Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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:
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 Members are members that have a premium subscription with London South East. 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.
Isn’t it just!
Certainly can’t accuse Kelso of having their silence bought - they are absolutely right in what they say. I can’t find fault with any of it…..
Must have been reading this board yesterday
Completely agree. hardly been "emasculated" by moulding's buy in. that is a very hard hitting public statement by a listed company.
Very true ... that pulls no punches ... now watch him take his share % in Kelso up to 10%.
As MM has 65% protecting him, what’s the free float in Kelso?
It won't matter if he takes his percentage in Kelso to 10% they could just issue more shares and buy even more THG shares..
Shots fired, good stuff. I know Kelso punch above their weight but this is exactly what a few of us have been saying, they had absolutely no excuse not to move to premium segment immediately once golden share went - and getting rid of that share took long enough. It's pretty farcical that all this time later they still haven't done it, with latest roadblock being waiting for sleepy FCA to complete their review, which then might not even result in standard listing being merged. Right to hold Chair accountable for the lack of urgency on this and everything else.
Why do we think Moulding is resisting the premium listing?
Why would someone want to keep the SP low?
Maybe he has plans of leaving LSE
I said virtually the same thing on several occasions yesterday and it couldn't have been said any better by Kelso. So well done Kelso and as activist shareholders they are making a statement and throwing down a challenge to the present status quo and brilliant they also highlight the blatant valuation gap.
Great though the recent rise has been, the share price is only a fraction of previous bids and it needs a complete change in mindset and or new blood. I mentioned 2 years on and Nothing. They point out it is 4 years on and Nothing and their logic. The Chairman ultimately needs to take the can for the poor share price performance under his auspices.
I will add though that with the invisibility of The Chair, the poor share price performance and so much not being done I had added MM and JG to my votes against re-election, for as CEO and COO they have to be key in what strategy has been adopted and its delivery. The 95% of advice binned Linkedin post being a decision swayer.
Use your votes and use them wisely.
New blood at the top and the addition of so many shareholder value catalysts presently missing in an improving interest rate environment should help close the Sum of Parts valuation gap.
By the way and just out of interest TGL was previously ousted at ITV when he was CEO.
https://www.theguardian.com/media/2006/aug/09/citynews.television
Well said Kelso…I went somewhat further with my votes…not expecting much more than causing some embarrassment rather than oustings….interesting Lord Allen had 15% voting against his re-election at Balfour Beatty a few weeks back…Lord Allen may still prove us wrong but if he does he basically will have been sucked into playing the MM guerilla warfare games for past 2 yrs rather than running a plc…flim flam comment at first AGM does not reflect well…
I have voted against the reelection of both the CEO and the Chair. I think there are people out there better able to fulfill these roles and we want the best people running our company. My patience has finally run out.
It will be interesting to see if any of the 65% club that do not sit on THG board as shareholders or shareholders reps come out to voice support ahead of AGM votes…I suspect that some aligned with Kelso (albeit much smaller holdings) may come out in support of Kelso, plus a few on this board too….could quite easily get 25%+ voting against which be embarrassing, if not forcing an ousting.
I’m giving it a couple more weeks and if nothing has been done to help move the share price north then I will be voting the same. Enough is enough
CityPie ... a few more weeks ? The votes won't change anything but the larger the number the larger the prod.
£400.000 pa.
Chunky salary ... earn it.
· *In the spirit of shareholder democracy, we are making this statement to encourage shareholder debate.*
Be interesting to see if it does ...among the 65%.
Kelso are comparative minnows, but you never know..
Hmmm Kelso again. The problem I have, is that they are just a noisy ‘trader’
Granted some of what they say makes sense, but let’s not be suckered into thinking that they are in it to see the true SOTP being realised. They’ve already demonstrated that by selling out a chunk so are clearly just attempting to talk the SP up, to then sell out again, or a chunk of them. And yes that’s their prerogative as an investor, but it’s just them trading and using a voice as far as I’m concerned, rather than seeing it out until the £2+ SOTP which is probably where a lot of us ‘true’ investors are, especially those who’ve been in a while. If they put their money where their mouth is, why not buy some more having sold a chunk at a profit last year or whenever it was. So as I say, they’re just a trader looking for shorter term gains.
Just my view, and GLA as always
This is why activist investors are so important. Kelso thinking the SP is doing worse at the time they brought in, of course they have to hold the board accountable, we all must.
Sb1000 if memory serves me correctly Kelso did sell some last year for a very tidy profit whilst still retaining a core holding of 5Million shares which they on paper had retained ever since.
However at their last update I think I commented that they had I believe increased their holding again by a further 1 million shares and were back up to 6 Million shares, which is their largest investment amongst stakes in 4 companies.
There's a wave of takeovers across the LSE. Don't be surprised if THG attract a bid with the aim of taking it private and breaking up the company to release its innate value
OSG. I don’t disagree without knowing if/when Kelso bought/sold, but my statement is around the fact that they are simply ‘trading’ the share, and not holding out for the SOTP as they ‘seem’ to be.
That isn’t to say I don’t disagree with everything they say, a lot of it makes sense, but would like to think people are not reading their statements to think they are standing aside the longer term holders to reach the full SOTP. They will sell out quicker than we think, as already proved.
GLA
Agree SB. The minute they began "trading" their position, it was obvious that they would not be sticking around for the long term. A proper "activist" investor tries to build a stake in order to influence the decision making of a company, they don't trade their position. Of course, if they ended up doing so (and played a decent part in helping unlock the inherent value) I would be the first to put my hands up.
100% agree sb10000 let's not forget Kelso was late to the party buying in the 60s, many multiples less than the 65% club holders.
Let's also remember that they broke rule 1 off 'Investment For Dummies' by going 'ALL IN' on the one share. Never seen this done before or since.
They too have shareholders who will be asking:
'You said my £125k investment would more than double in 2 years and yet here we are still trading at less than 3p'
Kelso wants what is best for THEM, MM is not daft and he referenced the 'You should do it this way brigade' in a recent LinkedIn post. Maybe this is why he referenced Kloppe today, every football manager continuously gets it in the neck from supporters who always think they can do it better.
INHO MM has to walk a tightrope and increase the current SP to circa £1.40, so that Kelso and others can exit but also keep the 65%ers happy. A sharp rise will also see off the shorting crewe.
The only way I see this happening is a corporate event, if he does nothing then he is a sitting duck and the city will win.
Personally, I cannot see him letting this happen, he would rather walk over hot coals than let the LSE win.