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17 Sep 2014 17:31
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
PUNCH TAVERNS PLC
("Punch")
Noteholder approval of restructuring proposals and timetable update
Punch announces that resolutions to approve the restructuring proposals set out in the combined circular and prospectus dated 18 August 2014 (the "Prospectus") were passed earlier today by noteholders at each of the sixteen noteholder meetings.
Following today's shareholder and noteholder approvals, completion of the restructuring remains subject to the consent of The Royal Bank of Scotland plc (a liquidity facility provider to the Punch A and Punch B securitisations and provider of hedging arrangements to the Punch A securitisation) and Lloyds Bank plc (a liquidity facility provider to the Punch A securitisation). Punch is continuing the process of obtaining the consent of these creditors.
Subject to the successful receipt of these consents, it is expected that the closing date of the restructuring will be 8 October 2014. The proposed share capital consolidation, details of which are set out in the Prospectus and which was previously expected to become effective on 8 October 2014, is now expected to become effective on 13 October 2014. The revised expected timetable is as follows:
Closing Date | 8 October 2014 |
Admission and commencement of dealings in new ordinary shares issued pursuant to the restructuring | 8.00 a.m. on 8 October 2014 |
CREST accounts expected to be credited with entitlements to new ordinary shares issued pursuant to the restructuring | 8.00 a.m. on 8 October 2014 |
Record time for the share capital consolidation | 5.30 p.m. on 10 October 2014 |
Share capital consolidation effective | 13 October 2014 |
Admission and commencement of dealings in consolidated ordinary shares | 8.00 a.m. on 13 October 2014 |
CREST accounts expected to be credited with consolidated ordinary shares | 8.00 a.m. on 13 October 2014 |
Certificates for consolidated ordinary shares to be held in certificated form despatched | By 20 October 2014 |
Payments in respect of the net proceeds of sale of fractional entitlements arising as a result of the share capital consolidation credited to CREST accounts or made by cheque (as applicable) | By 20 October 2014 |
Stephen Billingham, Executive Chairman of Punch Taverns plc, commented:
"We are delighted the resolutions have been passed by our noteholders and shareholders today. This has been a long and complex process and reflects an enormous amount of work that has been required by all parties. We have now entered into the final stage of the restructuring process and look forward to completion on 8 October following the receipt of outstanding consents."
17 September 2014
Enquiries:
Punch Taverns plc | Tel: 01283 501 948 | |
Stephen Billingham, Executive Chairman |
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Steve Dando, Finance Director
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Brunswick Jonathan Glass, Mike Smith | Tel: 020 7404 5959 | |
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.
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