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...they obviously(?) have rights to
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What makes you so sure?
> This will not be very relevant if the TM is a generic keyword unless they are using it
exclusively in a class you have trademarked. Otherwise your case may be pretty weak.
> This would again could be irrelevant if the .com/.co.uk is a generic keyword.
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The registration, I would guess, would be construed as abusive given that they're running AdSense on it
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> You sound like you're guessing... and that makes me concerned that the company in question might be about to target the owner of a generic domain. If the domain owner is not exclusively targeting your business then your case may be weak.
If the domain is generic, but your company advert is the top listing, you need to ask how it is that that advert appears on the parking page at all. Is the company in fact targeting the domain owner's generic keyword in its PPC advertising? If so, that could be construed as a reverse hijack attempt.