Look at it!

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