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30 Apr 2014 07:01
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PUNCH TAVERNS PLC("Punch")
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Restructuring Update
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On 7 April 2014, Punch announced that the Punch A and Punch B securitisations had given notice convening noteholder meetings to be held on 29 April 2014 for the purposes of voting on covenant waiver requests.
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At the meetings held today, noteholders voted overwhelmingly in favour of the waiver requests:
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Number of meetings | Instructions received | % of which instructions in favour | % of which instructions against | |
Punch A securitisation: - Quorate meetings - Inquorate meetings | Β 5 4 | Β 99.9% 68.0% | Β 99.9% 98.9% | Β 0.1% 1.1% |
Punch B securitisation: - Quorate meetings - Inquorate meetings | Β 6 1 | Β 92.2% 74.3% | Β 100.0% 100.0% | Β 0.0% 0.0% |
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Eleven of the sixteen meetings were quorate (requiring instructions from at least 75% of noteholders eligible to vote) and the resolutions were passed.
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The five (four in Punch A and one in Punch B) remaining noteholder meetings were adjourned until 13 May 2014, at which a lower quorum of 25% of noteholders entitled to vote will apply.
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29 April 2014
Enquiries: Β Punch Taverns plc | Β Β Tel: 01283 501 948 |
Stephen Billingham, Executive Chairman | Β |
Steve Dando, Finance Director | |
Brunswick | Tel: 020 7404 5959 |
Jonathan Glass, Mike Smith |
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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.
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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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