London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
You will only have one login account. Registering with multiple accounts is not allowed. Any user found to have more than one account on this site will have all, and any future accounts suspended permanently.
Your email and password must only be used by you. If a post is made under your account, it will be considered that it was posted by yourself.
Your account nickname must not be the same, or contain, listed company names or board members' names.
While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.
You will not;
discuss illegal or criminal activities.
post any confidential or price sensitive information or that is not public knowledge.
post misleading or false statements regarding the share price and performance. Such posts are deemed as market abuse, and may be reported to the appropriate authorities.
post any private communication, or part thereof, from any other person, including from a member of the board of directors of a listed company. Such posts cannot be verified as true and could be deemed to be misleading.
post any personal details (e.g. email address or phone number).
post live price or level 2 updates.
publish content that is not your original work, or infringes the copyright or other rights of any third party.
post non-constructive, meaningless, one word (or short) non-sense posts.
post links to, or otherwise publish any content containing any form of advertising, promotion for goods and services, spam, or other unsolicited communication.
post any affiliate or referral links, or post anything asking for a referral.
post or otherwise publish any content unrelated to the board or the board's topic.
re-post premium share chat posts on regular share chat.
restrict or inhibit any other user from using the boards.
impersonate any person or entity, including any of our employees or representatives.
post or transmit any content that contains software viruses, files or code designed to interrupt, destroy or limit the functionality of this website or any computer software or equipment.
If you are going to post non-English, please also post an English translation of your post.
If you are going to post non-English, please also post an English translation of your post.
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium and Verified Members
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Financial times seemed to hint that THG put the Belerion bid out without permission or something, whereas Sunday Times says it was prompted by the takeover panel who asked the various parties to clarify their positions after speculation by betaville.
"As THG’s problems piled up, private equity giants Advent International, Apollo and Leonard Green all ran the rule over the business. Belerion Capital cannot compete with that sort of clout — but McDonald enjoys a personal relationship with Moulding that other potential suitors do not.
McDonald is a well-connected figure in the e-commerce industry who spearheads the UK Digital Business Association, a trade body including Ocado and Asos, which is pushing back against the creation of an online sales tax.
In his time as chief investment officer at William Currie Group, McDonald led the firm’s investment in THG in the company’s first big funding round in 2010. He has served as a non-executive director on the board ever since and personally owns 2.51 million THG shares, currently worth £3.64 million.
“Iain has been ever-present and is on very good terms with Matt. He knows THG as well as anyone,” a source said. Spokespeople for Belerion and THG both declined to say whether McDonald had recused himself or been stood down from the board of THG.
McDonald is understood to have been dumbfounded by the collapse in THG’s share price — but acquiring the business would be a deal of far greater magnitude than anything he or Belerion have previously undertaken.
Belerion runs a fund that invests in listed e-commerce companies as well as a private fund targeting start-ups in the sector. The investment fund, which owns 4.3 million shares in THG, is advised by Asos co-founder Nick Robertson.
THG’s decision to reject Belerion and King Street’s offer — pitched at a 79 per cent premium to THG’s share price before it originally disclosed it had received numerous takeover approaches in April — may divide THG’s shareholders, some of whom bought in after the slump in its shares. There may not be a better time to sell in the coming months, either. A brutal squeeze on disposable incomes, soaring costs and a swing of trade back towards high street shops have combined to hammer online retailers.
THG warned in April that underlying profits this year would be similar to last year’s £161.3 million, compared with forecasts for £206 million.
City sources are sceptical that Candy’s interest will progress into a full offer. The developer behind London’s One Hyde Park has in the past been linked with a takeover of Covent Garden-owner Capital & Counties and, more recently, Chelsea Football Club — only for neither to materialise.
After jumping by 24.5 per cent on Friday, THG’s shares closed at £1.45 — a 14.7 per cent discount to Belerion and King Street’s bid, implying the market is sceptical that a deal will be done at all. Moudling, ultimately, will have the final say."
Mostly a nothing article but will post here anyway:
"A sales person at investment bank Numis fired off an incendiary email to clients last November. The message urged investors to sell shares in the troubled online beauty retailer THG, citing alleged “accounting irregularities”.
It is fair to assume the author failed to check the recipient list before hitting “send”. If they had done, they would have seen the name Iain McDonald, a board director at THG for 12 years.
Unsurprisingly, McDonald took umbrage at the email. Numis subsequently sent a corrected version, apologised and reported itself to the Financial Conduct Authority.
McDonald has had a front-row seat for this corporate soap opera. Now, after a torrid 20 months on the stock market, Belerion Capital, where McDonald is chief investment officer, has teamed up with King Street Capital to table a £2 billion bid to take the firm formerly known as The Hut Group private. Morgan Stanley is lined up for debt financing.
On Thursday evening, THG — which owns brands such as Myprotein, Lookfantastic and Cult Beauty — disclosed it had rejected the “highly preliminary” 170p-per-share offer. This came 15 minutes after Candy Ventures, investment vehicle of property tycoon Nick Candy, issued a separate statement saying it was in the “very early stages” of mulling its own offer for THG.
The flurry of announcements was prompted by the Takeover Panel, which had asked the various companies to clarify their positions after financial blog Betaville published rumours of deal activity.
Whether the interest in THG progresses will depend ultimately on co-founder and boss Matt Moulding, who holds a golden share giving him the right to veto any hostile takeover.
Moulding has done little to hide his disdain for life on the public markets: in an interview with GQ magazine last year, he said the experience of being listed “just sucked from start to finish”. The question is whether he is fed up enough to swallow his pride by endorsing a bid that will inevitably value THG at a fraction of the £5.4 billion achieved at its float in September 2020.
THG’s shares initially soared after listing, taking its value above £7.25 billion and triggering a controversial £830 million share-based payout for Moulding, the largest shareholder with a 22 per cent stake. But they crashed back down to earth amid mounting concerns over THG’s light-touch corporate governance, its weak cashflow, and whether Ingenuity, the e-commerce platform that THG sells to other online retailers, could ever meet lofty expectations.
In an effort to appease the City, Moulding brought in Lord (Charles) Allen as chairman and pledged to relinquish his golden share — which he has yet to do."