I bought into these in December last year, primarily for the yield, but also for the potential growth of one of the better companies in their sector.


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Marston's Fundamentals (MARS)

MARSTON'S PLC ANNOUNCES A PROPOSED PLACING OF APPROXIMATELY 9.9% ISSUED SHARE CAPITAL

Marston's PLC ("Marston's" or the "Company") today announces its intention to conduct a non-pre-emptive cash placing of approximately 57.6 million new ordinary shares in the Company to institutional investors (the "Placing"), which represents approximately 9.9% of the Company's issued share capital (excluding treasury shares). J.P. Morgan Securities PLC, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), and Numis Securities Limited ("Numis") are acting as joint bookrunners (the "Bookrunners").

The Company has also announced today that it has agreed to acquire the Charles Wells Brewing and Beer Business from the Charles Wells Group for a cash consideration of £55 million, plus working capital adjustments, representing 5.5x EBITDA post synergies. Based in Bedford, Charles Wells Brewing and Beer Business is an established high quality brewing business with a portfolio of more than 30 beers including leading brands such as Bombardier, Young's and McEwan's. In addition, the business has UK distribution rights for the Estrella Damm lager brand and other beers under license including Kirin and Erdinger (see separate announcement).

The Company also announced today the agreement to acquire seven pubs in strong locations to enhance its Destination and Premium estate for a consideration of £13m with a refurbishment investment of £3m, representing 7.8x post investment EBITDA.

Both of these acquisitions (the "Acquisitions") are expected to complete in June 2017.

The Acquisitions are expected to deliver a combined ROIC in excess of 15% in the first full year and to be EPS neutral in the first full year and accretive thereafter. Pro forma Net debt:EBITDA is expected to reduce by 0.3x post completion of the Acquisitions.

In addition, Marston's is today issuing its interim results covering the 26 weeks ended 1 April 2017 (see separate announcement).

Background to the placing - use of proceeds

The net proceeds from the Placing will be used to fund the consideration for the Acquisitions.

The Placing is not conditional upon completion of the Acquisitions. In the event that the Acquisitions do not complete, Marston's will retain the net proceeds of the Placing for potential investment opportunities and general corporate purposes.

The Placing

The Placing is subject to the terms and conditions set out in the Appendix. The Bookrunners will commence a bookbuilding process in respect of the Placing ("Bookbuild"). The book will open with immediate effect following this announcement.

The price per ordinary share at which the Placing Shares (defined below) are to be placed (the "Placing Price") will be decided at the close of the Bookbuild. The timing of the closing of the Bookbuild, the Placing Price and allocations are at the discretion of Marston's and the Bookrunners. When issued, the Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 7.375 pence each in the share capital of the Company, including the right to receive all dividends (including the interim dividend of 2.7p per share announced today) and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.

Application will be made for the Placing Shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00am on 22 May 2017 (or such later date as may be agreed between the Company and the Bookrunners). The Placing is conditional upon, inter alia, Admission becoming effective. The Placing is also conditional on the placing agreement between the Company and the Bookrunners not being terminated.

The Appendix to this announcement (which forms part of this announcement) sets out further information relating to the Bookbuild and the terms and conditions of the Placing.

All going on at MARS these days isnt it, well done Ralph keep it up son -);

Shore Capital Buy 140.90 - - Retains

Peel Hunt Add 140.90 160.00 160.00 Reiterates

Placing rather than Rights Issue, I'd like to see the debt coming down, however the acquisition looks to be at a reasonable cost and the divi continues to rise on the back of increasing EPS. All in all quite happy to continue to hold, depending on where the sp drops in relation to the placing it may be wise to add some more.

Results of Placing

Marston's is pleased to announce the successful completion of the placing announced today (the "Placing").

A total of 57,600,995 new ordinary shares of 7.375 pence each (the "Placing Shares") have been placed by J.P. Morgan Securities PLC, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and Numis Securities Limited ("Numis") at a price of 137.0 pence per Placing Share (the "Placing Price"), raising proceeds of approximately £78.9 million (before expenses). The Placing Shares being issued represent approximately 9.9% of the issued ordinary share capital of the Company (excluding treasury shares) prior to the Placing.

The Placing Price represents a discount of 4.9 per cent. to the closing price on 17 May 2017 and a discount of 3.1 per cent. to the intra-day price at 9.31 a.m. (being the time the Placing Price was agreed). The net placing price of approximately 131.7 pence per Placing Share to be received by the Company after expenses directly attributable to the Placing represents a discount of approximately 6.8 per cent. to that intra-day price.

more.....

Looking very oversold.

Brewing? A variety of Hops are grown in the uk do Youngs use "them" or are they imported?

If imported how does the weak pound effect the bottom line I wonder...just musing.

Also all the other Breweries Marstons have takenover in previous years..probably more questions then answers there but just thinking allowed.

sp trading around 10%ish below the recent placing

Yes they are certainly out of favour!

Near 6% yield at this sp. Will have to encourage T to take his pals around their pubs to do some research

Not seen these levels for the best part of 5 years, GNK also weak, possibly due to uncertainty in consumer spending. GNK figures seemed ok though

Not another one like CLLN.

JDW figures looked ok earlier - the price rose but is now down 1.4%.

GNK also toying with multi year lows.

Yet consumer spending on eating out is buoyant

The old adage of trade what you see.

Trading statement due 26 July, fingers crossed the market has got it wrong.

Peel Hunt Add 117.20 160.00 140.00 Reiterates

Trading Update

Trading

In Destination and Premium, like-for-like sales for the 42 week period were 1.3% ahead of last year. In the most recent 12 weeks of the period, like-for-like sales were up 0.6% which continues to be ahead of the market. As we previously guided, operating margins are slightly below last year in line with our expectations. With regard to the cost outlook for 2018 our guidance remains unchanged from that provided at our Interim results in May.

We remain on track to meet our growth targets for 23 new pub-restaurants and bars in the current financial year in addition to eight lodges.

In Taverns, like-for-like sales for the 42 week period were 1.9% ahead of last year, with growth of 2.4% in the last 12 weeks of the period, principally reflecting the benefits of the warm weather in June.

In Leased, profits for the 42 week period are estimated to be 2% ahead of last year.

In Brewing, own-brewed beer volumes were up around 4% compared to last year reflecting the continued good performance of our underlying business and the benefits of the acquisition of Charles Wells Brewing and Beer Business. The integration of the business is proceeding as planned.

Commenting, Ralph Findlay, Chief Executive Officer, said:

"We remain encouraged by our continued market outperformance and focused on delivering sustainable growth and maximising return on capital in an evolving market place.

"Our transformed pub estate continues to deliver positive like for like growth across all three divisions. We benefit from an operating structure which spans food-led destination and wet-let community pubs, accommodation and brewing, maintaining a good balance within our brand portfolio and broad consumer appeal.

"The Charles Wells brewing and beer business is bedding in well, further underpinning our leadership in the UK ale market. We are on track to complete our new-build and lodge expansion plans. We remain confident of delivering further profitable progress for the full financial year."

Forthcoming Events
Please find below the forthcoming reporting dates for the Group, which are also available on the investor calendar on our website - www.marstons.co.uk/investors


Year-end trading statement
10 October 2017
2017 Preliminary results
30 November 2017
2018 Interim results
16 May 2018
2018 Preliminary results
29 November 2018

Numis Add 116.60 145.00 145.00 Reiterates

Peel Hunt Add 117.55 140.00 140.00 Reiterates

Shore Capital Buy 117.55 - - Reiterates

Another one! Good news and the share goes down like DOM. WHY???