Punch Taverns Share Discussion Threads

[john168] 09/12/2013 08:51

The company doctor: Stephen Billingham

[mreasygoing] 06/12/2013 22:45

Chart looking fab :)

[mreasygoing] 27/11/2013 20:30

Nice buy opportunity, now the chart has settled.

[john168] 27/11/2013 10:41

Mr. Stephen Billingham has been appointed as Executive Chairman of the Board of Punch Taverns PLC, effective February 1, 2013. He was Finance Director of British Energy Group plc, playing an instrumental role in delivering the turnaround and performance of the business, its relisting, its move up to the FTSE 100 and the sale to EDF in 2009 for £12.5bn. Prior to this, Stephen was Group Finance Director of WS Atkins plc during its financial recovery and has been Group Treasurer of BICC plc (now Balfour Beatty plc) and Severn Trent plc. Stephen is currently Chairman of Royal Berkshire NHS Foundation Trust and a Government appointed Non-executive Director and Chairman of the Audit Committee of URENCO Ltd.

27 Nov 2013 AGM:
Resolution 13:
Authority for market purchases debts for cancellation at a discount.

[jeffian] 21/11/2013 08:54

"technical/fundamental" issues are rather over-ridden by the capital re-structuring talks aren't they? Although PUB bang on about balancing the interests of "all stakeholders", the truth of the matter is that the bondholders have security over all the real assets and the shareholders have next to nothing. The argument offered by PUB is that a failure to compromise by the bondholders would lead to the collapse of the business, but why should the bondholders bother about that? They already 'own' all the pubs - they would just have to get someone else to manage the business for them. ETI? The only issue to worry about here is 'who's going to win the game of Bluff?'

[moomintu] 21/11/2013 05:52

Been quiet on here recently. Any technical/fundamental views on where we going. Bounce perhaps?

[cockneyrebel] 25/9/2013 08:21

That bot is still buying, just took another 40k+ trade like yesterday - still a bigger buyer and not much profit taking on the results.

All imo - chart speaking more than anything else here imo.

CR

[miss young] 24/9/2013 19:50

CR - spot on! I couldn't give a monkeys about the fundamentals either. Each to their own, but what I do know is, I am and will make money here and it's warming up perfectly!

[cockneyrebel] 24/9/2013 11:47

Bot now buying in 40K+ size timbo - what's that about then?

Chart making long term highs.

Rather like the American Express card - 'a chart says more about you than cash ever can' to paraphrase :-)

CR

[cockneyrebel] 24/9/2013 10:50

To be honest I don't give a monkeys about what anybody thinks of the what and where the value is. There's a bot driving the price up here and that means a larger buyer for some reason soaking up all the sells.

I bought Thomas Cook at 19p on the Chart, not the fact that it was drowning in debt of £1.2bn and a mkt cap of £100m - the chart told me far more than analytics told me.

7 bagged in 9 months - so much for mumbo jumbo analytics :-)

CR

[timbo003] 24/9/2013 08:23

CR

You are looking at the wrong chart. The valuable part of the business (Spirit) got floated off in July 2011, hence the precipitous fall. If you are going to apply your hocus pocus, tea leaf inspecting, chart predictions, you should apply them to Spirit, rather than this pile of pooh. Why choose Punch rather than Spirit? If the names had been interchanged at the time of the demerger, what then?

[moomintu] 24/9/2013 07:55

CR you invested in this? Chart looking interesting and with goldman taking little bite, is there something they know about??

[cockneyrebel] 20/9/2013 11:32

Yes a 2 year high and massive gap up on the chart Miss Young:

[jeffian] 19/9/2013 22:36

I still cannot understand why there is perceived to be equity value here whilst bondholders are expected to take some sort of haircut. If I were a bondholder (which I'm not) I'd hold out to be paid in full or a debt/equity swap and let the shareholders go hang.

[miss young] 19/9/2013 21:26

A lot more than 7 months CR. All looks very good to break IMHO. GL

[cockneyrebel] 19/9/2013 16:15

7 month highs being hit today.

CR

[cockneyrebel] 19/9/2013 10:31

6 month highs today, big breakout - news imminent?

Strong vol 4 days ago.

CR

[jeffian] 04/9/2013 17:54

Aye, but there's been a bit of positive read-across to ETI, which isn't crippled by its debt burden the way PUB is. If ETI's estate is also moving back into l-4-l growth, they'll be off to the races.

[the troll] 04/9/2013 17:44

the ords. are still un-investable, despite the positive update.

[jeffian] 12/6/2013 19:55

It's no surprise to me that the bondholders are taking a strong line. Why shouldn't they? There appears to be enough Asset Value to cover all the bonds; if there's nothing left for equity holders - tough! Before PUB and Spirit split and they were looking for a solution for the combined Group, there was a suggestion at one stage that they should simply hand the properties to the bondholders and let them get on with it. Why not do that now? They could get ETI to manage the PUB estate and pay down the bondholders over an agreed amortisation period (as they do with their existing Unique estate) which would resolve the bondholders' problems and be a nice little earner for ETI as well!

[the troll] 12/6/2013 18:48

oh dear, the BOD & the bondholder representatives appear to have ( very publicly ) fallen out. doesn't look good.

but why buy this instead of ETI where you can get c. 60 % discount to NAV & the debt issues resolved. that's what I can't understand ( NAI ).

[scburbs] 30/5/2013 10:56

The problem is that different bondholders have very different loss profiles. The interests of different classes of bondholders are not aligned which is what makes agreement very hard.

I believe the bondholders who were proposed to take the haircut were largely supportive - it is the deferral proposals and use of funds that is creating issues with the more senior bondholders who are less exposed.