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Barclays and Nordes Bank did not buy on friday!
They are merely advising their holdings along with everyone else because the company is in a bid situation. That is what the Form 8.3 is for.
Why wouldn't it go north? Barclays and Nordes Bank are buying 1% and 2.5% of the company shares at 87p on Friday. Jump in now. Mms not letting it go higher than 90p anyway. But when we get the first offer confirmed you will get offered 2p less than that first offer at once from market makers. Very likely to be between £1.25 and 1.50. And then 2p less than a second offer from a new bidder. And so on until they seal a deal. No-one's buying 1 and 2.5% in one go for no reason. James Spader bought in at 1% with what looks like his own money- he also works in mergers and acquisitions. Banks will probably keep buying.
No brainer.
I'm an ethical investor. I don't do oil or weapons and lots of other stuff. I put petrol in my car and I'm not a pacifist but as far as my investments are concerned I think 'do no harm' and ideally do some good. But we don't control the financial markets infrastructure. Takeovers will happen until we restructure- not looking likely is it? Like never. I would be happy with a bit more regulation myself. They won't asset strip the pubs. Marston pubs are making good money (turnover £1.17 billion in 2019 according to Bloomberg and the FT- google it) and with less post pandemic competition they will do even better. Kraft didn't asset strip Cadbury's. Chocolate bars are smaller. No-one died.
Big old buy for a very high short term return.
A US private equity investment firm's takeover bid for pubs and brewing giant Marston's has been rejected by its board on the basis that it "significantly undervalues" the listed company. Two prior bids, submitted in December, have also been revealed.
The move from Platinum Equity Advisors was first outlined on Friday 29 January.
A Marston's statement to the London Stock Exchange said: "The board of Marston's has considered the proposal of 105 pence per Marston's share with its advisers, and unanimously rejected the proposal on the basis that it very significantly undervalues Marston's.
"The proposal followed two earlier proposals at 88 pence and 95 pence per share in December 2020, both of which were received prior to the Brains transaction, and were unanimously rejected by the board.
"The proposal represents a 19 per cent discount to the company's share price at the start of 2020, pre-Covid-19; and since that time the company has completed the transformative joint venture with Carlsberg to create the Carlsberg Marston's Brewing Company, which realised significant value on completion and is anticipated to continue to do so as the benefits of the joint venture are realised.
"In December 2020 the company also announced an agreement to operate 156 high quality pubs within the SA Brain estate in South and West Wales, in a transaction which is expected to be accretive to earnings in the first full year of trading."
Platinum is now required to either announce a firm intention to make an offer for the company or not by 5pm on Friday 26 February.
JP Morgan Cazenove is acting as financial adviser exclusively for Marston's.
RNS £1.05 offer rejected...thought we`d pop to at least that
Going North tut tut
88p
2.5% declared buy from Norges Bank from Friday. Again- they seem to disagree with Liberium's tip to hold. MMs keeping the sp down nice and low for mate's rates. Won't last. The lower your entry point the better your return. Already bought £26k last week but I may as well jump in with some more. Bit daft not to. They are going to buy for well over £2 billion. Marston's turned over £1.17 billion in 2019. They aren't on their knees. This is just the pandemic and the buyers know that as well as Marston's. I think they'll be getting it cheap at £2.5 billion. If they go too low they will just start a bidding war.
And Barclays declare a massive buy today. Lol. Making sure we stay at mate's rates? We are going for a 50-80% rise. Platinum's last buy was for £2.7 billion for a medium sized tech company. James Spader, a partner in a mergers and acquisitions firm bought over 1% on Friday, declared after hours. Wonder if they know something that's staring us in the face. Strong buy. You lths moaning about it ending in tears will double your money. Your only worry is deciding where else to take your money. GLA.
Fairdealer, I like any scenario in which Marstons remains as a brewer, even if only as a partner in the JV. It has always surprised me that the company is still called Marston's, even though John Marston sold out completely in 1888 and there have been several owners of it since. Perhaps the longevity of the name is testament to the quality of the product, and if that's the case it may survive a little longer yet.
I fear however that Carlsberg will be only too happy to buy the remaining 40% of the JV if it becomes available.
Absolutely!
As a Shareholder looking to the long term, I would rather stick with the prospect of an imminent recovery, than being mugged off by Private Equity's latest rendition of a Sale and Leaseback deal. Very rarely do they end well.
VC Groups are looking for value. The price they wish to pay has to fit their investment criteria. VC's rarely keep businesses intact as they see greater value in a break-up.
Here's a scenario, Marstons sell it's property portfolio and retain it's 40% ownership of CMBC. So in name only Marstons would continue. May sound a bit OTT, but cannot see Carlsberg being happy having just completed the JV, unless of course they are in the background!
Whatever as Trustees of Shareholder's interests the BOD have a duty to inform of any offer, which they will either recommend or otherwise to Stockholders.
Good points HarryCaul.
I think the question is 'What can Private Equity offer, that the current BOD cannot'?
The recovery in Business will happen, I suspect sooner rather than later. That recovery will be spectacular. Not just in Hospitality, but across the board.
Pubs, Restaurants will be rammed, and people will have money to spend.
You want a Holiday when we get the all-clear? Can you imagine the scrummage at the major Airports?
So, given that the 'pent up demand' will arrive at some point, the Private Equity crew will in my eyes at least have to pay up to be part of it.
Private Equity though would need to pay the right price, so this will be one hell of an exercise in pricing a Business with minimal sales at this point in time, while being attractive enough to shareholders to jump ship early.
Liberum has downgraded Marston’s to ‘hold’ after takeover speculation pushed the share price higher.
The brewer and pub company is currently considering an unsolicited approach from US private equity firm Platinum Equity Advisors. No further details have been announced by Marston’s, although in accordance with the Takeover Code, Platinum must make a firm offer or walk away by 26 February.
Anna Barnfather, analyst at Liberum, said: "Marston’s shares have risen up to its current pro forma net asset value following confirmation of a bid approach. No firm offer has been made, and hence no specific details have been provided while the board evaluates the proposal.
"Based on a pre-Covid trailing earnings before interest, tax, depreciation and amortisation of around £180m, current NAV of 87p and recent transaction comparatives, we believe an offer could come in at above 100p.
"However, this is dependent on many factors. We move our recommendation to ‘hold’, giving the upside risk balance with uncertainty over whether a final offer can be agreed."
Liberum, which previously had a ‘buy’ rating on the stock, has a target price of 90.0p. As at 0930 GMT, shares in Marston’s were flat at 82.25p.
Peaks - I don’t disagree with your point that a lowish offer that Is above current sp but is rejected by the board might still leave the sp where it is currently or it could even raise it as people speculate about how high platinum would be prepared to go.
But taking into account fairdealers very valid points about this all merely being speculation at the Moment and platinums shrewdness if the board tell them where to go and they were to show an interest in m&b instead then I would expect the sp to drop back to where it was pre offer.
I guess the point I was making when I said perhaps the first indication might be a significant move in the sp was more to do with the fact that invariably things have a tendency to leak out and be reflected in the share price, as they appear to have done on Friday, prior to comms being released.
At the moment it is speculation what if any a Bid will be. Platinum are cagey customers and know all the tactics to reel in shareholders. They could be testing the water, they are unlikely to make a formal offer until numbers stack up for them. Do not be under any illusion a VC group are not looking at the health and welfare of target Shareholders.
It is no secret the whole hospitality sector has low income and the future is unclear. This makes many companys vulnerable to a predator. Marstons now are basically a Hospitality Company who have a 40% share in a brewery Company. Shareholder should not forget this as CMBC is a separate Company. Carlsberg is the senior partner and food for thought that informal talks have taken place with Platinum??
Platiinum are only interested in assets that can produce a profit.
Pmoran, you say the first indication will be a jump or a slide in SP but in terms of downside: if the offer is higher than current SP but rejected then that is also positive/nuetral as it implies that the company is undervalued at present. Another thing to take into account is that we are only just above the recent high pre-takeover news anyway.
@Pmoran. Yes, that sounds like an accurate assessment of the state of play. it's still early doors and a more detailed assessment of the detail is required, and of course, the numbers which will of course take time. Sit back and wait for updates to see what transpires and make our decisions from there would be my strategy.
Thank you Pmoran1969, that's what I thought only the way some were reacting I thought I had missed the price offered.
Nothing is for certain in this game.
Unsolicited offer made to the board who are reviewing it. It seems that the market got wind (don’t they always) so on Friday as speculative share purchases pushed up the share price the board issued an rns confirming that an approach had been made.
No mention of price from the board. No speculation as to the price in U.K. or US press over the weekend and no further rns from the board this morning prior to market open. So what the offer is and what the likely reaction will be is pure guesswork at the moment.
I’m not sure what to make of that. Could it be the offer made was on the lowish side so the board are formulating an outright no response? Maybe the offer is sufficient to prick the ears of shareholders but, in the opinion of the board, doesn’t take enough account of our future value? Or perhaps the offer is generous enough for the board to recommend it to shareholders but they need a day or two to pop over to Copenhagen and work out how such an offer would work with our new partners?
So now we wait and see and perhaps the first indication we will get that anything is about to happen will be a jump or slide in the sp.
Have I missed something here because I haven't as yet seen a takeover price unless I am going blind, anyone please ?
Or is this going to be another AA deal and offer say 75p.
is 60 this month(Jamuary) could it be a handsome Pension??
I know that with whatever share you own, everyone sees something like this on the cards from time to time, regardless of how remote the possibility.
Opportunistic perhaps, or a genuine offer with some kind of game plan?
I know that with whatever share you own, everyone sees something like this on the cards from time to time, regardless of how remote the possibility.
Opportunistic perhaps, or a genuine offer with some kind of game plan?
London any holder of more than 1% can and do make a declaration when a bid is in process.
AS already stated there will be other Shareholders, above 1%. Expect further declarations, over coming days. It is quite normal and nothing to do with a New holding.