BRIEF-Punch Taverns launches capital restructuring

Wed Jan 15, 2014 2:14am EST

Jan 15 (Reuters) - Punch Taverns PLC : * Launch of the proposed capital restructuring of the Punch a and Punch b

securitisations * Says restructuring delivers a materially better position than the alternative

of a default * Trading for the 20 weeks to 4 January was good with like-for-like net income

in the core estate up 1.5% * Management expectations