Punch Taverns PLC Restructuring update (7891M)
July 18 2014 - 12:02PM
UK Regulatory
TIDMPUB
RNS Number : 7891M
Punch Taverns PLC
18 July 2014
PUNCH TAVERNS PLC
("Punch" or the "Company")
Restructuring Update
On 26 June 2014, Punch announced that the Punch A and Punch B
securitisations had given notice convening noteholder meetings for
the purposes of voting on covenant waiver requests to be held on 18
July 2014.
At the meetings held today, noteholders voted overwhelmingly in
favour of the waiver requests:
Number Instructions % of which % of which
of meetings received instructions instructions
in favour against
------------------------- ------------- ------------- -------------- --------------
Punch A securitisation:
- Quorate
meetings 9 95.0% 99.4% 0.6%
------------------------- ------------- ------------- -------------- --------------
Punch B securitisation:
- Quorate
meetings 7 92.1% 100.0% 0.0%
------------------------- ------------- ------------- -------------- --------------
All sixteen meetings were quorate (requiring instructions from
at least 75% of noteholders eligible to vote) and noteholders in
all sixteen of the meetings voted in favour of the waiver
requests.
The covenant waivers requested will expire at the latest on 19
November 2014. It is a condition of the waivers that certain
milestones are met, including that a restructuring to implement the
proposals announced on 26 June 2014 is launched by 11 August
2014.
18 July 2014
Enquiries:
Punch Taverns plc Tel: 01283 501 948
Stephen Billingham, Executive Chairman
Steve Dando, Finance Director
Brunswick Tel: 020 7404 5959
Jonathan Glass
Mike Smith
Disclaimer
This announcement is not intended to and does not constitute or
form part of any offer to sell or invitation to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of, any
securities or the solicitation of any vote or approval in any
jurisdiction pursuant to the restructuring proposals set out herein
or otherwise, nor shall it (or the fact of its distribution) form
the basis of, or be relied on in connection with, any contract
therefor or be considered a recommendation that any investor should
subscribe for or purchase or invest in any securities.
The securities referred to herein (including those proposed to
be issued pursuant to the restructuring proposals set out herein)
have not been and will not be registered under the U.S. Securities
Act of 1933 as amended (the "Securities Act") or under any U.S.
state securities laws and may not be offered or sold within the
United States unless any such securities are registered under the
Securities Act or an exemption from the registration requirements
of the Securities Act and any applicable state laws is
available.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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