Member Info for fairdealer20

Our New Chairman has been in place almost 2 months. He comes from an Accountancy background!! Where is he amongst all this mayhem??

Was it a smoke screen 7 weeks ago and NO parties engaged? The statement from Swindells, regarding an extension to an agreement, only a day or so before the AGM. That statement, IMO, was a delaying tactic from BOD, who needed to avoid a confrontation at the AGM. Now as gatagrip has described, is it plausible events around Shell's decision to off-load it's Southern NS assets was not known and discussed.

Have we an incompetent CEO or will we see some massive benefit once Selene is drilled?

Getagrip my point was Penscaola is not mentioned amongst the bunch of Gas fields publicised, irrespective of Deltic's withdrawal. AS you mention it would be highly unusual that Shell had acted blindly those weeks ago.

Interesting Selene mentioned in the Viaro deal but not Pensacola!!!

Gallmat, absolutely. It is a Family Business who have plundered Private Investors.

Is'nt it time the Regulator took an interest?

Note Purovi is now Joint Managing Director. Is this a new title or have I missed something?

As one who has critcised Shishir, his statement yesterday was very poor and now today a repeat of last year.

Where is Michael Lynch-Bell? Thought he had come in to help sort the turmoil out. Has Shishir mis-led us again?

The company has a product whose global demand grows., but does not have the capacity to meet that demand under the current Management.

Wigwammer you arrived on this board a few weeks ago, admitting to not being invested at the time of JV in 2020. You further stated the Debt was inconsequential. Since arrival you adopt ramping tactics. Fine but don’t obscure the corporate and financial facts which if homework has been done would reveal issues that influence the way Share price has performed. There are always reasons why a company’s SP plummets and remains at a low level. The market does decide.

You are happy to ask and get answers regarding subscribers' investment, but ill-prepared to return requests.

You either have difficulty reading and or assimilating plain statements and rather choose to misinterpret and then invent statements that are patently dishonest.

To continually maintain an increase in SP from 30p (as it was) to 95p ( the stated NAV) is not 200% is frankly absurd and emphases a per-determined agenda. Did you attend the Rachel Reeves School of Economics?

I stand by the facts previously stated and only strive to keep investors informed. As always stated, do your own research, it is up to readers to disseminate statements written here.

Anyone who has not read and taken in the SDA is blind and cannot possibly procrastinate on matters they do not understand especially when a blase’ attitude towards borrowings is openly stated. Your posts should come with a wealth warning.

There is nothing further to add, others will judge.

Wrong again. It is clear you only want to misconstrue what is written. Any loss was minmimal and when taking into account dividend payments was in positive territory. What a pity you fail to understand plain English.

You purchased at between 27-30p now what do you calculate your current % profit? Have you sold in the last 10 days. Simple to answer..

The fact is at the time I made the 200% statement the SP was 30p the difference to 95p was 65p. Do the calcualtion. What is the % increase to reach 95P.

Have made my point, it is a readers perogative to accept or otherwise.

Posting misleading information betrays whatever investment credentials you have.

Have a good day

As for me I invested a significant % of my Portfolio in Marstons several years ago on an income basis, the dividend was very attractive. Events around Covid hugely effected many Industries, Hospitality especially. Some in the sector weathered the storm better than Marstons due entirely to lower debt exposure. As a result, I did reduce my investment in Marstons and await some sign of a return to the dividend list (a long way off at present).

WW above is my post of 27th. Seems you and your chum have difficulty reading, maybe you should use some of your recent gains and visit an optician. Can you advise readers how many sells of Marstons you have completed in the last 10 days.

Seems your maths like you chum is defective . From the current SP, 40p the NAV deficit is 57p, so the % has decreased. Here is the simple way to help you both calculate the discount (57x100) /40.=142.5%

That formulae will help numerate skills for the future.

It is admirable to be so concerned about others. Do'nt worry about me my Pottfolio is very healthy

WI the arguement is Marstons Beer company was valued at £580m in 2020. This value was considered low by many Shareholders, however it was agreed by Ralph Findlay. Carlsberg payed £267m for 60% leaving equity of £313m. Carlsberg are now paying £206m for the remaining Marston's share. a short fall of £107m. The exercise reveals Carlsberg purchased 60% for £267m and not £348m . This was agreed by RF at a time when he was negotiating the Brains deal and covert batting away the Offer from Platinum.

Shareholders were to approve the latest deal which had a long stop date for completiong of 31st December 2024.

Shareholders have been denied a vote and the deal has been brought forward to 31st July. The last accounts revealed loans had been reclassified presumably because the company has reneged on the terms of the previously agreed loan exstensions. It is conjecture and worth consdiering, Loan Note Holders have tired of problems with repayments and are anxious to retrieve their monies sooner rather than later.

It is clear Carlsberg have acquired an asset valued at £580m for £473m, not a bad deal for them. Property values did tumble as a result of COVID, however and according to RICS they have recovered and are more or less back to where they were in 2019

Super puffer(aka Wigwammer) cannot find elementary facts relating to the company's corporate history.. He has now re-invented calculus. 100% equals 1X. 200% equals 2x. SP 30p published NAV 95p, difference 65p. 30x2 = 60.

SC your shares in Marstons were a gift (free) can you calculate the % increase using today's SP?

Have you yet found the SDA which, I realise is a challenge for someone with limited attention span.?

Do wonder if you are a has been Politician, full of Obfuscation, hyperbole, in short does not understand the truth when it is staring you in the face.

So committed to Marstons ( but then who would'nt be with free shares), he advises his wife to invest in a competitor, Whitbread.

Does anyone know why Shareholders are not being allowed to vote on the deal with Carlsberg that is robbing PI's of £107m or 15p/share?

Just analyse those thoughts with the SP being, for a long period, at a 200% discount to the accounts value, why have asset strippers not come in? Coltrane have lost interest as did Platinum when the SP was much higher. Platinum's interest was at the time RF was agreeing the JV terms with Carlsberg.

Accountants rely on professional valuations to construct the Capital Account. Christies value 1/3 of the estate each year and are only concerned with the Bricks and Mortar taking into account whether Freehold or Leasehold. Christies act on instructions, unless details of obscure undertakings are disclosed, the values they consider are passed to the Auditors who will take those values at face value.

Read the qualifying disclaimer all Accountants use.

As a bright chap like you is unable to find details of the SDA where details of Marstons retaining 50% of Pubs can be found, what chance do Christies have?

You will find mention of the SDA buried away in the "Sale of CMBC Summary".

You will find full details of SDA in amongst the substantial documents produced when the JV Agreement was created in 2020.

Are you serious, Marstons have gifted £107m for Goodwill or some other spurious reason. No wonder your God-father realised you had no trus appreciation of finance. A Capital gain would be all Carlberg's and Marstons loss. Trying to justify an 18% loss in what was a Jewel in the Crown is absolute nonsense.

Having advised your wife to invest in Whitbread hardly instils confidence in anyone reading your crazy and misleading posts

You quite definately need a Geography Lesson. There are NO surface or sub-surface Volcanoes in the North Sea. If you know otherwise, you will be failing to not inform Prof D. Milliband.

With total nonsense you continue to post, how can anyone believe a word you write.

Just remember, the market is a means of money passing from one Investor to another.

It is every investor's responsibilty to research and consider all data and related information about the business in which they invest. Treat with caution those who convey hype, chartists and even emotion. Never allow emotion to influence an investment decision and see though anyone who have an agenda, usually Traders, who will only be too pleased to relieve you of your money. Any experienced investor knows when to cut losses and move on to the next opportunity.

WW, my investment in Marstons commenced before 2019, why did you choose that date? In so far as my strategy suggest you read my post of 27th July which sets out clearly my position with Marstons.

Having directed you to the information requested, could you and or your Pal, explain what has happened to the £107m that is missing from the Brewery Valuation? Apart from reducing Borrowings, this amounts to more than 15p/share, on which basis the share should be trading 50p+. That should be food for thought?

GLA.

Super puffer, Oh dear the wacky backy can induce euphoria as you know, it does also create intellectual challenges as evidenced. You obviously failed, academically, in Geography.

Appears clear your benefactor realized his God-son lacked financial and investment acumen deciding rather than giving cash, to bequeath stock that would, at the time, produce a steady annual income. Alas the steady income has dried up. At least you have the guts to admit mistakes in the investment arena even though your miniscule knowledge seems to have vanished in the wacky backy smoke.

Guess you have forgot your God-father's advice and have not fully researched the companies you spout about. Do look more fully at Deltic Energy. They are in partners with Shell and made the biggest gas discovery in the Southern North Sea in the last decade, last year. For commercial reasons Shell were given Deltic’s share, something that has angered very many shareholders, however there is currently drilling in a related field that could come up trumps. We will see. Investing in O&G Explorers is highly risky where the rewards can be stratospheric and losses total.

Keep writing your dittys they do create considerable amusement for the Intellectually advanced, and you never know could end up in Bob Monkhouse’s Book of Jokes!

Markets move up and down, that is the nature of the beast. To selectively use the SP increase here is misleading when viewed against the longer-term performance. The period used is directly before and following the 40% sale of the brewery asset, which suits your argument as a ramper and trader. Long term Investors are looking for continued progressive growth which returns to a value much much closer to the perceived NAV.

The NAV, as previously identified gives a distorted valuation because of the SDA with Carlsberg which devalues half of Marston’s Freehold properties and in my opinion is why a Predator has not come in at a value that the Company would consider. Therefore, it is nonsense to believe the Company is asset rich when, according to the latest balance sheet there are liabilities of over £1.8m. It is deceitful, to claim, that debt is around £1billion, correspondents should read the Balance sheet more carefully.

OK, the sale of the remaining Brewery share will reduce debt, however as pointed out why is Marstons being short-changed when Marstons Brewing Company was valued at £580m in 2020 when Carlsberg payed £267m for 60%. Now we are getting £206m for the remaining 40%. What has happened to the residual £107m? This amount would further reduce debt and increase Shareholder value something the Board proclaims. Long term holders have a right to be concerned and should be allowed to approve the deal or otherwise as was originally promised. Realize Traders/Rampers are not concerned as here today and gone tomorrow.

Having asked previously, do you or your chum know , or have any idea, where the £107m has gone?

Lampooning only signifies a lack of knowledge and a way to ridicule others. Reading and listening can be a means to gain greater knowledge of a subject. Readers are always advised to do their own research.

S

The Joker arrives without Batman, as predicted.

How's the weed smoking going SC? Does your wife know?

Tweedle Dee and Tweedle Dumb are unable or unwilling to counter the recent and historical facts published except to repeat the “ Market Decides”. That is an observation any experienced investor knows. Marston’s SP has been malingering in the low 30’s for many months and has now basically followed the sector uplift, helped to a limited degree by the announced Brewery Sale to Carlsberg. As analysis of the fund injection occurs the SP retraces, which is quite usual when any company makes a significant announcement and the Traders jump on board.

The Poster, who is a little brighter than the other, was only days ago, before the Brewery sale announcement, lauding the benefits of having a JV partner who was at that time bidding on a Major soft drinks manufacturer (Britvic). Caught with his trousers down the Carlsberg proposal to gain 100% of the Brewery left him with a lot of egg on his face if not soiled underwear. I have continually stated Carlsberg have history with acquisitions, being a huge Global Brewer, and since the original creation of CMBC in 2020, would eventually have total control. The original JV and SDA agreed by the then CEO, Ralph Findlay, gave Carlsberg a level of control that they were able to influence this final outcome. Marstons were in an almost desperate position having over-borrowed to fund some very questionable Pub estate acquisitions, starting with the Charles Wells purchase and then latterly the management agreement with Brains. This, as stated at the time, was a disastrous commercial decision which was 1 CEO ( RF) helping out a chum John Rhys ( Chairman of Brains). At the time Brains had over-stretched when building a New Brewery in Cardiff ( Dragon Brewery), and were in a financial melt-down, facing administration. The decision by Marstons was not properly considered and undertaken with haste. The original announcement was for Marstons to lease/ manage 156 of Brains Pubs. This had clearly not been fully evaluated as the final agreement was to Lease/manage115 pubs as the balance were in a poor structural condition. This only serves to confirm how hastily the deal had been undertaken, without a full survey of the estate. Moreover, the deal was based on Marstons managing on a 25 year fully repairing Lease Agreement plus a payment of rent up front of £2+m (annual rent of £5.5m)

Both John Rhys and Ralph Findlay retired shortly after completion of the Lease/managemnt agreement and within 18 months Brains sold the Freeholds of the Pubs to Song Capital a European Asset Management Group.Marstons are their tenants.

This is some of the background that has brought about the borrowing hole Management of Marstons have created.

cntd

I and one or 2 other Shareholders did suggest a Rights Offer, almost 4 years ago at the time when money was cheap and other sector members, Whitbread and M&B did raise. It was an unpopular suggestion but had a raise occurred in 2020/21, Marstons would have been in a far better financial position than now exists. The Brewery could have been retained and other consolidation of activities undertaken. I have further suggested over the last 3 years, a complete revision of the Business Plan. For a very long-time retail Public Housekeeping has been in decline, social habits have and are continuing to change. This is no doubt a reason why Carlsberg are moving heavily into soft drinks.

This is certainly not a wish but investors need to consider is the consumption of alcohol going to be treated/regarded as a health hazard in much the way cigarette smoking has been treated by the National Executive and Authorities?

It is up the beverage providers to adopt and adjust business activities to meet the future social demands.

Back to current events here, the agitants do not wish shareholders to question or have any right to approve the latest Carlberg deal even though promised a vote. In view of the £107m shortfall against the Brewery’s valuation as agreed in 2020, their opinions are quite astonishing if bizarre. They do not even believe an explanation from the Board is necessary.

Tweedle-Dumb finds all this relevant factual information boring,too much for his brain to absorb. This says more about the mental challenges he faces as evidenced by his support of Whitbread advising his wife to invest in a competitor. With that advice how can readers beleive a word he writes, as obviously not committed to Marstons.

As for me I invested a significant % of my Portfolio in Marstons several years ago on an income basis, the dividend was very attractive. Events around Covid hugely effected many Industries, Hospitality especially. Some in the sector weathered the storm better than Marstons due entirely to lower debt exposure. As a result, I did reduce my investment in Marstons and await some sign of a return to the dividend list (a long way off at present).

Capital appreciation is fine although Short-term gains are likely to be hammered by the current Government something many experienced investors are acutely aware.

Apologies for this long missive, hope it is not boring. Could have added much more but will leave for now and wait for the customary responses from the “intellectual wordsmiths”

Back to the Test and or Olympics.

The Dynamic Duo return with utter nonsense that seems to come easy. Don't want shareholders to be aware of the loss of £100+m in relation to the Brewery valuation. Money that would further reduce the debt, to say nothing on denying Shareholders a vote on the Brewery sale. Robin did'nt know what year it was a while ago and now invents stories about Marston's Privilege Card. This is the guy who advised his wife to buy shares in a competitor (Whitbread) and now after his perpetual ramping posts which rarely have any value except in his mind, finds posts boring. The guy is an absolute joke who should retire to a dark room and take a bottle of valium, to aleviate the cerebral trauma.

When clowns resort to sarcasm and unable to put together a cogent challenge to facts ALL shareholders should be told, they are best ignored.