Shareholders try to ‘control’ board

MANAGEMENT at British pub and restaurant owner, Mitchells & Butlers (M&B) is preparing a submission to the British Panel on Takeovers and Mergers regarding what it sees as an attempt by some of the group’s largest shareholders to force control of its board.

M&B – which was the subject of two failed takeover attempts last year – owns a number of high-profile hospitality brands including All Bar One, the Irish-themed O’Neill’s and the Harvester family restaurant chain. Among its significant shareholders are British financier, Joe Lewis and Irish horseracing duo John Magnier and JP McManus.

Yesterday the pubs group said the majority of its board noted recent press speculation regarding the “increasingly difficult relationship” between the board and “a small number of its largest shareholders”.

The statement went on to mention Piedmont – the investment vehicle of Mr Lewis and a 22.3% shareholder in M&B – but made no mention of any other shareholder by name.

A spokesperson confirmed that Mr Magnier and Mr McManus, with a combined 17.5% stake through their Elpida investment vehicle, qualify as M&B’s second largest shareholder.

M&B’s statement detailed a disagreement with the candidates put forward to succeed outgoing chairman, Drummond Hall and requested for the resignation of senior independent director, Simon Laffin.

Shareholders have warned if Mr Laffin didn’t resign, they would vote against his election at the annual general meeting.


Lifestyle

It’s amazing what you become thankful for when you go down with suspected coronavirus and enter self-isolation, says Ella Walker.10 things self-isolation makes you really appreciate

Suddenly those Facebook groups are a godsend…Social media can be a true support in isolation – here’s how

If isolation means your locks are already out of control, it might be time to take matters into your own hands, says Prudence Wade.Everything you need to know about cutting your hair at home

It might feel unnatural to breathe deeply, but it can help to calm an overactive mind. Liz Connor reveals how to inhale and relax.3 breathing exercises to help with stress and anxiety

More From The Irish Examiner