BRENT TO BUY LONRHO DIVISION, PROPOSES RIGHTS
<Brent Walker Group Plc> said it had
agreed to buy the group of companies comprising Lonrho Plc's
<LRHO.L> Metropole Casino Division, together with a freehold in
central London, for 121.55 mln stg.
    Payment will be in cash on completion except for three mln
stg payable on December 1, 1988.
    Brent said it also proposed to raise about 126 mln stg net
through the issue of 131.67 mln convertible shares at one stg
each. The shares can be converted between 1990 and 2002 at the
rate of four ordinary shares for every 15 convertibles held.
    On full conversion, the issued ordinary share capital of
the company would increase by some 64 pct.
    <Birdcage Walk Ltd>, a company controlled by the Walker
family, owns 20.68 pct of the shares and is entitled to 27.2
mln convertible shares under the offer. The trustees had
indicated that it intended to sell enough of the convertibles,
nil paid, to enable it to take up the remainder.
    Brent would buy the casino companies and the freehold of
45, Park Lane in London. Under the arrangements, it would also
arrange for the repayment of 6.45 mln stg in inter-company
debt.
    Brent Walker shares firmed sharply on the announcement to
385p from 353p at Friday's close, while Lonrho also firmed, to
275p from 265.5p.
 REUTER
