30th Jan 2008 16:18
Mitchells & Butlers PLC30 January 2008 30 January 2008 Mitchells & Butlers plc ("Mitchells & Butlers" or the "Company") Re Strategic Review Further to the Company's announcement yesterday which referred to its intentionto conduct a strategic review, the Board of Mitchells & Butlers notes thespeculation surrounding potential expressions of interest for the Company. The Board confirms that a number of parties have now made preliminary andtentative expressions of interest in the Company to Citi, its adviser. However,no discussions have taken place and there can be no certainty that any will takeplace. At this preliminary stage, there can be no assurance that any offer for theCompany will be forthcoming. The Board will keep shareholders informed asappropriate. Consequently the Company is considered to be in an "offer period" as defined inthe Takeover Code, and the dealing disclosure requirements listed below willapply. In accordance with Rule 2.10 of the City Code on Takeovers and Mergers,Mitchells & Butlers confirms that, as at the close of business on 30 January2008, it has 403,080,304 ordinary shares of 8 13/24 pence each in issue. TheISIN reference for these securities is GB00B1FP6H53. Citigroup Global Markets Limited ("Citi") which is authorised and regulated inthe United Kingdom by the Financial Services Authority, is acting for Mitchells& Butlers and no one else in connection with this announcement and will not beresponsible to anyone other than Mitchells & Butlers for providing theprotections afforded to clients of Citi or for providing advice in relation tothe contents of this announcement, or for any other transaction, arrangement ormatters referred to in this announcement. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if anyperson is, or becomes, "interested" (directly or indirectly) in 1% or more ofany class of "relevant securities" of Mitchells & Butlers, all "dealings" in any"relevant securities" of that company (including by means of an option inrespect of, or a derivative referenced to, any such "relevant securities") mustbe publicly disclosed by no later than 3.30 pm (London time) on the Londonbusiness day following the date of the relevant transaction. This requirementwill continue until the date on which the offer becomes, or is declared,unconditional as to acceptances, lapses or is otherwise withdrawn or on whichthe "offer period" otherwise ends. If two or more persons act together pursuantto an agreement or understanding, whether formal or informal, to acquire an"interest" in "relevant securities" of Mitchells & Butlers, they will be deemedto be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevantsecurities" of Mitchells & Butlers by the offeror or Mitchells & Butlers, or byany of their respective "associates", must be disclosed by no later than 12.00noon (London time) on the London business day following the date of the relevanttransaction. A disclosure table, giving details of the companies in whose "relevantsecurities" "dealings" should be disclosed, and the number of such securities inissue, can be found on the Takeover Panel's website atwww.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economicexposure, whether conditional or absolute, to changes in the price ofsecurities. In particular, a person will be treated as having an "interest" byvirtue of the ownership or control of securities, or by virtue of any option inrespect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on thePanel's website. If you are in any doubt as to whether or not you are requiredto disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Mitchells & Butlers