Look at it!

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.