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Barchid
I will probably get hung,drawn and quartered for saying, the lack of observance in what is a critical venture makes one wonder how Marstons is being managed.
Fiona, should have said, I too echo Barchid's gratitude.
Fiona
Great info, thanks. I have never heard of this before, I guess it happens to aim stocks but can't recall it before on a main board stock.
Fairdealer
A very pertinent point re Carlsberg, what on earth can they be thinking ?
And to my mind the weirdest thing is the lack of reaction in the SP
which not only goes down badly with CMA, what are Carlsberg thinking?
Sorry, this was supposed to be attached. Marston's failed to supply paperwork on time for the deadline.
https://assets.publishing.service.gov.uk/media/5f3d28acd3bf7f1b19a40ca6/Carlsberg_Marston_s_-_Notice_of_extension_-_19082020.pdf
Subject to change at any time
https://www.gov.uk/cma-cases/carlsberg-uk-holdings-limited-marston-s-plc-merger-inquiry
Not to worry about posting the guidance, I only posted so others can see what exactly in terms of Level of Effort is required when these occurrences happen. Nobody can rush matters through and like many posts you've took the time to scribe that this is a long term buy not a week or even a month that some I feel are expecting. Like in my previous posts I have said 2021 will be more fruitful
CMA 18 gives a brief guidance of the process with a flow-chart.
Other CMA publications give more in depth information in respect of the process.
Even though a case has been opened it only proceeds along the timelines stated once preliminary enquiries confirm a full investigation is required.
Have tried too paste CMA18 but the system is not liking.
I do believe that Sophie has given the date of Sept 2nd for all concerns via email/writing to be addressed by then (sophie.dmitchell@cma.gov.uk) you can email her any concerns or comments that will be considered before that date. As for a minimal of 3months where is this time frame stated? If you refer to the CMA2 investigations process fig 2.18 it clearly defines the process, each stage of phase and within 12weeks is the decision point. Longer periods of investigations do take place but that is purely due to geographical asset location, cross boundary compliance and fin checks. A good source of information is referenced: Mergers Guidance on the CMA jurisdiction and procedure. IMO I feel this will be reviewed and completed no later than 3rd Oct. My source of info https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/384055/CMA2__Mergers__Guidance.pdf
Best speculation and comforts those who think a decision is imminent, I think not.
CMA investigations take a minimum of 3 months and depending on complexity , up 18months
Over 2000 breweries in the UK including micros, so how can a merger of 2 reduce competition?
Very much late in the day, I wonder if Camra's objections carried any weight in this decision ? If so it is probably an own goal.
Nevertheless these things usually take months, which for Mars could be tricky even with their pubs now re-opened.
Not trying to be Mr Dismal but the SP has held up, (at present anyway), rather better than I thought it would after this news.
It does raise the prospect again of a bid for the whole company, but after Greene King yesterday I doubt we will have much chance of that in this post covid world.
late in the day so to speak.
From front page of LSE:
Alliance News) - The UK's competition regulator on Wednesday said it will probe the joint venture between UK brewer and pub operator Marston's PLC and Carlsberg UK Holdings Ltd.
Shares in Marston's were down 1.7% at at 50.00 pence each in London.
The monopoly watchdog said it is considering whether the proposed brewing and distribution joint venture between Marston's and Danish brewer Carlsberg will result in the creation of a relevant merger situation and lead to a substantial lessening of competition in the UK.
Marston's and Carlsberg in May had announced the formation of a new joint venture for brewing and distribution in the UK, resulting in a large cash payment to Marston's.
Under the agreement, FTSE 250-listed Marston's would receive a 40% stake in the Carlsberg Marston's Brewing Co joint venture, plus a balancing cash payment of up to GBP273 million.
The joint venture had valued Marston's brewing business at GBP580 million and Carlsberg's UK brewing business at GBP200 million.
Marston's had said it would use the proceeds from the joint venture to cut debts. In March, the company had commenced a debt reduction programme with the goal of reducing debt by GBP200 million by 2023. As at the end of 2019, Marston's net debt was GBP1.39 billion.
In announcing interim results in June, Chief Executive Officer Ralph Findlay said: "Looking ahead, our transformational deal with Carlsberg positions the company well for the future. Post completion, Marston's will be a focussed pub and accommodation business with a significantly strengthened balance sheet, well placed to rebuild trading momentum and leverage the market opportunities available to us over the medium to longer term."
The Competition & Markets Authority is inviting comments on the transaction until September 2.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
The JV was supposed to be finalised at some point soon wasn’t it? - no idea of the dates though
Well I stayed at the Crown in Droitwich last night marstons Territory we arrived at 815 the bar wasn’t overly full ( perhaps the crowds had been and gone ) there is a harvester up the road . But I have to say the food was fantastic we spent £78 well after the 20% discount from my shareholder card which is the first time I’ve used it plus the eat out deal it reduced it to £28! Overall after chatting to the staff they said they have been really busy in August ,
On our way home tonight we passed several marstons pubs ,some car parks were packed some 50% but for a Tuesday that’s pretty damn good,
Sales wise some pubs I know have been drunk dry after re-opening ( not marstons but a potential indicator) with sales at some up 50% year on year, so I have £400 in the kitty and may add to my position tomorrow
yeah i imagine so and then filled at weekends by people wanting a beer -
any idea on the next update from Marstons?
Without a doubt, Marston's has something like over 1400 establishments and I can guarantee they have all been booked up between Monday - Wednesday with the eat out to help out scheme.
Does anybody have the date for the next update - Hopefully the mon-weds deal with prop this back up
I don't think so, I used to frequent spoons for its fish nights and nice pizza and beer for 7 quid. I look elsewhere due to his headline of telling staff to get a job in Tesco.
They had a problem at my local one a few weeks 140 fire limit with 240 inside, cops shut it down and referred them to licensing board, well deserved when local bars are adhering carefully to rules when spoons think they are above them.
Good point, but if you enter the FTSE 350, by some miracle, you also enter the FTSE 250. It is sheer magic.
Worth noting that todays Guardian is running a negative article on Spoons, long article, worth a read online just trying to stir up anti pub sentiment I suspect
Fair dealer. I’m really not attacking you or Barchild.
Posted myself here a few weeks back and was a little surprised at the way BC responded, as such I decided to look at his previous posts regarding Mars to get a feel for his investment type and the way in which others are dealt with - you see how I didn’t take it personal there ? The statement made by Oracle back then wasn’t all that ludicrous was it, when within 5 months it came into fruition as he posted. The wild zero that followed was likely a result of guys poking the bear thereafter. You seem like a reasonable guy, and I’m aware you’ve both been here together some of the duration, one appears to bounce off the other somewhat. What I’m suggesting is likewise, where some of us have £1 + expectations... it really isn’t that ludicrous when you look past what’s right in front of you. Of course if that does come about within the next 5 months we can forget about all this and the posters that anticipated it and then bang on about how fundamentals have changed and what that means for Mars in that moment. Concrete thinkers vs Abstract thinkers - there’s the one size fits all answer to all the wild and pointless interrogations.
Triumph you clearly have difficulty recognising the difference between fact and fiction when taking comments out of context.
Understand numbers are not your strong point, but do not conceal a lack of understanding by invention.
Read my words carefully in relation to a fund raise and then you may be able to get a grip of the mechanisms employed.
You believe or try make others believe Brokers have no control over share prices. Think again and at the same time check the Fundamentals of Marstons. Hope the BOD have seen the company's elevation to not just the FTSE 350 but higher still, the FTSE 250. This alone will add great value to the Company, just think of the Instituions who will now be buying in.
What a joke you are when you cannot get the basics right.
You are right, you will never win an argument when the plain simple basic FACTS are utterly wrong.
PP thanks for digging out the post just a pity you chose to target 2 posters when several others responded to Oracle1953 thread. Those posts were highly critical and remarked the statement was ludicrous. As for my post on the thread it merely questioned Oracle's thinking state and remined him the asset value supports the SP. This is a position I have consistently stated.
It is also poor form to have not identified Oracle's thread where he claimed the share was worth Zero until the company taps it's shareholders and then there would be dilution. Several commented, I did not as Oracle knows little about the finances of Marstons as do others here.
Even radio 4 is running a story about infection rates levelling out and that cases don’t warrant hospital visits as much as they used to - maybe we’re onto the next stage - persuading everyone back out and back to work. Here’s to that.