Punch updates on demerger plans
Punch Taverns has revealed the full terms and conditions of its demerger, announced in March this year, which will see it split the Spirit division from the Punch tenanted and leased business.
The demerger is expected to become effective on 1 August 2011 and will create two listed pub companies which will be traded on the London Stock Exchange.
The company said its total liquid resources stood at £235m as at 30 June, of which £30m will be used for transaction costs, £92m will be allocated to Punch and £113m allocated to Spirit.
Ian Dyson, chief executive of Punch, said: "We are pleased to announce the formal intention to demerge Spirit. This will create the foundation for both Spirit and Punch to execute their plans to deliver long term sustainable value for all of our stakeholders and builds on the significant progress that both businesses have made over the last year."
Spirit has 803 managed pubs and 549 leased pubs. Walker Boyd will be chairman of Spirit with Ian Dyson as chief executive, Mike Tye as deputy chief executive and Russell Margerrison as interim finance director
Punch has 5,080 pubs, of which 2,954 pubs are in the core division and 2,126 are in the non-core division. Stephen Billingham will become Chairman of Punch in September, with Roger Whiteside as chief executive and Steve Dando as finance director.
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By Neil Gerrard
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