DP all steel pipes were extensively coated before being buried. What appears to have escaped the knowledge/forethought of experts is the re-use of this arterial network. There could be other liquid/gas products in the future, that could benefit from these pipes. We occasionally hear about water shortages in southern areas and here is a simple solution ( water from the North could easily be transported. New and future technologies could make the network invaluable. Where they are at present harms nothing and yet we have a Committee talking up De-Commisioning at the expense of consumers. I have made the point earlier, someone needs to get their brain in gear
Readers must be totally puzzled by a poster, who takes an interest by de-ramping, does not view the presentation and does not own 1 single share.
Draw your own conclusions. Has NO money to invest!!!
A GM can be called with 14 days notice as requisitioned by Members. Thta is less notice han for the AGM
The AGM must be within 6 months of company year end. 25 days notice of meeting is required
2phews, HarChris, quite agree. Seems he has missed the boat. Are Investors to believe China's decision is so insignificant that many Graphite co's, producers and non producers have seen stock prices rise virtically..
Talk of artificial graphite production, is yet another smoke screen to dampen investor interest.
Has Genghis read this morning's RNS? It goes a long way towards addressing Finance issues that Podar has struggles with.
The appointee is an expert in Private Equity, which may not please some Shareholders, but if new money is injected that will benefit us all.
Cash burn is quickly reducing reserves to a level where New Funding will be necessary!!!
The Board/Executive is massively over populated. Reduction is a foregone conclusion if PI's stand firm.
Shareholder Agreement need to be perused to establish the precise number of Shareholders necessary to promote a proposition to be Voted on.
Why the hell Odie is still a Director defies all sense and reason after his catastophic handing of affairs.
Keep the pressure on for change
Interesting appointment, with experience in Private Equity??
Things to bear in mind. There must be an AGM within the next few weeks. Propositions will be put forward by the Board. Groups of Shareholders can put forward Proposition(S) to be voted on.
Dhareholders are urged to either attend the AGM or Vote at distance, but DON'T give a proxy Vote for the Chairman to decide. My preferred action, if fit and able, is to attend the AGM. The stronger the Voice, the better a desired outcome will be.
The latest Remuneration Commttee Minutes should be obtained ( I cannot find them on the Co's Website)
Curiously, Odie still appears as Chairman of the Remunerations Committee, this cannot be right. He should have been removed months ago.
Sad to say, have seen it all before, listed company's just conduct a "back-scratching" exercise and too hell with Shareholders.
DP, as someone who witnessed the construction of the pipe network, I can point to many issues the report either ignores or knows little about. For sure the removal of 1000's of miles underground pipes, the damge it will create, the compensation claims generated by property owners, residential and commercial will make HS2 budget seem like peanuts.
Any comparison with the change from Town Gas to Natural Gas is somewhat different. Town gas was produced relatively locally and conveyed by somewhat short pipe networks. The gas it self was stored above ground in holders that were easily demolished. The removal of existing Natural Gas pipelines is a significantly different kettle of fish.
The experts writing the report are just pandering towards the "Green Brigade" in a roundabout way.
Armitt, another fool who does not know what he his talking about. The whole of the UK has a network of undergorund pipes many more than 1.2metre in dia. They were installed in the 1970's, up graded at various times. Used to transport gas from different import points. Many of these pipes cross open farnland, countryside which has subsequently been re-wilded. Some pipes havehad residential properties built in close proximity. The damage done by de-commisioning the infrastructure is immeasurable that can only add to Carbon footprint.
Maybe Sir John has shares in Demolition co's?
The lack of knowledge is truly astonishing, and these are the people controlling our lives.
Supply and demand will ramp up revenues, now China are controlling the market.
As I recall TGR have a supply agreement with the EU, which could now be highly beneficial following China's decision.
PI's may recall Odie was ousted by shareholder dis-satisfaction, Will Holland was elevated and believed to be a safe pair of hands.
Serenity is an albatross that has sucked funds and will continue to do so. What ever is said, her and elsewhere, the partner in Serenity does not appear to have the enthusiasm expected, probably because Canadian assets are revenue generative, plus the Political Landscape for the UKNS is very uncertain.
The connection of Serenity and Tain has been known for a few years, the NS regulator intervened at least 3 years ago and now Repsol have relinquished the Licence on Tain. It is reasonable to conclude Repsol see little overall commercial value, compared with other assets.
GS has never been the best when communicating with ordinary PI's
Have not missed the point just correcting the misconception that Inflation decreases primary debt. You agree it does not. Another poster drew a comparitor if that were the case National Debt would eventually disappear, assuming borrowing remained stagnant.
Land and Property have always been assets that add value over time. There are certain exceptions to that general rule as 1000's will recall when Residential values plummeted in the 90's and borrowers were in negative equity.
THere are numerous classes of Property, Residential, Commercial which in turn are broken down into further classes. Commercial includes industrial, shops and Pubs. Values attributed to those Commercial classes can and does vary considerably. Take Pubs which may be Old buildings and subject to Historic Grading that protects against any structural alterations. Other Pubs are subject to Planning conditions which can, not always, present significant obstacles where re-development is involved. The point being values on Balance sheets often over state what a willing Buyer is prepared to pay.
The point regarding the effect of Inflation on debt basically relates to increased values of Income and costs.
Income has increased by some 11.6% however costs have at times during the period increased exponentially earlier in the period just reported. Fresh food increased more than 17%.
Look at other metrics within the sector....ratio of assets to debt.
MAB...2.3x
Fullers..3.2x
WTB......1.99x
Spoons..1.66x
MARS......1,5x
Marstons are bottom of the league, something asutute Investors, not Traders, will have factored into their investment decisions.
Gestapeep agree, Shell SP is forging ahead. Does not make any sense with oil and gas prices starting to rocket
Barchid,
Posters arrive here without a complete knowledge of MARS history. Whether any of us like it or not management decisions of the past affect a company going forwards. It could be good or in MARS case bad. RF was focused on enlarging the Estate through borrowing but forgot to take account how Pubs have gradually and consistently become unprofitable, consequently closures continued at an increased rate, especially since Covid.
Shareholders need to understand under RF's watch not only did debt escalate, he agreed terms with Brains to manage a bunch of run-down pubs that required serious maintenance, his discreet rejection of Platinium's offer ( exceptional against today's SP) and his curtailment of Dividends which many of us valued ( I remeber Trent's comments each time the iv was due). THe list of Findlay's discressions is considerable.
Trading updates are only a guide as to how income has increased(decreased) against previous records. This trading data fails to provide any meaningful detail of Profits which we know will have been impacted by the increased input costs. These costs effect every Hospitality business, however sector company's use the same method of presenting Trading reports, which to me is clouding the true state of affairs, especially with a company, any company, that has over borrowed. It will be the full yera's audited accounts that will dsiclose the real state of finances. It is all very well Anreas predicting increased profitabilty in the next fiscal year. Maybe his crystal ball tell something the market does not see??
You are right, the sale of Pubs will determine how book value is translated into actual value. There is no mention of how well or otherwise Christie's have managed to move the tranche of Pubs listed back in the spring. I know of several PUbs, close to Wolverhampton, that have been closed and boarded up for almost 2 years, some Marston's Houses.
Redevelopment of Pub sites can be fraught with Planning issues. Developers in the current climate are reluctant to take unnecessary risks.
So in your opinion the total capital debt owed by MARS has decreased by more or less £180m.!!!
I do'nt think so. If I take out a loan of say £100m it stays at that amount until repayed.
Inflation is a measure of price movements ( Wholesale and reatail) and not connected to to basic loan debt.
Getagrip, indeed.
Did you find any requirements on voting? I could not find a required % needed to pass resolutions and have concluded it will be a simple majority.
There are some quite astonishing suppositions sprinkled with sarcasm.
As at the company's last published accounts Liabililties ( debt) was over £1.8 billion. Even when interest rates were fixed and lower, the company did not keep up repayments and breached Loan agreements not once but TWICE and now lenders have agreed waivers and put the company on a quarterly review
Could the bright spark confirm lenders have reduced the Capital Debt by the inflation figure?
Millions of mortgage holders will be interested to know, it would be a huge relief.
The company has consistently liquidated assets, selling selling Pubs, even the sale of the Brewery was to raise funds to reduce debt.
The problems go back a long time, Ralph Findlay's management. The existing management is a continuation of RF's style. The company needs a change of Leadership, people with inspiration and flare.