Result of AGM

 

TIDMPNB 
 
RNS Number : 2537W 
Pubs 'n' Bars PLC 
24 July 2009 
 
Pubs 'n' Bars plc 
 
 
(AIM: PNB) 
 
 
("Pubs 'n' Bars" or "the Group") 
 
 
Result of AGM 
 
 
The Directors of Pubs 'n' Bars, the community public house owner and operator is 
pleased to announce that at its Annual General Meeting ("AGM") held today all 
resolutions were duly passed. 
 
 
A copy of the AGM notice posted to shareholders is available on the investors 
page of the Company's website www.pubsnbars.co.uk 
 
 
Pubs 'n' Bars Chairman Keith Chapman, made the following comments: 
 
 
"As I stated in the Annual Report, trading conditions remain difficult, overall 
sales for the first six months of the year were approximately 3% lower than the 
equivalent period of 2008 and, despite the better weather, show no signs of any 
material upturn. 
 
 
We are having constructive discussions with our bankers and hope to be able to 
bring them to a satisfactory conclusion in the near future. We will keep 
shareholders informed of developments in due course. 
 
 
In spite of the dramatic write -downs in property values at the year-end Pubs 
'n' Bars still has net assets of nearly 24 pence per share*. Property prices 
show signs of having levelled off reflected in our policy of offering pubs to 
tenants, which is beginning to bear fruit. Solicitors have been instructed for 
the sale of the Carpenter's Arms in Canterbury for GBP430,000 and negotiations 
have commenced for the sale of another property to its tenant. We hope to be 
able to sell a number of the Company's properties during the second half of the 
year which, together with other cost reductions, will enable us to reduce bank 
borrowings." 
 
 
* Net Asset Value (NAV) calculated as GBP9,541,870 divided by 39,828,355 shares 
in issue = 24p, based on the consolidated balance sheet as at 31 December 2008. 
 
 
 
 
=-END-- 
Enquiries: 
 
 
Mel Belligero, Chief Executive 
Pubs 'n' Bars plc                              `     Tel: [phone] 
Stewart Dick/Simon Starr 
Daniel Stewart & Company plc                Tel: [phone] 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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