Member Info for fairdealer20

Having recorded my concerns previously, nothing seems to have changed except the gradual decrease in SP. Execs continue to enjoy a "protected" remuneration where a large number of other PLC's have seen Execs taking a much reduced income.
We,Cluff, are not profitable, investors have taken a huge risk in the hope capital gains will bring it's reward in time. Many of us have/are very patient and have become concerned at the lack (No) risk Execs are taking.

In so far as the AGM.
Who will determine which 2 Shareholders are to attend?
Who are the 2 Shareholders to attend?
With modern technology why is the AGM not being broadcast Live?
How will questions be selected ?
Given Shell and OGA's actions what work is happening during the Void?

The questions could go on, unfortuneately the Ivory Tower doors are virtually barred.

He did the same in JOG, where he made a significant profit but released a huge tranche in drips.

Of further interest Circassia (Bio-tech) have/are developing a Respiratory drug and RG is at his limit ( just below 30%) before a bid is required.

barchid/trent

Agree it comes as no surprise to read the additional facility which completely undoes the debt reduction achieved by the asset sale to Admiral. It remains to be seen what technical waivers Bondholders agree.
Many Pubs were just managing to keep afloat before Covid-19, it is likely a significant number will never re-open. No doubt the viability of that group is being focused on as the asset value may need to be released, in some way or other. Sentimentality is all very fine, but not at the risk of Corporate survival.

The BOD is trying to wrestle with a Financial disaster of which the eventual outcome is still unknown. It is to their credit to have taken a remuneration hit....a pity more company's are not following suit.

The dividend yield here was a big attraction for many Shareholders, it is unlikely profits will allow a return to the dividend list for a considerable time.

giantsquid

Some of us have been invested here a very long time. How long have you been invested?
When a Poster makes statements he/she is unable to validate, readers will draw there own conclusions.

Being sarcastic adds nothing to an intelligent debate.
Remember you linked an Old Newspaper report which has absolutely NO bearing on the present situation, for what reason?

Shorter eh??

giantsquid

I deal in facts not aspirations.
You published a link ( Scottish Herald) which was written last November (pre-virus) which gave information which is completely out of date and bears BO relevance to the current situation. Now, why would a poster do that?

The question " sufficient liquidity" has not been answered. Can you please state what you understand sufficient liquidity means in respect of MARS? Is it cash in hand, free asset value within the Estate or what?
As pointed out the Company have sold some of it's estate at a considerable discount and the current climate will have an adverse effect of all Public Houses.
Can you now identify where I have mis-represented posts? I'd be grateful.

giantsquid

Barchid's post clearly states the situation. I rest my case.

Thanks for the spelling lesson, a rather churlish comment!!

You would do well to conduct an in-depth research of MARS, not just a superficial overview.

What is sufficient liquidity?

Using pre-virus press reports is hardly appropriate given the events of the last 3 months, and is of little use in the current fiscal downturn.

The problem of being asset rich and cash poor requires little explanation when loan instalments aren't payed.

Don't forget the CEO will select questions to be answered.

Wonder which 2 shareholders will be selected to attend the AGM?

The RNS (7th May) states Noteholders have been asked to waiver certain conditions/requirements and to give a decision by 27th May. 50% of noteholders have indicated a willingness to discuss subject to their various partners agreement.
The Company has declared borrowings circa £1.3billion.

Noteholders may require a Current Valuation of the Estate and "possibly" demand a revised Charge.

The extended Furlough is a double edged sword. In one respect relieves a Company of a Financial Burden, in another the Ballooning costs added to the National Debt has to be repaid and one way or another Consumers will have a lowered disposable income.

The viability of trading, given whatever distancing rules are in place, remains to be established. Some Venues may find it fairly straightforward whereas others will find it impossible. The biggest issues for hospitality facilities will be hygene and toilet access.

The beer market has fallen 80% even though breweries and beer sellers have concentrated on bottle/can sales. Some breweries are encountering significant difficulties in obtaining consumerables, one brewery who used glass have had to change to PEC and last week received 1 pallet out of an order for 10. This is a relatively small brewer but indicates the problem.

Marstons do have assets which hopefully will not be heavily devalued as a result of events outside of it's control.

Freedom your enthusiasm as shown by your several posts today, is refreshing, however suggest you read the last 2 RNS here.

Barchid ordinarily would envy your situation, but in these very untried times guess not.

On Court protocols a Claimant must show evidence of communications with a Defendant that must set out in detail not onlt the basis of claim but specified damages. Even though a Defendant may ignore a Claim, a Claimant must demonstrate attempts to contact and resolve before going to Court. This process can take some weeks particularly in the environment we now inhabit. In a Civil Claim a Judge would need to see evidence of exchanges between the Parties and if he were satisfied the Defendant had acted unreasonably, would then issue an Order.
If as is suspected the Tenant has engaged Legal Support, they will know the timescales to be applied as would MARS Advisors.
High Court actions are very expensive, even more so if you lose. Do wonder if the Claimant has backers?

Good morning barchid/trent.
Barchid good too read your post after a break, no doubt like most of us are somewhat "shell-shocked". Being positive in some sectors is difficult, there are good opportunities around.
On the Times report ( I will endeavour to acquire a copy), trent may recall his communication with RF in Mid-February, was informed the company had not been fined or aware of any other action in relation to the sediment issue.
Trent correct me if I have got it wrong.

Knowing how the Court process works, is it reasonable to believe precipitous Legal action had Not commenced in Mid-Feb???

Many Publicans have already realised social distancing in a Pub will be extremely difficult given the space required, to say nothing of toilet facilities and hygene standards to be applied.
Beer gardens may have a better chance but where play equipment exists can children be prevented from enjoying themselves without creating a problem.
The very best chance will be eateries where table distancing and adequate isolation can be achieved.

What ever is allowed, business viability will determine the practical outcome

RNS 6795H ( Toscana) still visible on company website.

Trent there is a lot of sense to delay early unlocking. The problem is how will companys survive with little or no Income. It is OK for those who have cash reserves but where others are dependant on HMG finance mechanisms, the problem is /can be dire.
HMG are clearly becoming nervious about the rampant costs and may well throw some company's to the Wolves. It is not a pretty picture.
A Company cannot afford to be blinded by current events and,imo, should be completely re-designing the Business. MARS have a significant Debt which, as we are seeing everywhere, is an enormous Mill-stone that must be addressed sooner rather than later.

1990 will be good to see that happening, unfortuneately current data seems to say unlikely for some time yet.
Beer sales are currently down 80%, 30% of Pubs will not re-open.
It is to be hoped the BOD here are working on a Business model which will preserve Shareholder value. The likelihood we will return to the dividend list anytime soon is doubtful. This was a big attraction with MARS, we now have to rely on Capital growth!
AIMO

there is a school of thought, not just here, amongst many junior oilers stock prices are going to remain static for sometime.
Even though Cluff has cash, it is being burnt, with little or no likelihood shareholder value being improved anytime soon, the SP continues to drift.
Redeployment of cash should always be an investment strategy.
Warren Buffet agrees and currently has an enormous cash pile waiting.

Not sure serious investors are desperate, just tired of waiting for Jam tomorrow when, in this market they can see good opportunities

Fine words which have a habit of not being translated into actions.
We know there are significant programme changes...Shell postponement, OGA's delay to Licence announcements. Is it reasonable to understand these changes have impacted on the Executive Group's work-load , and yet NO announced Cost-savings?