Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Just surprising Brains with over 100 years history and a new Brewery in Cardiff were unable to keep the wolf from the door?
I was in Cardiff Saturday for the Wales/England rugby game and all the Brains pubs and others were doing very good trade, and this is not a one off there are many such times when there are concerts, football and rugby events on and the pubs are over flowing. I would think that Brains pubs are a good little earner for Marston.
Mmm, " well run company", not so sure, some of the current management have been in place when RF was in charge. Ralph Findlay made some aweful decisions, selling pubs, in a hurry, below market value, keeping SH's in the dark when Platinium made not one but 3 offers ( way above the current SP), agreed a rediculous deal with Brains, who were in serious financial trouble. The Leasing Agreement, with Brains is to run 20 years. Interestingly, just less than 6 months after the deal was confirmed, Brains placed the Freeholds of their Pub estate on the market..There is more too the story, I'll not bore you with it . Suffice to say the current management have inherited problems which have not served Shareholders well, hence the SP malingering in the low 30's.
On the face of it the SP is massively discounted against the NAV. That may appear an opportunity to make a substantial capital gain, however investors need to consider the other side of the coin........why have Asset Strippers not piled in, after all the SP has been in the low 30's for months. Any investor would be wise to research the background financials and contractual agreements (Carlsberg), which will paint a somewhat different picture.
Indeed.
But, I think we can agree that the current price is not toppy and that there are greater chances on the upside than on the down.
I come back to the basics. This is a well run and profitable company with a large real estate portfolio whose market cap is 1.5 times it’s profit and 1/3 of it’s NAV.
Not aware of an end date.
A lot could happen to your investment in the next 10 years.
Best of luck
Fair point.
Though they could dramatically reduce the debt by selling less than 50% of their estate.
Is there an expiry date on that term btw.
In any case I am quite relaxed about it and am sure that in the course of the next decade the discount to NAV will narrow substantially.
I’m not going to discount the possibility of a takeover but I am happy to let inflation and profitable trading reduce the debt over time.
"not been forthcoming"
The scenario you paint could have merit, except the linkage that exists with Carlsberg ( Marstons or it's successor must retain 50% of the Pubs when CMBC came into being). That will be a formidable obstacle for any predator and probably explains why an offer has been forthcoming.
Surely, it is an allowable expense here too?
I would have thought that what would be attractive was buying a large amount of real estate at a discount and getting a business that generates £150m profit as a bonus.
Alternatively, someone could sell enough assets to significantly reduce the debt (the holding in Carlsberg Marstons as well as parts of the pub estate) to leave a cleaner, if smaller, pure pub co that could be rerated as such.
Or the board could do that now and give shareholders the benefit.
Just sayin’….
Doubtful British banks and BNP Paribas will agree debt transfer
Wait for the Fire service/Police report!
Nothing dodgy there then
Carlsberg have concentrated on production (Brewing) and not so interested in Pub Ownership.
The 60% ownership relates purely to the Brewery Company ( CMBC). It is highly likely they ( Carlsberg) will eventually own the 40% of the Brewery, retained by Marstons.
The loss of an Iconic Pub ( Crooked House) is very sad. Apart from the recent sale, Marstons had completed a big renovation earlier this year....new roof etc.
Earlier this year the unlikely tourist attraction was put up for sale with a guide price of £675,000. On Friday a Marston’s spokesperson said: “We’re delighted to confirm the sale of The Crooked House has now completed.
On Saturday 5 August 2023, a fire broke out in the pub. Appliances from Staffordshire Fire and Rescue Service and the West Midlands Fire Service were initially unable to access the site as the only service road to the pub had been blocked.
Marstons sold the "wonkiest pub in Britain" thefor an undisclosed sum,two weeks later its burned to the ground,that one will never sell beer again,
Heard Very sad news today, Crooked House burnt down last night. 2 weeks after sale completed apparently … Terrible loss of an historic building.
As marstons are shackled to carlsberg,and carlsberg are not skint,is there any reason that carlsberg could be the new predator,as they actually own 60% could that have been just the thin edge of the wedge,
Fair comment Fairdealer. I live in Brains Country and hear that our local 'Old fashioned beer drinkers pub" has started putting out nice Sunday Roasts, which I need to look into. It was languishing in need of a face lift, but even just a deep clean would be an improvement. I was surprised when they did the Brains Leasehold deal but guess that allows them to reduce their estate of pub property and still be running pubs. Apparently, Carlsberg is not skint! Ha .. DYOR
Macq the basic problem is debt and now another Bank rate increase which will relay to the floating charges attached to some of the Loans.
Would;nt it be lovely to get the 180p some bright sparks were pushing a few days ago. Anyone who believes such tripe needs to see a doctor.
As far as take=over is concerned, MARS is shackled to Carlsberg, which any predator will be aware.
I’m currently sat in a Marstons waiting for food, good amount of folks here right now.
It’s now weekly Thursday night quiz!
Can’t wait for my 30% booklet to arrive ;)
PRIMED FOR A TAKE OVER, and I’m in at 31p a share!
I Have to agree there,when in the covid era all pubs,clubs restraunts were closed and not trading the share price was at a 5 yearly low of 26.30,now we have good weather,no restrictions people staying in Britain for holidays and the share price is 30.05,wetherspoons,mitchels and butlers all doing fine,,,,any suggestions !
Where have all the " Rampers" gone ? You know, £0.35 by the end of the week, Prime for a takeover, I"m in at these prices, totally undervalued, etc. etc ? Batten down the hatches boys and girls beware the Wilko phenomenem . by the way i hold 13,000 Mars shares at an average of £0,70 so i am involved unlike some on here !!!!!
mm
Agree with alot you say especially as SP slips under 29 again today.. , though my experience of the pubs last weekend differs, Went to a local Marstons Saturday night, good atmosphere with plenty eating, nice staff, nice food. 61deep, Sunbeam, Wainwrights on tap (£4)..Karaoke came on later. Yes, could go to a Whethey with much cheaper beer, but enjoyed the clean tables / carpet/ comfortable seating that the local Marstons offered this time.
Dream on my fellow investors, after a basically bland trading update Myself and Lady Shaperite decided to frequent our local hostelary for a " cheepie " on a Monday Night. Nothing has changed as we were told that although they were on the menu both the Rump Steak and the Sirloin Steak were unavailable because they had had a very busy weekend, which if you think about it they must have run out during the weekend, so unless they sold the last one to the last diner on the weekend , then other diners were refused also. The subsequent Fish & Chips were O.K. Although the mushy peas were hiding under a chip but at a cost of £12.50 per portion I considered it expensive !! ( As were the drinks ) I am affraid that the standards are starting to slip which is synonymous of the whole group it is still the debt that is problematic, irrespective of the so called assets, debt must be repaid with interest, asset are generally static especially when expressed in property. I sincerly believe that irrespective of another takeover bid which may or may not happen that we shareholders will be waiting a long, long time to see any light at the end of the tunnel !!!!
Surely at this current price MARS must be on the radar for a takeover bid again ? Remember we turned down a £1 plus bid in 2021 as our board said it undervalued the company? So with the pandemic firmly behind us the turnaround in MARS has started. I’m adding when I can as more & more people are staying local as going abroad prices have gone crazy with rising temperatures also putting punters off. I believe profits in MARS will grow & grow & so will the share price. GLA ps No brainer for me at this price especially with the yanks waiting to pounce & take us out.