Restaurant Group PLC on Thursday said it rejected a request from shareholder Oasis Management Co Ltd for a seat on the company’s board.
The London-based operator of around 400 restaurants and pub restaurants across the UK said it continues to review its strategic options, adding that this review should not be disrupted by Oasis’ suggestion of an additional process.
The company said Oasis requested a seat on the board at its first face-to-face meeting with the company’s chair, as well as requesting a strategic review undertaken by an ‘independent bank’.
Restaurant Group said Oasis gave no indication of strategic ideas that should be examined by the board.
The company added that, according to Oasis, it has a 6.5% interest in Restaurant Group.
‘Their trading history contrasts with a number of our major shareholders, many of whom have been consistent long-term holders,’ the company said.
The group said it ‘welcomes constructive dialogue with our shareholders and will continue to engage with Oasis along with our entire shareholder base with the common goal of delivering shareholder value.’
Restaurant Group shares fell 0.4% trading at 34.44 pence per share on Thursday in London.
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