4th Mar 2021 13:06
Marston's PLC - Wolverhampton, England-based pub chain - Asks holders of three sets of secured class A debt notes, worth GBP664 million in total, for further technical waivers of its financial covenant for the second half of 2021 and until January of next year. The bondholders have been asked to respond by March 24 and a meeting is scheduled for March 26. Marson's says its financial position remains sound, and it has GBP176 million of headroom under its bank facilities. Once pubs are allowed to reopen in England, it is confident demand will be strong, as it was last summer after the lifting of the first lockdown.
Last month, Platinum Equity Advisors LLC said it had decided against submitting a revised takeover bid for Marston's. At the start of the month, Marston's said it had rejected Platinum's unsolicited 105 pence-per-share takeover approach. Back in October, Marston's completed the move of its brewing operations into a joint venture with Denmark's Carlsberg AS.
Current stock price: 97.15 pence, down 1.4% on Thursday
Year-to-date change: up 29%
By Tom Waite; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Marstons