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Googled “joint corporate broker” and checkEd the recent history of companies that came up, pretty much all had an RI or placing not long after, so odds on something is afoot. Maybe required to keep the JV on track? Given the current MP is around 300m how do you calculate the required 250-500m? seems OTT especially if we are getting back to normality by then.
Fairdealer RI is definitel the only way PI's have a proper chance to participate without dilution, assuming they are prepared to participate, but with FT showing Friday's market cap at £289m it sounds like it would need to be more than a1 for 1 with shares at current level & in order for it to be at a discount large enough to tempt people in, so quite possibly a combo, as you suggest.
Fund raise to be a minimum of £250m and possibly as high as £500m. I consider a RI favours interests of Shareholders rather than a Placing. Even a combination of RI and Placing better than straight Placing. What are other's informed opinions?
Ian Agreed, indeed if my memory serves me right it was a placing to institutions that financed the Wells brewery acquisition, the PI's were excluded then. Now if you look at the holding list there are very few insto's left in so it could be a RI out of needs, but it could also be precisely why Peels are now on board to sell the story to recovery funds etc. It certainly is pleasant to meet someone, apart from a few old posters, who is not either claiming they will be £2 to £3 in a year or two , no justification ever given by the tw*tterati, or to hear what they bought to eat on the eat out help out scheme, especially on the privilege card. Certainly does little to help discuss & decide on differing views re current problems, but I guess it keeps them happy so who am I to spoil their fun?
I have generally been bullish on Marstons, but sudden drop to 35p which i couldnt justify and seeing appointment of joint broker now for me is ringing alarm bells. Could be wrong but for now im out and sitting on sidelines
Very much agree. With the level of debt almost certain Lenders have robust conditions in place which given Old and very dubious Valuations, gives little room for manoeuvre. Also the agreement with Carlsberg ties Marston's hands if liquidation of assets were to be considered. A Placing would not be in the interests of Shareholders, a RI is the only obvious solution which does not dilute, unless individual Holders do not take up their allocation.
Fairdealer That is indeed my gut feel, the best deal for shareholders would be if the board could arrange debentures, unsecured loan stocks or the like against their estate as that would avoid dilution for the shareholders, but I fear due to their apparent aggressive valuations these are already fully utilised providing security to the banks to whom we are indebted. Another problem against raising cash using some of the estate as security is that there may well be agreements in the bank loan requiring any form of stronger security on a loan in the future having to be matched on existing loans outstanding. So it seems likely that if a fundraise is in the offing it will be down to the shareholders alone to finance.
barchid, I tend to think this is paving the way for a Fund Raise....No surprise to me.
Have been convinced for some time it will be the only way the BOD can deliver their plan for the retained Pubs/Motels. Expect it towards Q4 or sooner depends on how current income is building and how RF intends to cover the temporary facility due for repayment in November
I see Peel Hunt have been appointed alongside JPM as joint broker with immediate effect, I wonder if this is merely window dressing or if some type of capital raising is being planned where Peel's would be more at home than JPM due to the current market cap ?
Very positive reactions from businesses to first week of the 'eat-out...' scheme. Some business owners reporting customer numbers 'like Christmas'. Now fingers crossed Thursday through Sunday remains decent.
Not long. I invested in May with the belief this share would make me some returns in the midterm. I regularly monitor these message boards and appreciate all the help and information I can glean from them. I tend not to write to much as I have a low tolerance to de-rampers and disgruntled employees that are often found on message boards. Out of interest how long have you been invested in this company?
If you have over 500 shares, then the card is included in your welcome pack IF you hold a paper certificate.
If the shares are held in a nominee or broker like HL or ii, then Marstons do not have your records and you need to contact them and provide proof you hold the shares - a copy of a contract note or similar.
They said : Good afternoon,
Thank you for your email.
Shareholders who hold 500 shares or more are entitled to a Privilege card which provides a 20% discount on food and accommodation in Marston's managed pubs, Inns and lodges.
If you hold the shares directly in your name, and have purchased them within the last month, a shareholder welcome pack will be on its way to you shortly and will contain your Privilege card.
If you hold the shares via a bank or a stockbroker, we need to see evidence of your holding before we can send a card to you (as your details do not appear on the shareholder register). This can be in the form of a copy of a recent contract note, confirmation email from your broker or a screen shot of your holding (if you have an online account). Any of these can be sent to myself at the details below, along with a correspondence address for me to send the card to. Please note, we only require evidence of your Marston's holding. Holdings in other companies should be blocked out or erased for data protection purposes.
Due to the current circumstances, there may be a delay in receiving your card. We are doing our best to get them sent out as soon as possible.
If you have any queries in the meantime, please do not hesitate to contact me.
Emily McLachlan Company Secretarial Administrator Emily.McLachlan@marstons.co.uk
Just to clarify shareholders still get their privileged card discount on top of the government discount, but get taken off the discounted total part of the bill. So even more reason to treat yourself with a meal out.
My personal experience last night at my local Marstons was very pleasant, individual printed menus for each customer, so there is no chance of cross-contamination. Plenty of available hand sanitizers and socially distanced indoor seating. The food was good and enjoyed. My only gripe would be the cost of the drinks. An Old Rosie Cider was £5.05 per pint and a pint of lemonade and lime was £3.50 (obviously reduced by 50% when paying) which seemed very steep in normal times. The pub was probably 80% full with nearly every table ordering food, which was pleasing to see.