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Planning Departments have become notoriously slow and often persuaded by Local Interest Groups who wish to retain properties as they are. There is well known Pub( not Marstons) close to where I live. The Landlord has been losing money since before Covid and as now decided to Sell until a very vociferous Local Group have engaged with the Local Authority to make the Pub a Heritage asset. If granted ( there is a growing number of Pubs that have achieved such status and are now managed by a Co-operative) Ultimately the issuance of Community Asset status places a huge obstacle for Freeholders to find Willing Buyers.
There are many Historic Pubs ( Coaching Inns) that should and are protected as part of our National Heritage. Unfortuneately by their very nature they are invariably in rural and often remote locations. Change of use of Coaching Inns is not impossible but not easy.
Any concern Carlsberg may have is covered to some degree, by the JV Marstons agreed when selling out the Brewery.
Carlsberg require Marstons to retain at least 50% of the Pubs, number. The base number being the date of the JV.
Marston's hands are shackled as would be a T/O Investor. Carlsberg hold the controlling cards.
Isn’t there some way of changing use, somebody once told me if you have an unprofitable pub a change of use application is more likely. Could be a load of baloney perhaps. Personally I think some pubs should be protected. Anyway 3 businesses the brewing, the hotels, the pubs. I cannot believe Carlsberg will be happy with the Marstons arrangement long term I wonder what that 40% is worth now.
Barchid, Public houses tend to come with occupation conditions which can create problems for a Venture Capitalist attempting to get change of use. Many Pubs, not just Marstons, tend to be in relatively isolated locations where change to the Local Housing dynamic meets well informed opposition. There is also another little known issue where a Pub has been approved as a community asset. This makes it virtually impossible to command Purchaser interest.
The simple fact that affects all Hospitality Business, is the change in Social Demand for Ale at Beer-Houses.Many youngsters see much better value in buying a dozen can at Supermarkets.
I stated sometime ago, Marstons needed to re-invent it's Business. It still could but given the debt pile, which continues to be understated here, makes pursuit of new enterprises very difficult.
The oiler is a bit of a puzzle. At least it pays dividends.
As I have previously stated, bricks and mortar do not pay for a weekly pay rise, increased council rates or a declining clientel, every Marstons pub I pass between Monday to Thursday are short of custom, yet the overheads still roll - on !!
£4.25 a pint is prohibitive to a working man or woman, and the food is decidedly " Ding " How many of us earstwhile shareholders have ever run a pub ? bedause some of the comments on this board are decidedly purile , The only reasonable comments originate from the likes of Barchild and the ilk !! It would not suprise me if sometime in April we see £0.25 a share when the new minimum wage clicks in, and for anyone out there who thinks that I am a shorter let them be informed that my average is £0.85 and to say that I am annoyed is an understatement !!!!!
At a tiny fraction over 29p
Now that nimshy is onboard that was my buy signal at 29.17 - the lucky talisman.
Back to 80p would be a nice pension.
I've bought in today, I held these several years ago when they were paying a dividend but have been out ever since, with the economic outlook slightly better I decided to take the plunge again. GLA.
I topped up on Mars on Monday - i'm in it for the long haul - 3-5 yrs but some news or some movement every now and then just to keep it interesting would be nice lol
FD
Salient comments indeed, it is noticeable how few posts are made when the stock is in the doldrums, like it has been the last few weeks to drop down today by being offered sub 30p.
I note too that we have not heard much about how the property estate will bail us all out, it certainly seems like Mr Market has a different view to many who post here...
Not sure how a Rights could get away given the current SP malaise and Lenders ( Banks) have the company by the B****.
Hospitality generally is suffering from every finacial nightmare, cost of living, staff shortages, increasing wages, younger generation not patronising Pubs as many of us did in their age etc etc.
Maybe Justin is working on some miracle, lets hope so!
The sentiment isnt good for Marstons but personally I cant see them failing if they've survived this far, and if they survive without a Rights Issue then the shares will double before long. The ones who will benefit from a possible Rights Issue will be those who buy their shares after its announced. Taking that into account a big purchase of shares from the new CEO would be a massive buying signal
But how much in property? The discount to NAV is senseless given rates will drop soon.
A £billion in debt.
Perhaps Justin the new CEO can explain. He has been very quiet so far. Maybe realising what a load C@#£p he has taken on..
Brewery stake worth more than mcap...property well in positive equity, profitable...odd
This could be moving up soon, as Lloyd's reports customers deposits increasing, debts reducing, no doubt due to higher wages combating the reducing inflation figs. More people have spare money in their pockets according to the bank. FTSE Appears to be reacting positively to the news which should start filtering down to Uk companies (about time!) GLA, DYOR.
Very belated response....
...one entity sold all its shares, the other bought shares (not quite the same amount as those sold) to increase its existing stake.
Unfortunately, such RNSs are always very hard to read - presumably this is deliberate so people cannot easily follow what's going on.
Sometimes, other obscure financial instruments are acquired / sold along side the disposal / purchase of shares, which muddies the waters eve m ore.
So unless there is some very very clear pattern (e.g. several directors buying a very large number of shares, in a way that is clearly not part of their normal remuneration), it's best not trying to pay attention to those. That will mislead you more often than not.
Last RNS -shows Aberforth buying for Nortrust an increased stake build to a 10% position. Much more and they will have to notify of an interest? Could be interesting sammacleod and worth pointing out. GLA
Have I missed something...
Anyone got a better understanding of the trades earlier this week?
They can restructure when lower rates arrive and have come out of the other side of a World Pandemic where growth and returning customers is building momentum, notwithstanding the fact they own 40% of a joint brewery venture with Carlsberg one of the Worlds largest brewers, and that is signing up larger customers than even Marstons themselves to bring about economies of scale into brewing. In fact the future her is very bright but these things can take time to gain sentiment but it will come. We just need to be patient but I agree at this price they are ripe for a takeover, which again might be coming when cheaper loan rates appear.
What a stunning investment Mars has been over the last four years , a push for expansion on borrowed money and a BOD that is struggling with the results of such a policy ! As a long standing shareholder, I despair that there is nobody who can take hold of the situation and be more inovative with the assets that are languishing in mediocraty . I understand that not everyone wants alchahol 0r ding food all of the time, but there are numerous large rooms that are empty during the day, that could produce a lucrative income from the likes of Womens Institute, Vintage car societies, Bridge clubs, etc,
Alright moan over back to hoping for a take over, or at least a minor miracle.
Looks like the Carlsberg/Marston brewery is launching a new beer 1664 Blanc -with echo's of Champagne for Uk fashion week and it is available later in draft, but also in the Supermarkets. Marking the 360th Anniversary of the 1664 Brand.
Would love to see soon the Brewery sales figs for Christmas however to add onto the Pub figs. Shame we did not get both together!
www.carlsbergmarstons.co.uk/newsroom/carlsberg-marston-s-brewing-company-announces-the-uk-launch-of-1664-blanc/
At just over 31p
Maybe the Carlsberg Marston partnership with new contracts signed up to double in size distribution should take over Fullers then too and amass even greater economies of scale.
Remember Doug that all you have recently seen are the pub figs for Marstons over Christmas and the New year and NOT their brewery figures that will also take into account all of the home sales via, Amazon, and the Supermarkets and the like as well as to the Marstons pubs themselves that we have seen have done very well!
Fuller's results much better than Marston's. As usual.