Sound Energy #SOU provides an update on a potential farm-in and operational progress in Morocco Watch Now
cafc, you must have a personal account number with HL. PB will then link with any allocation you are allowed.
If you have done the transaction online PB will confirm receipt of your payment.
Do'nt forget depending on level of applications, you may be scaled back and excess funds will be refunded.
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.
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
Rubey you are like the Face of Janus. Only days ago very anti RBD 's proposition and yet continue to write acidic remarks here.
Why not ask Bramhill why so keen to takeover Deltic? If you get an answer maybe that will temper the disparaging comments posted.
miker you know more than me, but as you must know Authorities in the area have given WN an easy ride. The likes of swampy is a spent force and to a degree an irrelevance. It is the conditions which have been applied that Authorities and particularly Locals will be watching. Although onshore, with advantages, WN does come with observable constraints.
Mike you keep grumbling, of which I understand, but keep in mind why does MS continue to hold and makes clear his attitude towards a takeover. If he were to start offloading , that could be a cause for concern.
As usual you write with clarity. We tend to agree on most things, and like some you included there is frustration in not being kept better informed by the BOD . As you rightly confirm the raising of funds at such an early time, the award of pay increases and the appointment of a CFO, has added to a belief the Executive act in a self serving manner.
Patience is always a necessity with these type of investments .
The RBD approach was cheeky to say the least and although I do'nt follow events at West Newton that closely, do know they are up against Environmental issues which may frustrate their progress.
Stayed at the same motel
The experience was a bit like the Curate's Egg.
I'll start with the best part. The Breakfast team ( yes breakfasts were on this time), were helpful cheerful, attentive and wearing masks. On the contary the Receptionist on Friday night was anything but friendly, remained sedantry and when presented with my confirmation Booking email insisted on me giving my name. Presented my Privilege card but am not sure whether or not the discount was given ( will wait for my Visa statement). Used the electronic card to access the room, in separate block to Bar and restaurant , however even though kettle, cups etc were present NO tea, coffee, milk etc. Did not complain having just driven over 250 miles. Did understand later, the receptionist should have given a sealed bag with tea, coffee etc.
The first impression always sets the tone of the establishment even though the Breakfast team performed well, the receptionist gave me a bad impression.
If, as promised, Marstons are to provide Operational Excellence, serious staff training must happen, focusing on Customer care particularly Front of House staff.
Given the motel is in a good location and a Friday night I estimate the Bar and Restaurant was no more than 40% occupied and outside tables possibly 50% occupied. I asked staff on Saturday morning how trade is since re-opening, answer "slow but we are getting there"
In regards Tenancy arrears, aware as you state overdue rents etc have been bundled together up to the end of year 2018.
There can be no doubt that number is going to explode during the current year, we are unlikely to know precise figures until year end accounts are published. Had hoped Hoolicat may have been able to give us a clue? I will continue to dig but am under no illusion the numbers will be revealed yet.
I do not know but it is conceivable disagreements are ongoing between Landlords and Marstons regarding payment of Beer tipped down the drain. This in itself brings up another very important liabililty...alcohol tax. HMRC require payment of Alcohol Tax at point of manufacture when Bottled or Casked and not at point of sale as some think. Am pretty sure HM Gov have granted a tax holiday which means at some point the Tax will be payable as will other Taxes . The latter element will effect most if not all Trading company's many will have used these funds to survive, hope Marstons have it locked away.
A lot of bad and potential bad news is priced in, however I suspect there are other nasties lurking.
Hoolicat’s contribution is particularly interesting and although total collapse is possible it does emphasise how debt could overwhelm Marstons.
Hoolicat made mention of the Pub business bleeding cash, it would be interesting to know how the company is handling Tenancy Arrears and it’s level?
With apologies to the Bulls.
Have just returned from a trip to the Midlands where I did stay at a Marston’s Motel, more of that later.
Have caught up with the many interesting posts.
The whole market is still in uncertainty, COVID 19 is not going away in a hurry and the hope a vaccine will arrive needs to be considered with caution. The annual Flu virus mutates and from what I am hearing COVID mutates at an alarming rate.
Lockdown has damaged the economy beyond recognition, easing of rules is NOT being observed, many believe too hell with it I am going to enjoy myself. These are ignorant to the damage this socially selfish attitude is having on society and the economy generally. Many socially responsible people are afraid to go out, for obvious reasons.
Comparitors are being made between Australia and the US. Just look over the Tasman where New Zealand enforced a total lockdown/lockout and their situation is clear for all too see. We cannot turn the clock back but severe pain for a short period would have been worthwhile to then emerge in a stronger position rather than the prolonged hiatus we seem to be in. Too many on furlough have a good excuse with COVID, too not return too work convinced the Government will keep them.
As stated many, many weeks ago there is worse to come in Markets.
The hospitality sector is being seriously impacted, those with healthy reserves are going to survive and pick up cheap assets.
Having sold the Brewing business in it’s entirety for £250m in April 2019, Fullers were able to return a special dividend to Shareholders, and have recently acquired a group of Prestigous Hotels. Fullers still have a healthy balance sheet and make it plain, are on the lookout for further Quality Hotels/Pubs.
At the moment Whitbread have a healthy balance sheet, having recently raised £1b through a RI, and it is an open secret are in acquisitive mood.
These 2 companys demonstrate the benefit in having relatively low borrowings.
Marstons expect to receive £239m in Q4 which will pay down debt currently over £1.3b.
Then according to the Company’s mission statement, the Strategy is to focus o Operational Excellence within the Pub and Accommodation business, plus further debt reduction.
Too achieve Operational Excellence will require funding. It is difficult to predict levels of profit from the JV which will satisfy this requirement. This leaves Asset disposal and or Additional funding.
Asset disposal under the terms of the JV could be Marston’s Achilles Heel, but could be part of the solution.
Raising funds through a Rights, may be unpopular but it may be the only untapped resource which enable the BOD to deliver on it’s strategy. Having pulled capital works in July 2019 and now committing £90m this year for Enhancement/Capital works , shareholders should be asking where is the money coming from?
Remember the company have £350m loans due for repayment in 2023.