Member Info for Supercharger

Appears despite administration the Southend Airport continues to come back. Now re-opening the Navigator Pub and Skylife Lounge. So the administration is helping to keep the business running and ways of generating additional income.

I think when one owns 1400 plus outlets and they have taken on another 1500 outlets from Stonegate where the total number of outlets have doubled since the Brewery partnership was formed there are no worries about maintaining supply outlets!

Also remember Marston have filled most of the managerial positions with their own staff and the headquarters are based in the old Marston Brewery.

They will agree to selling those where value is added to the balance sheet, as both have a mutual interest in each other. The decisions will be discussed before any such sale. However it has already been reported how well the movement to franchise agreements has been very profitable for both the Company and Managers of the Establishments, and how well the Brewery partnership is doing. The new beers being introduced look like they appeal to the younger clientele too, whilst the traditional beers are being produced through more modern processes. Worth a read of the Carlsberg Marston brewery web if one has time. GLA

If a horse is lame then it wouldn't pass the fitness test to race. If it did the owners would be sued.

If a pub chain makes £1 billion a year it is hardly a dead horse. The properties that are not producing are being sold, and franchise arrangements are also coming in where Landlords can purchase a part ownership. However bare in mind the Good idea Phippsy as the last time the property values were valued was at the start of the pandemic, and as business premises they would have been rated on income which was down. The parting Chairman has already said the property values were to be revalued soon and most sold were over book. Now why would he want that to happen when he is leaving and moving to a property development company? He will already know those ready for development?

Sales are still growing and a quick read of the business updates from has run post pandemic would be useful.

At this price this is a strong buy. My Godfather used to be the Company secretary and always said and we could see what a well run family type Company this was. The property values are worth far more than the £2billion on the books, and with lower interest rates the £1 Billion of debt will come down on future provisions very quickly alone. Notwithstanding the fact the company is making enough profits on sales to reduce the debt which surprises me so soon after the pandemic. The idea is to increase sales to be in excess of debt and that mans over £1billion per year. They cannot be far away from that now, and do not therefore need a rights issue, but I am happy to take up shares if they want one. We now need a new Chairman and should expect an announcement soon, and that person should be very qualified. Marston have a very good reputation in the trade, enough for Stonegate to partner them with their own 1500 odd pubs/bars now being supplied by the Brewery that Marston own with Carlsberg. I have still not yet seen the Brewery Christmas sales figures either which should also be very good. Give it time and ignore like I do the likes of Unfairtrader and his dad, who have never said anything positive or balanced and true in 3 years on this board, as they do not own shares in this Company, or if they do it is only for a very short time so they can then get their small allowance given for cheap meals out, etc where one only needs to hold a 100 or so shares, and partly because they try to drive down the share price to buy in at a low level, and then make a couple of quid before selling again...which I say is small Beer.... Enough said!

Looks like we may have interest rate cuts in the Uk sooner from adjusted figs released today.

This will help Companies such as Marston.

Competition between retailers drove prices on some goods down in March, but Easter treats were more expensive, the British Retail Consortium (BRC) said.

It said the overall rate at which prices rose had almost halved to 1.3% - down from 2.5% in February.

Sandyman has a point. Barchild I have always said you are looked upon as Fair traders father and related. Everything you say is the same, and always appears negative whether the intention or not which is why I am over positive to balance the books!

As such the Weighting allowance for the Directors options is high and therefore gives Shareholders hope in expectancy of achievements that the firm have set out are achievable. The weighting actually therefore is positive news!

Measure

Weighting

Threshold (25% vest)

Maximum (100% vest)

Underlying PBT in 20261

20%

£75m

£95m

Net cash flow2 (2024, 2025 and 2026 aggregate)

40%

£150m

£180m

Operating Margin in 2026

20%

16.3%

18.3%

Relative Total Shareholder Return (TSR) (measured over FY2023/24 to FY2025/2026)

20%

Median

Upper quartile

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.