'Punch Taverns' investors set for AGM showdown'

Related tags Punch taverns Scotland

Directors at Punch Taverns will come under fire at its AGM this week when shareholders demand action to reduce debt of more than £3bn. The new chief...

Directors at Punch Taverns will come under fire at its AGM this week when shareholders demand action to reduce debt of more than £3bn. The new chief executive, Ian Dyson, has promised a strategic review of the company but investors are becoming impatient about the lack of progress at the firm, which lost £160m last year. Executives are expected to face hostile questioning from irate shareholders who have seen the value of their equity crash from over £11.50 in January 2007 to 66p on Friday. Punch has identified 1,300 pubs that could be sold to raise cash but several institutional investors want more radical action, backing calls for the company to default on two securitised loans worth about £2.6bn. - Observer

A new report suggests Scots drink more than anyone in the UK. The average adult downs 24 per cent more booze than people in England. NHS Health Scotland looked at alcohol sales from 2004 to 2009 and blames bargain booze for the crippling £268m-a-year bill the NHS faces to treat Scots with alcohol-related problems. - Daily Record

Thirsty fans at Manchester City won't be singing the booze - after the club introduced two-pint pots. The huge containers are meant to ease congestion at bars in the club's Eastlands stadium. New pumps that can pour "multiple" pints in three seconds have also been installed. - Daily Mirror

Players' Christmas parties at Tottenham have been banned for the foreseeable future. Spurs' manager Harry Redknapp wants to banish the tradition to history. "Harry will be saying there are no Christmas parties," said Spurs first team coach Joe Jordan. "We have a lot of great traditions (in this country) but the Christmas parties is one we have to forget." - Daily Mail

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