Thanks David for pointing that out. I was contemplating the marvellous nature of different press releases for different situations and my recollection that a few days ago Punch announced that it would not be reducing its field teams in the leased division because supporting tenants in these hard times is a company priority (or did I imagine that?).

This is the start of badly needed MARKET CORRECTION look out for more announcements of the same sort from all the other pukecos... Pubcos are failing.

Such stories as Punch ring fencing poor performers are diversions from what really is going on behind the scenes as Pubco Towers - which is the total meltdown of a perverse outmoded business model that was spawned out of the Beer Orders.

What really MUST be done by everyone now is planning for the post pubco era. You can be sure that Ted and Giles have done is already. So should everyone else.

When the announcement of the end to the supply tie is made, as it surely must be, there will be a huge rift in the pubco world and speculation and chaos will ensue.

Timing is right, the world is used to financial chaos and people are weary of corporations whose leaders are grossly over remunerated for poor performance. What was unthinkable only a short time ago is now eminently likely.