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Friday, 17 November 2017

Restructuring: Punch warns investors to certify status

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  • Punch Taverns

Punch Taverns has told investors to certify their status ahead of the 5pm deadline on Wednesday to implement the restructuring agreed two weeks ago.

Investors have been warned that a failure to submit an instruction in relation to the certification process will result in them being ineligible to receive any new notes or ordinary shares that form part of the restructuring.

The entitlement of ineligible holders to new notes or shares will be issued to a custodian and sold in the market on their behalf, according to today’s notice.

Punch still requires consent from RBS (liquidity facility provider in Punch A and B and provider of hedge arrangements in Punch B) and Lloyds (liquidity facility provider in Punch A), and says the process continues.

Punch aims to close the restructuring on Oct 8, subject to these consents. 

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