Small shareholders air grievances at M&B

Smaller shareholders in Mitchells & Butlers have aired their grievances at the company's annual general meeting this morning.

One shareholder described the recent tussles in the press between larger shareholders as "petty and pathetic".

Another said the public slanging matches between directors and and rebel shareholders had led to the firm being rechristened "Muddle & Bluster".

One asked about Piedmont Inc's plans for the company, and when none were forthcoming, he said: "That they are not prepared to tell shareholders their plans for the company says an awful lot about them." Another questioned the size of former chief executive Tim Clarke's pension pot.

Earlier chief executive Adam Fowle reiterated the firm's strategy for growth announced last week.

And chairman Simon Laffin said the board would be too heavily biased in Piedmont's favour if its nominations for greater board representation were followed, adding that the board had a duty to act for all shareholders equally "without fear or favour".

But other hot topics for the small shareholders included frustration over the airing of the firm's dirty laundry in public and the lack of dividend payments .

Some were keen to get on with business, one small shareholder said: "It's no use crying over spilt milk. We've had our Nick Leesons in the past. I think it was David Cameron who said, 'it's not where you've come from, but where you're going'."

Guy Jubb, a representative from Standard Life said the firm "could and should do better", though he welcomed the recent plans. He slammed the activity of the rebel shareholders, saying: "As long-standing investors we've been dismayed by the behaviour of Piedmont.

"We are far from convinced that a total overhaul of the board would be in the interests of the company and its shareholders."

A representative from Elpida, which owns an 18% stake in the company, conceded that M&B represented the "premier pub estate in Britain," but he added, "we believe shareholders have been let down".

He went on to say that Elpida was not satisfied with Fowle's answer to a question on whether the £500m lost in an "uncovered bet" on hedge funds could have been easily recouped.

Fowle said earlier that M&B had decided, following advice, that this money could not have been recovered without much greater costs and efforts.

Piedmont, which owns a 23% stake in the company, and Elpida have already announced they will vote against the board's wishes of retaining current chairman Simon Laffin, instead voting for Debenhams chairman John Lovering as his replacement.

Click back later to find out how the shareholders voted.