Member Info for fairdealer20

Mike make no bones about it nothing is going to happen to change the mind-set of how this Company is being managed, until the likes of Michael Spencer calls time.

I am invested in some SME's which with the small number of investors, we are able to hold CEO's to account and in one case get him removed ( good talker but no substance or financial acumen)

The RBD offer, imo, was an insult and only designed to get their hands on our Cash balance.

jlost the earliest trigger point for the options has just passed. The SP had to be 1.75p for 30 days prior to the excercise date for the Execs to claim 1/3 of the option allocation. The next 1/3 option is excersible in July 2021 when the SP has to have incrementally advanced.
So yes on that basis there is incentive, however it seems little is being done to add Shareholder value, in fact quite the opposite. Unlike other Corporate entities who are profit focused and in these uncertain times are restructuring, reducing Executive pay etc, Deltic appear oblivous to what is happening in the Real World and continue to collect unrelated and frankly unearned remunerations.
Shell are in delay mode, OGA have delayed Licence awards, what on Earth are the highly payed Execs doing, how are they filling their time? It is quite puzzling and one does wonder how long MS will support a bunch of latent achievers.

I stated some time ago the BOD needs some radical shake-up, regrettably it will not happen until Major Holders see the light.

Mike you should know my views about the way the Company is being managed. Have made my future decision i.e will review whether or not to continue holding in Q1/2 next year. Have long since realised when investing in these small AIM company's Executives do as they wish and yes continue to have the audacity to take salaries each and every month with NO tangible work results being produced.
I find Michael Spencer's support puzzling and can only conclude as he is in deeper than the majority of us, he either knows something or the Excecs are on s a short rope. Cannot see how MS , with his significant investment, is prepared to see it go down the googler.
It's a bit rich to read newbies who clearly have not read up on the company and posters, having opinions which are un researched, possibly their COVID funds are not producing the Bonanza expected....tough.

now now Rubey seems as though RBD bod listen to it's Shareholders as much as Deltic 's CEO does!!

One wonders what attracts RBD to Deltic, any idea Rubey??

Delt's rejection is really getting under RBD shareholder's skin!!!

WN is not without it's problems.

Find it quite amusing how RBD shareholders are making such an issue of Delt and the rejected offer.

If RBD have such good prospects, stick with them and save money here!!!

"What we have here is a failure to honestly and openly communicate whilst trying to buy the dip."

Pitterpatter please explain this statement?

Some rely on facts and not hyperbole. Anyone who seriously believes CMBC will be worth circa £8billion within short order are in cloud cuckoo land and needs to examine and explain how such a valuation is to be achieved?.

Once the JV is finally approved Marstons will recieve £239m, a further up to £34m will be recieved in 12 months given certain agreed conditions.
Currently the combined EBITDA is £65m ( Carls £21m, Mars £44m).
Under the JV agreement MARS will recieve 40% which with the likelyhood revenues remaining, on average, static over the next 3 years, Marstons will recieve £26m.pa
To maintain existing brewery earnings from CMBC in year 3 , growth needs to be +22% pa . A level never achieved in recent history. OK strip put projected cost savings in yr 3 which are off-set by almost equal consolidation costs.

Any comparitor with pre-Covid market prices are erroneous as many of us know who are in at a higher SP based on a generous Dividend payment, which at a time returned 7% ( dependant on average holding price).

Just look at Rolls Royce, Royal Dutch Shell etc, whose share prices were significantly higher pre -COVID. Any number of Blue Chip company's would be double, triple their existing SP were it not for CV-19.
The World has changed and will continue to do so and those investors who have arrived since lockdown , believing fortunes are to be made using COVID Loans/Grants, are one suspects becoming nervious and trying to influence prices.

These boards do little to move Share prices....the Market will as always determine value within any stock looking forwards.

As always DYOR and NEVER invest more than you are prepared to lose.

miker as you say you can't speak for Rubey, pity he/she is unable to answer ismalia's question. He is active on RBD. One suspects he holds NO shares in DELT and these posts are a subtle way of de-ramping.

Had RBD's offer been reasonable ( double the one presented) they would have had a fair chance of success.

To offer basically what DELT holds in cash is insulting, something any wise investor refuse.

According to Company accounts debt amounted to over £1.3bn as at 30th September 2019, loss for 1st half to 31st March 2020, increased temporary facility of £70m.
Although there is value in Property assets, from recent disposals they have been overvalued......the sale to Admiral came with a significant discount to book value. It would be no surprise that the estate is being re-valued to satisfy Lenders.

Whitbread are in predatory mode and looking to cherry-pick sites that fit it's portfolio........they have a significant "War-chest".
The company ( MARS) have many sites (Pubs) which are at or below break-even and therefore classic candidates for disposal.
If the Estate is worth anywhere near the figure being quoted, are shareholders too expect a windfall dividend!!!!!

In times of Depression, and make no mistake that is where Global Economies are heading, safe investment havens, apart from Gold, have always been Food and Drink. I will add one further caviat, value of assets and reserves. It has been truly amazing how quickly many Companys and Individuals were in trouble within less than a month after Lockdown. They literally had little or No reserves. I don't believe that situation has been present in previous recessions. In fact it is apparent debt has been running at unsustainable levels. Marstons are no different they had over-borrowed in acquiring Charles Wells, and continued to pay high dividends which some of us questioned.......would have been best to pay down debt and reduce shareholder payments. Under such a Policy, imo, sooner or later a Company paying dividends at the expense of Corporate debt will come unstuck.

If the dividend is to be resurrected within 2 years i.e July 2022, the year end being 30th September , it would be an interim div for the year 21/22. We do not know as yet how company revenues are rejuvenating. It is speculation but reasonable to believe the current year will be in deficit. So that begins us to yr 20/21 where revenues should increase but the unknown carry forwards will be reduced.
It is impossible to predict profits at a level to enable Dividends to be restored. There are many factors to be considered.most impossible to forecast with any accuracy.
As mentioned some while ago, following the CMBC agreement, Marstons have got to re-invent itself to re= build Shareholder value.

Many bought on dividend yield 2-3 years ago when the SP was above £1.

When do you think MARS will return to the Dividend list?

Remember the Chairman bought before the referral and consequential delay. Banks do have a whip-hand especially when temporary funding conditions are not met.

Bulls should examine the Finances.
The company is heavily borrowed. The delay in Carlsberg completing creates not only uncertainty but the company could be between a rock and hard place.....£70m temporary facility agreed in May is due for repayment in 180 days. The delay in JV completion is likely to be causing some head-scratching at HQ.
CAMRA have history, they referred Marstons aquisition of the Charles Wells brands some 3 years ago, whereas it is very frustrating any delay in funding at these uncertain times does make the Market nervious.

Whether is is liked or not the possiblity of a Rights Issue grows as each day goes by......Banks are in a position to require some kind of Fund raise. A Placing would not be in the interests of Shareholders.
Carlsberg are not interested in whether or not MARS raises funds, they are only interested in the Breweries and Brands, Marstons are left with Pubs and Motels which were due to have £90m spent on capital works this Financial year.

Until we know how revenues are rebuilding it is difficult to see the Company going forward without additional funds

This is nothing to do with the JV but a Marstons inititative.

barchid,
Uncertainty never goes down well in the Market, Lord knows we have enough of it without the intervention of CMA.

As for beers available in Pubs, read the Pub Code which enables Landlords to select Guest Beers. It is not a particularly robust piece of legislation .

Unlike Whitbread, Marston's don't have a huge War_Chest. It would be a different situation if it were otherwise.

the additional facility of £70m agreed in May is for 180 days. We do not know what the start date is but assume the BOD expected funds from Carlsberg to fill the gap.
Do you, Barchid sense choppy waters ahead?

any uncertainties will affect the market.
Even though the JV seemed a good move ( in some ways) CAMRA have different views.
It is only my view but do wonder if CAMRA want the Pub Code to be followed as many 100's of independant Brewers, Craft included have at present access to Pubs.

made my views known sometime ago regarding the way matters are being progressed and I will give until Q1/2 2021 and then decide whether to continue to hold.
A Board which continues to show virtual contempt towards it's ordinary PI's will have to live with their conscients if they have any.

ask yourself " do I really believe what the Company states?"