tryhorn
Thursday May 1, 2003

Telewest boss Charles Burdick today insisted there was "no problem" with the firm's refinancing programme but refused to say when the talks, which had been expected to conclude this month, would be completed.

Britain's second largest cable company is thrashing out a deal with bondholders, who took on 3.5bn of its 5.3bn debts last year in exchange for 97% of its shares.

"We've made significant progress across the board," said Mr Burdick, the managing director of Telewest.

"I hesitate to put a timeline on any of the completion, I think we are more comfortable with that approach than setting deadlines that historically have been missed.

"It's a complicated process involving essentially half a dozen key constituents," he added.

Two of these constituents are John Malone's Liberty Media and Deutsche Telekom, both of whom hold 10% of Telewest's bonds.

The company announced a net loss for the first three months of 2003 of 187m, 13% worse than last year. Its turnover was 335m for the quarter, up from 334m.

The total number of household customers slipped by 15,000 during the quarter, with cable TV and telephony subscribers both falling off. Its broadband service, however, continued to add customers, with 310,000 by the end of April 2003, an addition of 11,000 in just the last month.

Mr Burdick revealed that 109 workers had lost their jobs, including staff at a call centre in Newcastle, adding to the 1,450 job cuts last year. He said he estimated the head count would be "300 to 500 lower by the end of the year".

Mr Burdick said that Lisa Opie, the newly appointed managing editor of content arm Flextech, would oversee greater ties between Telewest's distribution business and Flextech.

Already programmes on channels including FTN, Trouble and Bravo have been stamped with the Telewest logo and advertisements on the channels have been run for Blue Yonder broadband.

"Lisa is very committed to continuing this kind of cross-promotion," Mr Burdick said.

"Several years from now we will think of Telewest as seamlessly a content and distribution company," he added.

Ms Opie has been running Flextech since the departure of Jane Lighting, who has become chief executive of Channel Five.

Mr Burdick defended Telewest's remuneration policy a week after it was revealed that his predecessor, Adam Singer, walked away with 1.79m when he was ousted in a boardroom coup in July.

"Payoff issues are obviously hot topics these days," said Mr Burdick, who would collect at least 1m if he had to resign within six months of a change of control at the company.

"Our board takes these issues very seriously and acts with prudence where and when is appropriate."

From the home page


Telewest upbeat on outlook
Kam Patel
Q1 losses widen but focus on broadband and profitable customers is beginning to pay off.


Telewest Communications saw first quarter net losses widen on flat turnover but the underlying performance is slowly improving with strong growth in internet revenues, especially from broadband. Margins have also been increased and there is evidence of aggressive cost control. Its shares rose 10.6% to 2.38p.

Net losses for the first quarter to March 2003 totalled 187m versus a net loss of 166m in the same period last year. Turnover stayed virtually flat at 335m.

The quarter saw the group become cashflow positive by 7m compared to an outflow of 113m in the same period last year. Capital expenditure has been sharply reduced to 65m from 124m, a 48% fall.

Selling, general and administrative expenses for the quarter totalled 118m, down 7%. Headcount has been reduced another 100 and its workforces now stands at 9,080 compared to 10,668 a year ago.

Gross margins for the period rose from 67% to 69% thanks to improvements in telephony margins and a growing number of broadband subscribers.

While residential telephony and consumer TV divisions put in an unimpressive performance, this was offset to a degree by strong growth in internet revenues, particularly broadband. Here revenues increase 63% to 26m.

Net broadband additions in the first quarter 37,000 and at the end of the quarter the group had 299,000 broadband subscribers.

Broadband Average Revenue Per User fell to 22.50 in the first quarter from 29.93 due to installation fee discounting. Telewest is currently trialling a faster 2MB service which it plans to launch later this year.

The groups business division meanwhile has seen a good start to the year and its revenues grew 8% to 69m.

Charles Burdick, managing director of Telewest said the focus on broadband, cash generation and profitable customers meant that, as expected, experienced customer losses during the quarter. Household churn rate overall though has fallen and the group expects to return to customer growth in the second half.

Nobody shagged TAG then,
died of onanism I guess or a fit of hacking

Don't often post on this side of moneyam, its really a time issue in keeping up with various threads on the other side here, and at advfn. However twt continues to survive.

Re the comments about TAG, we came into existance to attempt to prevent an Energis style colapse. By and large that looks like being achieved. It was never the committees intention to stay around for years and years. Any action group tends to be limited in focus and duration, it was never our intention to act as unpaid investment advisors to twt shareholders long term.

If the 3% equity deal is threatened then I am sure TAG would reactivate.

Finally I made my position clear to Ainsoph last year, I would remain active with TAG until the end of last year. But at that point, (and if the 3% deal seemed resonably certain) I would then depart. We all need to move on in life.

However I still hold an interest in twt and wish all shareholders well

PAUL
I thought that ainsoph was the instigator and leader of TAG, not you?See his quote below, but there was a John someone too from the PBB on the other side before either of you, who drummed up support also.


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



(ainsoph from the header)

May 02, 2003

Telewest seeks boardroom recruits
By Dan Sabbagh TIMES



TELEWEST, the troubled telecoms group, admitted yesterday that the company is looking for independent non-executive directors, including candidates who may eventually be asked to succeed Cob Stenham as chairman.
The search follows an agreement between the companys major investors, who include vulture investor Bill Huff, John Malones Liberty Media and Deutsche Telekom. Each is understood to have accepted that they will not seek to elect their own representatives to the board when the companys 3.5 billion financial rescue is concluded.

Charles Burdick, the managing director, said he hoped that Mr Stenham would remain while the new recruits were sought, adding: There is a lot to be said for continuity. I hope that the chairman will stay on, at least on an interim basis.

However, Mr Stenhams age he is 71 and long association with the company mean that speculation about his future is inevitable. A former Unilever director, he has served on the board since 1994 and been chairman since 1999, during which time Telewest has had four chief executives.

Mr Burdick was speaking as first-quarter results showed the company generating its first cash profit. However, Mr Burdick conceded that seasonally low capital expenditure meant the company would not match the 7 million profit until the fourth quarter at the earliest.Revenues were 335 million, up just 1 million on the year, as a 64 per cent increase in broadband internet revenues to 26 million was offset by a loss of customers and sales in the companys core television and telephone businesses.

Telewests board has previously been dominated by executives from its former major shareholders, Microsoft and Liberty Media. Old shareholders are being significantly diluted in the financial rescue.

Certainly experienced some delays yesterday and spam now way exceeds the norm mail



Telewest email halted under massive spam attack
By Tim Richardson
Posted: 30/04/2003 at 14:05 GMT


Telewest has been hit by a massive spam attack that has resulted in as many as 200,000 of its punters being without email for a couple of days at the beginning of the week.

Normal service was resumed last night although the cableco is still ploughing through a backlog of 1.2 million emails it quarantined immediately after the attack.

Chad Raube, director of internet services at Telewest Broadband, said: "We experienced a major dictionary-style spam attack at the beginning of this week, which flooded our mail server and resulted in a large backlog of emails, around 80 per cent of which was spam.

"We have cleared the main server and new emails have been delivered as normal since yesterday evening. We are now in the process of filtering the backlog to remove spam and deliver the genuine emails as quickly as possible, which we hope to complete today."

Telewest has apologised to blueyonder punters who experience problems with their email and has assured them that it is taking steps to guard against similar attacks in the future.

Paulismyname

This is the John bloke I mentioned, is he still involved in TAG?is TAG still extant?


johnmp - 01 Aug'02 - 20:48


We the shareholders need to form an Action Group to counter Bondholders, otherwise the games over for us the present shareholders.---------
------------------
ent. TWT shareholders what do you have to loose, we will loose 80 to 95% if we do nothing.

Telewest refinancing on course as losses grow
By Lachlan Johnston (Filed: 02/05/2003) Telegraph


The refinancing of debt-stricken cable TV group Telewest has "no major obstacles left", managing director Charles Burdick said yesterday, despite it posting an expanded 186m net loss for the first quarter.

The loss again stemmed from the heavy interest burden on Telewest's 5.3 billion debt, which dwarfed an impressive cost-cutting effort during the quarter. However, Mr Burdick insisted that the refinancing, which will see the debt turned into a 97pc equity stake in the business, was close to being finalised.

"I think it is fair to say that I'm highly confident about the refinancing, but I am not going to give a timetable, because I have done that before and missed it," Mr Burdick said.

Excluding the protracted debt negotiations, Telewest enjoyed a rosier quarter, posting earnings before interest, tax, depreciation and amortisation of 105m, a 15pc rise on the first quarter last year. A 90pc slashing of capital expenditure, to just 65m, drove the improved earnings, as revenues remained flat at 335m over the quarter.

The results slightly exceeded the forecasts of analysts still covering the stock, though Telewest's share price nudged forward just 0.2p to 2.35p. The cost-cutting helped Telewest post its first quarter of positive cashflow, collecting 7m more in receipts than it paid out.

Mr Burdick, however, warned that the positive cashflow would not last, with the group slipping back into the red in the second and third quarters as IT and marketing spending was lifted. Revenues and customer numbers at its flagship cable TV and telephone business fell 7pc during the quarter, as Telewest raised its price for the service.

The brightest spot remained its broadband internet business, Blueyonder, which increased revenues 69pc, though still suffered a worrying increase in churn - the rate at which customers leave the service - to 12.8pc. The broadband business has now experienced rises in churn for five consecutive quarters.

Mr Burdick also played down speculation that Telewest would soon merge with its UK cable TV counterpart NTL, saying he had not spoken to executives there "in recent times".

We have ticked up a little again .... volumes back to normal. Generally the press was positive and clearly the D4E will go ahead ..... one day


ains


Telewest and BSkyB in fee deal

John Cassy
Friday May 2, 2003
The Guardian

Cable operator Telewest yesterday claimed to have reached a new agreement with BSkyB over the rate at which it can sell the satellite operator's premium

sports and movie channels.

The office of fair trading is examining the proposal and could give approval within the next month, Telewest managing director Charles Burdick said.

"It's a win-win deal for both sides. It contains the necessary incentives for us to market Sky's channels and will be valuable to them."

Only 300,000 of Telewest's 1.3m cable television customers take Sky Sports or Sky movie channels but the deal will allow them to be sold at a discount and the cable firm to make a healthy profit.

Mr Burdick said the extra demand generated would lift the average amount spent each month by a Telewest customer from 42 to 47.

Regulators had warned BSkyB that it "abused its dominant position" in setting prices paid by other pay-television operators for its premium channels but backtracked following a lengthy investigation.

According to results released yesterday, Telewest lost 20,000 television and 13,000 telephony customers in the three months to March 31 as the effect of the group's ongoing financial restructuring weighed on its ability to hold on to subscribers. Broadband internet customer numbers rose to 310,000.

The group is attempting to eradicate 3.5bn of its 5.3bn debt by handing control of 97% of the company to lenders, but it will not comment on the likely completion date of a deal that could drag on until late summer.

Lower spending on cable investment and interest payments, aligned with job cuts, enabled Telewest to generate positive cash flow for the first time.

Pre-exceptional core earnings climbed 15% to 105m, while turnover was flat at 335m. Net losses increased by 13% to 187m.

Must admit I cut out the movie channels as we still had to go to blockbusters to get the latest films and at 20 a month or so extra - it wasn't worth the money ..... might change my mind at a somewhat lower rate.


ains