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"Long term sustained growth", really? Why do you think provision is being made for the effects of the cost of living crisis? A crisis no one knows it's longevity. It is widely projected the transport stike over the Holiday period will have a devastating impact on Hospitality Businesses.
Any business that has huge debts are at a disadvantage to competitors. It is like you having a mortgage of say £100K and your neighbour has one of £250K. The effect of interest rate changes is proportionately greater on your neighbour's residual disposable income than you. You can afford a holiday to the Bahamas he, if lucky will be more likely to afford a holiday to Clacton ( with apologies to Clacton). You can afford your all singing all dancing Tesla and your neighbour makes do with a clapped out banger which does not comply with ULEV regs.
The point should be eminently clear....debt is a mill stone around the neck of a borrower.

Oh dear he ( Malcy) has got to wait for a free meal. How will he survive.

Seriously, will the meet be with SO or will he have done the decent thing and left post?

SC guess you have shares in Shepherd and Neame by promoting one of their beers!! Jolly good beer too. Well done

SC how do you know I am not into M&B. For all the rhetoric and to balance your positive stance it was worth pointing out MAB's debt is far lower than MARS and therefore the margin for profits are better with MAB, You can disagree all you like but MAB did decide to raise funds during the pandemic MARS, led then by RS, resisted the opportunity. Wonder if Andreas regrets that opportunity, now they have to go back to funders and agree further waivers. Remember this is the 2nd time 2 years the company have needed to go cap in hand. As I recall HSBC passed the Loan notes to BNP Parabas whose lending protocols are a little different to HSBC. We will have to see what happens on the 31st December.
IMO there is one man to blame for the predicament MARS is in.
You appear to forget the BOD are making provisions for the effects of the cost of living crisis. Reading that only the low income earners will be affected is sheer nonsense. Many middle income earners are facing large increases in Mortgages as well as energy cost etc, so proportionately the majority of the population are being hit
The best chance here is for a predator to come in at a fair price and strip out assets of value. The Brewery once our Crown Jewels is controlled by Carlsberg and as I have predicted they will wait for an opportunity to gain total control.
The Brain;s estate is worthless as an asset as Brain's retain the freeholds

gggg to main reason I have stuck with Deltic is the presence of Shell. It is puzzling understand MS and RS's presence with their huge holdings. Could be they know more than us humble investors??

Don't forget a very important comparitor.
M&B overall debt is 40% of the pile Marston, support.
Judging by todays moves, investors and the Market prefer Mitchells and Butler.

Banbury agree, do ignore much of the diatribe that flows, however I'll not stand idly by and be libelled. That deserves the strongest response which is taking place as we write.

If conditions are so rosy why is the company engaged with funders to agree further Waivers?

Waivers were previously agreed almost 2 years ago. Those waivers involved the transfer of loans to BNP Parabas, who are a somewhat harder bank to agree terms.
The brewery arm is not doing so well otherwise why have the BOD advised dividends ( profits) from CMBC will be Zero next year.
Morgan Stanley's purchase is more to do with some predator seeking to asset strip. This may be the way forwards to at least give something back to those many loyal LTH's. The overwhelming outlook for the sector is not bright.
Marstons big disadvantage is the huge debt pile, promised to be reduced by 2024. Guess a £9m reduction is a start but a hell of a long way to go.

The accounts need to be fully understood. The basics are: =

Debt reduced £9m to £1.59Billion
Projected dividend from CMBC for 2023 ...... Nil
1/3 of properties revalued in July 2022.........RICS latest quarterly report (November) records a significant reduction in commercial properties.
BOD report breaches of Lending covenants will happen in 2023 and negotiations are ongoing with Lenders to achieve waivers. These negotiations are hoped to complete by 31st December 2022
BOD aware of cost-of-living crisis and are prepared for a 5% reduction in sales and allowing for below inflationary costs, margins and profits will suffer. Consequently, the BOB have prepared a crisis plan...... reduced maintenance of properties and Capital expenditure reduced for 2023.

Against this background, hard to see how Marstons could be in a position to pick up cheap estates.

There is much to digest in the Accounts.

DYOR

Noel you are the Master of Hypocrites. you talk down the SP, you find way to argue with everyone on site.
Now you accuse me of Tax Evasion. this is a very serious allegation. You either withdraw that libellous statement or face the consequences.
I wait for your apology.

Noel, you are the poster who continually invents, misinterprets for reasons best known to yourself. You have nothing useful to add to this board excepts the woe is me statements, which bores readers to death.
As Harry Truman said " if you can't stand the heat get out of the Kitchen"
I made the point questioning your investment here, purely based on those who shout the loudest often have nothing to crow about. Any experienced and sensible investor does not advertise I have a number of shares in the 7 digits. They do not do so for this very good reason, it is known HMRC monitor these sites.

We were'nt being kept informed on the rig movement until was on site a few days. Suspect Shell will keep tight lipped until the time is appropriate. Just my guess which could be wrong. Just remember Shell are at odds with HMG because Investment returns in the NS.

Snoop anyone's guess. Possible Shell will keep it secret and use as a weapon against our wonderful Government

HT, it is standard procedure as required by OGA. Whether or not hydrocarbons are discovered a well must be capped and abandoned. and returned to at a later date. Not quite as you would like afraid with production commencing immediately.

Exploration makes a valid point based on past experiences with Delt. GS and his band always get enhanced Salaries as recommended by the Remuneration's Committee. The problem now is ordinary PI's have little clout to resist.

Exploration,
Your knowledge again provides a breathe of fresh air amid this mayhem!

Have I missed something or is GS meddling again?

Noel please grow up. My words as you continue to repeat, are to remind not only you but anyone who continually gripes about criticism their posts receive, to take it with good grace, ignore or stop posting. That is a simple solution, except you appear to want to pick fights over often insignificant remarks. Anyone who behaves in self offending way should not be investing in shares, or at least keeping their own Counsel.
It is you who continues to divert attention from Delt. Your posts just talk about me me me.
If a psychiatrist were to view this Board, the opinion would be interesting

Careful Noel, read the narrative correctly. Any experienced investor accepts the risks without lambasting those who have differing views.

Quite agree Bad, reason NOT Invested.

Many multi-national companies have company's registered in different territories for a variety of reasons, usually taxation. The individual results are incorporated into the Main Holding company's accounts. There may be technical issues or as stated and because Auditors are involved, more likely accounting protocols that will give a fair and accurate statement of affairs. What this delay confirms is Carlsberg call the shots.