Member Info for fairdealer20

Trent, correct, although Buy backs are dependant on a strong Balance sheet. Can you see this for Marstons in the foreseeable future?

There is always the possibilty of a Placing, which in my opinion is not favourable for Ordinary Shareholders

Should a RI materialise, it's structure has to be approved by shareholders. It would be rare to see a Rights issue which may or not be Underwritten fail to achieve the funding required. If Underwritten, and this is probably the reason a 2nd Broker was brought in earlier this Summer, it would definately succeed.
The Company and it's Brokers will be establishing whether or not a Rights could succeed without the Shareholders taking up their Individual Rights. In other words Brokers agreeing to Underwrite provides certainty. Not forgetting PI's not taking their Rights will dilute . Rights can be sold as Nil-paid, which in essence means a Right will have value for the existing Shareholder.
Rolls have just completed a huge Rights which was structured in such a way that existing holders would see an enormous reduction in their capital asset should the Rights not be taken. Rolls issued 10 new shares for every 3 held and priced at 32p. This made a massive reduction initially to the share price...it has now recovered significantly, due more too current events but never the less a healthy increase for trapped PI's.

Meredith, respectfully suggest you do more fundamental research into whatever Company you are investing...it can be a minefield.
Golden Rule....never invest more than you are prepared to lose.

GLA

YoYoMa, thanks for the additional link.
Will read the more complex release later and post my views.

Others hopefully will put forward their opinions

Barchid, an interesting RNS which we could analyse and coe to different conclusions. My initial thoughts are "can-kicking" . The earlier waivers, agreed after the first lockdown when ramifications of it's impact were unknown, now only days after the 2nd lockdown and receipt of Carlsberg's funds, a further request to bond-holders.
Bond-holders may be prepared to agree further waivers, remember the earlier waivers did not get unanimous agreement, when they meet on 3rd December. It is also possible the ground is being prepared and leverage applied to raise funds from Shareholders.
AIMO

Barchid, the probabilty of an RI is high. Just look at the strength of others within the sector who were wise to raise funds earlier this year. MARS weakness is still high debt any the plan to advance/enhance the retained estate requires funding which at present is unlikely to be generated through existing or short term income. Cannot see the Company going for further loans which will only make the company vulnerable. Even the board's snake, accepts Marstons would have sunk without funding infusion from Carlsberg.
We are now in the period, especially with the welcomed improvement in the SP, when a Rights Issue can be expected. Remember the Joint Broker was engaged for a reason!!!

Exploration Cannacord are able to conduct Client Transactions discretely providing rules of disclosure are observed. Which are once a holding gets to and exceeds 3% of the capital and at every 1% increment, notice must be issued to the Market.The same rule applies when a Holding reduces.
If a Holding gets to 30% disclosure of the Client is required who is then required to make a formal offer.
AIM rules are complex which enables clever operators to navigate the system.

Have no idea who Cannacord 's Client maybe

Exploration,

Thanks for your input as usual your expertise is invaluable, to me.
It seems as Mike states a can kicking job, along with the changing energy supply market, where Shell is moving away from hydro-carbons, this company needs to take seriously all and any options.
GS may be a good Accountant but has little drive too move Deltic along as Shareholders expect.

As stated before I will wait until Spring, unless something miraculously falls out of the sky beforehand.

Unless Michael Spencer regards Delt as a Charity case, cannot see him sitting idly by.

Chambery exactly the point I made many weeks ago, and to repeat even though MS supported the BOD then as an astute Investor he will have given Graham Swindells and co enough rope before the trap-door is released.
Accountants, imo, are rarely good communicators but creative when it comes to numbers.

Mike I doubt their is anyone who is not frustrated by the effect CV19 is having on process in any number of situations.
Frankly if you not trust the words of the RNS then best for your own peace of mind to move on. All the blathering on is not going to change what is going to or not happen. We are small fry in the bigger picture.

Mike do you seriously believe CV19 does not impact on company's trying to analyse and validate data?

On the technicals hope Exploration is reading and able to comment.

Daave,Barchid,,in general terms that is a fair assessment of the hospitality sector. It is signifcant, as mentioned yesterday, even though the JV has completed MARS SP is out of sync with others in the sector, one wonders why?
Now the brewing arm has been separated and as Barchid states, valuation of the retained estate will be interesting. The plan to create an operational Pub and Accomodation business of excellence, is going to require funding, if a Rights is to be avoided, no doubt plans are afoot to dispose of under performing establishments, remembering the JV requires Marstons to retain at least 50% of their existing Pubs.
At the present time Mars SP is underpinned by a NAV which is 50% above the share price. M&B's NAV is 200% above their SP. These numbers put into perpective the value of behind each stock. Fullers SP is similarly well supported.

Annual accounts both here and MAB ( as a comparitor) will reveal where we are going.

SC there must be an enormous void in your head. You know as much about the topics you keep introducing as the material that emerges from the backsides of cows.
Thankfully many intelligent posters are realising your inadequacies and agenda.

Musk's test driver, does not know if he is bored or punched and likely to have his steering wheel removed., shortly as he knows nothing about Economy 7.
What a complete fantasist, now knows all about Dairy cows. The story is complete rubbish, Dairy Farmers were given very generous handouts which enabled them too sell Quotas at huge profits and re-invest in purchasing more land.

Could he be a dis-placed reporter from Farmers Weekly?

Don't think RF will be too worried as Execs tend to award themselves a nice traunche of shares when Rights issues are made.
You are right on turbulence, which is likely to go on well into next Spring even Summer.

Barchid, correct, also added Fullers and MAB are in far better financial health to withstand another lockdown. Whitbread have a "War-chest" and have made it clear, a few days ago, they are looking at distressed hospitality companys.
Given the completion of the JV last Friday, the Market has not reacted in a positive way, all of the sector Co's mentioned have fallen far less (%) than MARS today. WTB have ended in positive territory. Does the market know something PI's do not? Is the Market preparing for a RI ?

Jungmana, realise share buy-back is one mechanism to reduce share capital, which is good news for PI's. however the promise of a good div seems to imply a massive turn-around in the company's fortunes.
Not knocking it but does seem very ambitious?

States reduction in share capital..........any thoughts?

barchid could be a Night Owl, but no they are wise, more likely a Bat carrying some wealth destroying condition. Is certainly nocturnal as "Blood-suckers" tend to be . Good day for it!!!!

Phsysciatrists state patients who display characteristics of not being able to recognise fact from fiction, make implausible statements, make grandiose statements that cannot be validated, consistently believe they are associated with important people when they are not, have a deluded personality. The condition is very difficult to treat.

The patient stated a few days ago "Fairtrader, Barchid and Yoyoma think I am a Joke"

We can agree, he was right then and right now.
Avoid this patient otherwise your wealth is in Danger.

As always DYOR.