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15/04/2003

Demerger effective and trading to commence in IHG and MAB

All the conditions to the demerger and the creation of two separately listed companies, InterContinental Hotels Group PLC (“IHG”) and Mitchells & Butlers PLC (“MAB”), have now been satisfied.

Consequently, trading in IHG and MAB shares is expected to commence on the London Stock Exchange at 8.00am (BST) today. Trading in the American depositary shares of IHG and MAB is expected to commence on the New York Stock Exchange at 9.30 am EST (2.30 pm BST) today.

IHG and MAB shares will be listed on the London Stock Exchange and IHG and MAB American depositary shares will be listed on the New York Stock Exchange under the following symbols:

  LSE NYSE
InterContinental Hotels Group PLC IHG IHG
Mitchells & Butlers plc MAB MLB

IHG will succeed to Six Continents’ registration under the U.S. Securities Exchange Act of 1934 pursuant to Section 12(g) of the Act.

Shareholders will, on 23 April 2003, be sent share certificates in respect of their holdings in IHG and MAB as well as a cheque in respect of the return of capital (81 pence for every Six Continents share held on 11 April 2003) and in respect of any entitlement to any fraction of an MAB and IHG share. CREST accounts will be credited with the return of capital on 23 April 2003.

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Note to Editors:

INTERCONTINENTAL HOTELS GROUP
InterContinental Hotels Group PLC of the United Kingdom owns, manages, leases or franchises more than 3,300 hotels and approximately 515,000 guest rooms in nearly 100 countries and territories around the world ( www.ichotelsgroup.com ). The Group owns a portfolio of well recognised and respected hotel brands including InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, Holiday Inn, Express by Holiday Inn and Staybridge Suites, and also has a controlling interest in Britvic Soft Drinks Limited, the second largest soft drinks manufacturer by volume in the UK.

InterContinental Hotels Group offers information and reservations capability on the Internet – www.intercontinental.com for InterContinental Hotels & Resorts, www.crowneplaza.com for Crowne Plaza Hotels & Resorts, www.holiday-inn.com for Holiday Inn hotels, www.hiexpress.com for Express by Holiday Inn hotels, www.priorityclub.com

For the latest news from InterContinental Hotels Group, visit our online Press Office at
www.pressoffice.ihgplc.com .

MITCHELLS & BUTLERS
Mitchells & Butlers PLC is the UK's leading operator of managed pubs, with sales of approximately £1.5 billion, EBITDA of £375 million and operating profit of £289 million (for the financial year 2002). MAB has a high quality estate of over 2,100 pubs, bars and restaurants which are predominantly large freehold sites in residential areas and which generate high average weekly sales (approximately three times the industry average). MAB has the leading brand portfolio in the UK pub sector including Ember Inns, Vintage Inns, Toby Carvery, Harvester, O’Neills, Scream, All Bar One and Browns. As at 30 September 2002, MAB had tangible fixed assets with a net book value of approximately £3.5 billion.

Enquiries:

IHG  
Mark Rigby 020 7409 8105
Dee Cayhill
020 7409 8101
Jo Guano 020 7409 8134
   
MAB  
Bob Cartwright 0121 498 4298
Kate Holligon
020 7409 8146

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