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"online share chat forums" we're famous boys!
Ben Harrington is reposting the LinkedIn post…..
Not seen him do that before…..but I may be wrong…
Yesima, I was certain of that last year but he seems determined to stay in the system that he is fighting against and I believe he wants to be proved "right" rather than go private.
They are absolutely right about the premium listing. I said on here there was nothing stopping them doing this now, absolutely no need to await FCA review to complete. Funny thing at the time someone replied trying to argue against even that, saying they'd seen some video or something that meant it wasn't the plan. Would literally add immediate shareholder value, no brainer.
Part 2:
THG is c$125m.
Enough said.
hashtag#WildWest
hashtag#London
hashtag#Exits
what a bunch of cry-babies.
where were all the “avid believers” in darktrace before it was sold to new us owners last week?
when it was being relentlessly targeted by a well-organised network of rogues, not one of them stood up in defence of what’s being a hailed as a “national tech treasure”. now we must endure the obligatory floods of crocodile tears from those distracting us from their role in the whole saga 🙄
you can be sure many will be quietly deleting articles from their archives, erasing all traces of their role in a blistering campaign of abuse against darktrace, its board and staff. but we have long memories.
darktrace’s treatment since joining the lse in 2021 is yet another example of london’s toxicity towards founders daring to list growth companies in the uk. the queue of “journalists”, eager to partner with shady, offshore hedge funds in their efforts to destroy darktrace and its share price, paints an ugly truth.
such is london’s fear of founders and tech businesses, those daft enough to join the lse are painted as using witchery, smoke and mirrors. in a recent city am interview, even the founder of notorious short-attacker, muddy waters, said uk listed tech companies are easy targets.
it seems a well-rehe****d playbook that works every time. it starts with carefully seeded rumours of wrongdoing at a company, involving hedge funds, bankers, journalists, and online share chat forums.
everyone knew of the darktrace rumours months before the short attacks started. so, when they did arrive, supported by nonsense reports of wrongdoing, fraud, and even organised crime, a smash-up of darktrace’s share price was guaranteed. kerching! big profits for those involved, while the uk’s investors were once again robbed.
it’s sooo easy, with no fear of action from the lse or the onlooking financial conduct authority. but the lse is now a barren wasteland - a poorly managed, unsafe ”market”. naturally, investors and companies have taken flight in record numbers. it's a basic consequence of decades of foul play.
15 years ago, there were 3,305 companies on the lse. today the number is half! at the same time, all other global markets have exploded in size.
year after year, investors have demanded their cash back from uk fund managers, tired of being subjected to uk market abuse. these record withdrawals force fund managers to sell most lse companies, only able to hold those paying dividends.
companies re-investing profits instead of paying dividends are now tricky investments for most uk fund managers, who need dividend cash to help fund the investor exodus.
the impact is stark. last week, google, meta and microsoft confirmed that in 2024 alone they will invest a combined $140bn in tech/ai, while nasdaq companies as a whole will invest up to c$1 trillion!
by contrast, all the lse’s remaining tech businesses together will likely invest no more than $5bn in 2024, of whi
Could you post the full post please?
I’ve been blocked by him.
‘while the UK’s investors were once again robbed.’ - some investors in THG might feel the same way. The SP destruction however cannot be 100% blamed on short attacks. Not even close…. Kelso mentioned premium listing again. That alone is one example of how he could have helped the SP. Does read like he’s had enough but how long will it take him to do something about it!
Knew MM wouldn't be able stay quiet on this one.
Check out MM LinkedIn post this morning on Darktrace….He’s taking THG private for sure
Kelso trading Thg like a little play thing
Moulding will hate it
Funny
Exactly what I said just last week. Moulding could have been proactive in this and done the move a long time ago. But he sat on his hands and complained about the LSE.
Too slow lol, interesting Kelso dedicate a paragraph to this as its featured quite a bit on here too.
L’Occitane’, M & A swirling around all sides, THG in the midst of it..
'THG can implement is to move its listing on the LSE from the standard list to the premium index. THG currently has very few passive indexed holders and most UK active fund managers do not have to consider an investment in THG as it is not in their performance benchmark of the premium index.
We hope that this change of index happens in 2024 either naturally through the FCA changes or that THG is proactive and makes the change of listing itself.'
From Kelso Finals Today
THG
THG has three divisions: Beauty, Nutrition and e commerce fulfilment with revenues to 31 December 2023 of £2.2bn with continuing adjusted EBITDA of £120m. Consensus EBITDA to 31 December 2024 (source: company website) is £151m with the market capitalisation being c.£900m as at 31 March 2024. Within Beauty, it has three businesses: multi branded beauty and make up portals including Lookfantastic.com with 8.5m active customers selling multi branded products, an in-house and third-party manufacturing business and a number of owned beauty brands. THG also has the largest Direct to Consumer Nutrition business in the world selling an array of nutritional products mostly under the brand MyProtein. Finally, within e-commerce fulfilment, Ingenuity acts for in house and third party brands globally through a network of logistics facilities. THG was floated in 2020 with a market capitalisation of £5.4bn. Its value peaked in 2021 at almost 800p giving a market capitalisation of c.£8bn. On IPO and post listing THG raised c.£1.7bn.
In January 2023, Kelso initially bought 5m shares in THG at 55p, subsequently increasing this exposure to 8m shares, maintaining an average in price at around 61p. In the second half of the year, as we began to diversify our portfolio, we sold shares generating a realised gain of £0.9m. THG's share price at the end of 2023 was 85p resulting in a further unrealised gain for the year of £1.2m. Subsequent to Kelso's year end, THG's share price fell back to 60p at which point we bought a further 1m shares at 60p to give us 6.0m ordinary shares in total.
Kelso's investment thesis is that the valuation of the sum of the parts of THG is significantly greater than the market capitalisation. During 2023, we made several statements supporting this view urging management to demonstrate this value. The independent city broker Peel Hunt released an investment research note on 22 March 2024 in which it set a price target of 141p but referred to a potential value of 280p based on a sum of the parts.
We believe that each of either the Beauty or Nutrition division is worth at least the current market capitalisation. We hope during 2024 that THG will demonstrate this value through a strategic or corporate transaction relating to at least one of its three businesses. Separately, we believe that one of the most impactful and positive actions THG can implement is to move its listing on the LSE from the standard list to the premium index. THG currently has very few passive indexed holders and most UK active fund managers do not have to consider an investment in THG as it is not in their performance benchmark of the premium index. We hope that this change of index happens in 2024 either naturally through the FCA changes or that THG is proactive and makes the change of listing itself.
As at 31 March 2024, our holding was 6.0m shares with an average in price of 61p, valued at £4.1m, which represented 46
I would say it's more likely they are diversifying the offering. They have this vertical integration but it's very opinionated. If parts of the stack have multiple options it opens up customers who maybe have a warehouse but want everything above it running with them etc. it's the whole standard single vendor shoe horn Vs integrated best in breed approach.
Interesting that Thg are installing the Geek+ system,could it be that they are onboarding a
new client are already involved with the Geek+
auto system?
The company is also onboarding a Geek+ solution at its 1 million sq ft Omega Business Park, Warrington facility, 25 miles from the Icon2 facility which houses the huge Autostore.
Tom says: “We are redesigning the Warrington site and migrating clients. Part of it is implementing the modular robotic Geek+ solution. The site did not suit AutoStore, and we did our research on Geek+ and found it the right solution.
“It’s easy to implement, all you need is a flat floor and QR codes on the floor. Our software needs to speak to theirs, which can be a little complex. But what we will do in time is the same as we did with AutoStore.
“We are now a software integrator and distributor for AutoStore - so any new AutoStore installation will be driven by us and our software.”
THG has clearly made significant investments in its warehouse technology and will continue to do so, says Tom, despite a challenging macro-economic climate which has led to more expensive borrowing.
Tom summarises: “Our continuous investment in operational services has been rewarded with consistent year-on-year reductions in cost to serve globally, while increasing our speed to customer and overall level of service.”
Https://www.logisticsmatters.co.uk/tom-killeen-Put-operations-first
L’Occitane’s billionaire owner to take firm private in $1.8 billion deal
PUBLISHED MON, APR 29 202411:34 AM EDT
https://www.cnbc.com/2024/04/29/loccitanes-billionaire-owner-to-take-firm-private-in-1point8-billion-deal.html
ELEMIS partnered with THG Ingenuity in 2020 to expand its DTC operations to new markets, launching 16 new sites across Europe and APAC in just 10 months.
https://www.thgingenuity.com/resources/case-studies/delivering-international-dtc-expansion-ingenuity-commerce-x-elemis
I imagine they are not allowed to disclose the numbers for 3rd party products. That's pretty much standard practice for multi channel fulfillment businesses. They could however disclose anything they wanted to about their own products but again I think a lot of people would see this as commercially sensitive data. A good starting point would be a headline split of revenue and gross margin between own label and third party products
It's a meme stock... I don't think you can really compare what happens there to anything else , except other meme stocks
I've been following Trump media shares just for interest. It seems that management there have pushed back very successfully on short sellers. Why can't they do that here?
Re. 404x.
The brokers and hedge funds work together to suit whoever is paying them the most. Some hedge funds were shorting Darktrace right up until the bid was announced and others publishing false negative reports about the company it seems. Unfortunately MM's erratic behaviour at THG plays into their hands at the expense of shareholders, especially PI's...at some point the rest of the 65% club will want to see a big return on their investment in THG and the clock is definitely ticking down now. JMO Adyor!
Peel Hunt probably useful idiots for a few firms in that regard, seem to remember they published a sell report on Darktrace casting doubt and including a quote calling the products snake oil. Doesn't reflect well on them.
Meanwhile they published a buy report on Victoria plc - not mentioning issues raised by auditor including fraud risk as FT pointed out at the time. That was in September last year, after their buy rating share price went on to fall another 60%.
https://www.ft.com/content/52ba07ba-fca4-40aa-aea7-756114e6da5a
"He does have 65% club, behind him"
How much would be left if the bid went higher this time ?