Posts tagged 'Punch Taverns'

Green light on how the City works

Andrew Osborne is justified to feel hard done by. A single four-word remark in a long phone conversation has cost him a small fortune. The words were “something like 350 sterling”, an amount which bears a curious symmetry to the £350,000 fine which the FSA has just levied on him. Given his long years and senior position, he can probably pay it without having to eat bread and water, but it’s still pretty eye-watering. It also looks like rough justice, as he himself claims.

Osborne was a managing director at Merrill Lynch, the brokers with the unenviable task in 2009 of trying to restore financial stability to the pub chain Punch Taverns, a confection of debt built on a sliver of equity. For months, it had seemed odds-on that Punch would collapse, but the “dash for trash” in the spring that year propelled the share price up from 40p to around 160p, and offered a get-out-of-gaol opportunity. Read more

The Punch Call (updated)

DAVID EINHORN: Oh, you’re — you’re — you’re getting more than — than I could help with anyway. So, this is good.

PUNCH CEO: Okay. That’s fair enough. Well, one day we’ll get you a round on a pub crawl around some English pubs. Read more

Winner takes all…

It’s been a gruesome week in the mobile phone market. The almost embarrassing dominance of Apple (ideas for spending $90bn of spare cash, anyone?) provided a cruel contrast to the desperate plight of the opposition. The maker of Blackberrys ditched its founders. Nokia, the one-time rubber-boot manufacturer, tried to stay positive, boasting that it had sold a million Windows-based Lumia phones in the last three months. During that time Apple shipped 37m iPhones. It has sold 315m of them worldwide.

The eclipse of Nokia is one of the wonders of the age, providing fodder for business school studies for decades to come. At the turn of the century, its position in the burgeoning mobile phone market seemed unassailable. Its combination of market dominance and mouth-watering margins meant that it could outspend and out-develop any competitor who came up with a better product. It sold its billionth phone in 2005, and in late 2007, deemed the world’s fifth most valuable brand, the business was valued at €100bn. Read more

Snap news

Breaking pre-market news on Thursday,

– Melrose increases its offer for Charter International to 850p per share — statement and statementRead more

Sober times at Punch Taverns

The heavily indebted Toxic Pub Company – aka Punch Taverns – has completed its demerger.

In early trading on Monday morning the (ahem) good bit — managed business Spirit Pub Company — was trading around 54.55p, while the bad bit — the leasehold business Punch Taverns — was changing hands for 15.45p. Read more

Snap news

Breaking pre-market news on Thursday,

– Thyssenkrupp to sell $2.45bn of treasury stock to pay down debts — statementRead more

Snap news

Breaking pre-market news on Wednesday,

– Cairn Energy expects ruling on Arctic protesters — reportRead more

Snap news

Breaking pre-market news on Tuesday,

– Allied Irish Banks declares €10.2bn loss — statementRead more

The Ian Dyson detox plan

Punch Taverns — aka the Toxic Pub Company — won’t be handing back the keys to its troubled tenanted inns after all.

Chief executive Ian Dyson has decided on a break-up instead, creating a pub world equivalent of a ‘good bank’ and a ‘bad bank’. Read more

Snap news

Breaking pre-market news on Tuesday,

– Punch Taverns to spin off managed pubs business, Spirit — statementRead more

CVC plots ‘audacious bid’ for Punch

Private equity group CVC is “plotting an audacious bid” for pub company Punch Taverns, the Mail on Sunday said in an unsourced report. CVC, which first considered a bid for Punch two years ago, is also understood to be in talks with Punch Tavern’s adviser Goldman Sachs about a bid for part of the group’s 6,000-strong leased and managed pubs estate, the report added. The estate has combined debts of £3.1bn, leading to speculation that Punch would sell off many outlets. Punch Taverns shares closed at 64.95 pence on Friday, giving the company a market cap of around £417m.

Snap news

Breaking pre-market news on Tuesday,

– Vedanta to list Zambian division, Konkola Resources, on the London stock exchange — statement and statementRead more

Toxic Pub Co. meets toxic bond insurer

You won’t find Ambac mentioned in Punch Tavern’s most recent annual report.

But it’s there. Hovering — waiting — in the background. Read more

Snap news

Breaking pre-market news on Tuesday,

– Punch Taverns says recent trading has improved — statementRead more

Snap news

Breaking pre-market news on Tuesday,

– Rio Tinto and Chinese partner consider PotashCorp bid — reportRead more

Snap news

Breaking pre-market news on Friday,

– BP’s Hayward ‘considering all options’ on dividend – WSJRead more

Yell and the curse of the rescue rights issue

Strange but true.

Until Prudential launched its record breaking £14.5bn fund raising on Monday, there had been no cash call from companies listed on London Stock Exchange in 2010. Read more

Snap news

Breaking pre-market news on Thursday,

– Credit Suisse posts Q1 net profit of SFr2.1bn – statementRead more

Thorley steps down at Punch Taverns

The pub sector claimed another high-profile victim on Tuesday when Giles Thorley stepped down as chief executive of Punch Taverns after nine years at the helm of Britain’s largest pub owner. The company said it was “well advanced with the process of appointing a successor”, and that Mr Thorley, who said the move was his decision, would stay on until a replacement was found. FT Alphaville calls last orders.

Last orders at Punch Taverns

Giles Thorley has called time on his reign at the Toxic Pub Company.

From a press release, issued on Tuesday morning: Read more

Snap news

Breaking pre-market news on Tuesday,

– Punch Taverns says chief executive Giles Thorley to stand down – statementRead more

Snap news

Breaking pre-market news on Wednesday,

– SAP Q4 profit falls as customers cut spending – statementRead more

Short measures at the Toxic Pub Co

Oh dear. It has not been a good day for shareholders of Punch Taverns.

First, a disappointing trading statement knocked almost 5 per cent off its battered share price and then shareholders voted down its remuneration reportRead more

Sober times at the Toxic Pub Company

Not much festive cheer for shareholders of the Toxic Pub Company in Wednesday’s trading update, which covers the 16 weeks to 12 December.

There are no signs of improvement in either of its two divisions — in fact Punch’s managed business is materially underperforming peers like Mitchells & Butlers. Read more

Punch drunk

There’s nothing like a (former) house broker scorned, as the Toxic Pub Company have found out on Thursday morning.

Jamie Rollo of ex-house broker Morgan Stanley reckons Punch Taverns might need to raise more equity if trading does not pick up and says the argument that selling pubs and buying back debt enhances net asset value is very weak to say the least. Read more

Toxic pub valuations

Another set of results and another impairment charge from the heavily indebted Toxic Pub Company.

Having written down its estate by almost £600m in the past year and a half, Punch Taverns has lopped a further £638m off the value of its managed and tenanted pubs on Wednesday. Read more

Snap news

Breaking pre-market news on Wednesday,

– Punch Taverns writes pub values down by £663m — statementRead more

How to spot a takeover target – quant style

We all know M&A is back (or is supposed to be), and with the revival, various lists of possible takeover targets.

And here is another from Citigroup – but with a twist. The targets have been generated by a logit regression model with inputs from 1,000 deals stretching all the way back to 1994. Read more

Snap news

Breaking pre-market news on Monday,

– Punch Taverns announces repurchase of 33.9 per cent of its 2010 convertible bonds – statementRead more

Executive hole Punch

What’s missing from this Punch Taverns statement released late on Tuesday?

On 15 June 2009 following the Company’s announcement that a total of 375 million new Ordinary shares will be issued a price of 100 pence per share pursuant to the Firm Placing and Placing and Open Offer, raising proceeds of approximately £375 million, the directors listed below have purchased the following Ordinary shares of 0.04786 pence each in the capital of the Company at a price 104 pence per share. Read more