Group		Company
	1999 £m	1998 £m	1999 £m	1998 £m
Trade creditors	237.7	221.7	0.6	1.2
Accruals and deferred income	151.4	142.1	14.8	10.6
Overdrafts and short term borrowings (note 20)	85.2	10.6	68.1	165.2
Corporation tax	57.8	120.3	0.5	23.0
Other creditors	51.7	49.9	-	0.3
Dividends	61.1	55.6	61.1	55.6
Amounts owed to subsidiary undertakings	-	-	927.4	785.2
	644.9	600.2	1,072.5	1,041.1

Trade creditors and trade debtors include £45.5m (1998 - £44.1m) representing amounts not due to the Group but for which the Group is subject to a limited recourse.

 
20 OVERDRAFTS AND SHORT TERM BORROWINGS

	Group		Company
	1999 £m	1998 £m	1999 £m	1998 £m
Overdrafts	82.6	7.6	65.5	162.2
Loan notes	2.6	3.0	2.6	3.0
	85.2	10.6	68.1	165.2

 
21 LOANS

	Group		Company
	1999 £m	1998 £m	1999 £m	1998 £m
Repayable:
Between one and two years	42.1	2.8	39.5	-
Between two and five years	2.3	41.5	-	38.3
Over five years	446.0	199.2	445.4	198.0
	490.4	243.5	484.9	236.3

Loans repayable between one and two years include unsecured dollar borrowings of US$65m bearing a fixed interest rate of 9.55%, repayable on maturity in June 2001. Loans repayable after five years principally comprise an unsecured £200m Eurobond stated net of the costs of issue which has a coupon of 7.625% and matures in June 2007 and an unsecured £250m Eurobond stated net of the costs of issue which has a coupon of 5.625% and matures in March 2009.

 
22 CONVERTIBLE DEBT

	Group		Company
	1999 £m	1998 £m	1999 £m	1998 £m
Exchangeable Capital Securities	87.3	84.5	87.3	84.5

The US$150m undated Exchangeable Capital Securities are divided into 6,000,000 Exchangeable Capital Securities of US$25 per security with a coupon of 8% per annum, and were redeemable at the option of the Company from 7 October 1998 at US$26 per security reducing each year until 7 October 2003 from which time the redemption price will be US$25 per security. The Exchangeable Capital Securities rank senior to the Preference shares of the Company in the event of a winding up. The Exchangeable Capital Securities are exchangeable at the option of the Company at any time into Cumulative US Dollar-denominated Redeemable Preference shares of US$0.01 each in the Company. The rights of such Preference shares are summarised in Note 25.