The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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In essence Marstons have asked that loan payments are defferred ( waivers) on a particular class of Loan ( class A Loan-notes)
This is the 3 rd time the company have requested and agreed by the Lenders ( loan-note holders) the waivers.
Have accessed the Solicitation Documents at https://sites.dfkingltd.com/marstons. the documents are very weighty of biblical proportions and realy require reading and studying, preferrably by someone with a Financial Law Degree.
I have picked one or 2 comments/statements that strike me.
The company currently has circa £540m outstanding on Class A loans in principle.
The company projects loan interest shortfalls until Jan 22 quarter and has requested the new waiver agreement is extended until October 22, given No further disruptions, due to further Lockdowns.
The Note-holders require the payment of an " Early Instruction Fee" ( new phrase to me, which as I read it means this fee is payed at each installment of the Class A loans. This fee is 0.5% , which to me is a way the Note-holders have circumvented the orginal agreement which was based on LIBOR. In other words, as I read it, and increase of 0.5% in interest charged.
Another important factor is the company have declared LF ( Liquidity Facilty, overdrafts to you an me) will not be reduced and will be extended/increased in order to make Interest payments on the Loan-notes.
I am yet to see anything about suspension of dividends, but am still reading, in between surfacing for air!!
I would suggest those are interested and have the inclination, read the documents stated, but give yourself a few hours of peaceful isolation.
Sorry Yoyoma - lse kept switching your name to Toyato !!!
Hi fd20 & Toyota- can you explain briefly in simple English what the rns means ?? Thanks - sewton.
Thanks YoYoMa better info than the RNS although still need to find the Notice of Solicitation which will give the nitty gritty and what conditions Note-holders have placed on the waivers. In particular payment of future Dividends which I suspect is going to be not what many expect.
Same RNS message but more information in this one.
https://www2.trustnet.com/Investments/Article.aspx?id=202103261016346494T
Mythos, now you’re talking, find memories of the Greek isles have a few cold ones. Lidl occasionally sell it when they have a Greek week. Another I like is Keo from Cyprus, it was my first beer after spending a few months working in Saudi Arabia so I was gagging for it. I only had 3 pints and I was wrecked!
There is a Marston's staff teams or Zoomer or web thing thing today about the reopening, I will ask the Nephew
Yes, that's one of my favourite tipples too. This alongside Mythos. (A Greek beer). I love both.
Very doubtful it will happen seeing as alot of teenagers work in pubs / restaurants and they are way down on the list for the jab so why demand the jab from customers but not the staff ?? Can you see the same happening in a McDonalds ??? As there is currently a delay in vaccine supply then could be the end of the year b4 teenagers have recieved their 2nd jab, by then the pubs / restaurants will have been open approx. 7mnths - GLA and bring on the first pulled pint - I'm getting thirsty :-))
Not tried the gold - but I agree Hobgoblin is a top beer at such a great price thatI don’t feel compelled to seek a shareholders discount at the till.
Amazing beer only £1.19 a bottle
Amazing value
I think the shares are Amazing value at the moment too!
Who will police these passports ??? The publicans of course, Who will pay for the increase in staff costs the drinkers of course What legal entitlement will the publican have to adhere to if a customer is refused on health or religious grounds and subsequently goes to law declaring discrimination ??? It cant happen can it ????
It may be dopey, but when Airlines are making it obligatory, we are in a one way street. I do'nt like it and only took the vaccine in order to travel, otherwise I would not bother.
Hypie best go to off-sales and buy a barrow full of bottles.. Ah wait a minute, do I hear supermarkets are being encouraged to enforce only allowing customers into store who have a "passport".
Cheers barchid. All seems well at the moment, so all is good.
Trent
You have, I am sure I can speak for all the regulars on this board, our most sincere wishes that your lad takes the second one as well as he managed the first, & the very best of luck going forward.
Kindest Regards
Barchid
So called vaccine passports would be an absolute disgrace; an unacceptable infringement on liberty.
For a disease that kills a vanishingly small % of those under 65 to result in all of them having to have experimental chemicals injected into their bloodstream with entirely unknown long-term side-effects just to be allowed to have a pint in the pub with their friends. Sheer idiocy unless your a pharmaceutical investor.
Dystopian medical tyranny. It boggles my mind that this is even being contemplated.
@ Barchid.
Yes, I had my Pfizer one roughly 3 weeks ago now, as did one of our boys. It was a bit of a dilemma which I ummed & Ahh'd about for a good week before the event to be fair.
I wasn't so bothered about taking the risk with the jab for myself, as I'm a big boy and knew as much as everyone else what I was getting into.
My lad on the other hand was quite another story. He is non-verbal and has Downs Syndrome, so I had concerns over possible side effects and him not being able to let me know what's going on.
Anyway, I raised my concerns with the nurse at the walk in centre before I'd let them touch him. Fortunately, all seems well, so just waiting for our 2nd one now.
Very peculiar one, when you think about the average age of bar staff ?? the majority of them wouldn’t have had their vaccine would they!
Those who have not or cannot take the vaccine, should be aware of the risks of living. people should take more responsibilty for their life and how they act, not rely on the nanny state.
The constant restrictions on what we can and cannot do is having a much greater impact on people's health than COVID.
The Economic effect is funeral for many Businesses. The Hospitality sector is being masacered , it is going to be a long slow recovery.
I do believe there is more behind this pandemic than Politicians are letting on.
Trent
I realised where you were coming from, I have in fact already had my first AZN jab but I definitely would prefer no records be kept of my social activities.....
@Barchid. Again, good points. I'd say that a credit card sized plastic certificate with just your name on it (no medical or other personal/machine readable data on it) would to me he a good idea. If this was something that would allow me to go for a drink, a weekend away, or indeed a foreign holiday to a no or low risk Country with my family, Speaking for myself, I'd be bang up for it.
I'm not shooting you down mate. You raise some good points. Those that can prove they've been vaccinated shouldn't really take issue proving it I don't think.
Those that haven't been called up yet, or for those that have refused it for whatever reason still needs to be worked on to find a solution. But I am not judging anyone for choosing to, or not to get done. It's our own choice I think to make our own decisions on which way we go.
Fairdealer/Trent
TBH I have thought since this pandemic started that we have become a nation of bedwetters, scared of our own shadows. An alternative, which I am also not keen on, is that some bright spark might think of adapting the NHS app which would work, but also could be highly intrusive !
Most people I know would prefer their Doctors not knowing how many hours are spent in the pub each week !
Trent, I have no objection, however what about the 1000's of under 40's who will not get the vaccine for some months?
Not sure how many Publicans are going to have the requirement as it could present serious logistical issues for some Pubs.
What the hell happened 100 years ago when Spanish flu struck, when there were No vaccines or medical treatments.... people made thier own precautions or they died. I am a realist, now shoot me down!!
Vaccine certificates before they'll serve you?
Personally,I do not object to it myself.