Hugh Osmond says he is confident his bid for Six Continents (6C) will be finalised and ready to be presented to shareholders before the pubs-to-hotels company holds a shareholder meeting on March 12 to approve the terms of its demerger.
Osmond and 6C finance director Richard North locked horns yesterday after the former chairman of the Punch pub group accused 6C of destroying shareholder value. North accused Osmond of trying to seize control of the pub business by buying the whole group because he did not want to get into an auction situation post- demerger.
Osmond wants the pubs for himself and he plans to bring in hotel operators and financial partners to realise greater value from the hotels. He proposes using sales, sale and leasebacks and securitisations in the pubs division. 6C is due to demerge in April.
References: Financial Times 21/02/03 page 19, page 21 (Lombard), page 42 (Markets – London), The Guardian 21/02/03 page 23, page 25 (Notebook), The Times 21/02/03 page 28 (Commentary & Need to know), page 29, The
