ELDERS PLANS TO FLOAT OFF COURAGE PUBS
Elders IXL Ltd <ELXA.S> plans to float
off the around 5,000 public houses belonging to its U.K.
Subsidiary Courage Ltd to raise about one billion stg, Elders
strategy executive director Stuart Kelso said.
    The scheme, subject of speculation in a Scottish newspaper
yesterday, was fairly well advanced, but not certain to go
ahead. "There could be road blocks," he added.
    The earliest flotation date would be June, though the sale
will probably be later. Elders would retain a one-third
interest in the property interests under the current plan.
    No immediate use has been earmarked for the funds raised.
    Kelso said float plans currently include an offering of
debentures to institutional investors and issues of ordinary
shares and convertible stock for sale to the public.
    Elders bought Courage from Hanson Trust Plc <HNSN.L> last
year for 1.4 mln stg. The deal followed Elders' unsuccessful
efforts to expand into the U.K. Drinks industry by acquiring
Allied-Lyons Plc <ALLD.L>.
    Hanson acquired Courage when it took over Imperial Group
Plc early last year. The Elders plan to raise funds from
Courage is a variant of the its earlier scheme to sell off 50
pct stakes in the Allied-Lyons pubs to their publicans, market
sources added.
 REUTER
