19th Apr 2007 11:06
Punch Taverns PLC19 April 2007 Punch Taverns PLC ("Punch" or "the Group") Disposal of 869 pubs to Admiral Taverns Punch Taverns PLC is pleased to announce the sale of 869 leased and tenantedpubs to Admiral Taverns for a total consideration of £326 million. The pubssold are principally situated in England and Wales. The consideration will be satisfied by £322.5 million in cash and £3.5 millionin preference shares. Cash proceeds from the sale will be used initially toreduce net debt. For the financial year ended 19 August 2006, the pubs being disposed ofgenerated EBITDA of £30.1 million. As at 3 March 2007, the pubs had a bookvalue of £321 million. The sale is expected to complete in mid May. Commenting on the transaction, Giles Thorley, Chief Executive of Punch Taverns,said: "This is an excellent transaction for Punch and in line with our strategy ofcontinuously improving our high quality pub portfolio. We constantly seekopportunities to maximise shareholder value and this disposal represents astrategic sale of non-core pubs which do not fit our aspirations for businessgrowth as we continue to build the UK's premier pubco." 19 April 2007 ENQUIRIES: Punch Taverns plc Tel: 020 7255 4002Giles Thorley, Chief ExecutiveRobert McDonald, Finance Director P C Hansen & Co. (Financial Adviser to Punch Taverns) Tel: 020 7152 6162Peter HansenFraser Anderson College Hill Tel: 020 7457 2020Justine WarrenMatthew Smallwood This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Punch Taverns PLC