Punch - comment

Punch bonds should be neutral today. Q226 results are right on target, if ever so slightly better than modelled. WC was weaker than expected. The company spent £50m tap quickly. Q2 saw the acquisition of 28 pubs from McMullen for £25.4m (accretive at ~£725m per pub), and post-quarter-end, Punch bought another 21 pubs for £21.1m. The call is at 1 pm.