Business
Press Speculation
Press Speculation.
About this update from Mitchells & Butlers Plc
[{"type":"text","content":"\n RNS Number : 2513D Mitchells & Butlers PLC 30 November 2009 \n \n30 November 2009 \nMITCHELLS & BUTLERS plc\n\nAnnouncement on Recent Press Speculation\n\nThe majority of the Board of Mitchells & Butlers notes the recent press speculation regarding the increasingly difficult relationship between the Board and a small number of its largest shareholders.\n\nIn particular, the majority of the Board would like to bring to shareholders' attention two actions by a shareholder representative of Piedmont Inc which together could potentially undermine the independence and effectiveness of the Board. \n\nThe first action taken was the frustration of the appointment of an independent Chairman to replace Drummond Hall, who has made public his intention to step down. The nomination committee of the Board put forward three independent candidates for election to the position of Chairman, all of whom were vetoed at the final stage by a nominated representative of Piedmont who had been involved in the process from its beginning as a member of the nomination committee.\n\nThe second action was requesting the resignation of the Senior Independent Director, Simon Laffin, advising him that if he did not, a small number of large shareholders would vote against his election at the January 2010 AGM. \n\nThe Panel on Takeovers and Mergers has been approached and a submission will be made imminently regarding the cumulative evidence that a number of shareholders have been seeking to gain control of the Board and of the Company to advance the interests of a small group of shareholders at the expense of others.\n\nThe majority of the Board is continuing to work to strengthen the Board through further independent appointments, and to identify an independent candidate to succeed the Chairman, Drummond Hall, urgently.\n\n\nFor further information, please contact:\n\n\n\n\n\nErik Castenskiold \n\n\n0121 498 6513\n\n\n\n\nJames Murgatroyd (Finsbury Group) \n\n\n0207 251 3801\n\n\n\n\n\nNotes for editors:\n\n\n\n\n\n-\n\n\nMitchells & Butlers owns and operates around 2,000 high quality pubs in...