Look at it!

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!