Look at it!

Sardine



You've been banging on about Punch for years.

And they've been going up for years.

Excellent call.

Indeed S nice one.
Anything else in this sector you fancy?
Regards
M

Punch Taverns PLC
29 March 2004

Punch Taverns plc

Notification of results



Punch Taverns plc will be announcing interim results on 29 April 2004.


29 March 2004



Enquiries:

College Hill
Matthew Smallwood 020 7457 2020

Good luck fish paste :-)

Well it has broken out again! Expect a rather good day today!

Hell of a lot better than JDW!

Well the market as a whole was well down today. This is a serious hold folks!

PUB has been pretty impressive over the last few days considering the market in general and the downbeat news from others in the sector.
Still looking for an entry point though!
d.

Sardine:

See also the thread in The Investors' Room

http://www.moneyam.com/InvestorsRoom/ShowPostList?fID=1&tID=3066

Cheers

MM

Oriel note had an effect on a bad day, watching....

Sardine::-)


Highlights



Group turnover up 49% to 638 million (2003: 429 million)

- existing Punch estate like for like turnover up 2.9%


Profit before tax (pre exceptional items) up 38% to 156 million
(2003: 113 million)

- existing Punch estate like for like profit per pub up 3.9%


Adjusted earnings per share (pre exceptional items) up 24% to 48.8p
(2003: 39.3p)


Excellent result driven by:

- organic growth - existing Punch estate average EBITDA per pub
up 8.7%


- acquisition of Pubmaster plus 80 individual pubs


Proposed final dividend of 6.1p, bringing the total dividend for the
year to 9.0p, representing an increase of 38% (2003: 6.5p)


Continued investment in estate: 46 million including 580
developments


Completed integration of Pubmaster, the third largest UK pub group,
adding 3,115 further leased and tenanted outlets to the enlarged
Group. Immediately earnings enhancing and on target to exceed 10
million pa estimated synergies


Post year end, acquisition of InnSpired for 335 million, adding a
further 1,064 pubs to the Group


Trading in the current year is in line with expectations

Just popped in to say "I told you so". I also remember doing the same at a dinner we had near Oxford a couple of years back when the share price was 203p. Just goes to prove that you can get to close to the market. Prehaps a better stategy is to select a stock with a really good revenue model and then walk away. GNK and ETI are also of the same sound achievers.

Sardine; Remember you saying this. By the way the "Judge's" son Ciaran O'Sullivan has been working for us :-)

Good to hear from you. Please give the Irish one my kindest regards.

Will do, he says he used to take all his birds to The Ship on their first dates , good spot to chat them up! He has told me all about the dolphin swimming in the bay, must be good for the tourist and drinkers

drop us an email sometime for that beer mike@moneyam.com

Hiya Sardine.

Glad you're still making money on these. :)

Sardine - u working at Numis now?

1434 GMT [Dow Jones] Numis Securities selects Punch Taverns (PUB.LN) as its top travel and leisure pick for '07, arguing that "the market undervalues the UK's largest pub company despite a 21% increase in share price since the beginning of November." After accounting for the Spirit acquisition, the bank ups its target price to 1572p from 1310p and reiterates buy rating. Also ups target for Whitbread (WTB.LN), last year's top sector pick, to 1876p from 1780p and retains add recommendation. Punch shares -0.6% at 1,270p, Whitbread +0.3% at 1,694p. (BBL)


Contact us in London. +44-20-7842-9464
Markettalk.eu@dowjones.com

Punch Taverns are presenting in London this Thursday evening!

For the details please see below, I have copied form another site.

---------------------


The Capital Pub Company will be presenting in London on the 31st January, at the Chesterfield Hotel, Charles Street, Mayfair.

Attendance is FREE.

There is a refreshment and networking event afterwards, where you can meet management and other private investors, and canap and complimentary drinks are served.

The nearest tube station is Green Park, which is a short 5 minute walk, and a little further away is Bond Street, on the Central Line.

Registration is free, and you can register by clicking the link below;

http://www.proactiveinvestors.co.uk/eventregistration.php

Now that PUB has received approval to convert to REITS, maybe this sector will get a bit of a boost. Although I think it's unrealistic at the moment, I see a broker has given this a target price of 1600p, though there is no specified timescale!
Definitely one to put on the watch list, imo, as this may see a turnaround over the next 12 months.

Any views on this after it's latest rns ?

Some of the bits don't inspire me, such as weak, decline & down!

"The UK pubs group said its trading into the second half of the financial year has continued broadly in line with the second quarter, albeit trading during the Easter period was weak compared to the prior year due to the comparatively early timing of Easter this year.

Consequently, like-for-like trading for the year to date has declined with leased contribution down 3.4 percent, whilst like-for-like sales in the core managed estate declined by 3.6 percent, it said."

Am still watching but the chart trend is still down & not worth catching the falling knife, imo.

Thanks, I would agree with your thoughts, definitely on the watch list but it still being in an area which is still consumerr driven, maybe worth a punt after the summer update. However what a fall from 15 to 3.20 ish !!!

Punch Taverns plc (the 'Company')
11 July 2008


TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES


Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:


Punch Taverns plc


Reason for the notification (please tick the appropriate box or boxes)


An acquisition or disposal of voting rights:


X

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached:



An event changing the breakdown of voting rights:



Other (please specify):




Full name of person(s) subject to the notification obligation:


The Goldman Sachs Group, Inc.


Full name of shareholder(s) (if different from 3):


Goldman, Sachs & Co.

Goldman Sachs International,

Goldman Sachs Asset Management, L.P.,

Goldman Sachs Bank AG


Date of the transaction (and date on which the threshold if crossed or reached if different):


8 July 2008


Date on which issuer notified:


11 July 2008


Threshold(s) that is/are crossed or reached:


19%


Notified details:


A: Voting rights attached to shares


Class/type of shares if possible using the ISIN CODE


Situation previous to the triggering transaction

Number of shares


Number of voting rights

GB0031552861


49,103,889


18.44%


Resulting situation after the triggering transaction

Number of shares


Number of voting rights


% of voting rights

Direct


Direct


Indirect


Direct


Indirect




18,524,396


34,377,252


6.95%


12.90%

Smoking ban sends Punch Taverns reeling


Punch Taverns, Britains largest pub company, announced a 24 per cent decline in first-half profits as the smoking ban and a crash in consumer confidence kept drinkers at home.

The operator of 8,400 leased, tenanted and managed pubs said that like-for-like sales for its leased businesses were down by 2 per cent, with like-for-like sales of the core managed estate declining by 2.8 per cent.

Interim results showed that profits of 133 million, a 1 per cent increase since last year, were reduced by a 19.2 million loss on interest-rate swaps and a one-off redundancy charge of 5 million.

Punch said that the results reflected challenging market conditions pointing to falling consumer confidence.

It said that recent rises in household expenditure such as increases in food and fuel duty, and rising pressures on mortgage repayments, had impacted on the disposable income of its customers.

Punch also said that its profits had been hit by the smoking ban implemented in 2006, which had reduced beer sales over the winter months.

A MUST TO BUY AT 150P

Why ?

in order to get stopped out at the current price? :)

66p...quite amazing.

In auction again down 17.5%

Huge amount of debt; flawed business model; the words barge and pole spring to mind.

keep selling to 30p imo.

have had a buy order in at just under 30p for a little while now ;-0 - won't be long

Going bust. Don't touch.

you short then?

I've changed my mind..5p.

Shares Mag tips them as a recovery stock if interest rates continue to fall. The theory is that their debts will become easier to finance. Of course, that is assuming they don't go bust!

of course they are right but not a buy yet.

How's the fall in interest rates going to help them? That assumes that their bankers will oblige by reducing their borrowing rate (as risk is increasing), also that they will maintain or extend their facilities.

also, as the economic problems continue, surely their revenue will also fall further. There is, interestingly, evidence that pubs can do well at times of economic woe as folks need the solace of booze even more than usual. Trouble is for them, it's so cheap to drink at home now. I haven't been to many nice Punch Taverns either!!!

I've changed my target from 5p to 2p.

pub groups are currently only good for shorts ..... weatherspoons seems to be bucking the trend, but just look around and see how MT everywhere is

I agree cynic I was in Cambridge last week some pubs have closed others up for sale and only Wetherspoons(the biggest in UK) was busy.

A pint is 100p cheaper than other Cambridge pubs.


I can see Punch ruined.

Doom and gloom all round !.

Enterprise is probably in the same position last week it fell in sympathy with Punch.

sucker punch?

My local shuts down and I'm homeless ... this aint funny.

54p and pubs are closing. People prefer to drink at home now.

my local is a Punch Inn and last year the landlord won a local Camra award which is something.

fine except it doesn't pay the rent

What surprises me is the huge/regular rise in sp ( see graph above), until Dec. 2006.
This at a time when supermarkets are selling cheap beer/lager and Pubs charge more and more.
Add-in the restrictions on smoking ( fresh air at last!) which probably affect drinikers more than average citizens....and this on top of drink-drive activity which tends to make folk stay at home...there being little viable alternative. I for one, do not want any local taxi-firm to know I'm going out, leaving the house empty!
Pub closures are already significant, so I'm not surprised [PUB] sp is falling. Some new ideas are needed....let's retain the character of our old pubs as places to meet; before Olde England is destroyed by accountants. If people don't want to drink there, some other use needs to be found . . . local-TV studios?

my local the landlord John paid to have building work carried out of his own pocket he is a great guy but he is not keen on Punch.

Our locals area manager told him today if he wants to buy the odd barrel in from elsewhere he'll turn a blind eye !

Anything to keep them open now goes as so many are folding.

My local in Reading is a delightful old-fashioned pub which will die when the tenants retire, I suspect, as they make the place. Good food at a sensible price, and reasonable drinks prices. It's a Wadworth pub. Our company has a permanent lunch time table reserved for whoever turns up.

Only thing keeping them going MM , good food .

Dil, a few years ago (5??) it used to be packed at lunchtimes (it's small, so that wasn't too hard). That's why the landlady used to reserve the largest table in her lounge bar for us, who were regulars. Now, it's really quiet many lunchtimes. The reason? The demise of many of the small office-based businesses in the area over the last few years who used the pub as their office canteen.

New small companies don't need offices -- they work from home over the Internet. The commercial property market is a dead duck, too. It's never going to come back.

it's such a cumulative effect on pubs generally, from the advent of tighter drink/driving laws to sky tv at home and now even social networking such as Facebook - we just don't need as much entertaining as we used to. It's sad. There is still nothing like a good night out in your ten locals with friends! :-))

Profits as bad as can be expected and the sp down 15% ..its a sad day.

Edit down 20%.

More and more are shutting round here , not suprised the results were crap.

I hope my pub stays open even if the village have to buy it from Punch.. now thats a great idea.

Yes, and who knows, the village could do a good deal in this environment mitzy. Perhaps they will pay you to take it away. If you don't ask you will not get.

I believe it happened at the Red Lion at Preston (Herts, not Lancs) many years ago and the pub has thrived.

I know Hertford well but I have never heard of Preston I may pay them a visit.. thanks.

Sunday papers say sell.

quite right .... yet another robt tchenguez (or however he spells it) company to go to the glue-makers

.

better late than never from the Sunday papers I guess! :-)

Enterprise and Punch both for the exit.

Punch Taverns Directorate Change





TIDMPUB

RNS Number : 4494M
Punch Taverns PLC
29 January 2009

?
PUNCH TAVERNS PLC
("Punch" or "the Group")




29th January 2009
Directorate Change

Punch Taverns plc announces that Jonathan Paveley, Commercial Director, will be
leaving the business in April 2009 and will step down from the Board with
immediate effect. The Board would like to express its gratitude to Jonathan for
everything he has achieved at Punch during his five year tenure with the Group
and wish him every success in his future career.

Giles Thorley, Chief Executive of Punch Taverns, commented:

"I would like to take this opportunity to thank Jonathan both personally and on
behalf of the Board for his highly successful leadership of the broad Commercial
agenda at Punch over the last 5 years. Jonathan will be leaving the business in
April with excellent Commercial contracts in place with a strong Sales &
Marketing ethos and with an exceptionally strong team".

Shares mag sells Sell today.

"Jonathan will be leaving the business in
April with excellent Commercial contracts in place with a strong Sales &
Marketing ethos and with an exceptionally strong team".

In general a marvellous outlook for the business, Jonathan, as the share price clearly reflects! :-)

Splat - to be honest - that was my reason for posting the rns - God only knows what the chart/sp would have looked like if his five year tenure hadn't been highly successful" :-)

quite :))

Maybe Punch can follow JDW's lead and start to rise..?

Well it certainly isn't impossible, however, you go first mitzy, I'll happily follow at a safe distance!! :-))

splat some of the finest people I know drink in pubs..!

Could not resist a few.

indeed mitzy, me too :-)
the chart does worry me though,as with this one...

well done splat now ENT does worry me so will stick with PUB instead.

by "me too", I was agreeing with your earlier comment about fine people and pubs, I have no position in PUB!

I remember when Clive James interviewed Oliver Reed and asked him why he drank and Oliver gave that reply..and he is right.!

:-)

It was the Parkie interview but James asked the quuestion - Hilarious

On my cock..lol..

Up 12% and rising by the hour take a look at the chart.

Good luck with it Mitzy - I've been in JDW since early 3's - I prefer the chart (and the prospects)!

I missed JDW skinny and its one of favorites too easy 400p imo.

Mitzy - I tried to post this yesterday, but charts were not working!

These were very kind to me in 2006 and to a lesser extent, in 2003.

well done skinny JDW are great.

well done to both of you, mitzy and skinny, both swinging along nicely.
You still in?

Splat - still in JDW - only other longer term holds atm are HFD and TW. and still have a few PIC left.

well done skinners :)

I'm out for now splat.

Humm!

Indeed!

PUB looking poorly now.

Unlike JDW :-)

Pre close statement has gone down well!

Ker-ching!

2 recent broker recommendations....

Date: 25 August, 2009
Broker: Numis Securities
Company: Punch Taverns


Recommendation:
Retain Buy price target 160p

AND

Broker recommendation full details

Date: 25 August, 2009
Broker: Altium Securities
Company: Punch Taverns


Recommendation:
Retain Buy price target 150p

Punch to cut value of estate by 600m

This has been a lovely short this morning - currently down 7.4%

nice one skinny, saw your post about this yesterday and completely forgot about it :-( would have been short too!!

Cheers Splat! - There are some sensible musings on this over the road.

took a contrarian long @ 111.7 (having said that!) after that acceleration in the drop, and out for a swift +1.5 :-)

Out of 75% of short now - stop @103 on the remainder!

Punch Taverns upgraded to trading buy from hold at Charles Stanley, TP raised to 160p from 115p
Business Financial Newswire
Charles Stanley believes the severity of Punch's situation seems to be receding. The group's reported PBT of 160m, though down 39%, was in line with its expectations, says analyst James Dawson.

'Estate stabilisation appears to be taking hold and the aggressive disposal programme has certainly enabled debt repayment at an equally aggressive rate.

'In our opinion, this may mark a genuine turning point for group operations.'

now under 96p still falling?

Oh yes!

that's what you call an upgrade :-)

What a load of tonka toys :-)

Oh joy :-))

Punch Taverns started with overweight rating at HSBC

News of Threshers closure is good news for Punch Taverns and Enterprise Inns...


Threshers group to axe 2,140 jobs

Published Date: 27 November 2009
Administrators of Threshers' owner First Quench today announced the loss of more than 2,140 jobs following another raft of store closures.

First Quench which also trades as Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine fell into administration in October after struggling amid the recession.

KPMG said 391 stores would close with the loss of 2,140 jobs, although it remained hopeful that some of the outlets would be sold as going concerns before the closure process was completed.

The stores are due to close by December 20, depending on stock levels.

The administrator announced 373 store closures at the start of November, followed by plans for another 381 last week. Liquidation sales are continuing within those stores earmarked for closure, while 247 sites have already shut.

KPMG remains in talks over the sale of more than 100 stores but said current conditions made it difficult to complete deals.

Richard Fleming, UK head of restructuring, said: "Unfortunately, despite the initial high level of interest, it remains difficult for buyers to complete deals in the current tough market."

Some deals have been concluded and Venus Wine and Spirit Merchants said earlier today that it had acquired 14 of the best-performing Wine Rack stores, adding that they would continue trading under the same name.

The firm is looking to keep on 90 staff working at the shops, which are across London and the South East, including Henley-on-Thames in Oxfordshire, Farnham in Surrey, and Ascot, Berkshire.

Another eight stores have been sold to SEP Properties, the administrator said.

Umm, I may be thick, but how does the closure of an off-license chain help pub chains? Does anybody go to a pub for off-sales this century? They are now quite different businesses, surely?

Campaign for Real Ale challenges competition ruling


The Campaign for Real Ale (CAMRA) has stepped up its protest against Britain's biggest pub companies, and will mount a legal challenge to a recent competition ruling in favour of the operators.

CAMRA is appealing against the OFT's judgment that the so-called beer tie does not pose any threat to consumer choice CAMRA is appealing against the Office of Fair Trading (OFT)'s judgment in October that the so-called beer tie, under which tenants are obliged to buy beer from their landlords, does not pose any threat to consumer choice.

The OFT started the investigation after a "super-complaint" from CAMRA.
Campaign for Real Ale wants Office of Fair Trading to investigate 'anti-competitive practices'"We believe the OFT did not take reasonable steps to understand the pub sector and, more generally, why over 50 pubs are closing per week across the UK," Mike Benner, CAMRA chief executive, said.

The OFT said: "We anticipate defending this appeal and are confident that our analysis and conclusions in relation to CAMRA's super-complaint are robust."

CAMRA cited the success of an appeal by the Association of Convenience Stores in overturning a 2005 ruling by the OFT that it would not make a further investigation of the supermarket sector.

The body is seeking donations from the public to pay for its appeal campaign.

Enterprise Inns, Britain's second-biggest pub company, said the majority of its pubs continued to trade well. Punch, the biggest operator, declined to comment.

Punch Taverns raised to buy from sell at Panmure Gordon, target price lifted to 100p from 71p
Business Financial Newswire
Panmure Gordon upgrades Punch Taverns ahead of the company's interim results on April 22.

The broker says, 'We think the group will be able to demonstrate stabilisation in the leased pub business.

'We still have concerns over the performance of the managed pub business; however, we think the appointment of a new CEO with managed pubs experience would be a positive catalyst for the shares.

'There are still significant risks attached to investing in Punch Taverns but we believe the risk/reward profile is now attractive enough to revise our recommendation.'

Revenues and profits down significantly...sp getting hammered.

Shorting PUB at 91p.

Debt 3.3 billion.
Equity 620million.
2million a month to support landlors.
New Govt looking to raise cash.
Fair bet booze and fags get hammered (again).

UPDATE: Punch Taverns Names M&S's Dyson CEO
(Adds comment from Punch Taverns, background.)


By Michael Carolan and Simon Zekaria
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)

U.K. pub group Punch Taverns PLC (PUB.LN) Wednesday named Marks & Spencer Group PLC's (MKS.LN) finance director Ian Dyson as chief executive.

Dyson, aged 47, will leave the retailer on a date yet to be agreed, to replace Giles Thorley, who announced his intention to leave Punch Taverns earlier this year.

No details on his leaving date were revealed, though M&S said he was committed to ensuring a smooth

a smoothhound, a smoothie, a smooth wine, a smooth talker? A smooth what? :-)

handover! :-))

Taken +5 from these this morning - but still think the long term trend is down.

It is now! :-)

12.8% off today! Looks ferked

I told you I was ill :-)

quite so :)

Year End Trading Statement.

Recent trading momentum is consistent with that outlined in the 6 July 2010 Interim Management Statement, continuing to benefit from improved operating standards, increased pub refurbishment activity and favourable summer weather. As such, we now expect earnings before tax and exceptional items for the full year to be marginally ahead of our previous expectations.

Thanks for that skinny .

Since the start of the financial year we have reduced gross debt by 684 million, being 17%. Net debt at the year end stood at 3.1 billion.!!!!

Final Results.

Financial Performance *

EBITDA* of 422 million (2009: 514 million)

Profit before tax of 131 million (2009: 160 million)

Disposal proceeds of 299 million comprised largely of non-core assets - achieved at an average multiple of 16x EBITDA

Basic earnings per share of 14.4p



Statutory Results (after exceptional items) **

Loss after exceptional items of 160 million following a net exceptional charge of 253 million. All of the exceptional charges were non-cash except for 2 million of reorganisation charges

Exceptional items include a 218 million charge for pub impairments to appropriately value the non-core estate

Basic loss per share after exceptional items of 24.9p

Net Asset Value per share of 229p

Time to short PUB again to 60p.

What a carry on.

Punch to cull 1,300 pubs as profits slip

Pub owner Punch Taverns has served up full-year results in line with expectations and announced plans to sell another 1,300 pubs to help pay off its huge debts.

In his first set of numbers as chief executive, Ian Dyson reported a drop in pre-tax profit to 131m for the 52 weeks ended 21 August compared with 160m in 2009.

One-off charges of 253m caused a loss after exceptional items of 160m, while revenue slipped to 1.28bn from 1.44m last time. Today's numbers had been well-flagged in a trading update in August.

Like for like sales at the managed estate were down 2% on last year, but things picked up in the second half, especially in the final quarter. Like sales for the last 12 weeks rose 2.6%.

This is heading to 30p imo.


again.

yes, looks very unhappy today. Horrendous chart.

Wait till PUB results are out and it will be 40p.

Keep on selling PUB.

This is over-valued .

It is only worth 40p.

I'm not usually cynical.

Last orders at Punch...?

at 59p the future looks bleak.

up 6.6% atm

8%....

short @ 63.6

Just had a sip @75.85.

Third Quarter Trading Update.

Highlights

Progress in all areas of the business

Strong sales growth in Spirit

Further improvement in trends in Punch

On track to meet our full year expectations

Good progress on demerger plans



Spirit

Managed like-for-like sales +7.3% (+5.7% 40 weeks)

o Food +8.4% (+7.0% 40 weeks)

o Drink +7.3% (+5.0% 40 weeks)

Leased like for like net income -0.7% (-3.9% 40 weeks)

share split?

splat :-

RNS Number : 0751L

Punch Taverns PLC

26 July 2011

26 July 2011

Punch Taverns plc Result of General Meeting

Punch Taverns plc (the "Company") is pleased to announce that at a General Meeting of the Company, held today at One Bunhill Row, London, EC1Y 8YY at 9.30 a.m. all resolutions, as set out in the Notice of General Meeting dated 7 July 2011, were passed by the Company's shareholders, including the resolution to approve the demerger of the Company's "Spirit" business (the "Demerger").

Accordingly, it is expected that the Demerger will become effective on Monday, 1 August 2011 and that dealings in the shares of Spirit Pub Company plc will commence at 8.00 a.m. on that day.

Details of the number of shares in respect of which proxy appointments have been made and the proxy votes cast for, against and withheld for each resolution will shortly be available on the website www.punchtaverns.com.

Copies of the resolutions passed by shareholders will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.Hemscott.com/nsm.do.

SPRT

Spirit demerged.

yup, got it, thanks.

RNS Number : 4628L

Spirit Pub Company PLC

01 August 2011

1 August 2011

Spirit Pub Company plc

Completion of Demerger

Spirit Pub Company plc ("Spirit") is pleased to announce the completion of the demerger of the "Spirit" business from Punch Taverns plc ("Punch").

Accordingly, Spirit's ordinary shares (ticker "SPRT") were admitted earlier today to the premium section of the Official List and to trading on the London Stock Exchange's main market for listed securities. There will be 659,655,957 Spirit shares in issue.

CREST accounts were credited with Spirit shares at 8.00 a.m. (BST) today.

It is expected that Punch shareholders will be sent share certificates in respect of their holdings of Spirit shares by 16 August 2011.

Enquiries:

Spirit Pub Company plc Tel: 01283 498 402 John Grime, Company Secretary

Brunswick Group LLP Tel: 020 7404 5959 Kate Holgate, Dominic McMullan, Natalia Marisova

This announcement does not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in any jurisdiction, including the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration under the U.S. Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act.

long PUB @ 13.63

out @ 16.5 :-)

Good move, splat before it goes below 10p

Preliminary Results for the 52 weeks to 20 August 2011

Underlying financial performance* - In line with market expectations

EBITDA of 258 million (2010: 291 million)

Profit before tax of 76 million (2010: 90 million)

Basic earnings per share of 8.6p (2010: 9.9p)

Operating cash flow of 202 million

113 million of cash reserves (at 7 October 2011) held outside the securitisations

Net assets of 202 million (31p per share)

Q2 Interim Management Statement.

Trading summary

· Growth in average net income per pub across the full estate of 0.8%
· Regionally mixed, stronger performance in the South of England
· Core estate: Like-for-like net income -2.9% (-2.1% 28 weeks to 3 March 2012)
· Disposal proceeds of £62 million, slightly ahead of book value
· Non-core estate: Like-for-like net income -10.2% (-9.7% 28 weeks to 3 March 2012)

Average net income per pub across the full estate of 4,790 pubs increased by 0.8% over the half year, benefiting from the ongoing disposal of non-core assets.

A bit of life here today and good volume.

Interim Management Statement

Profit performance in line with management expectations
Average profit per pub is stable and overall profit performance is in line with management expectations. We have achieved this despite the challenging market conditions which continued during the first quarter.

Whilst the average quality of the estate is expected to improve as we sell non-core assets, the core estate net income is expected to decline in the current financial year in line with that experienced last year as we rebalance rents in the short-term, with a return to growth expected in the next financial year. Trading comparatives are much more challenging in the first half of this year and given this, net income in the core estate is down 5% on a like-for-like basis, in line with management expectations. Trading comparatives are expected to improve in the second half of the year when the business will also benefit from the recent improvements in letting and investment activity.

Bit of a surge with volume - I haven't followed for a while.

Capital Structure Update

HIGHLIGHTS

Restructuring solutions identified for each securitisation

· Utilise cash resources at Group and within the Punch B securitisation to extinguish and cancel certain tranches of Punch B debt at a material discount to par; and

· Amend financial covenants and defer amortisation in the Punch A securitisation, creating a platform for future deleveraging.

Achieves a material reduction in debt and debt service

· £463 million reduction in contractual debt service payments over the next five years;

· £393 million targeted debt prepayment ahead of the new amortisation schedule over the next five years; and

· £229 million immediate reduction in debt in the Punch B securitisation.

Delivers value to all stakeholders including:

· Creates a sustainable capital structure for a highly profitable pub business which delivered £225 million of underlying operating profit and £312 million of cash generation before debt service in the last financial year;

· Provides a platform on which to execute the business plan, including a £220 million investment programme focused on the core estate and the disposal of £435 million of non-core assets; and

· Protects the material financial and operational benefits from which the two securitisations mutually benefit by being part of the wider Punch group.

Supported by a broad group of stakeholders

· A group of five financial institutions, consisting of Glenview Capital, Octavian, Luxor Capital, Alchemy and Avenue Capital, who together manage funds that hold over 50% of the Group's issued share capital, c.25% of the Punch B debt in total and a majority of the total junior debt in Punch B and the trustees of the Punch B defined benefit pension scheme;

· Monoline insurers, Ambac and MBIA who between them guarantee c.£990 million of notes across the two securitisations, including over 50% of the Punch A notes, and whose approval of the proposed restructurings is required;

· In addition, the Board has already commenced discussions with a number of other stakeholders including swap counterparties, liquidity facility providers and other holders of debt in the two securitisations; and

· Punch will now engage with all stakeholders to seek additional support to implement the proposed restructuring solutions as soon as possible, while keeping the provision of financial support to the Punch A and Punch B securitisations
under review.

Taken some off the table this morning - cheers!

Nice one skinny!

Cheers Kim!

Second Quarter Trading Update

ON TRACK TO MEET OUR FULL YEAR PROFIT EXPECTATIONS

n Profit performance in line with management expectations
n Improving like-for-like trends in net income
n Core estate at 94% let, up from 91% at March 2012
n 270 core investments completed in the half year at an average spend of c.£100k per pub
n Punch Buying Club membership increased to 3,300 Partners (March 2012: 2,200)
n £55m of disposal proceeds in the half year, above book value and slightly ahead of expectations

Interim Results

Interim Results for the 28 weeks to 2 March 2013

Underlying financial performance* - in line with management expectations
· EBITDA of £117 million
· Profit before tax of £26 million
· Basic earnings per share of 3.0p
· £254 million of cash reserves
· On track to meet full year profit expectations

Operational highlights*
· Improvement in core estate like-for-like net income** down 3.5% in the second quarter, compared to a decrease of 5.2% for the first quarter
· Core estate at 94% let, up from 91% at March 2012
· Investment in 270 core pubs completed in the half year at an average spend of c.£100k per pub
· Punch Buying Club membership increased to 3,300 Partners (March 2012: 2,200)
· 164 pubs sold, together with other assets for £55 million, above book value and at a multiple of 18 times EBITDA

Capital structure review
· Since announcing the restructuring proposal on 7 February 2013 we have continued to engage with the many stakeholders who will need to approve the restructuring proposal.
· While discussions remain ongoing and a range of views have been expressed, the Board believes that a consensual restructuring can be launched in the first half of 2013.

In auction.

Capital Structure Update

Since the announcement of the restructuring proposals for the Group's Punch A and Punch B securitisation structures on 7 February 2013 (the "Restructuring Proposal"), the Group has continued to engage with the many stakeholders who will need to support the Restructuring Proposal. As part of this process Punch convened a meeting on 17 April 2013 with a number of significant stakeholders and their advisers to discuss the Restructuring Proposal and the feedback received by Punch from stakeholders since 7 February 2013.

A wide range of views was expressed at the meeting, including the feasibility of a pre-pack administrative receivership of one or both of the securitisations to effect a restructuring. Punch has reiterated that a pre-pack cannot be executed, is not in the interests of stakeholders as a whole and the Board cannot support such an option.

Some stakeholders had previously expressed their lack of support for the current terms of the Restructuring Proposal and these views were reiterated in the meeting. However, whilst it was not anticipated that agreement would be reached at the meeting, views were expressed that provide a basis for further discussion with stakeholders around the Restructuring Proposal. These discussions are ongoing.

The Board continues to believe that a consensual restructuring is in the best interests of all stakeholders and that a restructuring can be launched in the first half of 2013.

A full copy of the presentation provided to stakeholders at the meeting is available on the Punch website www.punchtavernsplc.com. This presentation includes the following information:

Full year Trading Update

FULL YEAR PROFITS IN LINE WITH MANAGEMENT EXPECTATIONS;
FOURTH QUARTER CORE NET INCOME IN GROWTH

n Average net income per pub +1.5% (52 weeks)
n Improving like-for-like trends in net income; core estate net income up 0.4% in the fourth quarter (-2.4% 52 weeks to 17 August 2013)
n 96% of the core estate let on substantive agreements, up from 94% at August 2012
n 476 core investments completed in the year at an average spend of £102k per pub
n Punch Buying Club membership increased to c.90% of the core estate (August 2012: 72%)
n 433 pubs sold for £149 million, ahead of book value, at a multiple of 18 times EBITDA
n 116 pubs transferred from the non-core division to the core division from the start of the new financial year

Time to buy.

Looking good very large volume last week responsible for the Break out

Preliminary Results

Underlying financial performance* - in line with guidance
· EBITDA of £216 million (2012: £238 million)
· Profit before tax of £49 million (2012: £64 million)
· Basic earnings per share of 5.7p (2012: 7.2p)
· Strong cash position; £329 million of cash reserves
· Net debt decreased by 6% or £122 million

Operational KPIs*
· Improving like-for-like trends in net income**, with core estate net income
· up 0.4% in the fourth quarter
· down 2.4% for the 52 weeks to 17 August 2013 (ahead of guidance of -3% to -4%)
· Average net income per pub +1.5% across the year
· 96% of the core estate let on substantive agreements, up from 94% at August 2012
· 433 pubs disposed for £149 million, £11 million ahead of book value and at a multiple of 18 times EBITDA

Operational headlines
· Continued progress delivering the business plan:

Core estate:
· Recruitment: 96% of the estate let on substantive agreements, ahead of our target range of 93% to 95%; letting activity and applicant numbers up 17% and 28% respectively
· Investment: Ahead of plan with 476 pubs invested in at an average spend of £102,000
· Food development: Food mix up another 3 percentage points to 27%
· Increased field support:New Business Development Division to provide increased support to all newly launched businesses over their first six months
· Punch Buying Club: Membership in its fourth year, increased to c.90%, up from 72% at August 2012
· Punch Foundation Tenancy: Under this new arrangement we provide Partners with a newly refurbished pub and a full range of support. With 48 pubs operating under this agreement, drink sales have grown c.50% and we plan to extend to c.200 pubs in 2014

Non-core estate:
· Disposal programme on track, realising total net proceeds of £149 million in the year. Following the improvement in the performance of a number of pubs in the non-core division, 116 pubs have been transferred to the core division from the start of the new financial year.

Capital structure update
· Punch has continued an extensive process of engagement with a broad range of stakeholders across the capital structure (including the ABI Special Committee of noteholders and its advisers) to discuss feedback, and continue to build a broad base of support for the restructuring.
· Whilst the process of engagement has taken longer than previously anticipated, the Board believes that a consensual restructuring can be launched in the fourth quarter of the 2013 calendar year and will provide an update on the implementation of the restructuring in due course.

Restructuring Update

Under the terms of confidentiality agreements with certain stakeholders, Punch is publishing details of restructuring terms proposed by a group of stakeholders in the Punch A and Punch B securitisations (the "Proposals").

The key terms of the Proposals have been provided to the Company in the form of term sheets for Punch A and Punch B, which are reproduced in the appendix to this announcement.

The Proposals are supported in principle by a group of creditors to the Punch A and Punch B securitisations who together own or control c.34% of the notes across Punch A and Punch B and over 50% of junior notes in both securitisations and the equity share capital of Punch (the "Stakeholder Group"). In addition, whilst the ABI Special Noteholder Committee is not currently signed up to the Proposals, substantial progress has been made in addressing their issues.

Implementation of a consensual restructuring would require the consent of other parties outside of the Stakeholder Group, including shareholders, all classes of noteholders in Punch A and Punch B and other securitisation creditors. Accordingly, there can be no certainty that the Proposals will proceed.

A restructuring of the securitisations is required in order to avoid a default in both the Punch A and Punch B securitisations, which would be likely to have a material negative impact for all stakeholders.

The Proposals differ in a number of ways from the terms of the restructuring launched by Punch on 15 January 2014. In particular, junior notes in Punch A and Punch B would be exchanged for a combination of not only cash and new junior notes, but also ordinary shares in the Company in a debt-for-equity swap. In addition, a group of junior creditors would subscribe for ordinary shares in the Company at a significant discount to the current market price to raise additional funds to be applied to repay junior notes in the Punch A securitisation.

The Proposals would result in a reduction in total net debt (including the mark-to-market on interest rate swaps) of £0.6 billion. In consideration for the debt reduction, the debt-for-equity swap and placing contemplated by the Proposals would result in significant equity dilution for existing shareholders, such that the Company's currently issued share capital would represent 15% of its total enlarged issued share capital following the restructuring.

Were the Proposals to be implemented, the reduction in net debt (including the mark-to-market on interest rate swaps) of £0.6 billion would result in the pro-forma net debt to EBITDA leverage of the Punch group falling to c.7.7x[1] at August 2014. Gross securitisation debt[2] of £1,582 million would have an effective interest rate of c.7.9% including PIK interest (c.7.1% cash pay interest).

Any decision by the Board to recommend a proposal involving dilution of existing shareholders would need to be carefully considered in terms of the value which it represents for existing shareholders.

Implementation of the Proposals, or any consensual restructuring involving a significant equity component, results in additional execution complexity. Accordingly, the Board is of the view that it will not be possible to launch the Proposals, or any consensual restructuring involving a significant equity component, prior to the deadline of 30 June 2014 included in the covenant waivers obtained by Punch A and Punch B on 13 May 2014. It is, therefore, likely that Punch A and Punch B will require an extension to the covenant waivers to provide sufficient time to implement a consensual restructuring and Punch will provide further details of any such extension in due course.

[1] Based on pro-forma gross securitisation debt at August 2014 (excluding swap mark-to-market) of £1,582 million, less £31 million of cash liquidity balances and mid-point group underlying EBITDA guidance of £201 million
[2] Excluding swap mark-to-market
27 May 2014

Class 2 Disposal

Punch is pleased to announce that it has reached agreement to sell 5 pubs to Manica Properties Limited for a total consideration of £9.7 million. The pubs to be sold are freehold outlets located in central London. The agreement is expected to complete on 30 June 2014.

The consideration will be satisfied in cash. Net disposal proceeds will be used to reduce debt and reinvest in the estate.

For the financial year ended 17 August 2013, the pubs being disposed of generated earnings before interest and tax of £0.5 million. As at 1 March 2014, the pubs had a book value of £4.4 million.

The video at the end is interesting - Campaign Win: Reform of the Beer Tie

Restructuring Update

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.

Punch Taverns Restructuring Announcement

Possible Offer for Punch Taverns plc ("Punch")