12th Jun 2009 08:31
Punch Taverns plc (the "Company") 12 June 2009
TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:
Punch Taverns plc
2. Reason for the notification (please tick the appropriate box or boxes)
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An acquisition or disposal of voting rights: |
X |
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An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: |
|
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An event changing the breakdown of voting rights: |
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Other (please specify): |
3. Full name of person(s) subject to the notification obligation:
David Einhorn
4. Full name of shareholder(s) (if different from 3):
Greenlight Capital, LP
Greenlight Capital Qualified, LP
Greenlight Capital Offshore Partners
Greenlight Reinsurance, Ltd.
5. Date of the transaction (and date on which the threshold if crossed or reached if different):
9 June 2009
10 June 2009
6. Date on which issuer notified:
11 June 2009
7. Threshold(s) that is/are crossed or reached:
13.0% on 9 June 2009
12.0% on 10 June 2009
8. Notified details:
A: Voting rights attached to shares
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Class/type of shares if possible using the ISIN CODE |
Situation previous to the triggering transaction |
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Number of shares |
Number of voting rights |
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GB0031552861 |
22,174,641 20,018,741 |
22,174,641 20,018,741 |
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Resulting situation after the triggering transaction |
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Number of shares |
Number of voting rights |
% of voting rights |
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Direct |
Direct |
Indirect |
Direct |
Indirect |
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20,018,741 18,771,141 |
20,018,741 18,771,141 |
7.50%: 9 June 2009 7.03%: 10 June 2009 |
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B: Qualifying Financial Instruments
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Resulting situation after the triggering transaction |
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Type of financial instrument |
Expiration date |
Exercise/Conversion/Period Date |
Number of voting rights that may be acquired if the instrument is exercised/ converted |
% of voting rights |
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments
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Resulting situation after the triggering transaction |
||||||
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Type of financial instrument |
Exercise price |
Expiration date |
Exercise/Conversion/Period Date |
Number of voting rights that may be acquired if the instrument is exercised/ converted |
% of voting rights |
|
|
Total Return Swap |
£0.4275 |
22.12.10 |
12,074,072 11,321,672 |
Nominal |
Delta |
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4.52% 4.24% |
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Total (A+B+C)
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Number of voting rights |
% of voting rights |
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32,092,813 30,092,813 |
12.02% on 9 June 2009 11.27% on 10 June 2009 |
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:
Greenlight Capital, LP and Greenlight Capital Qualified, LP are both limited partnerships. The general partner of both of those limited partnerships is Greenlight Capital, LLC. David Einhorn controls Greenlight Capital, LLC.
Greenlight Capital Offshore, Ltd.'s investment managed is Greenlight Capital, Inc. David Einhorn controls Greenlight Capital, Inc.
Greenlight Reinsurance, Ltd.'s investment manager for the relevant account is DME Advisors, LP, a limited partnership. The general partner of DME Advisors, LP is DME Advisors GP, LLC. David Einhorn controls DME Advisors GP, LLC.
Proxy Voting:
10. Name of the proxy holder:
N/A
11. Number of voting rights proxy holder will cease to hold:
N/A
12. Date on which proxy holder will cease to hold voting rights:
N/A
13. Additional information:
None
14. Contact name:
Claire Stewart, Assistant Company Secretary
15. Contact telephone number:
(01283) 501 858
Related Shares:
Punch Taverns PLC