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mitchells&butler (MAB)     

peacock1 - 01 May 2006 20:26

spreadbetters bonanza on mab on 10 pound a point as of 29 april hop on baby


cynic - 01 May 2006 21:10 - 2 of 122

i would be moderately surprised if a serious bid did not indeed materialise ..... at least I hope so as an existing holder

Tonker - 02 May 2006 00:04 - 3 of 122

feel they have gone up too much.... will put in watchlist

cynic - 02 May 2006 07:08 - 4 of 122

If no bid arrives, the downside is perhaps 50p - i.e. a retrack back to rather more than where they were before Mr T put in his informal offer ..... The logic for this is quite simply that M&B are putting all sorts of new figures, projections and carrots under the noses of their shareholders ..... My own view is that the chance of a formal offer from Mr T and his team is >75%

insur - 02 May 2006 08:37 - 5 of 122


The Times May 02, 2006

Rumour of the day

Robert Tchenguiz, the property tycoon, is in talks with two private equity groups in an attempt to raise 200 million to plug the gap left by Goldman Sachs for his proposed 4.6 billion bid for Mitchells & Butlers, the pub chain. If the funding is not secured by tomorrow, the bid probably will fail. Mr Tchenguiz has until Monday next week to make an offer or walk away.

cynic - 02 May 2006 10:04 - 6 of 122

I am quite sure the Times rumour is correct, but whether or not Mr T has given himself such a short deadline is anotyher question ...... and of course there could well be other preadtors sniffing

cynic - 04 May 2006 08:50 - 7 of 122

Got it right so far, though the market is far from convinced that the bid will succeed ..... We shall see

cynic - 04 May 2006 09:59 - 8 of 122

backed my own judgment this morning and topped when price dropped to 494 ...... logic says that T would not have gone to the considerable expense both to himself and to his other 2/3/4 backers of putting in a formal bid if he was not serious .... for sure he knew that 550 would be unacceptable ..... market doubters say perhaps T is just on a massive ego trip and does not care about wasting money so long as he gets lots of publicity, and is not that fussed whether or not his bid succeeds.

cynic - 07 May 2006 08:13 - 9 of 122

OK, so logic did not prevail, so what price/value M&B now? ..... Price closed at 477 and certainly one analyst reckons M&B worth 470/530 even without a bid ..... Hmm! Worth hanging onto at least some of my holding? ..... Quite possibly or even probably

janetbennison - 09 Dec 2007 19:33 - 10 of 122

I have been buying this one at 5.06 and selling at between 5.15 and 5.20 over the past fortnight. I have done this a few times. Worth having a look at. I will buy again tomorrow, providing it does not open a lot higher. Are any of you holding this one at the moment?

janetbennison - 10 Dec 2007 08:39 - 11 of 122

bought back in today at 5.05 and three quarters.

janetbennison - 10 Dec 2007 08:40 - 12 of 122

bought back in today at 4.12

Guscavalier - 29 Jan 2008 09:13 - 13 of 122

Mitchells & Butlers has now closed its hedge position with a total post-tax loss of �274m.

The pubs group said there is no near-term prospect of debt markets permitting a property-based transaction.

The operator of the All Bar One and Harvester chains said it has accepted the resignation of finance director Karim Naffah, with deputy finance director Jeremy Townsend set to replace him.

The board has, however, rejected the resignation of CEO, Tim Clarke, who will remain with the group to oversee management's focus of continued operational out-performance. All directors will forego their 2007 bonuses in recognition of the large losses suffered in relation to the closure of the hedge position.

M&B said in December and early January, the mark-to-market deficit on the inflation hedges and interest rate swaps continued to be volatile but not materially different from the previously reported �180m post-tax loss. However, it added that more recent instability in the financial markets led to a further sharp deterioration in the position.

The group said a portion of the interest rate swaps will be retained to cover some �300m of debt outside the securitisation as part of the group's long-term debt structure. The latest mark-to-market deficit on the swaps was approximately �22m post tax.

At the end of the last financial year, M&B booked an exceptional accounting loss of �155m post-tax in respect of the hedges. The group intends to take a further �119m post tax hit in the current year, with the settlement of the hedges funded by a special bank facility. This will take M&B's balance sheet gearing to 67% from 61%, resulting in a �13m increase in FY debt cost, �4m of which will be incurred in the first half.

M&B said it intends to conduct a strategic review for value creation but that if market conditions recovered sufficiently it would still look to release value from its property. The group said it intends to add to its property expertise by appointing a non-executive director with specialist property knowledge.

M&B said same outlet like-for-like sales grew 0.7% in the first 17 weeks of the year. It added that since the end of November, the first three weeks of December were weak, though trading was strong over Christmas and New Year. The group said January trading has been satisfactory to date and added like-for-like sales were up 0.2% over the last 10 weeks.

The group said food sales have grown strongly, up 4.6% over the 17-week period, while drinks declines have been limited to 1.1%. It added that Scottish same outlet like-for-like sales have increased 4.4%, while across the 2,000 pub business same outlet like-for-like sales have increased 0.6% in the 30 weeks since the implementation of the smoking ban in England.

M&B said it remains cautious on the outlook for consumer spending and in particular, the near term prospects for the on-trade beer market. It added the shift to food from drink is having an adverse impact on gross margins, with food inflation also having an impact. The group intends to reduce both fixed and variable operating costs by some �20m but said it will still be difficult to maintain net retail margins, particularly in the first half.

M&B said it expects continuing strong market share gains with improved prospects after the 1st July anniversary of the smoking ban. It added it expects trading conditions to remain highly challenging but said as a result of actions to drive sales and reduce costs, it expects a resilient operating performance for the full year.

Thats a fine mess they got themselves into resulting in an sp around 382p. I am not a holder but is on my watch list. Outlook for next year or two not bright against consumer conditions and gearing now increased to 67%. Interesting to see Mr Tchenguiz increase his stake following the bearish hedge announcement.

Guscavalier - 02 May 2008 16:06 - 14 of 122

Bought some shares today at 309p from a medium/long term outlook, although short term the sp seems to have some upward momentum. The Company needs to raise funds and have hinted that they are willing to sell a 29.9% stake in the Company to private equity interests. A large part of the portfolio has been securitised to banks so that the Co could pay a special distribution to shareholders in the past. No doubt trading is more difficult but, it is intriquing that Messrs Magner and Macmanus have built up over 6% stake via their investment company.This may well be a way to prevent a deal by private equity on the cheap. They may well see a chance to pay back the banks, possibly at a discount in order to take a longer term view of the quality assets. I am speculating of course but with these characters on board I suspect this will be an interesting one to follow.

Guscavalier - 06 May 2008 17:05 - 15 of 122

sp 325p look to be quietly creeping up.

Guscavalier - 07 May 2008 10:31 - 16 of 122

Still quietly creeping sp 342.5p

Guscavalier - 07 May 2008 16:42 - 17 of 122

nearly 32million shs volume today with sp having been 346p at one point. Closing 342p

Guscavalier - 08 May 2008 10:39 - 18 of 122

Tchenguiz raises stake in Mitchells & Butlers to just under 27 percent - report

LONDON (Thomson Financial) - Robert Tchenguiz, the property entrepreneur, has bought a further 3 percent stake in Mitchells & Butlers Plc, taking his holding to slightly less than 27 percent, reported the Financial Times.

The FT said the purchase was made from AllianceBernstein, the global asset management company.

The stake increase comes less than two weeks before the pub group, which operates the All Bar One, Harvester, and O'Neill's chains, is scheduled to announce the outcome of its strategic review.

M&B shares rose 5 percent to 340-3/4 pence yesterday, in line with other pub groups, after Enterprise Inns was given the go-ahead by the government to convert to a tax-efficient real estate investment trust.

sp 341p after 346p on announcement.

Guscavalier - 14 May 2008 15:05 - 19 of 122


LONDON (Thomson Financial) - Mitchells & Butlers Plc. said Elpida Group Ltd. has raised its stake in the company to 29.16 million shares, or 7.23 percent, from 24.32 million shares, or 6.03 percent.

Elpida is the investment vehicle of Irish racing tycoons John Magnier and JP McManus.

M&B said at the end of April that it was still in discussions regarding the sale of a 29.9 percent stake to a private equity suitor after Punch Taverns Plc. broke off talks regarding a possible sale of its managed pubs arm Spirit.

sp 339p having been 336p today. The plot thickens!

Guscavalier - 15 May 2008 22:58 - 20 of 122

AXA slashes Mitchells & Butlers stake to 4.29 pct

LONDON (Thomson Financial) - AXA S.A. has cut its stake in Mitchells & Butlers Plc. to 4.29 percent, or 17.3 million shares.

The group previously held 39.8 million shares in the pubs company, equating to a 9.9 percent stake in the business.

sp 327p

Guscavalier - 17 May 2008 11:13 - 21 of 122

Article on timesonline today says that Co is expected to announce that its plans to sell a large stake to private equity has been shelved. A price of 400p per share had been speculated. It mentions Robert T's stake but omits to mention the increasing stake of Elphida, now over 6%.

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