Punch Taverns PLC Restructuring Update (7190O)

TIDMPUB

RNS Number : 7190O

Punch Taverns PLC

11 August 2014

PUNCH TAVERNS PLC

("Punch" or the "Company")

Update on the launch of the restructuring of the Punch A and Punch B securitisations

On 18 July 2014, Punch announced that covenant waivers had been approved in respect of the Punch A and Punch B securitisations. These waivers are subject to various conditions, including that a restructuring implementing the proposals announced by the Company on 26 June 2014 is launched by 11 August 2014. This condition is subject to a cure period of up to 10 business days.

Punch announces that the launch of the restructuring has been delayed, as some additional time is required to conclude discussions between certain stakeholders, and for the documentation to be finalised. The Board believes that a restructuring on terms which are broadly similar to those announced on 26 June 2014 can be launched within the 10 business day cure period.

However, there can be no certainty that a restructuring will be launched within this period. The Board continues to believe that a consensual restructuring is required to avoid a near-term default in the Punch A and Punch B securitisations, which would have material adverse consequences for all stakeholders and, in particular, for shareholders.

11 August 2014

 
 Enquiries: 
 
  Punch Taverns plc 
 Stephen Billingham, Executive Chairman   Tel: 01283 501 
                                           948 
 Steve Dando, Finance Director 
 
 Media: Brunswick 
 Jonathan Glass, Nina Coad                Tel: 020 7404 
                                           5959

Forward-looking statements

This announcement contains certain statements about the future outlook for Punch. Although we believe our expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

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 proposals referred to 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 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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