Mitchells & Butlers investors call for clarity over dismissals
The investment company that has a 23% holding in pub operator Mitchells & Butlers (M&B) has called for "clarity" over the company's decision to dismiss four directors.
Piedmont Inc, owned by Bahamas-based billionaire Joe Lewis, said in a statement today: "To begin addressing the need for transparency, Mitchells & Butlers should provide clarity for all shareholders as to why it has removed so many directors from the board."
The move marks the latest chapter in a battle for power at the company, details of which emerged last week when M&B announced that it would submit evidence to the City takeovers watchdog that some of its biggest shareholders were trying to take control of the company.
M&B's decision was prompted by Piedmont Inc's move to block the appointment of Archie Norman as chairman, as well as demanding the resignation of Simon Laffin, who was then a senior director.
But just a day later M&B appointed Laffin as its chairman and revealed that it would dismiss Richard McGuire, a director who was appointed by Piedmont Inc.
Denis Jackson, Ray McSharry, and Douglas E McMahon were also removed from their posts.
This morning Standard Life, which has a 4.85% stake in M&B, said it supported the actions taken by the company's independent directors.
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By Neil Gerarrd
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