Sharesave 2024
Sharesave is open to join each year, normally in June. For Sharesave 2024, you can apply to join from 6 June to 24 June 2024 (inclusive) at 5pm. Please look out for your email invitation on 6 June 2024.
Option Price
278p
Key Features
Sharesave is an opportunity for you to share in the company's success and purchase shares in 3 or 5 years’ time.
The Option Price is based on Mitchells & Butlers share price at the time of the invitation.
Your savings are deducted directly from your net pay (after Income Tax and National Insurance Contributions).
After 3 or 5 years, you can either buy shares at the Option Price, or if the Mitchells & Butlers share price is below the Option Price, you can withdraw all your savings (including any bonus) back as cash.
A tax-free Sharesave bonus (set by HMRC) will be added to your savings on completion of the savings contract.
It’s flexible as you can pause your monthly contributions for up to 12 months.
You can cancel at any time and get all your savings back straightaway (12 payments must have been received by EQ to also receive 1.42% interest).
You can join more than one Sharesave but the maximum you can save across all your Sharesave plan(s) is £500 per month.
How Does It Work?
1
Apply
Choose how much you want to save, between £5 to £500 per month for either 3 or 5 years.
The savings amount is fixed for the whole of the 3 or 5 year saving contract.
The Option Price is fixed at the time of the invitation.
If you’re already participating in Sharesave, please be aware that the maximum savings limit is £500 per month across all your Sharesave Schemes.
2
Save
Once your application has been accepted, we’ll confirm the number of Options granted to you.
We’ll start deducting your monthly saving amount from your pay in September 2024 for a period of either 3 or 5 years.
3
Choose
At the end of your savings contract (known as the ‘Maturity’), you can choose to buy shares at the Option Price or withdraw all your savings.
Any applicable tax-free Sharesave bonus will be added to your savings.
At Maturity, you can choose to:
- Buy shares at the Option Price and become a shareholder; or
- Buy and sell your shares to receive cash and any profit; or
- If the Mitchells & Butlers share price is lower than the Option Price, you can withdraw all your savings and any applicable tax-free Sharesave bonus.
Whats the Benefit
Below are some examples of saving over a 3 year savings period, using an example Option Price of £2.35 per share:
| Monthly savings | Savings after 3 years | Tax-free Sharesave bonus after 3 years | Total savings after 3 years | Number of shares available to buy after 3 years | At the end of the 3 years if the Mitchells & Butlers share price is £3*, your shares are worth | You make a gain of** |
|---|---|---|---|---|---|---|
| £50 | £1,800 | £55 | £1,855 | 789 | £2,367 | £567 |
| £100 | £3,600 | £110 | £3,710 | 1,578 | £4,734 | £1,134 |
| £250 | £9,000 | £275 | £9,275 | 3,946 | £11,838 | £2,838 |
| £500 | £18,000 | £550 | £18,550 | 7,893 | £23,679 | £5,679 |
* The above share price is for illustrative purposes only.
Share prices go up and down.
** Dealing charges apply at the time of sale of shares.
If the Mitchells & Butlers share price is lower than the Option Price at the end of the 3 or 5 year savings period, you can simply choose to withdraw all your savings and any applicable tax-free Sharesave bonus.
Use the calculator to estimate what your contributions could be worth at the Sharesave 2024 Option Price.
How To Join
By Text *
Text MABSAYE then:
- The savings period (space)
- Payroll number (space)
- National Insurance number (space)
- Monthly savings amount (space)
- Y (to confirm you have received the FSCS information sheet) (space)
- Y (to confirm you have read and accept the Terms and Conditions)
to 84247
For example, to apply to save £50 per month for 3 years
you would text:
MABSAYE3 123456 AB123456C 50 Y Y
OR
To apply to save £50 per month for 5 years you would text:
MABSAYE5 123456 AB123456 50 Y Y
To see confirmation of the number of shares allocated to you please check the Portal on or after 3 July 2024.
*By using the text service you apply to join Sharesave and acknowledge that you have read the Terms and Conditions and the Financial Services Compensation Scheme Information Sheet and Exclusions list. Texts will be charged at your standard network rate.
OR
Via the ESP Portal
You can join Sharesave by logging into the Equiniti Limited (‘EQ’) Employee Share Plans (‘ESP’) Portal online.
You will need your Payroll number to access the ESP Portal, you can find this on your payslip.
Visit esp-portal.com You will need your Payroll number.
- Click Register and follow the instructions on screen.
- If you have an @mbplc.com email address, please use that. You’ll be emailed your activation code.
- If you don’t register with an @mbplc.com email address, your code will be posted out to you.
Remember you don’t need to wait for your activation code to join and you dont need to sign up for an ESP portal account
Join online nowLog into esp-portal.com
Click on the 'I want to' section and follow the instructions.
Join online nowSharesave Maturity
Please select your plan:
Please be advised that maturity exercise instructions cannot be submitted for the 2021 Three year Scheme at this stage due to the current share price being lower than the option price. You can either choose to have your savings repaid to you or wait to see if the share price rises.
The 2021 Three Year Sharesave Scheme is due to mature on 1 October 2024. If you have missed any payments, the maturity date and the six-month period when you can exercise the option will be deferred by the number of months that you have missed.
When the Sharesave Scheme reaches maturity, you have the following choices:
Your choices
You can also have your savings paid back into your bank account without exercising your option to buy shares at the Option Price. If you wish to have your savings repaid to you, you can request this via the ESP Portal or please contact the Equiniti Employee Helpline on 0371 384 2135 If Equiniti do not hold your bank details, please contact payroll to request that your bank details are provided to Equiniti.
Subject to the rules of the Sharesave Scheme, you will retain the right to exercise your option and buy shares through the 2021 Sharesave Scheme for a period of six months following your maturity date. This six-month period applies even if your savings are returned to you. If you wish to exercise your option within six months of the maturity date please write to Equiniti at Equiniti Limited, Highdown House, Yeoman Way, Worthing, West Sussex, BN99 6DA. Your letter will need to confirm that you wish to exercise your 2021 three-year Sharesave option, enclose a copy of this letter and enclose a cheque for your total savings repayment. The cheque will need to be made payable to ‘Lloyds Bank plc re Mitchells & Butlers’, drawn on a UK bank or building society account in your name.
Your option will lapse on 31 March 2025 if it has not been exercised by this date. This date will differ for those who have a deferred maturity date. All information in relation to your Scheme including your savings amount and maturity date can be found on the ESP Portal
Your option will lapse 6 months after the maturity date, your money will be returned and you will no longer be able to acquire any of the shares under option.
The 2019 Five Year Sharesave Scheme is due to mature on 1 October 2024. If you have missed any payments, the maturity date and the six-month period when you can exercise the option will be deferred by the number of months that you have missed.
When the Sharesave Scheme reaches maturity, you have the following choices:
Your choices
Use some or all of your Sharesave contributions to buy Mitchells & Butlers plc shares within 6 months of the maturity date.
You will receive a share certificate in the post to your registered home address and your shares will be held with the Company and administered by Equiniti Limited (‘EQ’).
If you do not exercise your option between 1 October 2024 and 31 March 2025, you will lose your right to buy the shares and your savings will be returned to you.
If you have missed any payments in the Scheme, your maturity date and option expiry date will be extended by the number of months you have missed.
You have until 6pm (UK time) on Monday 31 March 2025 to submit your instruction to sell all or some of your shares through the Equiniti Financial Services Limited Share Sale Service (the Share Sale Service). If you elect to sell some of your shares, the remaining balance will be sent to your registered home address as a share certificate.
Full terms and conditions for the Share Sale Service are available here and on the ESP Portal.
Please note that the share price may move up or down between the date of your instruction being submitted and the date of the sale; the price you receive will be the price achievable when the trade is placed in the market.
An EQi Flexible Stocks & Shares ISA is available to transfer your shares into and you can select this choice until 6pm Friday 27 September 2024. Once your shares are in the ISA, you can keep or sell them.
You can transfer shares up to a maximum value of £20,000 (in the 2024/25 tax year) into a Stocks & Shares ISA. Shares held in an ISA are shielded from Capital Gains Tax (CGT) liability but the transfer into an ISA must be completed within 90 days of the day you exercise your option to buy the shares.
For Terms & Conditions, charges and further details about the EQi Flexible Stocks & Shares ISA, please visit the links below:
- Terms & Conditions - eqi.co.uk/info/important-information
- Current charges - eqi.co.uk/info/isa/pricing
- Further information - eqi.co.uk/info/isa/explained
Please contact EQi’s Customer Experience Centre on 0345 0700 720 for any further information or if you have any questions. Lines are open 08:30 - 17:30, Monday to Friday excluding UK public holidays.
You are able to transfer some or all of your shares to your spouse/civil partner if you wish to. Transfer to a spouse or civil partner is exempt from Capital Gains Tax. Any other gift transfers are liable to tax. To do this simply issue your instructions online by 6.00pm on 27 September 2024. After that date, to make this type of transfer you should choose to exercise and keep and use the certificate along with a transfer form to complete the process. Your spouse/civil partner will be issued with a share certificate. This can then be used to sell those shares either through a broker of your choice, or online at www.shareview.co.uk.
You can also have your savings paid back into your bank account without exercising your option to buy shares at the Option Price. If you wish to have your savings repaid to you, please contact the Equiniti Employee Helpline on 0371 384 2135 If Equiniti do not hold your bank details, please contact payroll to request that your bank details are provided to Equiniti.
Subject to the rules of the Sharesave Scheme, you will retain the right to exercise your option and buy shares through the 2019 Sharesave Scheme for a period of six months following your maturity date. This six-month period applies even if your savings are returned to you. If you wish to exercise your option within six months of the maturity date please write to Equiniti at Equiniti Limited, Highdown House, Yeoman Way, Worthing, West Sussex, BN99 6DA. Your letter will need to confirm that you wish to exercise your 2019 five-year Sharesave option, enclose a copy of this letter and enclose a cheque for your total savings repayment. The cheque will need to be made payable to ‘Lloyds Bank plc re Mitchells & Butlers’, drawn on a UK bank or building society account in your name.
Your option will lapse on 31 March 2025 if it has not been exercised by this date. This date will differ for those who have a deferred maturity date. All information in relation to your Scheme including your savings amount and maturity date can be found on the ESP Portal
Your option will lapse 6 months after the maturity date, your money will be returned and you will no longer be able to acquire any of the shares under option.
How to make your choice
You can make your choice via the Employee Share Plans (ESP) Portal.
Visit esp-portal.com You will need your Payroll number.
- Click Register and follow the instructions on screen.
- If you have an @mbplc.com email address, please use that. You’ll be emailed your activation code.
- If you don’t register with an @mbplc.com email address, your code will be posted out to you.
Log into esp-portal.com
Click on the 'I want to' section and follow the instructions.
Make your choiceMaturity Timetable
| Instruction Received by EQ | Normal Exercise Date* | Options Available |
|---|---|---|
| Friday 20 September 2024 | Tuesday 01 October 2024 | Sell, Transfer or Keep |
| Friday 27 September 2024 | Monday 07 October 2024 | Sell, Transfer or Keep |
| Friday 04 October 2024 | Monday 14 October 2024 | Sell or Keep |
| Friday 11 October 2024 | Monday 21 October 2024 | Sell or Keep |
| Friday each week | Monday of the following week (8 days post cut-off) | Sell or Keep |
The last date you can submit an instruction (if you have not missed any payments) is Monday 31 March 2025 and this instruction will be processed on 14 April 2025.
The maturity instruction placed is irrevocable which cannot be cancelled nor amended under any circumstance. If multiple instruction channels are made available, the first instruction received will be processed. All instructions are dated and time recorded.
If you have deferred contributions, the first available Exercise Date will be delayed by the number of months you have deferred. You will need to submit your instructions in the ESP Portal within 6 months of the first Exercise Date. This means that you will not be able to transfer your shares to an EQi Flexible Stocks and Shares ISA or transfer to your spouse/civil partner as a maturity choice via the ESP Portal. If you wish to transfer them to an EQi Flexible Stocks and Shares ISA, you will need to transfer them to a share certificate first. For deferred maturities where a maturity instruction is placed prior to savings contract completion and the choice elected is no longer offered at the point of allotment, the default maturity choice (i.e. receive share certificate) will apply.
For fees and charges relating to the sale of shares, please refer to the Share Sale Service Terms and Conditions which are available here and on the ESP Portal.
*Bank Holidays may necessitate a change to this schedule.
