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Pedro are these the same PO's who used Horizon?

Even though CEO & CFO received significant number of Free shares, I stand corrected on Justin Platt's purchase.

Henners can you say where pound notes are accepted? After my mother's death in 2012 we discovered a serious mount at the back of a cupboard. Bank refused and suggested taking to BOE, who were less than helpful.

The term inter-company billing is and interesting expression. It can be used to reward executives in a concealed way.

Another clanger(s).

Please check the detail of your post. The CEO and CFO did not buy shares but exercised FREE options. I would suggest the timing was more to do with the TAX year end and not the reason stated.

Incidentally the pound note ceased to be Legal tender in 1988 are you still printing them???

Ah inside information, or are you the printer??

DP yes best to agree to disagree. Just add for the benefit of the newbies. The 2022 AGM was held on 15th June. The excelerated fund raise anounced on 15th September with special GM to approve on 30th September. The reason for the raise being drilling to commence, with Shell, in October.

As a VC am totally aware of the need for confidentiallity, however in this case planning the drill was known some months earlier and provision for funding should have been approved at the AGM in June.

Does that look like a well though out process??

Given the Political shenanigans, serenity is a bad investment, any further funding their is unlikely to produce much if any benefit to the company.

As for cash flow from Wressle, well at least that will fund the payroll.

Ireland appears another Political nighmare that goes on.

The best hope must be Africa. Lets hope our "expert" directors produce the rewards we all deserve.

For accuracy the Sept 22 acelerated book build was announced after the market had closed. The"Placing Open Offer" closed before the market opened the following day. The Offer was ONLY available to Selected Investors and was subject to a GM on 30th September as there was NO agreement in place. It was clear prior negotiations with major investors ( Michael Spencer and Richard Sneller) had occured.

It is true excluded investors could have purchased in the market at a lower SP than the Offer. However the way the offer was conducted gave select investors a larger share of the cake. Was that treating ordinary PI's with equality?

Rights issues are, mainly used to fund acquistions, provide for future growth, reduce debt. As stated earlier competitors chose to raise 3 years ago. With the exception of Whitbread, the others reduced debt. Marstons, under the control of Ralph Findlay, did not, and now for a variety of reasons the company, along with many in the hospitality sector, is suffering badly (SP). This may attract the "bottom fishers" ( here today gone tomorrow merchants), but committed investors are caught in a dilemma. Sell and move on or hold on in the hope the new Management will come forward with an innovative strategy. The Jury is out and time is running out.

In so far as Inflation being helpful, there are several factors to consider that will affect the outcome for Service sector providers. Inputs increase ( staffing costs, utility costs, Local Taxes, wholesale food costs, buildings maintenance etc).

Bars and restruants can increase prices however judging by the failure of other groups and individual traders, that can lead to customer resistance. The trick for any successful customer based business is to control costs, maintain margins and grow foot fall/output. In the current climate this is easier said than done!

DP with respect, check my earlier posts on the topic of a Fund raise. I have nothing against but have warned previous raises here have not been undertaken fairly. I'll not repeat previous experiences when I was keen to take up shares in raises.

At the current SP a Rights will be difficult to complete, apart from which Covenants in place with Funders, will be considered..

Mars missed the opportunity to raise funds 3 years ago when the SP was around 100p. Sector competitors, M&B, Whitbread and Spoons did raise in 2021 and are now in a healthier financial state.

Macq their overall debt is more than £3billion, which they have been attempting to re-finance since February. Another example how Debt can cripple a company that borrowed for rapid expansion when rates were historically low. It will be interesting to see if Stonegate does survive in it's present form. The words coming out seem to be preparing shareholders for the worst case scenario.

How the parlous state of Stonegate affects suppliers, remains to be seen.

Sam..... your inclination has a lot of substance. The problem is an Asset Breaker will have studied the JV with Carlsberg and the onerous conditions applied to Pub retentions.

Capricorn(Cairn) had a deal with Deltic Energy to E&P wells in the Southern NS. Capricorn pulled out last July on the basis the company was concentrating on Eygpt and other African Territories. They ( Capricorn) were abandoning the NS and have sold virtually all assets in UK waters.

Shaperite, just look at how they handled Tetley's! They acquire Brands to achieve a biggers market share to rival Heineken, Coors etc Carlsberg own very few Pubs. Just think about it??

Imminent is a very unprecise word!!! Could be today, tomorrow, next week, next month even next year or sometime never.

Carlsberg have Marstons in a headlock. The JV requires Marstons to retain a minimum of 50% of the pubs held at the date of the JV. The tranche of Brains estate, around 100 Pubs, are managed on a 25 year agreement. Brains sold the Freehold of those pubs a year later, to Song Capital a European VC group.

Check the balance sheet total Liabilties (debt) exceeds £1.8billion.

Sandyman, people in glasshouses should not throw stones!

If you disagree with my posts, put forward some rational facts and try to avoid monosyllabic posts that tend to display a lack of intelect. We can then have a reasoned debate without stupidity. I do'nt post on Holy Days and can only assume you consumed to much Communion Spirit on Easter Sunday. God Forgive you!

Vespaman ( no longer Tesla... note) indicates your archaic thinking. Even today, like a never ending record, beleive a decrease in BOE rates will help Marstons. Not it's loans which majority are fixed. It may help Joe Public who has many cost of living issues to control. One glimmer of hope, this morning it was announced Guinness sales have increased 30%.

Do you know Vespaman, what Stouts CMB brew?

What is the Upper Quartile to which you refer? Is it a basket of Hospitality Co's, Breweries or just basket cases??

Back to the thread title. Many here including me, had/have great hopes of Justin Platt. It may still happen, however to be awarded "Free shares" within 3 months of taking up the role of CEO hardly sets a trend and experienced investor wants to see when the SP is sinking. Nil Cost Options should be awarded when targets are met, usually the SP achieving an approved level.

Is the Remuneration Committee having a laugh? It seems from today's RNS the Nil cost options awarded on 4th March was wrong. They (RC) intended for the awards to be more.

All this while long suffering PI's are seeing the SP sink. The awards are supposed to be part of the Long Term Incentive Scheme. What incentive have the Execs got when given shares free gratis and NO tangible increase in Shareholder Value.?

Something many do not understand, why have new investors not done due diligence. Ramping is all very well for the come day go day traders, but many have invested here sometime ago when a dividend was payed and have stuck with it hoping to recover some if not all losses. Some of us have reduced exposure expecting/demanding a change of fortunes. The realisation the hospitality sector has changed, excellerated by the lockdown, should have produced innovations that give SH's the value their loyalty deserves.