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Having sold out last year, I'm back in again at 93.5p, good luck to all.
@ Barchid.
I see what you're getting at, but I really wouldn't worry too much about this.
As I understand it, there are no plans that I'm aware of to cut the divvi. The only time I could see that happening is if there is a sudden massive dip in profits. If that does happen, then it would be prudent to reduce payment short term until things improve. But again, I don't see that happening as yet. This may of course change dependent on how this Coronavirus, and of course the recent floods and bad weather effects the next trading update. I'm taking the view that there will be some level of negative impact, but I'm hopeful that this will not be too bad.
Onwards & upwards, and all that.
Barchid.
Again, it depends on what terms were agreed with the banks for doing this.
Are we getting a better interest rate on the outstanding balance for clearing a chunk of it away earlier? This to me would be a major factor in entering into such an agreement. Less debt and a better rate of interest on that balance would be of benefit to Marston's, that's for sure.
Relating to a cut in divvi to that end, to me is a non starter. If that was the intent, then they would have been obligated to have state as much in an RNS. I don't remember reading such a detail. Maybe it is something they'll consider in the future, but there is no record of such plans submitted currently. We'll have to see if that is something that transpires at a later stage. Maybe this could happen and the share price tanks to 50p a share on the back of it, and I could win £100M on the lottery the day before and I could, and would buy a $h*t load of Marston's shares with it. Who knows.
Let's not worry about maybe's.
Trent
What you say is very salient but the new Chair did go down the swifter debt reduction route and was well received by the market too, not very long ago.
So his attitude could be, "why pay out all these divis", not trying to rattle any cages here but Vodafone did similar with a new boss, so never say never.
Just raising a flag on it, not predicting....
Barchid.
Anything is possible I suppose. My guess would be that it depends on a number of factors. If there is a slowdown or a reduction of profits, why would we pay out more on our debt out of reduced profit? if that is the case, to me it would make more sense to hold on to that for other use within the business rather than keeping the banks happy. Also, what the terms of the debt are. Is interest set at a fixed rate regardless of anything else? Are there any penalties or benefits to paying a large chunk of money off the debt, such as a reduction on the interest rate? Would interest be recalculated to reflect the outstanding balance, to take into account what has been paid.
Without having access to this information, it's hard to say what if any potential benefits or drawbacks are there.
That said, I can't say I see any benefit in putting ourselves out on a limb to get rid of debt, unless there are substantial benefits to us for doing so.
Trent/Appleby
Not wishing to be the soldier who p*sses on the parade ground, but given the way the new Chair abruptly (and correctly imo) changed the debt policy by requiring it to be paid back sooner, is it not possible that he might make use of a slowdown/dip in profits citing covid as the reason & then cut the divi so he can pay off debt swifter ?
Just a thought from left field
You might be right, Appleby. We've had an sp of 89p on much less c**p than this havn't we.
Of course, all of current problems are issues outside of Marston's control so is not related to the company being poorly controlled or weak management. I for one am not spooked enough to go anywhere near the sell button. Not by a long way.
Happy to ride the storm & hold.
Hopefully no more issues with my house that I need the last of my savings for.
I would hang fire , my buying target is 92.4 p and my trading history suggests I always buy in to early .
All of that said, I just wish I could get my mitts on some extra funds, now is a perfect time for a cheeky top up.
Therese more to come I think.
There was an item on the news this morning about how the spread of Coronovirus has markets spooked, this to me now explains this drop in sp.
Another thing that is going to affect the sp will be the floods we've had of late possibly effecting takings in our pubs that are in locality of effected areas. This will, in my view not come to light until the next trading update, so this is an issue for another time.
I think sales, hence SP, could be badly affected if coronavirus gets a grip in the UK. People won't go out much, if at all.
Yes I think so.
I sold a lot at about 120p in July last year.
Bought a few back at the end of last month as well at 104.5p.
Still got plenty of ammo left from 120p sale to purchase more if it drops further.
R@ Longterminvester.
You got a bargain there mate.
at 99.9p