Punch Taverns PLC Regulatory News (PUB)

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PUNCH TAVERNS PLC

("Punch")

Completion of restructuring

Punch is pleased to announce that all remaining conditions to the restructuring proposals set out in the combined circular and prospectus dated 18 August 2014 (the "Prospectus") have been satisfied.

In connection with the restructuring proposals, Punch has issued a total of 3,771,151,200 new ordinary shares as contemplated by the Prospectus. Admission of these new ordinary shares to the Premium Listing segment of the Official List of the UK Listing Authority and the admission of the new ordinary shares to trading on the London Stock Exchange's main market for listed securities became effective, and dealings commenced, at 8:00 a.m. today ("Admission"). Following Admission, there are a total of 4,437,003,420 ordinary shares of Punch in issue.

The proposed consolidation of Punch's ordinary shares (including the new ordinary shares to be issued pursuant to the restructuring proposals) into consolidated ordinary shares, on the basis of 1 consolidated ordinary share for every 20 existing ordinary shares and new ordinary shares is expected to become effective at 8:00 a.m. on 13 October 2014.

An announcement providing further information on the debt structure of the Punch A and Punch B securitisations will be made later today following termination of certain interest rate swaps at completion and the related issue of Super Senior Hedge Notes and a Super Senior Swap Loan as contemplated by the Prospectus.

8 October 2014

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 set out 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.