13th Mar 2006 10:00
Mitchells & Butlers PLC13 March 2006 Mitchells & Butlers plc The Company announced on 13 April 2005 that it intended in due course to examineways in which it might terminate its registration under the US SecuritiesExchange Act of 1934 (the "Exchange Act"). It did so because compliance with theExchange Act involves considerable expense and commitment of managementresources, which are considered to be out of proportion with the benefitsobtained by the Company and its shareholders. At its AGM on 2 February 2006, the Company's shareholders voted in favour ofadopting an amendment to the Company's Articles of Association to limit thenumber of US residents holding ordinary shares in Mitchells & Butlers plc inorder that the Company could be satisfied that the number of US resident holders(either directly or through nominees) is fewer than 300. This is necessary inorder for the Company to deregister from the US Securities and ExchangeCommission (the "SEC"). The Company has now determined to invoke this provision and accordingly,disposal notices, requiring certain US resident shareholders holding not morethan 20,000 shares to transfer their holdings to non US holders, will bedespatched this week. Subject to legal, fiduciary and regulatory requirementsand costs, the Directors expect to take account of the relative size of theholdings of US resident shareholders and apply the power first to those USresident shareholders with the smallest holdings of shares. It is expected thatthis process will be completed during summer 2006, thus enabling the Company toderegister from the SEC. Following deregistration from the SEC, Mitchells & Butlers plc ordinary shareswould continue to be listed on the Official List of the UK Listing Authority andto be traded on the London Stock Exchange's market for listed securities. TheCompany therefore would continue to be subject to the legal, regulatory andgovernance requirements of the UK market. For further information please contact: Victoria Penrice (Head of Secretariat) 0121 498 6514Erik Castenskiold (Head of Investor Relations) 0121 498 4907 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Mitchells & Butlers