Punch Taverns - Market purchases of convertible bonds

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Slaughter and May advised Punch Taverns plc on the purchase in the market of 24 per cent. of the £275,000,000 5 per cent. Guaranteed Convertible Bonds due 2010 issued by Punch Taverns (Redwood Jerseyco) Limited in December 2005 at an average price of 75 per cent. of their nominal value. Punch intends to arrange for the purchased bonds to be cancelled, in respect of which we are also advising.

Guy O’Keefe (partner), Oliver Storey (associate); Tax: Graham Airs (partner), Sara Stewart (associate)