Punch Taverns and Enterprise Inns may both convert to Real Estate Investment Trusts (Reits). Punch, which closed close to an all-time high at £13.79, may win significant benefits should it decide to go ahead. Goldman Sachs said that conversion might support a share valuation as high as £17.39. However, much depends on whether or not HM Revenue and Customs will agree to include rental income that includes beer receipts in its allowable definition of income from property. Enterprise Inns also wants assurance from the government that it will be able to convert without splitting into operating and property companies. Financial Times 2/6/07 page 32 (Business) The Daily Telegraph 2/6/07 page 35 (The Market) The Times 2/6/07 page 71 (Large Caps, Business) The Guardian 2/6/07 page 34 (Market Forces, Financial) Daily Mail 2/6/07 page 102 (Market Report, City & Finance)