Shares in Punch Taverns fell by 7.7% yesterday. They closed the day at 172p – following fears the pub group will have to go to shareholders to avoid defaulting on a debt. Redburn Partners said Punch would need to sell £355m worth of pubs in the next one to two years – or face refinancing with a £450m rights issue. "Punch’s problem is that it has placed pretty much all of its assets into securitisations but it has left some debt ­outside,” said analyst Charles Winston. “Given that the cash is likely to be trapped within all three of the group’s securitisations in the coming years, this asset/debt mismatch means that it really has very few options.” Enterprise shares rose 2.8% to 185p.