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Wishful thinking, Karl. No harm in hoping. The financial structure tends to err on the side of caution. The debt burden will anchor the SP until the promised reductions materialise. The recent Loan breaches ( for the 2nd time) will have alerted experienced investors but not casino operators.

Current net assets as at year end were less than £650m. This value took into account a partial Property valuation conducted in July 2022, since when according to RICS qtly review, commercial property values have declined.
Value of assets are only as good as a willing buyer is prepared to pay.
The asset value attributable the JV with Carlsberg is questionable as is the income and dividends being quoted.

The other critical issue is Loan Breaches and the consequential variances agreed in December with Funders. The Loan waivers, as I understand are up for review at the end of March. As a relatively short waivers was agreed, it is concievable Funders are keeping a very close eye on income and profitablity before a firm agreement on rates going forwards. It is highly likely, because terms have already been breached, the company will be faced with elevated interest rates. Something to watch closely.
The best value, 105p from Platinum, was rejected by Ralph Findlay some 2 years ago.

AIMO. DYOR

Further thought, Maybe the FCA will be interested to investigate the various issues surrounding this debache?

Don't hold your breathe as it could be a white wash job!

RP, I tend to beleive Armistice have played a dirty game. They only want quick profits and too heel with ordinary PI's.
It also crosses my cynical mind, has the eventual and most likely plan, been influenced by the Shareholder's action group who now have little room for manoeuvre. SP and co could say, " we did our best and were left at the alter". Just a thought.
The game is up now for SH's, but wait for the Phoenix to emerge???

Some may think so, Nicol has just bought in the market like any one of us can do. Being a Director he is required to disclose.

Nothing cynical about his purchase, if anything should add confidence, which would be massively enhanced once certain Directors are removed/resigns

Why has it taken the Adminsistrators until now to advise PI's and the market of a decision made on 31st January?
According to previous statements, it was reasonable to conclude Armistice ( who took over Oxford Finance) would have conducted full due diligence before agreeing the well documented funding in exchange for virtual total control of the Company.
Why did Armistice decide to keep SP and co on board once the agreement had been ratified and approval of the High Court? They (Armistice) would have known Peyton's shortcomings through the dealings with Oxford.
I smell a rat and would not be surprised that Armistice or it's "Friends" pick up the assets of value on the cheap.

Having virtually had the Last Rites, in June, ordinary PI's have been well and truly led up the garden path. In a word Screwed.

Exploration, you may recall we were having this conversation 2 years ago. GS is an accountant and not good communicators with Shareholders. How on earth MS and RS are tolerating the somewhat poor management behaviour is a puzzle.
As you say the end may soon be nigh for our CEO and friend.

The Administrators expected an Urgent application to be listed for a Hearing within 2 weeks of the GM on 20th January. We are now 3 weeks on, which may not critical even though Armistice have given a deadline .
A further statement should come from the Administrators, who are still in charge, to update PI's

The High Court Approval is critical, the Adminsitrators have no control over that outcome and neither does Armistice.
Has anyone seen a Court Listing?

The regs on fracking at present apply to onshore locations. Off shore is not affected and fracking is permitted.

Give us the facts chapter and verse. Whilst at it confirm whether or not you are a current holder of this stock.

What are your qualifications in arriving at a conclusion? Read the RNS completely.
Please provide information in support of your opinion?

You need to understand the wording of this RNS would have been approved by Shell.

Are you serious or just peeved having missed the boat? The RNS states the biggest Gas find in a decade. What is there not too understand?

Can someone call a Preacher, snoop has blown his brains out. Oh dear!!!!

Like some of us you,TTF have posted on these boads for several years. Be brave and put names to the deceivers or at leats give us some better clues?

20% from a virtual all time low is hardly stratospheric increase when compared with other opportunities.Use of the venture with Carlsberg is only beneficial to the Danish partner who have longer term plans. So far the JV gave MARS a lump sum at the outset which we were told would be mainly used to fund further investment opportunities. The outcome was a little different as most of the consideration was used to pay down debt (DYOR is a very apt phrase here)
Any pretension of expansion within Europe and elsewhere, without further shareholder funding, is an illusion given MARS pre-existing debt pile, which incidentally loan agreements have already been breached. Until debt is well below the £1b target, risks here remain moderately high.
Fullers and M&B, with whom you have shares, have debt levels significantly lower than MARS.
Value of sales is all very well, it is profit element experienced Long term investors will view.

The update is inline with competitors within the sector, however the results do not segregate the inclusion of the Brain's estate which was taken over in February 2021. Marstons took over more or less 150 pubs from Brains, the number was slightly diminished when it was discovered a number of the Welsh estate were in very poor state of repair. Based on those numbers, the managed and leased pub estate increased by more than 10%. It is fair to assume, in the absence of any validated income, the Brain's estate has contributed more or less 10% to the compared figures, which is food for thought!
It is well publicised how well sales have increased within the hospitality sector, however it is profit generated from those sales that must be assessed,particularly at a time when costs have and are rising exponentially.
The next 3 months are going to be critical for every pub/hotel chain as both Whitbread and M&B have warned.
Making 6% in a day is fine for Traders, of which am sure there are several on this BB. For LTH's a lot of patience and fair winds are necessary to get MARS back to the heady days of 4 years ago.
DYOR

Rot that is a very unfair comment. Anyone could have checked on Marine Traffic to see the movement Exploration had identified.
Exploration is one if not the best and most knowledgeable poster we have here.
You would do best by revising your post.

Some significant differences between Marstons and Fullers. Fullers have aquired and managing a high class group of Hotels where premium rates are readily payed. They are paying a dividend and critically have debt almost a tenth of Mars. It is debt and it's maintenance that will anchor this company for the foreseeable future.