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Punch Taverns plc

("Punch Taverns")

Disposal of 8 pubs to Greene King PLC ("Greene King")

Punch Taverns is pleased to announce that it has reached agreement to sell eight managed pubs to Greene King for a total consideration of £15.9 million. The pubs to be sold are freehold outlets located around Great Britain including one in central London and one in Scotland. The agreement is unconditional and is expected to complete on 16 February 2010.

The consideration will be satisfied in cash. Net disposal proceeds will be used to reduce debt and reinvest in the estate.

For the financial year ended 22 August 2009, the pubs being disposed of generated earnings before interest and tax of £1.0 million. Book value as at 22 August 2009 was £12.8 million.

This transaction follows on from the disposal of 11 managed pubs to Greene King, which completed in July 2009.

27 January 2010

ENQUIRIES:

Punch Taverns plc                                  Tel:  020 7255 4002

Giles Thorley, Chief Executive

Phil Dutton, Finance Director

Sapient Corporate Finance                    Tel: 020 7152 6162

Peter Hansen

Fraser Anderson

Smithfield Group                                    Tel:  020 7360 4900

John Kiely

 

 

 

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