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 response from the ABI in turn generated another letterand the Inland Revenue subsequently outlined their position.
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:
