Statement re offer for Punch Taverns plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS AND REGULATIONS OF SUCH JURISDICTION

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE CODE)

FOR IMMEDIATE RELEASE

1 February 2017

Emerald Investment Partners Limited ("Emerald")

No intention to make an offer for Punch Taverns plc ("Punch")

On 14 December 2016, Emerald confirmed that it had made a proposal to Punch regarding a possible cash offer for the entire issued and to be issued share capital of Punch. 

Emerald now confirms that it does not intend to make an offer for Punch.

This announcement is made in accordance with Rule 2.8 of the Code. As a result of this announcement, Emerald will, except with the consent of the UK Panel on Takeovers and Mergers (the Panel) or in the circumstances described below, be bound by the restrictions contained in Rule 2.8 of the Code.

For the purposes of Rule 2.8 of the Code, Emerald reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Punch (and/or to take any other action which would otherwise be restricted under Rule 2.8 of the Code), within the six months following the date of this announcement in circumstances where:

(a) the board of Punch so agrees, provided that:

(i) the cash offer for the entire issued and to be issued share capital of Punch by Vine Acquisitions Limited announced on 15 December 2016 (the Existing Offer) has been withdrawn or has lapsed; and

(ii) in the period following this announcement and prior to the Existing Offer being withdrawn or lapsing, neither Emerald nor any person acting in concert with Emerald has acquired an interest in any shares in Punch;

(b) a third party announces a firm intention to make an offer for Punch;

(c) Punch announces a "whitewash" proposal (for the purposes of Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover; or

(d) the Panel determines that there has been a material change of circumstances.

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