Blood & Co argue M&B board case

The four men whom Mitchells & Butlers' (M&B) shareholder Piedmont Inc proposes join the pub operator's board have rejected M&B's suggestion they would be unable to operate as independent directors if elected.

In a statement the quartet - Jeremy Blood, John Lovering, Simon Burke and Mike Balfour - said they had "made it clear from the outset" that in spite of being put up for election to the M&B board by Piedmont they would be independent.

The four said that if elected at M&B's AGM on January 28 they would seek to act in the interests of all shareholders. "We believe that our track records show that we have always acted to grow value equally for all shareholders in any business in which we have been involved."

The "logjam" in the relationship between the board and "certain shareholders" needed to be broken, the four added.

To bring about a "new, independent perspective to bear on how shareholder value in M&B can best be grown…there needs to be a substantially new look to the board", the statement went on.

The four also challenged shareholders effectively to 'back us or sack us'.

"We acknowledge the board's desire to achieve a compromise, but we do not believe that two new independent directors joining a board which is otherwise structured along similar lines to the previous board will achieve any significant result.

"If shareholders believe that our involvement would be beneficial, then we ask that they support the candidacy of all four individuals, and if not, to reject all four."