Financiers to oppose M&B board

FINANCIERS John Magnier and JP McManus are to oppose the re-election of the board of directors of British pub group Mitchells & Butlers (M&B) at the company’s annual general meeting later today.

The duo own a 17.6% stake in M&B, which owns such pub chains as All Bar One and O’Neill’s, via their Elpida investment vehicle; the second largest independent shareholder behind British financier Joe Lewis’ Piedmont investment company.

M&B recently lodged a complaint with the Takeover Panel in Britain claiming that leading shareholders, particularly Piedmont (which owns a 23% stake in the group), were trying to seize control of the company. However, the Panel returned a ruling, two weeks ago, rejecting the claim, adding that Piedmont had not breached company law in any way. While M&B “reluctantly” accepted the findings, Elpida welcomed the news.