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Oilriches you are right B&B ceased sometime ago, however buying back later ( risky) can keep an investor in . It all depends on how certain a PI is that the SP will not move, so risky. I guess it depends how much gains you want to mitigate. As you say ISA's are not so useful in that regard.

Oilriches, losses here can be used against Gains elsewhere

Gasatapeep, apart from panic due to the overall market fall, it is likely investors sitting on Capital Gains are mitigating liability before 5th April. Otherwise just hold tight, the Gas is'nt going anywhere.

Market do not appear to agree.
The NAV stated , one would think shrewd investors would be clammering for stock priced at almost a 300% discount. Something is wrong. The result of Lenders waiver agreements extended to 31st March may soon reveal what is really going on. If however any investor is certain to double even treble their money, pile in, but always remember never invest more than you are prepared to lose.
AIMO Dyor

Peaky the company has been systematically disposing of assets for sometime. The JV with Carlsberg was an asset disposal. The current sales Agents, Christies, have stated certain interested partys including the Admiral group, who have continued to pick up Marston's cast-offs. As you correctly say assets sold cease to produce income and profits. It is clear Fubders have become very nervious,so asset reduction will only reduce debt which as many of us have stated for a while, is the time-bomb that will sink MARS. There is one man to blame imo, he has moved on and rewarded with an accolade. Quite amazing,

Exploration. thanks. Your post goes someway towards explaining the process, although it is hoped our BOD are not signing blank cheques.
Given the varous processes, which appear somewhat hit and miss from a financial point of view, it would be good to know the budgetary amounts to adequately cover the various costs, variable and otherwise. Contingency amounts should be allowed which should cover the worse case cost outcomes. I would be surprised if Shell do not have budgets to work within.
It seems even though drilling ended some days ago, we wo'nt have an accurate balance of funds for some time even though the CFO states funded through 2024, or should that be into 2024???

£15million

DP yep quite aware of the protocols around negotiations, it does not prevent projected information on costs of contribution to Selene drill. That should not be a secret in the great scheme of things, but would at least give PI's an idea as to the level of funds needed, with or without monetarisation of Pensacola.
Understand your investment strategy in respect fund raising. You need to review the last 2 fund raises which may change your view.
The raise in 2019 deliberately barred ordinary PI's.
RNS announced accelerated Placing to raise £15, after the market had closed (16.45) and too closed on or before 8.00am the following morning. In the event it closed at 7.00am and was clear the Investors who were to take part had been aware some days prior.
The RNS alerted me and I immediately contacted my Broker to make application, only to be told ordinary shareholders could not apply.
That fund raise priced shares at 1.75p.

DYOR but do look at the history as IMO Ordinary PI's must stick together to avoid dilution.

It is good to hear fully funded into 2024, although when is not clear. They should have fleshed out the projected cost of Selene drill. It is rather vague. We need to know cost, if raised through monetarising Pensacola, what will be the % left? We were hearing about adding shareholder value, how will capital value be returned to PI's? The SP is not doing it.
Was not impressed by the CFO.

AIMO. DYOR

The Market does not appear impressed with the Duty reduction in August, possibly it is realised the recent retail increases are more than the reduction.

DP it is every posters perogative. I have never filtered anyone, but like many find it mysterious why Admin have not acted as posts disrupt the BB and ultimately prevent/dissaude genuine contributions, good and bad, from being posted.
Why have Admin not acted Is the Offender known to them??

barchid astute investors will be analysing the sale of 61 pubs and not the affect of currency movements, which good CFO's will have hedged to avoid uncertainty.
The sale of pubs is rather more important as it seems asset reduction is needed to pacify Lenders.
It seems Marstons (Banks) heartland in the Black Country is being decimated. Some pubs have been marketed before Landlords are advised, having discovered through the local media.It is difficult to understand the rationale being put forward to sell some iconic and well sited properties. The Mitre Oak close to Stourport and adjacent to the A449 is and has been a well patronised Pub. The Crooked House at Himley is another which has just had 1000's spent on Major maintenance, many others fit the "Local" that some here have regarded as money pots. Clearly Marstons Execs do'nt agree, why? Many patrons in the Wolverhampton area are perplexed in particular the apparent disappearance or hard to get Banks brands. It is summarized Carlsberg is systematically removing some well-known brands. They are past-masters at it.
Marston's 40% share of the brewery is likely to go, leaving just a reducing Estate of Pubs. The Brain's estate was a bad decision and could be the Millstone around the company's neck. Marstons are tied into a 20year lease agreement on properies which required serious maintenance/repairs. The Brain's estate adds nothing too Marstons assets.
Shareholders can get value from a takeover as Debt will continue to be the anchor that could eventually sink the company.
Lets hope a White Knight appears.

A better comparitor is August 2019, September 2022 and then February 2023

Dear dear, Marstons selling 61 pubs, details of which are yet to be published. Now either those pubs are not profitable or some other reason. Wait a minute, Christies are saying they are successful and have shown resilience through the economic problems of recent years. Best tell that to the 100's of Landlords who have given up.
Now if the 61 pubs are as good as Mr Moffit states, this will make a dent in Marstons profits and make the £1billion sales harder to achieve.
The consideration received from the sale will be very useful to reduce debt which is stubbornly stuck even after the cash recd from Carlsberg. That £273m seemed to disappear, debt was not reduced.
The likely scenario behind the sale is as predicted some weeks ago, Bond holders have given short term waiver extensions. Loan agreements have been breached. Those waiver extensions are until 31st March 2023. It is logical to conclude, being between a rock and a hard place, Marstons have decided to liquidate properties to satisfy Bond Holders.

The barley issue is old news, I know Growers/Farmers who have been growing specific Varieties for Carlsberg for at least 10 years.

Karl a few days ago you mentioned C&C and then later, after I had provided info on Magners, Bulmers etc, you stated it was a different company. I did ask for qualification and am still waiting. Your admirer seems to think there is confusion, clearly not from me as you subsequently stated to holding CGR ( the Lse code for C&C Group). It would be good if you can put your friend right.

I was aware some weeks ago Marstons had sold their prestigious Head Office in Wolverhampton and moved to a less salubrious block nearby. Have today learnt that block is rented, which would have released significant equity.

Here is the report from a Local Correspondent in Wolverhampton who knows more than most about Marstons in the City

""Bit of a mystery what is going on at W&DB.. aka Marstons. Brand new HQ built and the staff moved out to a rented office. Selling off the family silver... The business was built on small pubs... """

Investors please do your homework .SC it will lessen your confusion

AIMO. DYOR

pete, if you notice the huge pile of coal at the power station, which is presumably imported.

Spike agree. Ordinary shareholders are entitled to see/receive benefit from any asset disposal. Depending on next week ( budget) suspect production from pensacola will be fast-tracked, the UK is desparate for continuity of energy supply. Someone will soon wake up and realise wind and sun is not reliable. Were it tidal power a quite different matter, but for some reason the idiots in charge, at the moment, of the Country have not thought it through,which helps us.

Seems eating out is becoming too expensive for many, the Group that controls Frankie and Bennies are closing several outlets due to consumers using home delivery ( Uber eats, Deliveroo etc). Let's hope Marstons are getting in on the Home Delivery market.
The share price dips are good for traders who can make hay while the sun shines!!!.

Spike, risk discount amounts to >< 50% given the figures published, and this is for Pensacola alone, add Selene, which is projected at 150% of Pensacola, we are dirt cheap. Agreed developments cost will expose Deltic, which as you suggest can/will be funded by shareholders or some F/O agreement. If the former,can ordinary PI's be sure of a fair share of the cake? Past raises casts doubt!
We already have 1.6B shares in issue, do we want to get into the realms of UKOG? A share consolidation is probably the way. Penny shares seem to attract investors with a different agenda to LTH's.

The presentation includes the following statements which should be considered.

-CAPITAL GROWTH THROUGH THE DRILL BIT

*Asset Sales/Divestment could fund Drilling
* Potential to provide shareholder returns through any excess
capital
? Potential acquisition/swap of licence equity for production
assets to fund drilling

Timnttm, check the figures. I calculate at UK spot gas price of 109p/therm, the SP value for Pensicola is more or less 12p. Considerably more if the therm price reaches 150p.
These are projections which the market seems to have completely missed, even though an investment has been almost completely de-risked. The SP should be at least 8p

Snoop, my point being the RNS states the Webcast presentation is for RETAIL investors and has a Q&A section. Are Corporate/ Institutional investors treated different? If you know the answer please say?