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Rick you have quoted the words of CMA which is correct.
The only assumption I have made, as have others, this dilatory approach reflects badly on our Execs.
Carlsberg have complied and as stated earlier, what are they thinking?
Fairdealer, The following I quote from the CMA document - "Marston’s has, therefore, failed (with or without a reasonable excuse) to comply with a requirement of a notice under section 109 of the Act.".
It would appear you are of the assumption that there was 'No reasonable excuse' for the delay?
We have completed and returned the CMA JV questions. Nothing of any substance, looks like a tick box exercise.
So bear with me here. Marston's have now complied and transferred the relevant documentation and that is why the Notice of Termination has been issued. Further, we are awaiting a decision on the 20th of October? Am I understanding this correctly?
updated notice.
https://assets.publishing.service.gov.uk/media/5f3f8ef1d3bf7f3928eb5a97/Marston_s_-_Notice_of_termination_of_extension_-_20082020_WEB_TEAM.pdf
Ignore the CMA's Notice of Extension, due to Marston's non-compliance to supply certain documents and information, at your peril.
Supercharger stop trying to create diversions, concentrate on what's happening now.
See a bounce back tomorrow or if not very soon. Most including the so called fresh press articles were published by Marstons on their own "official website" in May there is nothing new here at all. The process is due to conclude from next Month. Someone is playing games here see link to the official release :-
https://www.marstons.co.uk/docs/jv/2020/Carlsberg_Marstons_Brewing_Company_News_Release_22_May_2020.pdf
thank you
Unless it's in the Public Domain any new information will not be present otherwise the integrity will weaken the integrity of the business. Looking at the CMA's statement that they announced, I feel that they gave less than 24hrs if you think the CMA starts at 0900hrs (and they are home-based at present) they first have to construct the email then send over to HQ (depending on whoever they have as a Point of Contact) so we're already less then 24hrs if they gave till 1400hrs following day.
My example would be along the lines of
18th Aug: 0900 -1700hrs = 8hrs +/- 1.5hrs
19th Aug: 0900 - 1400hrs
Business hours of 12hrs to construct email, send, receive, acknowledge, collate, approve & respond.....
10% down due to lateness could be a hard lesson to learn from, still not a comforting sign though.
Fiona, any update on Marston's paperwork please? Thanks, I can't find anything on-line.
I have heard rumblings of things being somewhat top heavy in the structure up top fairdealer so it would be about bloody time, would save themselves a fortune. Perhaps with this JV that may be one of the key things they kick off with a re-structure
CharlieBur
So Managers are supernumarries, a resource ideal to achieve a cost saving. Could they be looking to the future , consolidation and a "Golden Goodbye"?
Well this is typical of Marstons, you should see the lack of organisation if you can call it that here at Bedford, managers couldn’t organise a **** up even if they tried!!!!! It’s left for the operators to organise production, I dare say things here would run like clockwork if all the managers buggered off and not stuck their noses in confusing the simplest of tasks!
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Fairdealer
I doubt you will be hung drawn & quartered tonight, most of that gang will be out on the 3rd day /last day, of the week for eat out to help out .
Probably be tomorrow and I'll be abused too, but am still intrigued with the SP today. Did someone know something, hence the earlier weakness ? I guesss we'll never know.
Barchid
I will probably get hung,drawn and quartered for saying, the lack of observance in what is a critical venture makes one wonder how Marstons is being managed.
Fiona, should have said, I too echo Barchid's gratitude.
Fiona
Great info, thanks. I have never heard of this before, I guess it happens to aim stocks but can't recall it before on a main board stock.
Fairdealer
A very pertinent point re Carlsberg, what on earth can they be thinking ?
And to my mind the weirdest thing is the lack of reaction in the SP
which not only goes down badly with CMA, what are Carlsberg thinking?
Sorry, this was supposed to be attached. Marston's failed to supply paperwork on time for the deadline.
https://assets.publishing.service.gov.uk/media/5f3d28acd3bf7f1b19a40ca6/Carlsberg_Marston_s_-_Notice_of_extension_-_19082020.pdf
Subject to change at any time
https://www.gov.uk/cma-cases/carlsberg-uk-holdings-limited-marston-s-plc-merger-inquiry
Not to worry about posting the guidance, I only posted so others can see what exactly in terms of Level of Effort is required when these occurrences happen. Nobody can rush matters through and like many posts you've took the time to scribe that this is a long term buy not a week or even a month that some I feel are expecting. Like in my previous posts I have said 2021 will be more fruitful
CMA 18 gives a brief guidance of the process with a flow-chart.
Other CMA publications give more in depth information in respect of the process.
Even though a case has been opened it only proceeds along the timelines stated once preliminary enquiries confirm a full investigation is required.
Have tried too paste CMA18 but the system is not liking.
I do believe that Sophie has given the date of Sept 2nd for all concerns via email/writing to be addressed by then (sophie.dmitchell@cma.gov.uk) you can email her any concerns or comments that will be considered before that date. As for a minimal of 3months where is this time frame stated? If you refer to the CMA2 investigations process fig 2.18 it clearly defines the process, each stage of phase and within 12weeks is the decision point. Longer periods of investigations do take place but that is purely due to geographical asset location, cross boundary compliance and fin checks. A good source of information is referenced: Mergers Guidance on the CMA jurisdiction and procedure. IMO I feel this will be reviewed and completed no later than 3rd Oct. My source of info https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/384055/CMA2__Mergers__Guidance.pdf
Best speculation and comforts those who think a decision is imminent, I think not.
CMA investigations take a minimum of 3 months and depending on complexity , up 18months
Over 2000 breweries in the UK including micros, so how can a merger of 2 reduce competition?