PRESS DIGEST - British business press - Nov 5

The Times

CHANGE AT THE TOP OF MITCHELLS & BUTLERS

Mitchells & Butlers (MAB.L) is seeking a new non-executive director who could potentially take over as chairman in the next few months. Drummond Hall, chairman of the pub and restaurant group since last June and a non-executive director since 2004, has indicated he intends to step down after finding the role more time-consuming than he expected. One former colleague said: "If he decides to step down, it'll be because he feels the company is back on its feet, with its debt sorted out, a new chief executive appointed and the board restructured".

WETHERSPOON FORGES AHEAD WITH EXPANSION PROGRAMME

JD Wetherspoon (JDW.L) announced it is to continue with plans to open 40 outlets in the financial year, despite a dip in trading. In a first quarter trading update, the pub operator reported a 0.3 percent increase in like-for-like sales in the 13 weeks to Oct. 25, down from a 1.2 percent increase in the first six weeks. The company opened seven new pubs during the 13 week period and total sales, including the new pubs, increased by 4.5 percent. Wetherspoon Finance Director Keith Down said he expected to begin talks soon concerning the refinancing of the group's 435 million pound debt facility and that he expected the debt to be replaced on a like-for-like basis.

Tempus

Rightmove (RMV.L) [Hold on]

Afren (AFRE.L) [Buy]

Alterian (ALN.L) [Tuck away]

Daily Telegraph

QUINTAIN IN 180 MILLION POUND CASH CALL

Property firm Quintain Estates & Development (QED.L) will launch a 180 million pound rights issue on Thursday having received support for the cash call from institutional shareholders. Quintain told investors the proceeds of the capital-raising would be used to bolster its balance sheet and to fund developments in Wembley and Greenwich. Fellow property groups Songbird SBDb.L and British Land (BLND.L) launched rights issues this year in order to reduce their debt burdens. Quintain shares were up 21 pence at 175.25 pence.

KRAFT MAY HAVE TO OFFER MORE CASH TO WIN CADBURY

Disappointing third-quarter sales at Kraft (KFT.N) mean that any further bids for Cadbury (CBRY.L) would be less attractive unless the cash-to-share ratio of the bid was increased. Kraft cut its forecast for sales growth this year from 3 percent to 2 percent. Third quarter sales at Kraft were up 0.5 percent, compared to the 7 percent rise seen at Cadbury. Total revenue at Kraft fell 5.7 percent to 9.8 billion dollars, short of the 10.2 billion dollars predicted by analysts. JP Morgan analysts in New York expect Kraft to submit a formal offer for Cadbury by the Nov. 9 deadline at a value of up to 820 pence-per-share.

TAYLOR WIMPEY URGES CAUTION ON PRICE RISES

Shares in Taylor Wimpey (TW.L) rose 3.03 pence to 40 pence on Wednesday after the housebuilder announced price rises of 9 percent and "significantly better" market conditions. Cancellation rates since July 1 are at 16 percent, compared to 48 percent in the second half of 2008, while the reservation rate on homes is up on the same period. All properties listed for sale in 2009 have been sold. Rival Redrow also saw "remarkably stable" sales over the traditionally difficult summer period. Its shares rose 10.1 pence to 149.5 pence.