Shareholder disclosure fuels M&B speculation

An amended shareholding disclosure indicated that Elpida, the vehicle of Irish tycoons JP McManus and John Magnier, and Smoothfield Ltd, which is owned by Derrick Smith, had joined together to hold a 24.2% aggregate stake in the managed pub operator.

The speculation is that the declaration came after pressure Takeover Panel, which has been watching the situation at M&B closely.

Yesterday, in accordance with takeover panel rules, Elpida declared in an official statement that it held a 20.1% stake in M&B.

However, a few hours later a further disclosure showed that Elpida and Smoothfield held an aggregate stake of 24.2%.

Lewis currently holds a 22.8% stake in M&B through his investment vehicle Piedmont, and has made a 230p-a-share approach for the company.

Smith like Magnier and McManus is a racehorse owner and resident of Barbados. His investment vehicle Smoothfield had built up a 3.46% stake in M&B. Alongside Lewis, Magnier and McManus, Smith has been dubbed part of the “Sandy Lane set” of Bahamas billionaires, who live on the island and are long-standing business associates and co-owners of the Sandy Lane hotel.

It is thought that other shareholders could be set to make their position clear over the next 48 hours, including Michael Tabor another resident of Barbados and former investor in the Next Generation of fitness clubs, which holds a 1.1% stake in M&B through his Pictet vehicle.

Earlier this month, M&B issued a "put up or shut up" deadline of 5pm on 17 October to Piedmont to publicly announce its intention to make an offer for the managed pub company.