R20 Limited 13 April 2006 R20 Limited 13 April 2006 For immediate release NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN STATEMENT REGARDING MITCHELLS & BUTLERS PLC ("MITCHELLS & BUTLERS") Further to recent speculation, R20, the investment vehicle of Robert Tchenguiz, confirms that its consortium has, after a period of extensive due diligence since its initial announcement, made an informal approach to the Board of Mitchells & Butlers to acquire the company for 550p per share in cash. Subject to the Board of Mitchells & Butlers expressing its willingness to engage in discussions with the consortium on this basis (which the Board has refused to do), it was intended that the informal approach be followed immediately by a formal written approach supported by highly confident letters from its financing banks. It is currently envisaged that the consortium's offer would be financed through a combination of equity and debt. The consortium's preconditions to announcing a firm intention to make an offer include the following: a short period of confirmatory due diligence, final investment and credit committee approvals of the financing banks and equity consortium members and a recommendation by the Board of Mitchells & Butlers that shareholders accept the offer. R20 reserves the right to waive any or all of the preconditions set out in this announcement and emphasises that there can be no certainty that any offer will ultimately be made even if the preconditions are satisfied or waived. This announcement does not constitute an offer or invitation to purchase any securities. Notes: The distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction. Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Mitchells & Butlers, all "dealings" in any " relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. The requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Mitchells & Butlers, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Mitchells & Butlers by Mitchells & Butlers, or by any of their "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative reference to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange