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They've raised their target price from 90p to £1.40!
Nice!!!
Apologies: price moves from 40 to 140!!!
From "hold" to "buy" but target remains 40p (!?!?!?!?!?!?)
Trent, you are right, we do not get something for nothing.
As stated there is as the extract from the Solicitation Memorandum states. As the Principle Class A Loans oustanding amount to £493m, 0.05% is charged on the Loan outstanding at each installment date. Further reading the Memorandum, the company will increase it's Liquidity Facility in order to maintain interest and loan repayments. It is projected this arrangment could be in place for up to almost 2years. In other words replacing 1 debt with another. Based on the Loan principle currently outstanding the Early Instruction Fee amounts to circa £250K
Early Instruction Fee The fee payable to Eligible Noteholders in an amount equal to
0.05 per cent. of the Principal Amount Outstanding of the Notes
for those Eligible Noteholders which deliver a valid Electronic
Voting Instruction in favour of or against the Extraordinary
Resolution which has been received by the Information and
Tabulation Agent at or prior to the Early Instruction Deadline
(and has not been validly withdrawn).
@ Barchid & FD.
The one thing that crossed my mind after this morning's RNS is what do they want for waiving those financial agreements. To my mind, they are going to want something for their patience.
Barchid,
I try to make a synopsis rather than some long winded diatribe which will only bore.
AS you say in essence the debt pile will grow in more ways than one, I have grave reservations about the venture with Brains.
As Daave and Leppington have just illustrated, being at the "coal-face", re-open is not going to be the panacea many expect. All we need is a spate of drink encouraged Holiganism and then be faced with another dose of draconian measures.
hi run a franchise of marston’s, i will not open even though i have a large outdoor area, simply not viable
Daave
Good to hear from you as you have real skin in the game, as a publican yourself, I agree, 20%, is it worth getting up in the morning to let them in the garden ?
Fairdealer
Thanks, your handle is always good on these loans, essentially our debt mountain just grew a bit higher in a nutshell ?
Good afternoon Barchid,
The RNS is short on detail in respect of waivers agreed. Substantial detail is available at,
https://sites.dfkingltd.com/marstons.
Bondholders require 0.5% fee to be payed on each installment of the Class A loans, once of course repayment resume.
MARS have also stated Liquidity Facility will be increased ( overdraft to you and me) .. The waivers are in place until October 2022.
And the weather forecast for April isn't looking great....
70% of pubs trading at probably below 20% of capacity... this is going to be a complete s***storm!
Encouraging and especially upbeat re the waivers.
I expect Fairdealer will have an angle on those as it is something he has always had a very useful insight on.
The Group expects to reopen around 70% (c.700) of its managed and franchised pubs in England with outdoor spaces on or around 12 April and, subject to final regulatory confirmation, the majority of our Scottish and Welsh pubs on 26 April.
Has the feel of a stock that has some movement in it as we get to the 12th April and 17th May (lets hope its upwards - time will tell........).
Light at the end of the tunnel and being able to open in some fashion next week behind this I think.
Either way. This is nice to see.
I noted that my newly acquired shares in FUL is up a midge too, as is my SGC holding. Happy times ahead I think.
I san see MARS nudging £2 within 2 years. Just let the Country out of this claustrophobic straight jacket, long enough to breath again.
Sorry for off topic here, but @JoeKenny.
I've looked into both, but did not want to buy into both, (I'd have had too much risk in one sector) so I opted to buy into FUL with a small 1900 holding as a punt. To me, they looked to be in a stronger position than COM in my judgement. I think what swayed it for me was the comments made that they were looking to expand once normal trading resumed, and that they were prospecting to get better deals on rents on sites they think they will do well on.
That suggests a shrewd strategy to me.
May fortune favor the brave/foolish.
Oh, and a happy Easter to all holders here.
Glad to hear Trent.
It does give me some confidence that I'm not alone in my thinking. I strongly believe the likes of COM, FUL and Restaurant Group have a long way to go before they are back to their full potential- so there's a nice couple of bucks to be made for us private investors over the next 9 months (given that as my personal time frame since that is when I think consumer spending will be at its height (Summer-Xmas) before receding again next Jan).
Pent up consumer demand has never been so strong: simple economics, currently witnessing a strong V shape recession, all people need is a bit of financial literacy .. and well, guts!
GL :)
RF has missed you, unfortuneately he decided to jump ship and No one knows how many of the Welsh venture are to be opened. It is known 40 will not pass H&S regs and many of the rest are city centre drinkeries with little or no outside space.
"Brain" box can you provide the logistical information?
I'm glad no one took the advice of Selling low and buying High, they'd be in the same boat as you now! Heaven forbid your strategy is something like a Terry Pratchet novel. The opening statement of "Yes agree Its looking like a good time to be back in here" is very good especially as its April SuperDischargers day!
Well at 98p you'll do well to sell at 96p and top back up at 99p.
DYOR & Stay safe
@Super(?)
Well a reasonable crack at an April fools joke from someone who sold at 50p from memory after puffing them thrice daily at least for some months, so now you can only buy less than half as many as you sold a few months ago for the same money ?
Well that sounds a great idea to me, not.
Yes agree Its looking like a good time to be back in here. Perhaps RF should be congratulated with a Stella deal with the Welsh Pubs as they are coming out of lockdown sooner than most. He has used his Brains! If foreign travel is restricted as expect and more stay to sample the Uk then Marstons will do very well in the second half of the year to start clawing back some money big time.
It will complement my modest holding here too.
@ Joe Kenny.
Actuqlly, I've had a bit of a re-think. I've had a bit more of a look at both COM & FUL, and of the 2,
I'm tempted to dip my toe into FUL with a small holding. Nothing too extravagant, 1000 or so shares.
My limited research so far sees enough positives to peak my interest.
I'm liking the expansion plans & low debt levels.
And I have a soft spot for Greek food. Only down side is no Greek food restaurants in my area.
Thought it would be worth just put 1k or so in each, think it'll pay off as things reopen.
You too Trent, think we're in for a good year