Who said this emergency was just about banks?
Pubs appeared to be have been forced into the toxic mix on Tuesday night as a huge line of Mitchells & Butlers was suddenly on the move. Some 90m shares in the All Bar One operator changed hands after the formal close of business in London at 130p apiece. That compares with a market price of 163p, which had already fallen 12 per cent during the day.
Sources told FT Alphaville the stock belonged to Robert Tchenguiz, the Iranian property magnate, but the actual seller was Iceland’s Kaupthing, who were holding the shares as collateral. The Icelanders generally are having to delever instantly, across the board, in order to keep the Nordic isle afloat. And if clients can’t meet margin calls…
The buyer of the stake was not immediately clear. Well placed sources suggested Kaupthing might found a home for the distressed stock in the form of the Coolmoor mafia: John Magnier and friends are already strategic holders of M&B. Others suggested the purchaser might be further afield – possibly in Nassau, which would throw up the speculative name of Joe Lewis.
Either way, 90m shares does not constitute the full Tchenguiz holding in M&B; he did hold over 25 per cent of the company.
Given this, it seems inevitable that other Tchenguiz holdings will now be up for sale.
What price J Sainsbury?