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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001021231-03-000257.txt : 20030224
<SEC-HEADER>0001021231-03-000257.hdr.sgml : 20030224
<ACCEPTANCE-DATETIME>20030224095139
ACCESSION NUMBER:		0001021231-03-000257
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030224
FILED AS OF DATE:		20030224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIX CONTINENTS PLC
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				250420260
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10409
		FILM NUMBER:		03576815

	BUSINESS ADDRESS:	
		STREET 1:		20 NORTH AUDLEY ST
		CITY:			LONDON WIY 1WE ENGLA
		STATE:			X0
		ZIP:			32822
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		20 NORTH AUDLEY ST
		STREET 2:		-
		CITY:			LONDON ENGLAND
		STATE:			X0
		ZIP:			W1Y 1WE
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>b700403-6k.htm
<TEXT>
<html>
<head></head>
<title>Prepared and filed by St-Ives Burrups</title>
<body bgcolor="#FFFFFF">
<p>&nbsp;</p>
<hr size="3" noshade color="#000000" style="margin-top: -15px">
<hr size="1" noshade color="#000000" style="margin-top: -22px">
<font face="0Font">
<p align="center"> <font size=2 face="serif"><b><font size="4">SECURITIES AND
  EXCHANGE COMMISSION</font></b><br>
  <b>Washington DC 20549</b> </font></p>
<hr align="center" width="150" size="2" noshade>
<p align="center"><b><font size=5 face="serif">FORM 6-K</font></b></p>
<p align="center"> <b><font size=2 face="serif">REPORT OF FOREIGN PRIVATE ISSUER
  PURSUANT TO RULE 13a-16 AND 15d-16 OF<br>
  THE SECURITIES EXCHANGE ACT OF 1934 </font></b></p>
<p align="center"> <font size=2 face="serif">For 24th February 2003</font></p>
<p align="center"> <b><font size=5 face="serif">SIX CONTINENTS PLC</font></b><br>
  <font size=2 face="serif">(Registrant&#146;s name) </font></p>
<p align="center"> <font size="2" face="serif">20 North Audley Street<br>
  London W1K 6WN, England<br>
  (Address of principal executive offices)</font></p>
<hr align="center" width="150" size="2" noshade>
<p> <font size=2 face="serif">Indicate by check mark whether the registrant files
     or will file annual reports under cover Form 20-F or Form 40-F.</font></p>
<table width="100%" border="0">
  <tr>
    <td align="center"><font size=2 face="serif">Form 20-F&nbsp;&nbsp;<img src="tickedbox.gif" width="12" height="12">
      </font><u></u><font size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">Form
      40-F&nbsp;&nbsp;<img src="emptybox.gif" width="12" height="12"></font></td>
  </tr>
</table>
<p> <font size=2 face="serif">Indicate by check mark whether the registrant by
     furnishing the information contained in this form is also thereby furnishing

  the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
     Exchange Act of 1934.</font></p>
<table width="100%" border="0">
  <tr>
    <td align="center"><font size=2 face="serif">Yes&nbsp;&nbsp;<img src="emptybox.gif" width="12" height="12">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">No</font><font size=2 face="serif">&nbsp;&nbsp;<img src="tickedbox.gif" width="12" height="12"></font></td>
  </tr>
</table>
<p> <font size=2 face="serif">If &#147;Yes&#148; is marked, indicate below the
     file number assigned to the registrant in connection with Rule 12g3-2(b): <u>Not
      applicable</u></font></p>
<p align="center">&nbsp;</p>
</font>
<hr size="1" noshade color="#000000" style="margin-top: -15px">
<hr size="3" noshade color="#000000" style="margin-top: -24px">
<div style="page-break-before:always"></div>
<page>
<p align="center"><font size="2" face="serif"><b>SIX CONTINENTS PLC </b></font></p>
<p align="center"><font size="2" face="serif"><b>Not for release, publication or distribution in whole or in part in or into Australia, Canada, Japan or the Netherlands</b></font></p><p align="left"><font size="2" face="serif"><b>24 February 2003</b></font></p><p align="left"><font size="2" face="serif">While Capital Management &amp; Investment PLC ("CMI") has yet to clarify its intentions, the Board of Six Continents PLC ("Six Continents") has considered CMI's various statements of last week and is concerned that CMI's approach will involve significant value leakage away from Six Continents shareholders.</font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="3%"><font size="2" face="serif">&#8226;</font></td>
    <td align="left"><font size="2" face="serif">The Board of Six Continents believes
      that CMI has timed its approach ahead of the demerger so that it can acquire
      Six Continents on the cheap. The demerger will allow the market to place
      clear values on both businesses and set benchmarks against which proposals
      could be judged.</font></td></tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td></tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&#8226;</font></td>
    <td align="left"><font size="2" face="serif">The hotels industry is at a cyclical
      low point. With the threat of conflict in the Middle East, this is not the
      time to make wholesale disposals of hotel assets.</font></td></tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td></tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&#8226;</font></td>
    <td align="left"><font size="2" face="serif">Already Six Continents franchisees
      have expressed their extreme concern about a rumoured hostile takeover.
      According to Jay Fishman, Chairman of the Board of the Owners Association
      of Six Continents Hotels, "We believe this would be the absolute worst time
      for change of control with the company. We are in the weakest business environment
      in the history of the modern hotel industry". He adds, "Franchisees have
      spent quality time with Richard North, Steve Porter and the leadership team
      at Six Continents Hotels and believe they have a strong vision for where
      they want to take the hotel group." The Association is worried about the
      impact of a takeover and/or break up of the Hotels company on service levels
      to franchisees and believes that many would seriously consider terminating
      their licence agreements and leaving the system in the event of a takeover.</font></td></tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td></tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&#8226;</font></td>
    <td align="left"><font size="2" face="serif">Based on the AIM admission document
      for CMI the original Directors of CMI held warrants which would enable them
      to subscribe for 10% of the Group's issued share capital at preferential
      rates so diluting shareholders to the advantage of the Directors of CMI.</font></td></tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td></tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&#8226;</font></td>
    <td align="left"><font size="2" face="serif">Mr Osmond has previously tabled
      a sale and leaseback proposal for financing the Retail business. The Board
      was advised that the terms of this proposal diverged from market norms and
      would have transferred material value from Six Continents shareholders to
      his financing vehicle, Sun Capital.</font></td></tr>
</table>
<p align="left"><font size="2" face="serif"><i>Tim Clarke, Chief Executive of Six Continents, said "We are pursuing a clear plan to deliver shareholder value and the demerger represents the next step in this process.   Separation will allow the market to place unambiguous valuations on Mitchells &amp; Butlers and InterContinental Hotels Group.  Both companies have well defined strategies and a successful demerger will not prevent consideration of any proposals which might lead to enhanced value for their respective shareholders".</i></font></p><p align="left"><font size="2" face="serif">Enquiries:</font></p><table border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top">
<td align="left" width="21%"><font size="2" face="serif">Tim Clarke</font></td>
<td align="left"><font size="2" face="serif">Tel: 020  7409 1919</font></td></tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Richard North</font></td>
<td align="left"><font size="2" face="serif">Tel: 020  7409 1919</font></td></tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Fiona Antcliffe</font></td>
<td align="left"><font size="2" face="serif">Tel: 020  7404 5959</font></td></tr></table>
<p align="left"><font size="2" face="serif"><i>This announcement contains certain
  forward-looking statements as defined under US law (Section 21E of the Securities
  Exchange Act of 1934). These forward-looking statements can be identified by
  the fact that they do not relate only to historical or current facts.</i></font></p><p align="left"><font size="2" face="serif"><i>By their nature, forward-looking
  statements are inherently predictive, speculative and involve risk and uncertainty.
  There are a number of factors that could cause actual results and developments
  to differ materially from those expressed in or implied by such forward-looking
  statements, including, but not limited to: political and other events that impact
  domestic or international travel &#150; in particular the military situation
  in the Middle East; developments in the international debt and equity markets
  and the related availability of credit, including as a result of changes in
  applicable ratings; levels of consumer and business spending in major economies
  where Six Continents does business; changes in consumer tastes and preferences,
  levels of marketing and promotional expenditure by Six Continents and its competitors;
  significant fluctuations in exchange, interest and tax rates; the effects of
  the proposed separation of the hotels and drinks business and the retail business
  or any future business combinations, acquisitions or dispositions; legal and
  regulatory developments, including European Union employment legislation and
  regulation in the leisure retailing industry in countries in which Six Continents
  operates; the ability of Six Continents to maintain appropriate levels of insurance;
  and changes in the cost and availability of raw materials, key personnel and
  changes in supplier dynamics.</i></font></p><p align="left"><font size="2" face="serif"><i>Other factors that could affect
  the business and the financial results are described in Item 3 Key Information
  &#150; Risk Factors in the Six Continents Form 20-F for the financial year ended
  30 September 2002 filed with the United States Securities and Exchange Commission.</i></font></p><p align="left"><font size="2" face="serif"><i>This announcement does not constitute an offer or invitation to purchase securities.</i></font></p><p align="left"><font size="2" face="serif"><i>Salomon Brothers International Limited, trading as Schroder Salomon Smith Barney, is acting as financial adviser to Six Continents and to nobody else in connection with the proposed separation and return of capital and the possible offer and as sponsor to IHG and MAB in connection with the admission of the ordinary shares of IHG and MAB to the official list of the UK Listing Authority (&#8220;Admissions&#8221;) and will not be responsible to anyone else for providing the protections afforded to its clients nor for providing advice in relation to the separation and return of capital, the Admissions or the possible offer.</i></font></p>
<p align="center"></p>

<hr noshade align="center" width="100%" size="2">

<div style="page-break-before:always"><a name="p?"></a></div>
<page>
<p align="center"><font size="2" face="serif"><b>SIGNATURES</b></font></p>
<p><font size="2" face="serif">Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p align="center"><font size="2" face="serif"><b><br>
  </b></font></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="42%">&nbsp;</td>
    <td width="4%" valign="top">&nbsp;</td>
    <td width="53%" valign="top"><font size="2" face="serif"><b>SIX CONTINENTS
      PLC</b></font></td>
    <td width="1%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size="2">(Registrant)</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">By:</font></td>
    <td valign="top"><font size="2"><u>/s/ M.J.N. Bridge&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Name:</font></td>
    <td valign="top"><font size="2">M.J.N. BRIDGE</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Title:</font></td>
    <td valign="top"><font size="2">DEPUTY SECRETARY</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td valign="top"><font size="2">Date: </font></td>
    <td valign="top"><font size="2">24th February 2003</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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