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I meant @ investinvalue
Yoyoma - you are right you we must expect the same. However if felt it was the right time to bid for the end of the lock down then they got this terribly wrong. ie. would you buy a pub at the moment at a higher price? Just because the Covid 19 vaccinations were being handed out did not mean immediately the Pandemic is over. I am afraid a lot of respect for Platinum has been lost in that they acted too early. Think of the costs they have suffered and the time and effort that has been lost from both them and Marstons where the restructuring could have been taking place. I regret that we still appear to have a long way to go before the end of this Pandemic and we have not yet seen the end of it yet and at the end of a lot of brewers and pubs be permanently lost - shame. However it could also have been that when conducting their own due diligence the gamble was not worth the price once they took the current trading figs to their accountants. I am not sure when the next set of accounts is due out from Marston's but if may put any future potential bidders off for the time being too. Only a thought? From my point of view money is not everything and I am glad Marston's will remain British for some time yet and I hope it survives whatever the price. If it falls heavily then it gives other smaller investors an opportunity for risk! At the moment that's all it is in this market, risk, and it depends how much people are willing to take. IMHO. Good luck for those being brave and holding out.
@parsley2
You sure? Last time in June when the PM announced pubs were re opening and they introduced help out scheme it dropped from 74p all the way down into the 30s I know because I was rubbing my hands at the thought only to be gutted.
Well until the Tories let everyone into the secret of how they propose to un lock
Society ( maintaining Tiers / Tracking systems etc ) clouds will remain here. Clarity on this is first needed.
Simply Wall St value Marston's at a SP of £1.21 fair value rating, considering all the fundamentals. I've always found them an excellent, impartial judge of a company's value previously. Worth a look if not used before. Expect a small bounce back from today's 'bad news' with any positive sentiment towards the leisure industry, which may well arrive by the end of the day. If not, back to over £1 we quickly go when any sort of relaxing of rules came into force WK of Feb 22nd as per the govt timeline for announcements. Also, there's nothing set in stone to stop a return bid- or indeed a fresh bidder coming in- now the water has been tested for a takeover. Marston's don't appear to be playing hard-ball, they're just sending saying 'make any offer a fair one for all parties'
What does that RNS mean, JP Morgan now increasing short?
It means JP think the sp is now going back down. simple, but to what 60p- 75p or less.
Parsley and investinvalue all i can say with any degree of confidence is that one of you is right!
very true and there will be more drops later today then it shoudl level out hopefully, long term is looking good as we're nearing the end of the tunnel. Come May we'll be looking at the clocks for the pub to open. Market Cap wiped off 126m this morning will the knee jerk but that will recover I feel. Just waiting for the educated lot to say we're doomed and it's going to go down to 50's even 25p
It is in black and white. The company is worth at least £1.05 and therefore with the SP at 86p, its clearly a strong buy. It will jump above £1.05 on the governments announcement of reopening of pubs. It really is that simple.
What does that RNS mean, JP Morgan now increasing short?
I agree. I bought into MARS for the longer term recovery, and if the SP drops more, I'll be topping up. If Platinum thought the SP was worth 105/share, and the board thought it was worth more, then it has at to be worth at least that, so I'm holding.
Such nonsense. Why do people keep talking such crap without thinking. All the evidence shows that the summer will be back to normality. World beating vaccine rollout and massive desire and demand from the people to open everything back up. All I am worried about is if the tories open up but still with the track and trace nonsense. No way do we go into the second half of the year in total lockdown.
It will be great to get out for a Pub Meal, however noises coming from Westminster seem to indicate, when re-opening happens it will be for food only. The belief being, it is not difficult to accept, alcohol effects behaviour which the authorities cannot control.
This is often a good strategy. sell some when you're up on news like this, if as has happened this time, you can rebuy back in on the dips when it falls through scoring some additional shares at no additional cost to yourself.
As most on here know, I am rather fond of this company, however I'm not afraid to admit to swing trading it a couple of times in the past and scoring some extra shares along the way.
fairdealer
A most sobering set of comparisons there.
I am certainly with you on Brains, I could not really see the point & I suspect it has/will hamper any further bids in the near future.
Better for the board than their investors I suspect !
What about the increased tourism Wales will be seeing over the next couple of years due to the pandemic, most families will be priced out of overseas holidays for a long time and will resort to staying in the UK.
I was a holder untill mid 90's but sold just in case the bid didn't come off, not clever but not wanting to be too greedy worked this time.
Luck does play a big part sometimes.
PI's should review and compare NAV's of co's within the sector.
Based on the latest published NAV's
M&B trade at 10% below.
Fullers trade at 50% below
Marstons trade at 160% above
I am not convinced the Welsh journey is going to return the values projected. The Brain's estate is a failing one. The Red Dragon Brewery which Brains retain ( did Mars reject this part of the deal?) has been on the market for sometime, there is no interest.
The BOD state working from home will benefit suburban Pubs, cannot see how this will work through?
Good to Daave's view?
@Jedclampit
I think you might well be right. I can see 75p coming through the course of today.
The sp is holding well so far because very few people have seen the RNS about no bid, can see this going back to 70p ish no trouble.
Most of us "Pi" are up on our initial investment. The SP was trading around 100p a share, so selling at a 5% premium (when the whole sector is down due to lockdown restrictions) would have been very short sighted by the board!
Holding up well considering current sector difficulties, undervalue offer the reason.
From the Platinum RNS, point (a) seems to leave the door open for MARS board to reconsider an offer, but the initiative must come from MARS. No doubt large shareholders will be sounded.
Hoped for 130p. Has climbed from around 40p over the last few months and see little reason for this to climb higher unless another bid. Which the directors seem determined to reject. Pubs are going to be shut for months. They could have given a price they would accept but too cosy I guess in their well paid jobs in the middle of a pandemic to bother with such things it seems.
11 February 2021
Marston's PLC
Update on possible offer: No intention to bid statement
The Board of Marston's PLC ("Marston's" or the "Company") notes the announcement by Platinum Equity Advisors, LLC ("Platinum") dated 11 February 2021, confirming that Platinum does not intend to make an offer for the Company.
The Board continues to believe that Marston's is well placed to benefit from the opportunities in a post-COVID 19 trading environment, following the completion of the SA Brain transaction and harnessing factors such as a reduction in on-trade industry supply, and increased home-working that will benefit pubs in suburban locations.
Marston's has a strengthened balance sheet following the creation of the synergistic joint venture with Carlsberg and significant cash headroom, enabling it to continue to absorb the impact of the temporary Government restrictions.
We welcome the continued nationwide rollout of the vaccine programme and look forward to rebuilding trading momentum once restrictions are lifted.