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Serious investors will appreciate SHELL are the operator and will only release news to Delt when the time is right. Price turmoil is to be expected ahead of any announcement. This suits those who live to gain from shorting.

Why have loan note agreements been breached, if borrowings are under control? Marstons credit rating is under review, suspect agencies are waiting on details of the temporary waivers negotiated in December. Those waivers are short term until 31st March. Is it possible Lenders want to see dramatic moves to bring borrowings under control?
It is well recognised within the hospitality sector, post Christmas income comes under pressure. Spoons are taking action to protect cash flow with some drink and meal offers.

Terry's general thrust goes someway towards addressing the significant fiscal issues facing Marstons. Debt must be drastically reduced. A review of poorly performing venues. The inclusion of the Welsh estate ( Brains) was a step to far. A deal arranged behind closed doors for an estate which had not been surveyed was crazy. MARS then payed upfront considerations for pubs that needed serious maintenance and to cap it all for a 20 year agreement. Brain's retained the freeholds and with little warning warning placed the estate on the market within a few months of the management agreement with Marstons. It is difficult to extraplorate peformance figures for the Brain's estate. Has it been a bad investment for Marstons?
The spectre of a RI will not be easy to get away given the current Share price. The opportunity was missed, as a few of us suggested almost 3 years ago. Concentration on the best performing venues may well be the way forward to recover shareholder value. A forced sale of the Brewery interest (40%) is more likely than not.
Any reliance on updated property values (July 22) should be considered against RICS latest Economy and Property review, in essence Commercial and Residential values have fallen since August and are projected to fall even further this year into 2024.
As a long term investment, with NO restitution of dividends on the horizon, the risk/reward is 60/40 imo.

AIMO DYOR

Crusty a delist is a likely outcome. American Hedge funds are no mugs. Unfortunately for us, our 2 directors are in on the act. Bit players at that, but none the less extremely useful to Armistice

Some may remember how he increased debt, sold assets below mkt value, did a behind the scenes deal with Brains, kept the offer from Platinum secret and then rapidly departed. This was all before the pandemic.

For services to the Hospitality sector..... what a joke the honours system has become.

Looks like Asset sales are underway....the Headquarters is going

There were interested parties who were put off by the Administrators.
A conclusion to consider, Oxford pulled the plug and very much had control. Oxford were taken over by Armistice, an American hedge fund, who like most hedge funds rarely take prisoners.
The get out of jail deal allows Armistice to take up the Lion's share of the fund injection, along with a minor investment from DP and another Director. Ordinary PI's are only required to approve the deal with NO right to any New shares.
Without our approval the deal fails and as made crystal clear the Company goes into liquidation.
PI's have little choice, accept and get something or reject and lose everything.
However unpalatable, it's a no brainer.
It is clear Duncan and colleagues have been helpful to assist the Administrators( and Armistice), one wonders what is in it for him? He may have been sold a background deal, which could easily backfire. American Institutions are not Charitable bodies, will want a good return on their investment. Is it plausable DP and Co could be allowed to continue managing 4D given their record? DP is not Executive material.

Accepting this deal will give PI's something.

Happy New Year all.

AIMO

barchid just seen. The loan note holders are being very caustious only allowing 3 months extension when the previous waivers were granted for 12 months. Am trying to find details of the agreement, guess it will be delayed a few days. The way the economy is tanking, strikes hindering travel etc, it is highly likely Lenders are becoming very nervious. It will not be surprising if the BOD conducts a fire sale of properties.

Am yet to study the accounts, warts and all.
At least we are getting dividends elsewhere, a good time to top up. You may have noticed the "Boardmaster" dismisses factual company statements. I could have responded but have held back. I'll ley others disrupt that board, for the moment!!

Stan if you have evidence the RNS has deceived the market, you must inform the regulator

Stan it was a technical transfer of shares into Directors individual ISA accounts

Will be outcome of negotiations with Loan Note Holders regarding further Waivers as existing conditions have been Breached. Unlikely the Company will recieve a nice Christmas Present especially with the latest Bank Rate hike.

bubble lth's will remember mike33 who used to post here relentlessly 3 years ago. That guy was a doomsayer of the 1st order. Could it be the ones you mention are a re=incarnation of Mike???

Tony all that is clear from the latest presentation is the intention to increase the total annual distribution. If 12( monthly) payments, as you suggest, where is the notification for the Jan div, which should have been declared 2 weeks ago?

Do you seriously believe I have edited the February RNS?
If you recall there was considerable debate when the Dividend change was proposed earlier this year.

The tenor of your post and the follow up is vexatious and condescending, best used by a Bar room Bully, and not experienced investors.

panama trust you have read the February RNS? Then perhaps you will withdraw your uncalled for comment. Thanks

Tony this the extract from the February RNS.

"As previously announced, during the course of 2022 i3 will pay a minimum dividend totalling £11.827 million, representing a 7.1% yield at the closing price on February 2nd. This dividend will be divided and paid in 10 equal increments. i3's board of directors will continue to monitor the quantum and scheduling of future distributions to ensure the Company remains aligned to its disciplined growth strategy while providing consistent shareholder returns.

i3 will declare its first monthly dividend during the first half of February for payment in March."

Would think a poster of your acumen would have noted that RNS, unless of course you wish to be arguementitive.

Where is it stated 2023 will have 12 payments?

The Company announced in February payment of 10 equal dividends to replace the the bi-annual payments.
Qualifying Shareholders should have received the 10th payment 2 weeks ago.

We await an RNS to confirm dividend payments from now onwards, hopefully it does become 12 for the year.

snoop it might help your readers to understand if you are a Shareholder, disgruntled employee or something else? Your continued nonsense fiction. There is absolutely no way you or anyone knows the result of the current drill. Shell or the operator, as we have seen they(Shell) will only release news when it suits them. Even GS and co will be told the minimum. Shell want to be in a position to influence Government.
Keep to song writing rather than Fairy-tales

gggg you can be quite sure there will be at least 2 drills. Shell is only on the 1st. The doom sayers are just trying to influence the market to get in cheaper. They know Shell are no mugs and very likely to strike gold.

Snoop what makes you think it is a duster? Shell are only 1/3 through the planned drill programme

SC do you really read company reports? I suggest you do so. MARS report states plans are in place to counter the effects of the cost of living crisis. It is there in black and white.

Do you understand comparitors at all? The comparison between a relatively well off family and one struggling is to demonstrate how DEBT can affect people and businesses. Do you get it?
It is curious, months ago you boasted having a Tesla, now it seems the cost of living has caught up with you, or is it pure invention to suit your strategy?
MARS have had locked in interest rates, but now they have breached the waivers agreed 2 years ago when rates were rock bottom. The rate market has changed significantly, MARS are negotiating new waivers. Does it occur to you as interest rate have changed and Funders now hold the whip hand as breaches have occured, higher rates are a strong possiblity in return for waiver agreements.

You really need to read the annual report available on Marston's Website under Shareholder Information.
Read it and increase your fiscal knowledge of the company.

Last night. Says it all

Hot, agree and hope your final comment is properly directed. The number of related posts should tell the story.

I will add as far as Libel is concerned it is erroneuos to believe a pseudonym cannot be sued. There is case law where websites are culpable when publishing deflamatory statements. It has been required that Webmasters ( sites generally) are required to provide information on a users ISP reference which then identifies the individual(s) making deflamatory comments.
Unless the obsessed poster has connections with the site, it is remarkable throughout the many weeks shenanigans that LSE have not been more proactive.