	b and c reorganises commercial operations british and commonwealth ping co plc bcom l said that it would reorganise its commercial and service operations into a single public grouping with autonomous management the group has expanded rapidly in the past year through the mln stg acquisition of exco international plc and mln bid for steel brothers holdings plc it noted that its operations were now divided between financial services including money broking investment management and forfaiting and more traditional areas such as aviation hotels commodity trading and office equipment it said that each sector had exciting prospects but required different methods of management and financing b and c planned to form a new public company to hold the commercial operations and envisaged it operating with a capital of between mln and mln stg it has retained barclays de zoete wedd to advise on the introduction of independent investors to subscribe for additional capital and believes that the proportion of equity capital held by outside investors would not exceed pct of the total the statement said that with the continued support of b and c together with outside capital the new grouping would emerge as a major group in its own right with the ability to take advantages of opportunities as they arose however the group would not seek a listing for the time being b and c also said that its chairman lord cayzer planned to retire in june the company proposed that he be appointed life president and that current chief executive john gunn should take over as chairman b and c shares eased p to p at gmt reuter 
