Director/PDMR Shareholding

RNS Number : 6137T

Mitchells & Butlers PLC

04 July 2018

 

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Phil Urban
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to Director on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares. In accordance with the Company's Remuneration Policy, a post vesting holding period applies which requires Shares received pursuant to such awards to be retained for a period of two years from the end of the vesting period, except for Shares sold to pay income tax and national insurance contributions arising upon exercise/vesting.
c)	Price(s) and volume(s)	The option is granted over a maximum of 393,517 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Tim Jones
2	Reason for the notification
a)	Position/status	Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to Director on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares. In accordance with the Company's Remuneration Policy, a post vesting holding period applies which requires Shares received pursuant to such awards to be retained for a period of two years from the end of the vesting period, except for Shares sold to pay income tax and national insurance contributions arising upon exercise/vesting.
c)	Price(s) and volume(s)	The option is granted over a maximum of 230,361 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Gary John
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to PDMR on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares.
c)	Price(s) and volume(s)	The option is granted over a maximum of 96,449 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Susan Martindale
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to PDMR on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares.
c)	Price(s) and volume(s)	The option is granted over a maximum of 92,592 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Chris Hopkins
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to PDMR on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares.
c)	Price(s) and volume(s)	The option is granted over a maximum of 92,592 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Greg McMahon
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to PDMR on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares.
c)	Price(s) and volume(s)	The option is granted over a maximum of 85,840 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Susan Chappell
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to PDMR on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares.
c)	Price(s) and volume(s)	The option is granted over a maximum of 84,876 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nick Crossley
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to PDMR on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares.
c)	Price(s) and volume(s)	The option is granted over a maximum of 84,876 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

4 July 2018

Mitchells & Butlers plc

LEI no. 213800JHYNDNB1NS2W10

Director/PDMR Shareholding

This notification has been made in accordance with the requirements of the EU Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dennis Deare
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Mitchells & Butlers plc
b)	LEI	213800JHYNDNB1NS2W10
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares in Mitchells & Butlers plc (Shares) GB00B1FP6H53
b)	Nature of the transaction	Option granted to PDMR on 3 July 2018 in respect of the FY 2018-2020 performance cycle for the 2013 Performance Restricted Share Plan. This option will be exercisable for the two-year period following the end of the performance cycle, subject to the satisfaction of performance conditions and on payment of the option exercise price of a nominal £1. The maximum Share entitlement on satisfaction of the performance conditions in full is shown in (c) below (excluding any dividend accrued shares that may be received by the participant in respect of any Shares that vest under the option). The performance conditions are such that; - 75% of the award is linked to the achievement of cumulative Operating Cashflow targets in the period 2018/20; and - 25% is linked to Total Shareholder Return (TSR) compared to that of a peer group comprising EI Group, Greene King, Marston's, The Restaurant Group, Wetherspoon (JD) and Whitbread over the period 2018/20. The cashflow definition that will be used as a measure in the plan is "Operating Cash Flow before adjusted items, movements in working capital and additional pension contributions". The cashflow targets, which have been set on a cumulative basis, are as follows: Operating Cash Flow  2018 - 2020 Vesting of this element Less than £1,306m Nil £1,306m 25% Between £1,306m and £1,336m Straight line between 25% and 100% £1,336m or greater 100% The TSR targets are as follows: M&B's TSR versus the Peer Group Vesting of this element Below TSR of median ranked company Nil At TSR of median ranked company 25% Between TSR of median ranked company and TSR of median ranked company plus 8.5% p.a. Straight line between 25% and 100% At TSR of median ranked company plus 8.5% p.a. or higher 100% The TSR element of the award is subject to a share price underpin and awards may only be exercised where the Mitchells & Butlers share price has equalled or exceeded the share price at the date of the award within six months of the vesting date. If this condition is not met, then the TSR related award lapses. Subject to a dividend being paid or payable, and once, and to the extent that, the shares under the option granted have vested, the participant will be granted a further option over Dividend Accrued Shares.
c)	Price(s) and volume(s)	The option is granted over a maximum of 84,876 Shares. The share price used to determine the number of Shares under option was £2.592 per Share (being the middle market quotation of a Share for 2 July 2018). No amount was payable on the grant of the option.
d)	Aggregated information   - Aggregated volume   - Price	N/A (single transaction)
e)	Date of the transaction	3 July 2018
f)	Place of the transaction	n/a

Enquiries:

Denise Burton

Deputy Company Secretary

0121 498 6514

 

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