7th Jul 2009 17:54
STOCK EXCHANGE ANNOUNCEMENT
Punch Taverns (Redwood Jerseyco) Limited7 July 2009
Punch Taverns (Redwood Jerseyco) Limited (the "Issuer")
The Equity Offer Unconditional Date with respect to the Punch Taverns plc's invitations to holders (the "Bondholders") of the £275,000,000 5.00 per cent. Guaranteed Convertible Bonds due 2010 (ISIN: XS0237580591) (the "Bonds") of the Issuer to offer to sell any or all of their holdings for cash to Punch Taverns plc (or its nominee) (the "Invitations") has occurred today.
The Issuer announces today the partial results of the Invitations.
The Invitations were made on, and subject to, the terms and conditions set out in an invitation memorandum dated 16 June 2009 and circulated to Bondholders (the "Invitation Memorandum").
Punch Taverns plc has received offers to sell from the holders of £3,917,000.00 in nominal principal amount of the Bonds. Subject to the provisions of the Invitation Memorandum, Bondholders will receive a Purchase Price of 97% of nominal principal amount outstanding of their offered Bonds plus accrued but unpaid interest up to (but excluding) the date on which the Bonds are purchased by Punch Taverns plc (or its nominee) pursuant to the Invitations.
It is expected that the Invitations which have been the subject of offers to sell on or prior to the Equity Offer Unconditional Date will be settled on or prior to 9 July 2009.
Subject to the terms and conditions of the Invitations, Bondholders may make offers to sell their Bonds pursuant to the Invitations at any time up to 3.00 p.m. on 15 July 2009.
This announcement does not constitute an offer to purchase Bonds nor the solicitation of an offer to sell Bonds. A complete description of the terms and conditions of the Bonds is set out in the Invitation Memorandum.
7 July 2009
Enquiries to:
Punch Taverns plc020 7255 4002 Giles Thorley Chief Executive Phil Dutton Finance Director Ed Bashforth Head of Corporate Finance
Smithfield Group020 7360 4900 John Kiely Alex Simmons
Goldman Sachs (Joint Dealer Manager) 020 7774 1000 Dario Sacchetti
Merrill Lynch (Joint Dealer Manager) 020 7995 3715 John Cavanagh
Disclaimer
This press release does not constitute, or form part of, an offer to buy or the invitation of any offer to sell any securities in any jurisdiction nor shall it (or any part of it), or the fact of its distribution, form the basis of or be relied on in connection with any contract therefore. No indications of interest in the Invitations are sought by this press release. The Invitations are not being made to, and no offer to sell will be accepted from, or on behalf of, holders of securities in any jurisdiction in which the Invitations are unlawful.
This release must be read in conjunction with the Invitation Memorandum. This release and the Invitation Memorandum contain important information, which should be read carefully before any decision, is made in relation to the Invitations. If you are in any doubt as to the contents of this release or the Invitation Memorandum or the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000, or from another appropriately authorised independent financial adviser.
Related Shares:
Punch Taverns PLC