16th Jun 2009 07:00
STOCK EXCHANGE ANNOUNCEMENT
Punch Taverns plc 16 June 2009
Punch Taverns plc (the "Company")
Punch Taverns plc (the "Company") announces that it has today invited holders of the £275,000,000 5.00 per cent. Guaranteed Convertible Bonds due 2010 (ISIN: XS0237580591) (the "Bonds") of Punch Taverns (Redwood Jerseyco) Limited to offer to sell any or all of their holdings for cash to the Company (or its nominee) (the "Invitations").
The Invitations are being made on, and subject to, the terms and conditions set out in an invitation memorandum dated 16 June 2009 and circulated to holders of the Bonds (the "Invitation Memorandum").
Subject to the terms and conditions of the Invitations, holders of Bonds may make offers to the Company, or its nominee, to sell their Bonds at any time during the period commencing on today's date and ending at 3.00 p.m. on 15 July 2009.
Holders of the Bonds who validly offer their Bonds for sale pursuant to the Invitations will, following acceptance of the offer to sell by the Company (or its nominee), receive a 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 the Company (or its nominee) pursuant to the Invitations.
The settlement of the Invitations is conditional upon the completion of the issue of ordinary shares in the Company, which is the subject of a separate announcement made on 15 June 2009 by the Company. Subject to the completion of the issue of ordinary shares in the Company, it is expected that the Invitations will be settled on or prior to 9 July 2009 in respect of offers to sell made on or prior to the completion of the issue of ordinary shares in the Company.
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.
16 June 2009
Enquiries to:
Punch Taverns plc020 7255 4002Giles Thorley Chief Executive Phil Dutton Finance Director Ed Bashforth Head of Corporate Finance
Smithfield Group020 7360 4900John Kiely Alex Simmons
Goldman Sachs (Joint Dealer Manager) 020 7774 1000 Dario Sacchetti
Merrill Lynch (Joint Dealer Manager)020 7995 3715John 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