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Https://www.ft.com/content/d9b2e191-5d08-4c8a-a3d2-79c39cbd1594
Evening Standard
https://www.standard.co.uk/business/business-news/thg-investor-calls-for-removal-of-chairman-lord-allen-b1159219.html
Hung on to 74.10 as per today's UT.
So:
- up from Friday's close of 74.0 and
- up from yesterday's close of 73.65.
I wouldn't normally comment on such negligible movements, but given the hysteria that Ste has started displaying again, I think it's important to show some FACTS as opposed to his opinion
Lord Allen of Trappist Monksville might even show up to this AGM to prove that he’s not some mythical creature and that he really does exist.
Question is will
It be out on the rag that is City Am
We all know that it is highly unlikely PC. But with MM, you can never be too sure.....
The Invisible Chairman last seen in Pets R Us on a lead being walked by his owner.... 🤣
Report from the war room.
Starfighter, approximately 1 month ago and just after Q1 results presentation you posted the below comments which I thought were a fair assessment at the time and with the benefit of hindsight you seem to have been almost right in one predicted course.
"Starfighter
Posted in: THG
Posts: 43
Price: 63.90
No Opinion
Groundhog Day24 Apr 2024 10:10
It was much like previous presentations although in fairness to the CEO. I thought he did ok on the Q & A.
The SP does not improve on the jam tomorrow forward forecasting of a CEO who;
1. Plays silly games with last minute announcements which makes him look childish and just reinforces the perception that he is not cut out for the role making the company uninvestable.
2. Doesn’t take responsibility for the SP or oft poor numbers and engages in diversionary tactics to explain the exceptionally poor SP (shorts, Yen etc).
3. Has missed targets and projections so often that any future targets and projections are dismissed and therefore never lead to a positive sustained share price increase.
4. Refuses to provide a strategic update and allows a chairman to go missing.
The only ways out of this hole are to trade out and deliver positive numbers year on year and deliver profits or through a takeover. The latter won’t happen because the CEO and his mates control the shares and solidify their control through unjustified dilution.
The former will take years to achieve but is dependent on the removal of this CEO and the in office, but invisible, chairman.
This company is being held back by its CEO, he needs to resign and make way for a seasoned, mature and capable CEO with a track record of delivering good numbers, profits and a strong sustainable SP.
Until that happens, it will remain Groundhog Day for the company and its long suffering long term holders."
Just an associated question for you. Given your thoughts above what's your views on Kelso being lenient and kind to one of their own shareholders, albeit supposed Pacman defence shareholder?
Fell free anybody to chip in.
Might be worth noting typical protocol is for activists to target the chair as a starting point, rather than going for jugular of CEO. Imo that doesn't mean they're necessarily being kind to Moulding who they might hold in equal contempt. In THG's case the chair is such a hapless empty vessel doubly makes sense to strike such a weak link.
Not lenient OSG.
I’d say putting a marker down. . Today the Trappist Monk Chairman, tomorrow the man child CEO.
Start listening, start taking advice and start performing or we will keep agitating and keep building shareholder discontent.
Kelso are a noisy nuisance trying to force a change of course. If they succeed the SP rises. If they don’t (and I don’t see them overcoming the obstinacy of the CEO), there are plenty of Groundhog Days to come.
Aimho but I hope I’m proved wrong and the long term investors who are treated with utter contempt by this woeful BoD see some RoI.
The Chairman of THG is about as popular with shareholder as Jeremy Corbin would be at the annual Conservative Ball...
Moniman, in fairness, your comment about Jeremy Corbyn is wrong. He would definitely be popular at the Conservative Ball as many Conservatives view him as the prime reason the Conservatives got a landslide and they probably would thank him! I'm not sure he'd be so popular at the Labour Ball....
You never know Starfighter with any voting how things could turn out.
Last years AGM for instance had a near 24% vote against Iain Mac's re-election and that was without any Kelso's activist involvement and announcing their voting intention. Then of course the debacle where they tried to retain his services on the Board that damaged the share price - then ultimately he ended up biting the bullet by March.
Kelso I honestly can't see giving up if it ends up as bloody nose vote or indeed even with a removal. They want to unlock that Sum of Parts valuation. Why some seemingly don't want to unlock that value is beyond me and is actually why we are where we are.
For me, in TGL's absence the running of this company and execution has been down to the CEO and COO and that's why I will be voting against them also. (Poor share price performance, Bids without bid prices to sustain rises to that price, Good share price accretive advice binned, Continual LSE rants, "Stunt" comments to date on seperate listings, MBO etc with no follow through, Non existent Investor Relations, etc etc etc
That's why its important that people actually do give careful consideration to all resolutions and vote accordingly rather than just rubber stamping every resolution.