Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
Would rather take the family down to the Marston local than sit in traffic jams all Easter holiday. If the sun comes out we can expect good sales!
NB. We have not yet seen the full benefit of the Breweries Christmas sales yet as the last figs released only were referring to upward sales in the Pubs. So we should be getting something positive soon I am sure which should take into account the Supermarket and retail outlet sales not yet shown. GLA.
Just looked up the FCA and it looks as if when the FCA are looking into the affairs of a Company they can freeze its assets. This looks like what is happening here. I would imagine the first port of call with be FCA looking at the bonds and exchangeable loan deals that would have given the Company a greater length of time to repay the amounts as air travel recovers post pandemic. Where Esken told shareholders they had a robust defence and where they have been advertising what a great company this is to invest in? I just wish we were being told more regarding all of this where shareholders are being kept in the dark?
Understand the delisting whilst in the hands of Administrators but why are the FCA involved?
Has there been foul play (does this afford some protection to shareholders if there has?) Very strange all this? Maybe they are asking the FCA to report back on the terms of the loans and bonds and the delisting gives time to do so? I wish we were being given some background to the events.
Good time to invest where we can expect a new Chairman to be announced very soon! The share price is hardly going to go down very much is it? Obviously depends who it is but I suspect a far more optimistic Chairman statement will be coming soon.
Suspect even the brewery partnership might bring in closer ties, and possibly a takeover or stake coming in from Carlsberg as if they increase their stake they will be able to re-coupe profits from the brewery from the Marston 40% share. This is what we would have called in the R/I. Market a Retro! I would suspect more upside to come from a low base here and it is a silly time to sell this share (unless one needs to balance ones books before yr end).
Also we should from how on in see Families wanting to go out for Easter (if we ever get some sun!). Gla.
Facts are I read on Bloomberg yesterday the Carlyle Credit Managing Director Jason Ridloft is leaving the firm? Perhaps the Company is not so happy with his dealings-who knows?
Esken have appointed AlixPartners as Administrators please note they are NOT insolvency practitioners. Alix have re-administered Gen Motors, KMart, Enron Corp, and are now valued at 2.5Billion Usd. They are reknowned as Turnaround Management specialists. They also are looked upon as Transport and Aviation specialists. Given them a chance!
Erh, Administration does not mean RIP? It just means they have qualified lawyers and accountants looking deeply into the Companies dealings to see if they is an opportunity to re-administer reorganise it? Also it gives a chance for the recent company agreements with Companies such as those that have been in dispute with to see if they are valid agreements. So it could be a good thing. We are also told it is to protect Shareholders due to Jersey Law where diversifying owners interests is not looked upon as favourable?
JDW results today NOT good at all currently down 9%! Suspect they are affected by train strikes! If I was a JDW Shareholder I would see better value for growth here!
Hopefully with sales from the Brewery to come Marston on their next release will fair far better what with Christmas sales to come in and we should beat 6%! GLA.
IP-Following the trail of events. We were doing well pre-pandemic,and then it hit hard. I was surprised one of our bigger shareholders like Schroders did not come in with a rescue plan to be honest. However we saw Esken questioning the Exchangeable Loan and Bond where they told us all they had a robust defence. Later it would have been too costly to proceed to the high court? I just wonder if calling in administrators is a cheaper way to Court through the bankruptcy court, as no doubt the Loan terms will be examined. I still feel (I might be mad) but there is still hope. In fact if Esken lawyers are correct we could see Carlyle having to go back to the original agreement time frames? With cheaper rates coming there is still a chance. Could therefore be a tactical play for time and we do not know how Insurers will respond as they may be asked to make a contribution if any errors have been made, or if any defaults have been caused. Interesting this one. I also have a feeling the value of S/end Airport is far greater to Esken than what Carlyle are saying and our share should be greater if the sale/exchange does go through. In the states it is a regular thing calling a Chap11 for protection so maybe that is what Esken are thinking? It does not mean the Company will not continue in some form, but the result will be having to satisfy it would seem local laws as well as business law where contracts have to be fair.
Could be an alternative way to have it out with Carlyle concerning the convertible loan agreement and also the securing bond that Esken had questioned the other day? Courts and accountants/lawyers will be looking in depth. Not sure if by accident or a canning move?
On Thursday.... Esken said that after consulting advisers it has concluded that implementing the restructuring plan "has ceased to be commercially viable". Esken, which is registered in Guernsey, said that "additional issues arise under Guernsey law...where the plan results in compromising the rights of members," as was the case for the Cyrus restructuring plan. Consequently, Esken concluded that the lengthy court process needed to complete the restructuring came with "unacceptable risk". Maybe the Administrators will find an alternative solution? Clearly they will have the relevant experience and court support to obtain a thorough detailed examination. Could be a good thing? Questions are being asked about not only ESKEN but about the tactics of any potential bullying from bond and loan comps and we will see I am sure of the "robust defence" Esken advised shareholders of is valid. All is not lost!
Gulf H -interesting what you have said and that could be why the Company said they had been looking into and experimenting with Franchise agreements with Landlords which they said they viewed as profitable enough to expand. If the landlords take out their own mortgages to purchase this could be a quick fire way of reducing Company debt and costs. Next statement will be interesting from the new CEO or who they decide to appointment as the new Chairman? Maybe an ex-banker?
Will they have Court approval to not look at all aspects of the business? i.e. They will need to study the agreement with Carlyle that Esken had previously advised was one where they had a robust defence? Also the terms and proportion of the terms of the sale/takeover of Southend Airport? Perhaps all is not lost, but at least the situation for shareholders cannot get any worse. Perhaps we will see a qualified accountant and legal / court interpretation
of what has gone wrong and if it can be corrected, and who is responsible. Appointment of Administrators does not always mean bad news, but may not agree with the statements issued by the Company previously. However I agree the BOD and their lawyers may be checking their Insurance policies as shareholders ultimately will need answers! No doubt the Airport has some value to shareholders (perhaps more than what Esken have even said) and will continue to trade?
Hello Grey Monk -To be honest you might not have to wait too long for a positive return on this share price as :-
Inflation figs show a dramatic fall for Food and Drink and Eating out, and overall interest rates will be coming down sooner than many have imagined.
With lower interest rates Property values will increase and so the £2b of prop that Marston own will be increasing at a faster rate than cost. Loan rates will also fall and so the margin will increase.
Seen this all before. We might have to watch Barrick coming in here soon? Price is looking cheap on basis Inflation World Wide falling and Fed and UK will cuts rates eventually which will make the home currency conversion rate and commodity price favourable.
We know Barrick can see this too. GLA/DYOR but no panic in my opinion with successful exploration underway and new production seams coming on stream.
Up 6% in the end. Looks like I made the right decision to stay in this share as a recovery is in progress with the news looking much better going forward. No takers are required after all.
Looks to me as if Esken and its advisers have found a default in their favour? The share they retain is in question and they no doubt hope for a greater proportion of the reformed Airport? I can see a bond holder Insurance backed claim coming in here. Unless someone knows different. No dates set yet and the technicalities may delay the process which might suit Esken if commercial rates come down -who knows?
See the shares are moving up today which cannot be all down to the new "Fresh" beers being released by the Brewery, but suspect may have something to do with the CFO buying over 347,000 shares in the Company two months before the release of May results, and possibly therefore making use of his purchase window whilst he can? Suppose shows faith in the Company and he has confidence in it. Half year results confirmed as 14th May on Morning Star. DYOR/GLA.
Seems the Marston/Carlsberg Brewery partnership is going really well with no debt and producing a lot of income. For both Marston and Carlsberg as well as reducing costs through economy of scale that even Stonegate are now benefiting from too with the signature on a deal to supply their 1500 pubs/bars,etc. to the 1400 held already!
So with Marston looking for a new Chairman and with them looking vulnerable to a take over, perhaps Carlsberg or Stonegate who have a vested interest in the business might have something to say, or might even think about their own take over? The debt Marston have is only being half of their property values which will might make this attractive to a pub operator but also to the Company where the Marston Chairman is heading which is "British Land" who will have already selected why they wanted Rucker in the first place as someone who knows the true value of Marston property inside out! Always worth an alternative view to balance any negative side with a positive view and this is the way to balance any argument for or against a share. GLA interesting to see how this plays out in a Company both Carlsberg and Stone gate and BL will have close vested interests!
Doesn't look as if after he has packed his "rucker sack" that the stock market has reacted negatively at all. Perhaps a change is as good as a rest and things can move forward for shareholders where it will pay dividend!!!
Chairman clearly comes from a Property background - perhaps someone with experience in the Pub/ restaurant field is the key! Or we can see a sneaky take over in the offing.
I see no statement yet actually from Marston.