Business
Response to Piedmont Inc. Pro
Response to Piedmont Inc. Pro.
About this update from Mitchells & Butlers Plc
[{"type":"text","content":"\n RNS Number : 0638G Mitchells & Butlers PLC 25 January 2010 \n \nMitchells & Butlers plc\n\nResponse to Piedmont Inc. Proposal\n\nThe Board* of Mitchells & Butlers plc received a proposal from Piedmont Inc. on 24 January 2010. Piedmont Inc.'s position seems not to have changed in any substantive respect from that previously stated. \n\nIt is understood that Piedmont Inc. will vote against the reappointment of both Tony Bates and Simon Laffin at the AGM. On this basis the anticipated outcome continues to be that a majority of the Board would be nominated by Piedmont Inc., as would the Chairman.\n\nThe Board reaffirms that its overriding aim in this matter is to ensure that the interests of all shareholders are treated fairly and equitably and that no individual shareholder, or bloc of shareholders, has excessive influence over Board composition or decisions. The Board concluded that it could not guarantee this would be the case if both the Chairman and more than half of its total numbers were nominated by one shareholder or group of shareholders. Therefore the Board cannot recommend Piedmont Inc.'s proposal. \n\nThis is a critical issue for the future governance of this Company, as reaffirmed by the Association of British Insurers putting its advice to members onto a 'Red Top' status last week. The Board is highly appreciative of the continued support of its institutional shareholders, and looks forward to hearing the views of many of its 70,000 private shareholders at the AGM on Thursday. In the mean time the Board remains ready to listen to any meaningful compromise which protects the interests of all shareholders.\n\n*It is noted that reference to the Board in this statement does not include Ron Robson who did not participate in the discussion given his position as Piedmont Inc's nominated representative. \n\n\n\nFor further information, please contact:\n\n\n\n\n\nCorporate Affairs:\n\n\n\n\n\n\n\nErik Castenskiold \n\n\n0121 498 6513\n\n\n\n\n\n\n\n\n\n\n\n\nMedia:\n\n\n\n\n\n\n\nJames Murgatroyd (Finsbury Group) \n\n\n0207 251 3801\n\n\n\n\n\nThis information is provided by RNSThe company news service from the Londo...