1
 John Labatt Ltd. said
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 it plans a private placement of 150 million Canadian dollars 
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(US$127.5 million)
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 in preferred shares, 
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to be completed around Nov. 1. 
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 Proceeds will be used 
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to reduce short-term debt at the beer and food concern,
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 said Robert Vaux, vice president, finance.
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 The preferred shares will carry a floating annual dividend equal to 72% of the 30-day bankers' acceptance rate until Dec. 31, 1994.
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 Thereafter, the rate will be renegotiated.
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 Mr. Vaux said
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 that 
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if no agreement is reached, 
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other buyers will be sought by bid or auction.
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 The shares are redeemable after the end of 1994.
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 Mr. Vaux said 
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the share issue is part of a strategy 
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to strengthen Labatt's balance sheet in anticipation of acquisitions 
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to be made during the next 12 to 18 months.
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 Labatt's has no takeover bids outstanding currently,
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 he said.
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 Lead underwriter to the issue is Toronto Dominion Securities Inc. 
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