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For the last 5 years the dividend was over 7 pence.. It will be reinstated once all the lockdown stuff is over in the next 4-6 weeks.. means over 10% yield at current SP.. 7% even at 100 pence.. ane even then 5.8% at 120 pence..
Buying pressure right now on levels
COVID-19 Update Results Noteholder Consent Request
Fri, 29th May 2020 10:47
RNS Number : 3791O
Marston's PLC
29 May 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
29 May 2020
MARSTON'S PLC
("Marston's" or "the Group")
COVID-19 Update re: Results of Noteholder Consent Request
As previously announced on 7 May 2020, Marston's Issuer PLC (the "Issuer") formally asked the holders of its Secured Class A Notes (the "Noteholders") for a limited number of technical waivers and amendments (the "Proposals"), as a consequence of the enforced temporary closure of its pubs by the UK Government as a result of the COVID--19 pandemic measures.
The meeting of the Noteholders took place at 10 a.m. today.
The Group is pleased to confirm that the Noteholders which were present, or represented, at the meeting held 99.55 per cent of the total amount outstanding of the Secured Class A Notes and 96.12% voted in favour of the Extraordinary Resolution regarding the Proposals, thereby giving their consent to the technical waivers and amendments requested by the Issuer.
As a result, the Issuer will now proceed with the implementation of the Proposals.
Covid update and blue
another pump and dump day!!!
Newbies be careful
mcfirth.. are you watching level2?.. anything interesting? big buys or sells lined up?
Yep with a strong buy signal, this won’t sit here for long at all. Short term target of 100
yep. there were shakes up all the way yesterday.. few pence up couple of pence down.. hopefully this removes and stale holders.. and repositions for nice movie to 80p+
Up she goes.
My point was more about a quick turn back to go blue as the sell was quickly getting bought up ..... levels looking really good here
Short lived drop, back in the 66s
Ftse down, all stocks down, so to be expected a little, main thing is its not a huge drop and beginning to pick back up.
theres a lot of long termers who are selling into the rises.. hencce the big up and down on Tuesday morning.. hopefully slowly moves up during course of the morning
114grand in cash sale this morning took it down a few points but it’s recovering quickly
Plenty appetite for this
Cont
Suspending dividends also frees up £55 million for the group, which has secured an additional £70 million credit facility from its banks and is expected to receive a debt covenants waiver from its bondholders today.
The City has long been nervous about Marston’s debts, about 80 per cent of which have lengthy maturities. Its borrowings are high, but manageable over time.
The valuation of Marston’s breweries under the joint venture equates to 90p a share, yet even after the bounce in the price, the shares are still worth only 66½p, up 9½p or 16.5 per cent yesterday, after yet more analyst upgrades.
Admittedly that includes the cash, but even without it, investors are effectively assigning zero worth to the pubs portfolio. The shares trade on a multiple of 10.6 times Liberum’s forecast earnings. Buy them and wait for dividends to resume.
ADVICE Buy
WHY Strong joint venture with prospects, debts becoming manageable and the shares are very cheap
Brewery deal is worth raising glass to
Miles Costello
Friday May 29 2020, 12.00am, The Times
Share
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Investors and analysts have been toasting Marston’s deal with Carlsberg. Shares in the FTSE 250 pubs and brewery group doubled in price on the day the agreement was made public at the end of last week, and have lost little of their fizz over the subsequent days. The follow-ups from the analysts that cover the stock have been overwhelmingly enthusiastic.
It’s not difficult to see why. While the partnership dims Marston’s involvement in brewing ales and beers, and sparked howls of outrage from the ale purists, it has teamed up with a well-regarded player and the terms value its existing operations at a sound multiple of earnings.
The £273 million cash payment Marston’s receives means that it can meet its target of cutting its unsustainable £1.4 billion of debts by £200 million, and early. That the group’s called time on dividend payments this year has been forgiven in the light of the current crisis.
Marston’s was founded in Burton-upon-Trent in 1834 and as well as brewing Pedigree, it operates 1,350 pubs. It also has premium outlets including Pitcher & Piano.
The group ran up its debt pile by building up its estate through a series of expensive acquisitions while the pubs sector was consolidating; it has been gradually bringing it down, including by offloading pubs and reducing its capital expenditure.
There are some clear merits to the combination with Carlsberg, the Danish brewer of lagers including Carlsberg itself and San Miguel.
It’s noteworthy that, after the two sides began talks in November and agreed the framework terms in February, they were left almost untouched last week despite the impact of coronavirus. And only£34 million of the agreed payment to Marston’s was deferred, for a year, based on the performance of a small basket of shares, of which it is one.
The valuation of £580 million that it puts on Marston’s brewing business represents an attractive 13 times last year’s earnings before tax and other costs. The group gets a 40 per cent stake in the joint venture, and boardroom involvement, so it can exercise influence in the relationship.
The cost-savings target of £24 million a year looks conservative. With both companies supplying their own and other pubs, supermarkets and shops as well as hotels, bars and restaurants, the opportunities to cut costs look substantial.
With consumer tastes polarising into craft and premium ales on one side and mass market beers and lagers on the other, bringing together both sides makes strategic sense. This deal follows a series of mega-mergers in the sector that led to the creation of brewing giants including Anheuser-Busch Inbev, Constellation Brands and Molson Coors.
The Carlsberg cash should not only reassure Marston’s shareholders about the debt target, but also that the group has the resources to keep going under lockdown restrictions.
Suspending divi
Barbies of up to 6 people are also allowed, so good for retail sales of beer
Shazabo. that what I was hoping to get a sense of.. i think they were working on reducing debt and refreshing exisitng pubs- to improve profits before lockdown. So yes possible but its hard to say what the SP will be as a result. in 2017 EPS was 14 pence but the SP didnt reflect this..
Hi Mathew as Mister mentioned, you could a limit order in.. if you do see the upside to 90+ and manage to get 65p that a good return. I watch the share this week, actually meant to buy earlier int the day but feel its already tested higher ground, moved lower.. moved back.. plus Bojo mentioning pubs opening sooner.. is great news. If people cant fly and the weather good.. pubs will do really well.
It will be a releif to get the pubs open again. Not long now.
This stated that, along with such businesses as hairdressers, places of worship and cinemas, pubs in England could open from 4 July at the earliest.
However, Mr Johnson hinted during an interrogation by the Liaison Committee on 27 May that the date could potentially be brought forward slightly.
The Prime Minister said: "It is very difficult to bring forward hospitality measures in a way that involves social distancing.
"But I'm much more optimistic about that than I was. We may be able to do things faster than I had previously thought."
https://www.google.co.uk/amp/s/inews.co.uk/news/consumer/pubs-open-uk-when-lockdown-date-reopen-rules-opening-coronavirus-wetherspoons-2862717%3famp
Am new to this share.. So if this is held long term what would potential SP be? I can see from the historical charts its never really gotten above the 100-130 range, but if everything picks up and the carlsberg merger should this finally be going above that range? Am talking long long term.. There are other shares out there who have the potential to recover a lot more.. Short term ie June could easily be hitting the £1 range when pubs reopen?
Why not set a buy order at a sensible price you'd like. Never know, it may get picked up during the early trading volatility.
I missed out here. Would have bought on a deeper retrace but it seems it may not be. Would say the 90p price target should be an easy hit short term! Probably good prospects for LTH too.
strong finish. price movement on tuesday were a little odd... expected the rise to sustain, but i think the middday RNS on Friday caught people off guard, we then had the bank holiday.. and the powers that be moved it up pretty fast in the morning which stifled all other buying.. but seems like this is much more steady progress and Bojo's comments will help maintain momentum.. If people cant fly that easily, if the weathers great, then pubs opening will do really well.