Vi använder en mängd olika cookies för att du ska få den bästa användarupplevelsen. Genom kontinuerlig användning av denna webbplats godkänner du vår användning av cookies. Du kan läsa mer om vår policy för cookies och redigera dina inställningar här eller genom att följa länken längst ner på alla sidor på vår webbplats.
Punch Taverns is trading at 9.5p, and the share price has fallen 26% since the pub operator reported a widening in its first-half loss to £174.9 million in April. In the first half of 2014 the company incurred one-off costs of £224.6 million, the majority of which were from capital restructuring. The company announced a 4% increase in its profits per pub in the first six months of the year, and stated it remains on track to deliver its full-year expectations.
In May it announced a capital restructuring plan which left shareholders with a 15% stake in the company and the remaining 85% owned by bondholders. This large equity dilution drove the share price from 14p to 10p overnight. Now that the capital restructuring has been put to be bed the company can focus on the operational side of the business.
If Punch Taverns can prove its capital structure is secure and the business is improving the stock could target 11.6p.