Punch Tavens issues scheme document for merger with Heineken partner Patron
17 JAN 2017
On 15 December 2016, the boards of Punch Taverns plc [LON:PUB] and Vine Acquisitions Limited ("Bidco"), a newly incorporated company formed at the direction of Patron Fund V, announced that they had reached agreement on the terms of a recommended cash offer by Bidco for the entire issued and to be issued ordinary share capital of Punch (the "Acquisition") to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").
Publication of the Scheme Document
Punch is pleased to announce that a circular in relation to the Scheme (the "Scheme Document"), setting out, among other things, a letter from the Chairman of Punch, the full terms and conditions of the Scheme, a statutory explanatory statement, an expected timetable of principal events, notices of the Court Meeting and General Meeting and details of the action to be taken by Punch Shareholders, will be published today on the Punch website at www.punchtavernsplc.com.
Action required
As further detailed in the Scheme Document, in order to become effective, the Scheme will require, among other things, that the requisite majority of eligible Punch Shareholders: (i) vote in favour of the Scheme at the Court Meeting; and (ii) pass the Special Resolution at the General Meeting. The Scheme is also subject to the satisfaction or waiver of the Conditions and further terms that are set out in the Scheme Document.
Timetable
The Scheme Document contains an expected timetable of principal events relating to the Scheme, which is also set out in the Appendix to this Announcement. Subject to the approval of Punch Shareholders and the Court, and to the satisfaction of the other Conditions, the Scheme is expected to become effective in the first half of 2017.