Member Info for fairdealer20

Pubs required to have better air circulation systems!!
Have windows and doors open, expensive extraction/re-circulation system. How the hell will this work? Many Pubs I know would find it impossible and impracticable, too say nothing of altering Listed Buildings.
Best go to the pub this Autumn and Winter wearing an overcoat and or full thermals.

Many will be wondering why have we been vaccinated?

London, indeed we will see after the Legacy RF leaves behind. My view on the Welsh Mission is well known, we have taken on a Liabilty which is not has shareholders were originally informed. Number of viable pubs are lower than the original management proposal. Just about half (70) of the viableI pubs being opened on 26th April. We do'nt know the fine detail of the Brain's deal. We pay rent in advance, no idea whether or not the Pubs under management have a repairing Lease undertaking etc etc. Brain's were on the ropes, the deal was hastily completed, imo to spike the guns of Platinum who quite possibly would have increased the offer.
I hope for all PI's I am wrong regarding the Expedition into Wales

Pubs and restaurants in Wales are re-opening on 26th April, making Landlords in the Principality angry., being 2 weeks behind England

Opportunists(Traders) will be talking up Hospitailty stocks today, to achieve a margin.

Trent your devotion too family is highly commendable. I know how you were eager to re-invest dividends here. One hopes those days will return for as you say this company does provide an outlet for you.

I still believe as Daave only too well emphasises, the road to rebuilding a profitable balance sheet will take some time, remembering we only get 40% of the "Crown Jewels" which is and was the backbone of Marstons.

It is brilliant news that Hospitality outlets will be opening tomorrow. However unless you are a Trader and support the hype, from a purely Business angle, profits are going to be hard earned. Less than half the Brains Pubs are to re-open this week . 2 publicans who post here have doubts regarding viabilty and are not opening.
There may well be a sentimental increase in SP tomorrow, but be prepared for a retrace once the euphoria has subsided.

LTH will be looking towards the annual accounts in early October when the true effect on the Balance sheet will be revealed.

DYOR GLA

Trent, you are right, we do not get something for nothing.
As stated there is as the extract from the Solicitation Memorandum states. As the Principle Class A Loans oustanding amount to £493m, 0.05% is charged on the Loan outstanding at each installment date. Further reading the Memorandum, the company will increase it's Liquidity Facility in order to maintain interest and loan repayments. It is projected this arrangment could be in place for up to almost 2years. In other words replacing 1 debt with another. Based on the Loan principle currently outstanding the Early Instruction Fee amounts to circa £250K

Early Instruction Fee The fee payable to Eligible Noteholders in an amount equal to
0.05 per cent. of the Principal Amount Outstanding of the Notes
for those Eligible Noteholders which deliver a valid Electronic
Voting Instruction in favour of or against the Extraordinary
Resolution which has been received by the Information and
Tabulation Agent at or prior to the Early Instruction Deadline
(and has not been validly withdrawn).

Barchid,
I try to make a synopsis rather than some long winded diatribe which will only bore.

AS you say in essence the debt pile will grow in more ways than one, I have grave reservations about the venture with Brains.
As Daave and Leppington have just illustrated, being at the "coal-face", re-open is not going to be the panacea many expect. All we need is a spate of drink encouraged Holiganism and then be faced with another dose of draconian measures.

Good afternoon Barchid,

The RNS is short on detail in respect of waivers agreed. Substantial detail is available at,
https://sites.dfkingltd.com/marstons.

Bondholders require 0.5% fee to be payed on each installment of the Class A loans, once of course repayment resume.

MARS have also stated Liquidity Facility will be increased ( overdraft to you and me) .. The waivers are in place until October 2022.

Greater exposure to capital markets is a reason to explain a conversion to ADS, however the cynic in me wonders what is likely to happen further down the road? It is interesting cost of conversion has a timeline after which Holders will be required to pay $500 .......carrot and stick??

RF has missed you, unfortuneately he decided to jump ship and No one knows how many of the Welsh venture are to be opened. It is known 40 will not pass H&S regs and many of the rest are city centre drinkeries with little or no outside space.

"Brain" box can you provide the logistical information?

Forrest that could not have been a share-buy back in the way majority of PLC's act. Can only assume being a National Utility there were other things happening.
As far as we are concerned, and Shell have been buying back shares for a 2 years at least, this benefits shareholders who share of the cake is increased as Tony explained.
There is absolutely no compulsion here.

Details of the Share capital reduction are yet to be announced!!!

Clueless... in the short time you have been posting are you expecting immediate returns? If so forget it, small oilers require patience as they usually represent High risk which can lead to High Rewards. If you do not accept that as a principle, then Oilers are not for you.

In essence Marstons have asked that loan payments are defferred ( waivers) on a particular class of Loan ( class A Loan-notes)

This is the 3 rd time the company have requested and agreed by the Lenders ( loan-note holders) the waivers.

Have accessed the Solicitation Documents at https://sites.dfkingltd.com/marstons. the documents are very weighty of biblical proportions and realy require reading and studying, preferrably by someone with a Financial Law Degree.

I have picked one or 2 comments/statements that strike me.
The company currently has circa £540m outstanding on Class A loans in principle.
The company projects loan interest shortfalls until Jan 22 quarter and has requested the new waiver agreement is extended until October 22, given No further disruptions, due to further Lockdowns.
The Note-holders require the payment of an " Early Instruction Fee" ( new phrase to me, which as I read it means this fee is payed at each installment of the Class A loans. This fee is 0.5% , which to me is a way the Note-holders have circumvented the orginal agreement which was based on LIBOR. In other words, as I read it, and increase of 0.5% in interest charged.
Another important factor is the company have declared LF ( Liquidity Facilty, overdrafts to you an me) will not be reduced and will be extended/increased in order to make Interest payments on the Loan-notes.

I am yet to see anything about suspension of dividends, but am still reading, in between surfacing for air!!

I would suggest those are interested and have the inclination, read the documents stated, but give yourself a few hours of peaceful isolation.

Thanks YoYoMa better info than the RNS although still need to find the Notice of Solicitation which will give the nitty gritty and what conditions Note-holders have placed on the waivers. In particular payment of future Dividends which I suspect is going to be not what many expect.

It may be dopey, but when Airlines are making it obligatory, we are in a one way street. I do'nt like it and only took the vaccine in order to travel, otherwise I would not bother.

Hypie best go to off-sales and buy a barrow full of bottles.. Ah wait a minute, do I hear supermarkets are being encouraged to enforce only allowing customers into store who have a "passport".

Those who have not or cannot take the vaccine, should be aware of the risks of living. people should take more responsibilty for their life and how they act, not rely on the nanny state.
The constant restrictions on what we can and cannot do is having a much greater impact on people's health than COVID.
The Economic effect is funeral for many Businesses. The Hospitality sector is being masacered , it is going to be a long slow recovery.
I do believe there is more behind this pandemic than Politicians are letting on.

Trent, I have no objection, however what about the 1000's of under 40's who will not get the vaccine for some months?

Not sure how many Publicans are going to have the requirement as it could present serious logistical issues for some Pubs.

What the hell happened 100 years ago when Spanish flu struck, when there were No vaccines or medical treatments.... people made thier own precautions or they died. I am a realist, now shoot me down!!

Lawrence do you have a death wish? All this negativity is not going to change anything.

What on earth caused you to invest in Cluff? All small oilers are high risk and conversely high reward.
Have you considered taking the loss here and playing with Paddy Power?