BS82 Hsbc Bk.29

RNS Number:4880D
Punch Taverns PLC
29 September 2004



29 September 2004

                               PUNCH TAVERNS PLC

        Proposals relating to the InnSpired Group securitisation

Punch Taverns today announces that following its acquisition of InnSpired on
10th September 2004 it has requested that the issuer of InnSpired's securitised
notes, Alehouse Finance plc, convene a meeting of A2 noteholders. The meeting,
which will be held on Thursday 21st October 2004, will consider a resolution to
amend the terms of the A2 notes to reduce the amount payable by the issuer upon
their optional redemption.

Approximately #239 million in principal amount of notes is outstanding under
InnSpired's securitisation of which #96.7 million is represented by the A2
notes. The other classes of notes can be redeemed at the issuer's option on any
interest payment date currently at an amount equal to 101.5% of their nominal
amount. In the event that the resolution of A2 noteholders is passed, Punch
intends to redeem all of the notes under the InnSpired securitisation as soon as
practicable thereafter.

Any amounts payable on redemption of these notes would be financed out of short
term bank borrowings.

Punch Taverns plc

29th September 2004


Issued by: Neil Preston
Company Secretary
Tel: 01283 501751


Enquiries to: Robert McDonald
Finance Director
Tel: 020 7868 8903




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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