Punch Taverns cash call just scrapes through
Saturday 04 July 2009
Embattled pub group Punch Taverns saw its £375m investor cash call scrape through today after nearly 40 million votes were lodged against the move.
Punch, which is raising the money to help meet repayments on a £4.4bn debt mountain, received 75.1 per cent of votes in favour of its share placing -- just nudging past the 75 per cent required.
It is thought that two hedge fund investors were among those that opted not to back the fundraising in protest at the dilution effect on shares and the strategy to use the share placing to reduce debts.
Punch plans to use the proceeds to repay debts after warning on announcing the fund-raising last month that it may otherwise be unable to meet some repayments falling due.
The group has been whittling down its debts, paying off £404m - 8 per cent of the total - since the start of its financial year.
It has sold off non-core pubs to help pay-down debts, recently announcing the sale of 11 pubs to rival Greene King for £30.4m.
It has also said it will continue to look at asset sales and ways to cut costs to improve cash flow and ease its debt burden, but it hopes the share placing will avoid the need to offload core pubs at unattractive prices.
- 1 Woman 'suffocates newborn baby in plastic bag and puts it in her desk minutes after giving birth'
- 2 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 Teaching profession headed for crisis as numbers continue to drop and working lives become 'unbearable'
- 5 Chinese student carries disabled friend to school every day for three years
Nepal earthquake in pictures: Photos show devastation caused by 7.8 magnitude earthquake
Royal baby: Live updates as superbug closes ward at St Mary's Hospital in London where Duchess of Cambridge is due to give birth
Nepal earthquake: Rescuers forced to dig with their bare hands in search for survivors as images show damage to historic buildings
Ed Miliband and Boris Johnson in angry clash live on BBC's Andrew Marr Show
Bali Nine executions: British grandmother on death row in Indonesia Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...