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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001021231-03-000259.txt : 20030225
<SEC-HEADER>0001021231-03-000259.hdr.sgml : 20030225
<ACCEPTANCE-DATETIME>20030225095652
ACCESSION NUMBER:		0001021231-03-000259
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030225
FILED AS OF DATE:		20030225

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:		03578394

	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>b700458-6k.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 25th 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">SIX CONTINENTS PLC<br>
  UPDATE ON DEMERGER BENEFITS</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">The Board of Six Continents PLC ("Six Continents") yesterday drew shareholders' attention to the significant value leakage away from shareholders to Capital Management &amp; Investments PLC ("CMI") that would be the result of a CMI takeover.  </font></p><p align="left"><font size="2" face="serif">In addition, CMI has borrowed certain of Six Continents' existing plans articulated in the Listing Particulars for Mitchells &amp; Butlers ("MandB") and InterContinental Hotels Group ("IHG") &#150; particularly, the plans to dispose of non&#150;core assets and to make use of longer term financing techniques to unlock value for shareholders.  CMI will seek to extract some of this value for itself. There can be no rationale for sharing this value with CMI.</font></p><p align="left"><font size="2" face="serif">The Board wishes to focus shareholders' attention on the following:</font></p><p align="left"><font size="2" face="serif"><u>Cost savings at
 IHG to be at least $100m per annum</u></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="3%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" width="3%"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">As explained in the Listing Particulars,
      the management team led by Richard North initiated a thorough review of
      the organisation last October. At the time of publication of the Listing
      Particulars, Phase I had just been completed and based on findings from
      this phase a reduction of annual ongoing overheads against the cost base
      for the financial year 2003 of at least $50m was announced. This sum was
      in addition to the elimination of the incremental overhead cost inherited
      by IHG as a result of the separation (which is estimated to be $15m). The
      management team emphasised that this was a minimum savings number based
      on preliminary work.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">Following further progress in
      Phase II, the management team have established that savings on a comparable
      basis (i.e. $65m) will be at least $100m per annum. Achievement of these
      savings will result in a significant reduction in headcount. Consultation
      with regard to the business' European employees will commence today. The
      first steps have been initiated in the US. Plans for implementation of the
      actions necessary to achieve these savings by end of 2004 are well under
      way and the Board will make a further announcement in due course.</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"><u>MandB long term financing provides scope for a significant additional return of capital</u></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="3%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" width="3%"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">As stated in the Listing Particulars
      for MandB, the directors arranged appropriate bank facilities to expedite
      the implementation of the separation and the return of &pound;700m to shareholders.
      These facilities were put in place with terms that allowed certainty and
      flexibility for a refinancing to ensure the optimum long term capital structure
      for MandB.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">Since the original announcement
      of a demerger, MandB has been exploring a structured financing for the company.
      MandB has now entered a detailed analysis and implementation phase with
      a view to executing this refinancing as soon as possible.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">The Board of MandB intends to
      use the proceeds from any refinancing to repay the existing MandB facility
      and return the balance to shareholders. This could significantly increase
      the return of capital to shareholders. It is also in line with its policy
      as set out in the MandB Listing Particulars, to deliver near-term rewards
      for shareholders from the strong cash flow of the business whilst retaining
      sufficient resources to deliver long term earnings growth in the interest
      of creating shareholder value.</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif"><u>IHG and MandB asset disposals to enhance returns</u></font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td align="left" width="3%"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left" width="3%"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">The management of IHG and MandB
      are each focused on lifting returns on capital employed in their businesses.
      Reducing costs is part of this process and asset disposals is another.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">IHG is making good progress in
      reviewing its present asset base in order to redeploy capital. Hotel assets
      will only be retained if they have strategic value or the potential to generate
      superior returns. The Mayfair InterContinental was put on the market in
      November 2002 and discussions on its sale are in progress. Disposals of
      a number of other assets are also under way. Any such disposals will be
      made when attractive prices are achievable in the context of the severe
      cyclical downturn in the hotel industry and having regard to the substantial
      benefits of scale from IHG's system.</font></td>
  </tr>
  <tr valign="top">
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="left">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="left"><font size="2" face="serif">&nbsp;</font></td>
    <td align="left"><font size="2" face="serif">&#149;</font></td>
    <td align="left"><font size="2" face="serif">MandB has also reviewed its portfolio
      to identify individual sites where, inter alia, current high prices for
      alternative use might allow value enhancing disposals.</font></td>
  </tr>
</table>
<p align="left"><font size="2" face="serif">Tim Clarke, Chief Executive of Six Continents, said:</font></p><p align="left"><font size="2" face="serif"><i>"The separation of the businesses will allow the acceleration of our plans to secure value for shareholders. The refinancing of MandB and the increased cost savings in IHG are high on the agenda. CMI should not share in any of these benefits."</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="25%"><font size="2" face="serif">Tim Clarke</font></td>
<td align="left"><font size="2" face="serif">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">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">020 7404 5959</font></td>
</tr></table><p align="left"><font size="2" face="serif"><i><font face="serif" size="1">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.</font></i></font></p><p align="left"><font size="2" face="serif"><i><font face="serif" size="1">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 resul
t 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.</font></i></font></p><p align="left"><font size="2" face="serif"><i><font face="serif" size="1">Other factors that could affect the business and the financial results are de
scribed in Item 3 Key Information &#150; Risk Factors in the Six Continents Form 20&#150;F for the financial year ended 30 September 2002 filed with the United States Securities and Exchange Commission.</font></i></font></p><p align="left"><font size="2" face="serif"><i><font face="serif" size="1">This announcement does not constitute an offer or invitation to purchase securities.</font></i></font></p><p align="left"><font size="2" face="serif"><i><font face="serif" size="1">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 rel
ation to the separation and return of capital, the Admissions or the possible offer.</font></i></font></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">25th February 2003</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p align="center">&nbsp;</p>
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