Mitchells & Butlers PLC
13 March 2006
Mitchells & Butlers plc
The Company announced on 13 April 2005 that it intended in due course to examine
ways in which it might terminate its registration under the US Securities
Exchange Act of 1934 (the 'Exchange Act'). It did so because compliance with the
Exchange Act involves considerable expense and commitment of management
resources, which are considered to be out of proportion with the benefits
obtained by the Company and its shareholders.
At its AGM on 2 February 2006, the Company's shareholders voted in favour of
adopting an amendment to the Company's Articles of Association to limit the
number of US residents holding ordinary shares in Mitchells & Butlers plc in
order 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 in
order for the Company to deregister from the US Securities and Exchange
Commission (the 'SEC').
The Company has now determined to invoke this provision and accordingly,
disposal notices, requiring certain US resident shareholders holding not more
than 20,000 shares to transfer their holdings to non US holders, will be
despatched this week. Subject to legal, fiduciary and regulatory requirements
and costs, the Directors expect to take account of the relative size of the
holdings of US resident shareholders and apply the power first to those US
resident shareholders with the smallest holdings of shares. It is expected that
this process will be completed during summer 2006, thus enabling the Company to
deregister from the SEC.
Following deregistration from the SEC, Mitchells & Butlers plc ordinary shares
would continue to be listed on the Official List of the UK Listing Authority and
to be traded on the London Stock Exchange's market for listed securities. The
Company therefore would continue to be subject to the legal, regulatory and
governance requirements of the UK market.
For further information please contact:
Victoria Penrice (Head of Secretariat) 0121 498 6514
Erik Castenskiold (Head of Investor Relations) 0121 498 4907
This information is provided by RNS
The company news service from the London Stock Exchange
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