Russ Mould, the investment director at AJ Bell, commented, “It’s rare to see a business do two deals in one day, but sometimes the stars simply align.”
Marston’s Focus on Pub Business
Marston’s emphasized that the sale will enable it to focus solely on its pub operations and use the proceeds to pay off debts. Justin Platt, Marston’s chief executive, stated, “Our core capability and key opportunity to unlock value for shareholders is in driving a focused and successful pub business. It allows us to become a pure play hospitality business and focus on what we do best.”
Carlsberg Buy 40% Stake In Brewery JV : Shareholder Approval and Listing Rules
The deal is a Class 1 transaction for Marston’s under the U.K.’s Listing Rules, requiring approval from 75% of the company’s shareholders. However, with impending changes to the Listing Rules set to remove the shareholder approval condition for Class 1 deals, Marston’s directors indicated they would waive the condition if the rules are amended within a short time frame.
