(Alliance News) - Matthew Moulding, the founder & chief executive of THG PLC, is planning to give up his so-called 'golden share' in the Manchester-based online retail platform, in an attempt to rebuild investor confidence, Sky News reported on Sunday.
The special share gives Moulding the right to veto any takeover bid for three years. It has been unpopular with investors and prevents THG from joining the FTSE 100 or FTSE 250 despite a market capitalisation over more than GBP3.50 billion.
Citing City sources, Sky said THG, which trades as The Hut Group, is set to announce as soon as Monday plans to move its listing to the premium segment of the London Stock Exchange in 2022. This would allow FTSE index inclusion, but to do it, Moulding would need to give up his 'founder's share'.
https://news.sky.com/story/hut-group-founder-moulding-to-give-up-golden-share-in-bid-to-restore-city-confidence-12435184
THG shares fell by a third last week, following a poorly received capital markets event on Tuesday. In response to the tumble, THG early Wednesday promised to provide a third-quarter trading update on October 26.
By Tom Waite; thomaslwaite@alliancenews.com
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