BRENT TO BUY LONRHO DIVISION, PROPOSES RIGHTS <Brent Walker Group Plc> said it had agreed to buy the group of companies comprising Lonrho Plc's <LRHO.L> Metropole Casino Division, together with a freehold in central London, for 121.55 mln stg. Payment will be in cash on completion except for three mln stg payable on December 1, 1988. Brent said it also proposed to raise about 126 mln stg net through the issue of 131.67 mln convertible shares at one stg each. The shares can be converted between 1990 and 2002 at the rate of four ordinary shares for every 15 convertibles held. On full conversion, the issued ordinary share capital of the company would increase by some 64 pct. <Birdcage Walk Ltd>, a company controlled by the Walker family, owns 20.68 pct of the shares and is entitled to 27.2 mln convertible shares under the offer. The trustees had indicated that it intended to sell enough of the convertibles, nil paid, to enable it to take up the remainder. Brent would buy the casino companies and the freehold of 45, Park Lane in London. Under the arrangements, it would also arrange for the repayment of 6.45 mln stg in inter-company debt. Brent Walker shares firmed sharply on the announcement to 385p from 353p at Friday's close, while Lonrho also firmed, to 275p from 265.5p.