Stay updated with breaking news from Bob Ivell. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
UK pub group Mitchells & Butlers, in which Irish racing tycoons John Magnier and JP McManus own a more than 23pc stake, is raising £350m (€401m) from investors to shore up its balance sheet as the pandemic continues.
Harvester and All Bar One operator Mitchells & Butlers has made strides to ease its significant lockdown cash burn through an equity raise and unsecured revolving credit facility.
Pub group Mitchells & Butlers said it is looking to raise £350million from its largest shareholders and has agreed a new £150million refinancing deal with its banks to help it stay afloat during the pandemic. The group, which owns All Bar One, Toby Carver and Harvester, said it would offer 167million new ordinary shares at 210p each, which is a 36 per cent discount to Friday's closing price. The pub chain is one of the few companies that has not yet turned to shareholders to raise funds, although it did signal in January that it was considering the move after the third lockdown deliver...
Top investors take control of Mitchells & Butlers after £350m cash call Takeover Panel says "concert party" formed to support equity raise will not be required to make an offer for the pub group 15 February 2021 • 4:54pm Mitchells & Butlers said it will tap shareholders for £350m in a move that will give its three largest shareholders effective control of the business. The All Bar One owner will issue about 167m new shares priced at 210p. The FTSE 250 group, which also owns Harvester and Toby Carvery, told investors that it has secured a new £150m credit facility from banks as part of ...
The British pub operator secures an additional revolving loan facility. Mitchells & Butlers plc lost close to 50% in the stock market last year. Mitchells & Butlers plc (LON: MAB) expressed plans of an open offer to raise £350 million on Monday in a bid to cushion the economic impact from the ongoing Coronavirus pandemic. The 210 pence per share offer translates to a 36% discount on the price at which the FTSE 250 listed firm closed the regular session in the stock market on Friday. Mitchells & Butlers remained almost flat in premarket trading on Monday but jumped close to 4% on market ...