Punch Taverns has announced that the long-running process of debt restructuring is finally coming to an end: both noteholders and shareholders have approved its £2.3bn proposals, subject to the consent of the Royal Bank of Scotland and Lloyds Bank.
Subject to the successful receipt of these consents, it is expected that the closing date of the restructuring will now be 8 October 2014. The proposed share capital consolidation is now expected to become effective on 13 October 2014.
Shares responded positively to the news, closing up 3.9 per cent at 9.35p.