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In January 2004, there was controversy over
the adjustment of share options at Mitchell & Butlers. Some shareholders
were so concerned with the proposals to change the executive share options
associated with the consolidation of the company's share capital that they
penned an open letter to the Association of British Insurers. This was
subsequently published in Investors Chronicle (the letter was written by
UKSA members Nick Stevens and Robert Muriel). The letter can be seen at:
M&B_Open_Letter_to_ABI. (that and
other documents below are PDF files - see note in right margin).
The
response from the ABI was as follows: M&B_Reply_from_ABI,
This in turn generated another letter:
M&B_FollowUp_Letter and
there was also subsequently a letter from the Inland Revenue outlining their
position: M&B_Inland_Revenue.
Messrs
Stevens and Muriel have also written the following documents which they
argue gives the full, correct position for dealing with the adjustments of
share options in all circumstances:
Share_Option_Neutral_Adjustments
Executive Share Option
Adjustments
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