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

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.

News, Liberty strike share deal
By Geoff Hiscock, CNN Asia Business Editor
Friday, March 28, 2003 Posted: 0404 GMT (12:04 PM HKT)



Rupert Murdoch and son Lachlan see DirecTV as a good fit for News Corp.



SYDNEY, Australia (CNN) -- Global media group News Corp has struck a deal with a major shareholder, John Malone's Liberty Media Corp, for Liberty to buy up to $500 million in News shares over the next six months.

Liberty already owns about 18 percent of News, which is controlled by executive chairman Rupert Murdoch and his family.

The deal gives impetus to the long-running bid by Murdoch for U.S. satellite broadcaster DirecTV, which is owned by Hughes Electronics, a unit of General Motors.

News is expected to make a bid for GM's 30 percent economic stake in Hughes, rather than seeking full ownership.

Under the deal announced Friday, Liberty would buy preferred limited voting ordinary shares in News at $21.50 per American Depositary Receipt (ADR).

The joint announcement, released to the Australian Stock Exchange just before midday Friday, immediately sent News shares higher.

They are trading up 3.17 percent at A$11.10 in early afternoon, on a day when the broader market is flat.

News said that if Liberty does not exercise its right within six months, News can require Liberty to buy the stock at the same price of $21.50 per ADR if News acquires a stake in Hughes Electronics within two years.

The $500 million share deal indicates that Malone is prepared to back a Murdoch bid for DirecTV.

Murdoch has wanted for years to buy DirecTV to give him access to the large U.S. satellite television market and add its assets to a global broadcasting empire that includes BSkyB in the U.K. and Star TV in Asia.

With 10 million subscribers, DirecTV is the largest U.S. satellite broadcaster.

An earlier bid by Murdoch was thwarted in October 2001 when GM opted to sell Hughes Electronics to the No.2 U.S. satellite broadcaster EchoStar for about $26 billion. EchoStar, controlled by Charlie Ergen, has 6.7 million subscribers

That sale was subsequently vetoed by regulators in late 2002, allowing Murdoch to revive his ambitions.

GM owns 100 percent of the assets of Hughes and 30 percent of the tracking stock. Along with News, other potential bidders for DirecTV are SBC Communications and New York-based Cablevision Systems Corp.

Murdoch's son Lachlan, deputy chief operating officer of News, said recently that either DirecTV or EchoStar would be a "great fit" for the company's business.

News Corp's media assets include newspapers in Australia, the UK and the U.S., satellite broadcasters in Europe, Asia and Latin America, the Fox Broadcasting Network and the Hollywood studio Twentieth Century Fox.

Liberty Media operates in video programming, broadband distribution, interactive technology and communications.

coming within range maybe ..... 215 230

Liberty helps rival bid for Hughes

David Teather in New York
Saturday March 29, 2003
The Guardian

Liberty Media has backed away from challenging Rupert Murdoch's News Corporation in a bid for Hughes Corporation, the parent company of DirecTV, the biggest
satellite television network in the US.
John Malone, the prolific media investor who runs Liberty, has instead decided to back Mr Murdoch's bid, and increase his own stake in News Corp from 17.5% to 19%.

Liberty is already the largest outside shareholder in News Corp, whose assets include the Times and the Sun newspapers, the Fox TV network and a controlling stake in BSkyB.

Liberty will pay $500m (318m) for the additional shares, which will help fund the Hughes bid.

News Corp last week issued a $1.35bn convertible bond against shares in BSkyB, of which roughly half will be added to its war chest. The company has one of the strongest balance sheets in the debt-ridden media sector and has around $3.1bn in cash.

Liberty and News Corp had been planning a joint bid for Hughes but the plans fell apart and both were considering individual offers.

Mr Malone has been shifting the strategy of Liberty and is moving more toward owning and operating businesses instead of being a passive investor.

The company might have considered DirecTV a more logical fit with News Corp, which owns cable channels in the US as well as satellite net works around the world, including Star TV in Asia.

The decision to work with Mr Murdoch also quashes speculation of a rift between the two media moguls who have worked in tandem on many deals.

Liberty's decision to back away significantly improves the chances that News Corp will win Hughes, fulfilling Mr Murdoch's long-held ambition to own a US distribution network.

In the first auction for Hughes, more than a year ago, Mr Murdoch lost to DirecTV's rival EchoStar. But regulators balked at the merger of the top two satellite providers in the US and blocked the deal.

News Corp could face opposition from SBC Communications, but it remains unclear how serious the local telephone provider is about making an offer.

Liberty is understood to have held discussions with EchoStar about a possible bid. Like News Corp, Liberty owns content including the Discovery Channel, Starz and QVC and is eager to combine its programming with a distribution network. Washington might take a dim view on a deal, given Liberty's investment in News Corp.

Mr Murdoch has appeared to be interested only in acquiring the 20% of Hughes that General Motors is making available for sale. How much control that would give Mr Murdoch or Mr Malone, who may have negotiated some kind of board representation, is debatable.

Chris Tryhorn
Monday March 31, 2003


Jean-Marie Messier: accused of 'fraud, misrepresentation and concealment'

John Malone's Liberty Media has filed a lawsuit against Vivendi Universal, claiming it was deceived about the scale of the French group's financial problems during a transaction in December 2001.

The deal involved Liberty swapping some of its stake in USA Networks for a 3.5% share of Vivendi worth 1.1bn, an investment that has lost more than 70% of its value since May 2002, when the deal was closed.

Liberty said Vivendi's chief executive at the time, Jean-Marie Messier, and his chief financial officer, Guillaume Hannezo, obscured the true picture of Vivendi's finances with "outright fraud, misrepresentation and concealment".

The deal was part of the complex negotiations to form Vivendi Universal Entertainment, which was created out of Barry Diller's USA Networks.

Vivendi described Liberty's suit, which was filed in New York, as "without merit".

The two firms have recently been in talks on future tie-ups and Liberty has registered an interest in buying the troubled group's US entertainment assets,

which include Universal Studios and USA Networks.

Vivendi - which posted the biggest loss in French corporate history earlier this month - has been trying to reduce its debt mountain of about 11bn over the past nine months since Mr Messier was ousted.

Last week it raised 2.4bn by issuing high-yield bonds and signing a new loan facility but its long-term prospects may depend on selling its assets.

It has already disposed of publisher Houghton Mifflin, Italian pay-TV broadcaster Telepiu and satellite broadcaster Canal Plus Technologies.

The Vivendi chairman, Jean-RenFourtou, has said his target for 2003 is to dispose of assets worth 4.8bn and reduce debt to 7.6bn.

Liberty is known to be interested in making acquisitions, having boosted its war chest to about 2.5bn in recent weeks.

Vivendi's assets are one potential target and it may buy the rest of shopping channel QVC, which it co-owns with Comcast.

Mr Malone seems to have stepped aside from bidding for US satellite broadcaster DirecTV, putting his weight instead behind Rupert Murdoch's likely bid after upping his stake in the tycoon's News Corporation last week.

MediaGuardian.co.uk special report

ainsoph, do you reckon we'll now be stuck with the 3% or could TWT follow the pattern of other recent D4Es by including warrants? I got the impression in the TAG days that you felt not or not able to say - any different views now - perhaps even on the 3%. Taking a long time too isn't it. If it was as simple as 3% we'd surely be there by now. Any insight?

Andyble

I have talked at some length with the directors and others at TWT on the question of the 3% and very specifically on the idea of including warrants. At the time it was made clear they thought the idea of warrants was a non-starter (too messy) and the 3% was 6 times better than moni and a good deal ..... good for both sides. It seemed very unlikely when it was first mooted they (Company or bondholders) would change their view or stance.

As time went bye Liberty and others took various positions and my inclination was to think the % would be higher - it never crossed my mind it would be lower. liberty are still keen to keep control but guess they don't have sufficient paper and the other bondholders clearly want to go their own way. My guess ids still a 3% minimum and the delays are about control rather than the ordinary others shareholders %

Missed the action yesterday but will be looking to add


ains

ainsoph, thanks.

Together NTL and Telewest are ahead of BT in the broadband stakes, and could sign up more than one million customers by the end of April
The UK's two major cable companies are close to reaching a total of one million broadband customers, and look set to beat BT to this landmark by at least a couple of months, according to figures released by NTL on Monday.

In its financial results, NTL stated that on 21 March it had 650,000 broadband cable modem customers. Around 133,000 of these users have signed up since the start of 2003, giving NTL a current take-up rate of around 12,000 new broadband customers per week.



With fellow cable operator Telewest having around 300,000 broadband customers, the two companies can boast a total of some 950,000 high-speed Internet users.

Reaching a combined total of million broadband users would give both firms a fillip, especially given their recent financial turmoil, and would emphasise their key role in the creation of Broadband Britain.

At current sign-up rates -- Telewest is connecting "about a thousand new broadband customers each working day", according to a company spokesman -- this milestone should be shattered before the end of April.

Whither BT?
BT chief executive Ben Verwaayen vowed last year that the telco would reach one million ADSL customers by the summer of 2003, and five million by 2006. Given the patchy state of Broadband Britain at the time, this was an ambitious target, but the telco seems to be on track.

It announced last week that it had a total of 750,000 ADSL customers -- shared between all the ISPs that resell its wholesale broadband products. Take-up rate is understood to be between 20,000 and 25,000 per week, which if maintained would certainly lift Verwaayen's firm over the finishing line with ease.

Some ISPs are speculating privately, though, that BT could soon be hit by a minor slump in orders as people begin to favour outdoor activities and decide to hold back from splashing out on broadband until after their summer holidays. The ending of its half-price activation fee offer might also lead to a decline in take-up.

BT insisted, though, that it is still "absolutely" on track for one million users by this summer. And, having not set a specific date such as 30 June, it has some leeway if the one million target isn't hit until July.