Independent shareholders topple board of pub group

THE main independent shareholders of British pub group Mitchells & Butlers (M&B) – specifically British financier Joe Lewis and Irish businessmen John Magnier and JP McManus – have succeeded in overthrowing the group’s board after months of hostility.

Independent shareholders topple board of pub group

Mr Lewis’ investment vehicle, Piedmont recently proposed four new independent board members and, on Wednesday this week, Elpida – the vehicle through which the two Irish financiers own a 17.6% stake – said it would also be voting against the re-election of the then current board at the group’s annual general meeting, which was held in Birmingham yesterday.

Although most of M&B’s institutional investors voted in favour of the board, their re-election was blocked given that the combined stakeholding in the group of Piedmont and Elpida tops the 40% mark.

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