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barchid did not intend to sound Bullish, just identifying the possibilities, but also the obstacles which can prevent an easy change of use.
I could have added a converted pub "could" be attractive to some purchasers, however in this uncertain climate property sales may well stumble. As they say one can always sell at a price. Have read recently Property Agents believe prices could be discounted as much as 30%. That would be disaster for a huge number of people.

Yes welcome back barchid. At least you have come back to more sun and have avoided the enforced 14 day quarantine.

Although the deal is a God-send for MARS, the devil maybe in the detail as I am always believe the Major partner in any JV , will look to protecting their Interests.
It seems the Breweries and distribution facilties will be transferred to CMBC. It follows, unless I have missed something, the £273m covers the valuation of those assets. Cannot find the segregated valuations of breweries and other facilities, as this will have bearing on the residual asset values. As I see it not only will debt reduce so will the residual assets.
There will be economies of scale...….. resource reductions, which will be a benefit, just hope business does return to something like normal. There is the uncertainty.

The issue of poorly performing pubs may be addressed with change of use to Residential. That could be a benefit providing Local Planners approve....many pubs are Listed buildings.

Publication of the interim results has been delayed from 17th May until June ( date not specified). Reason for delay has not been stated, could be Covid, could be the Carlsberg deal, or something else??
Bondholders are to approve or otherwise some minor changes to agreements, by 27th May. We should hear more on this tomorrow or Thursday.

"if you ask me", Traders have made a killing and are trying to maintain momentum.
Hope Novices are not being influenced.
DYOR

Evening Trent, yes some very interesting theories ( expectations) here from the newbies. Hope they have done their homework!!!
I'll leave my thoughts for a day or 2, when the dust has settled. Guess barchid is evaluating the fine print?

£3 would be fantastic for those of us who are LTH's, but don't get carried away.

At the end of September 2019 there was £2.1billon in assets, £1.4 billion in net debt. Since yr end (29/9/19) the company disposed of assets for £44.9million ( 28% below book val).
The receipt of £273m will further reduce debt.
As Brewing facilities will be transferred to the New Company ( Marstons will hold 40%) it is reasonable to think the asset value of those facilities will reduce the net asset value attributable to Marstons.
The company is waiting on Bondholders to grant technical waivers to their agreement. The company have requested decision from Bondholders on or by 27th May.
The Company have agreed an additional facility from Banks, of £70m which increases the facility to £190m. The £70m is for 6 mths only which will now be covered by the consideration coming from Carlsberg.

The company has 660million shares in issue.

Promoting £3 seems very optimistic given the number of unknowns facing not only Marstons but virtually every PLC.

Longtime can you provide the breakdown of your calculations which arrive at 140p as the residual value of assets after deducting current liabilities?

barchid me too, still have misgivings about the debt pile, which MUST be addressed.

Today news is good, do wonder how the new company will work in practice.....brewing on 1 site maybe or less sites than at present.

The initial reaction is great for the Traders, once the dust has settled and further analysis of where we are going to be in 6 months has been considered by the Profets, the SP may break 80p or more likely settle around the NAV.

The provision of £190m is for Marstons

The £70m is only for 6mths and in addition to the undrawn facility of £120m.

who have total liablities of £1.6billion , a current stockmarket value of £3.3billion, have today announced a Rights issue of 1 for 2 @£15/share to raise £1billion. The issue is totally underwritten and will bolster the balance sheet.

This is some indication of what the industry is facing and what we can expect.

Unless someone knows the reason for leaving, where is the problem?

Wise decision Amtech ( deferring div), pity Cluff Execs don't do the same.

Mike understand your dilemma, shared by many here, sometimes best to cut losses and move on. That is an individual decision which can be a hard pill too swallow.

Mike the pandemic is not the fault of Commercial Enterprises, however like any crisis it has to be addressed as without income a Company cannot survive on hopes alone.

Agree remunerations are out of kilter with the fiscal performance.

Don't take this the wrong way, but if you really believe the substance of your last sentence, why continue to support a company which gives you so little confidence?

A large number of staff including Execs are working from home and many will continue to do so once the pandemic is over. Offices are empty but have Cluff told us they have a Rent Holiday and Business rates rebate?
A CFO's work for a company the size of CLNR, can and usually is Contracted out, if not and considering GS is an Accountant, an Audit clerk could undertake the menial work involved. How many hours a week is required? Certainly not full-time.

Amtech you manage a business, have you adopted money-saving practices as a result of this pandemic?

Mike your anger and that of others is not making one iota of a difference.
The same points continue to be repeated, is anyone listening?? I doubt.
For obvious reasons, Shell's CEO has taken more than 50% pay cut and swathes of other Company Execs have followed suit. Ironically many AIM Execs retain generous salaries. Is it because in many cases they are "Developing Businesses" who have found it fairly easy to raise funds within the Market which then gives a reserve cushion enabling clever Execs to protect a Life-style?
In Cluff shareholders are "lucky" to have the services of Execs who are Accountants. Often, as numbers people, Accountants have difficulty in communicating with Ordinary PI's...….they are regarded as a minor irititation that goes with the job.

Mike all you huffing and puffing is, sadly, making little or no impact as the BOD seem to have the curtains closed!!

Mike remunerations are reviewed and set by the Remunerations Committee, a small group of appointed Directors who are independent of those whose rewards they determine. Well that is the way it is supposed to work however too many company's have granted Execs extortionate awards for little or no results.
Too remove Directors can only be done when their term of office comes up for re-election, usually on a 3 year rolling basis.
In this case I suggest it will be nye on impossible for ordinary PI's to vote them out without the support of Institutional Investors who considerably outweigh, in % terms, the share numbers of PI's.
"IF" as previously suggested major holders are concerned then the operation is easy. Afraid I fear they (Major SH) are unlikely to rock the boat for the sake of disgruntled PI's.

correction

246million shares showing a paper loss of at least £2.5 million.

apologies for my error

Mike if you held 1.4 billion shares which are now showing a paper loss of more than £15m would you be asking questions?

Mike has it occurred to you that Major shareholders may know exactly what is happening?

Think about it? If you had taken a huge part of the placing last June at 1.75p would you be asleep??