Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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I see the midnight sh7te hawk still has the pee'ing in the night issue. I am still here watching my spuds grow and they've come on beautifully since feeding them SuperDischarger predictions like a very own organic manure pellets.
This sector is hit up and down the country and even more so in community hubs where I know a few establishments had to close because of the track app giving off a positive alert from being checked in to their venue.
Nice to see a few new names pop up, albeit probably some the same Jim Henson muppet
hope you are all well.
Of possibly more relevance than the night owl predicting, Mystic Meg style, what MARS is likely to do today, there is todays rns re the awaited replacement of the CFO position. She apparently is a long time director and knows the business well, if that is really correct then I feel encouraged. Another issue is what their staffing position is, in London hospitality staff are bid not offered, I suspect that could be true nation wide ?
Charlie -might actually see a big jump tomorrow -if market works on anticipation. Tomorrow morning will be very interesting to see, however I am in no rush to cash in for funds in any case with this one.
In theory this should steadily rise now
All social distancing rules and masks also capacity for pubs to be axed from July 19th. Should be a good week for the industry.
https://www.telegraph.co.uk/politics/2021/07/05/boris-johnson-announcement-lockdown-easing-restrictions-july/
Looks like a takeover target again? Sudden jump et al.
Claire...I have said it before...and I say it again
You seem to have an eye for this :)
Kind regards
The Jimster
buys starting to come in after the sell off.
time to buy and load up while at discount price
FD
I must admit that with the new brewery financial arrangements I am pretty much discounting revenues from there until we see their accounts. I am viewing Marstons at present as a pubco with rooms. I hope to be pleasantly surprised with brewing numbers but am certainly not betting on it. As a lth I do feel that Mars has been less than transparent with events since the pandemic & that, rightly or wrongly, puts me into cautious mode. I highlighted the City Pub no's as they are relevant to Mars performance & I was pleasantly surprised with them.
But as you say, CMBC are surely trading on thin margins.
@FD. Yes, you're right. Supermarket chains are notorious for this.
I'm not sure how the trading update will present itself, but it'll be good to see what the numbers are, however they are presented.
Hope you are well mate.
barchid, Trent, remember super markets will be supplied by CMBC of which we have a 40% share and supermarkets notoriously negotiate wafer thin margins for suppliers.
Sales may well be up which is good for cash flow.
Wonder if we will get direct reports from CMBC?
@ Barchid.
I would expect to see a very similar comment on this in our next RNS, although I would say our numbers may well read slightly better, as income from off sales from the supermarkets would add to the figures. Marston's pubs will be operating to the same percentages as theirs, so those that can't get in to their local, may well get off to Morrison's et al and buy their beers from their. Some are likely to pick some of our brands up too, particularly if they are on offer. I saw Carlsberg advertised in an Asda advert the other day, so there is likely to be some take up there.
Atb.
I see City Pub Group is now trading at 90% of their 2019 level, which has to be a result in anyones book.
One item they raise though, which goes against various posts here is that trading is not being influenced by the Euros football as the crowd limits cut in to stop them really making hay.
Nevertheless, it shows what can happen, let us hope MARS is similarly benefitting.
@ Shaperite.
Apologies for my late response.
I'm not 100% against the Brain's deal. I can see a good deal of merit to it. Mainly for exposure of our brand in virgin teritory. I see nothing wrong with that.
What I do take issue with, is the seemingly haste in how this came about. I am not convinced by a long way that RF got the best deal that he could for the business, or for us shareholders.
This coupled with the Brain's boss sailing off into the sunset shortly afterwards, and (being unkind) RF seemingly doing the same shortly after that raises some questions to my mind.
A better deal would have been available in my view had he simply waited a while to do a full and more detailed forensic examination of the state of the Brain's finances and the general health of the company, and an offer being made which would have offered fair value to us.
SHAPERITE
I have searched the agreement and it sant in regards repairing leases and no mention of the 40 sub standard pubs. It would appear the original consideration ( 23rd Dec) was not amended when the deal was completed.
If you have followed events there are certain events to keep in mind.
Ralph has made some strange agreements.
Sells a bunch of Pubs to Admiral at a knock down price.
The deal with Brains was hastily completed, curiously just as Platinum were showing interest.
Once the Brain's deal was completed, immediately Brain's Chairman resigned and not many after Ralph announced his departure.
You are right Shareholders are entitled to know what is going on. When the deal with Brains was announced on 23rd December we were told full details of the management agreement would be published before the deal completed.
Fairdealer20, Thank you for your input but it still does not answer the basic questions that I posed i.e. the deal would probably contain clauses that eventually necessitated not including the 40 odd sub standard houses after an inspection. Brains were in financial difficulties without doubt but to say that RF could have made a better deal is pure speculation without knowing all the facts afterall it would be a board decision not his alone!Regarding repairing leases, we dont know but the members of the board will, and they have no specific mandate to share that information with minor shareholders like us but it was a buisiness decision to improve our income and hopefully our share price. People on the outside always think that the people who are in charge are not competent and could have always done better. The next trading year will give us an insight one way or another. Keep the faith
SHAPERITE
Marstons and Brains signed contracts on 23rd December. Marstons were to lease/manage 156 pubs. When the deal completed in early Feb the numbers of Pubs had decreased to 116, 40 were considered below par.
This signifies a deal was done when the Brains Estate had not been surveyed. In other words RF bought a pig in a poke.
I challenge anyone to discover details of the agreement. Does the agreement come with a repairing lease?
What is known Brains were payed 6 months up front. It is known Brains were having financial problems to the point they may have collapsed. So Trent is right, had RF been a little more careful, a better deal could have been made.
2 tips today, Yahoo Finance says Marstons is a buy, as does Shore Capital, reported in City Wire this pm
Trent, Please correct me if I am wrong but I take it that on principle you do not object to the deal with Brains as you stated that RF could have scooped them up at a heavy discount if the free funds were there to do so. My question is how do you know the details of the deal that has been done? Only a sketchy leaseback detail has been announced, The deal must have had the approval of the board and been costed accordingly! As a shareholder myself I see the whole deal as a positive one,
a chance to grow the brand and make a presence in South Wales that previously was poor. It will not be a quick fix but you
only make money by laying some cash or guarentees out. Come on Marsdens ,England & Wales (Football I mean).
That seems like a well balanced assessment, Fairdealer.
Work seems to need to be done on our estate to improve our offering, based on your observations it would seem. To my mind, I think RF should have concentrated on that rather than chasing Brains to pull them out of whatever situation they were in. I've said this before, that's what they should have done and left Brains to their fate, and then possibly looked to have scooped them up at a heavy discount if the free funds were there to do so.
Just my opinion, of course.
Fairdealer
Many thanks for that, food for thought (or not if only half english!).
Barchid, Trent,
In the lost post I did compare the service and meal provision of Marstons and Premier Inn ( Beefeater)
Remember I was looking at it from a Customer's point of view.
Too within a penny or 2, breakfast costs were similar. Both meals were well cooked and presented. The Beefeater breakfast was more generous than Marstons which was meagre and not substantial. Both were Full English ( Marstons could be called 1/2 English)
Value was best at Beefeater.
Value and cost controls is good for Marstons Shareholders, but unless meal content is addressed, some customers may prefer other providers.
Staffing in both venues is clearly an issue, which makes one wonder how the hospitality sector is going to serve the expected demand this summer.. Considering my visits were over the weekend when occupancy was higher staff numbers were in the case of Marstons, where staff were predomanently younger, were run off their feet. At Beefeater staff were rather more mature and better organised.
How all venues are going to cope once the peak of holiday season arrives must be a concern to all Hospitality venues. It does seem many of the cheaper employees ( Eastern European) have disappeared which is leaving a large void for managers. This is where Management Organisational skills will come to the fore.
From what I have seen Marstons need to be more active in identifying weaknesses within individual venues, something which should have been addressed during lockdown. It may have been, but is not apparent now re-opening has occured.
Fairdealer
Very interesting, certainly I have not been impressed with the Marstons room offer but that could be because I was looking in the wrong places though does indicate their standard is too variable.
On the bookings front though they do seem late June early July to be very busy which augurs well.