Marston's Share Discussion Threads

[fenners66] 22/4/2020 10:32

As for social distancing .....

The worst isle in local supermarkets is the booze isle , people just see the booze, beer, wine and forget all about crowding around others

[meijiman] 22/4/2020 09:19

Pubs will be just about the last places to come out of lockdown. Shame as I like frequenting...fed up with bottled ale.

[redartbmud] 22/4/2020 08:50

Heineken results issued today are not very encouraging.
An ease in lockdown is becoming more and more important for the drinks sector.

[redartbmud] 22/4/2020 08:49

Heineken results issued today are not very encouraging.
An ease in lockdown is becoming more and more important for the drinks sector.

[redartbmud] 21/4/2020 21:26

Jefferies International today reaffirms its underperform investment rating on Marston's PLC (LON:MARS) and cut its price target to 35p (from 90p).

Jefferies International today upgrades its investment rating on Wetherspoon (J D) PLC (LON:JDW) to buy (from hold) and cut its price target to 1150p (from 1590p)

Jefferies International today reaffirms its buy investment rating on Mitchells & Butlers PLC (LON:MAB) and cut its price target to 400p (from 530p).

[redartbmud] 21/4/2020 20:19

Let us hope that trading recommences at an acceptable level, otherwise we may be down that road again.

Jefferies International today reaffirms its underperform investment rating on Marston's PLC (LON:MARS) and cut its price target to 35p (from 90p).

Jefferies International today upgrades its investment rating on Wetherspoon (J D) PLC (LON:JDW) to buy (from hold) and cut its price target to 1150p (from 1590p)

Jefferies International today reaffirms its buy investment rating on Mitchells & Butlers PLC (LON:MAB) and cut its price target to 400p (from 530p).

[pherrom] 21/4/2020 10:11

"The Waiver will be in effect until 29 May 2020 to give the Issuer sufficient time to procure a permanent waiver, if necessary, approved by a Meeting of the requisite holders of Notes..."

So it would appear that the Issuers agree with Mars that Mars are not in breach as they did not suspend the business, the Government did.

Thanks to jeffian for the link to the full version.

[fenners66] 20/4/2020 17:23

They accepted until the end of May :-

"The waiver has been granted until 29 May 2020 with an automatic extension to 15 June 2020 in certain circumstances. "

BUT the extension after that is only c. 2 weeks and though they say automatic , its only in "certain circumstances".

What they did NOT say , is that the bond holders agreed to a technical waiver as long as the govt. ordered them to close - that would have been easy to understand and easy to state - but clearly the bond holders were not agreeing to carte blanche over this covenant breach.

Which suggests there can come a point when they just say to heck with it we are enforcing the covenant.

The language used in RNS's is couched , they have to be careful not to say anything misleading and not to say too much - hence it becomes also about what they do not say.

[jeffian] 20/4/2020 16:56

Nothing. That was my point. The waiver was to do with the pubs being shut, not to making payments. It will presumably have to be renewed until the Govt lifts the ban and they can re-open the pubs, at which point the 'breach' no longer exists.

[fenners66] 20/4/2020 15:44

I guess we all understood it was a technical breach - however those clauses are still put in - no matter that one never expects to use them.

The point tho' is what happens after their extension to the waiver runs out ?

[jeffian] 20/4/2020 15:38

For some reason, the regulatory announcement shown in ADVFN's 'News' heading above is an edited version of the full statement that appears in the RNS.



That makes it clear that it is not a financial waiver but a technicality relating to the requirement on MARS not to "suspend all or a material part" of their business, which, MARS point out, they have not done themselves other than so required by Government edict.

"As there is a provision in the IBFA which would be breached if the Initial Borrower suspends all or a material part of its business, and although the Initial Borrower does not consider itself to be in breach of this provision as it has only suspended business for reasons not of its own making - i.e. because of the UK Government Measures - the Initial Borrower has nevertheless sought and obtained a temporary waiver"

[fenners66] 20/4/2020 13:15

After about 40 years , around 270 a year die of HIV in the UK

after about 40 days , around 16,000 people have died from CV 19 in the UK

So attempting to liken the approach to Covid 19 to HIV still make any sense ?

[fenners66] 20/4/2020 13:09

After about 40 years , around 101,000 people have HIV in the UK

after about 40 days , around 120,000 people have CV 19 in the UK

[fenners66] 20/4/2020 13:00

"Look at the HIV virus"

Likening CV19 a flu like virus to HIV is crass.

As if I risk catching HIV by walking into a supermarket or sitting on a bus !

[my retirement fund] 20/4/2020 12:42

Yup so some breathing space to do an equity raise

[fenners66] 20/4/2020 12:41

"The waiver has been granted until 29 May 2020 with an automatic extension to 15 June 2020 in certain circumstances. "

Well we can agree or disagree when the lock down should end, but clearly their waiver is only guaranteed until 29th May , perhaps will get extended to 15th June .....

and then what ?

Also , have they paid for the waiver ?

[robizm] 20/4/2020 12:34

I think pubs will open early May. Pensioners etc will be afraid to use them but the younger generation will not especially when the weather gets a bit warmer. People already going lick down crazy and you have to take into account the majority of people’s mental health etc and also have an economy to come out of lock down for.

[meijiman] 20/4/2020 10:13

Absolutely. If you go into a recession or crisis with the balance sheet all wrong then you should walk the plank. Same goes at Premier Oil which will never be able to pay down its debt. Yet the bloke who got them into the mess clings on.....

[pherrom] 20/4/2020 10:09

"We continue to take an extremely prudent approach in our management of the business..." Continue?? It's a pity that they didn't take a mildly prudent approach before.

[dinvester] 20/4/2020 09:47

Pubs will not open until Christmas, according to this article.
hxxps://www.thesun.co.uk/news/11432853/pubs-closed-until-christmas-coronavirus/?utm_medium=browser_notifications&utm_source=pushly
(in the link replace xx with tt)

[john09] 20/4/2020 08:14

What are you on about. Read the RNS not this dribble

[my retirement fund] 20/4/2020 08:14

So bond holders are sharpening their knives in anticipation of taking large ownership stakes in the business and the equity instead of plummeting to close to zero is actually rising! You couldn't make it up if you tried.

[itsnotmeitsy0u] 20/4/2020 07:58

dear oh dear.sorry for holders

[redartbmud] 20/4/2020 07:56

Covenants on debt breached??

It's the debt wot done it guv.