Member Info for 1pencil

Agree Jeff T comes across well as CEO with a sense of what needs to be done to restore investor confidence.

The science and/or product is good as evidenced with an increase in recent sales volumes, it’s just taken a lot, lot longer to get there.

Definitely a ‘wait and see’ approach which should change if forecasts are hit consistently, I noted also the tone in recent releases has firmed;

“We are on track to achieve our target of $30m revenue in 2025, aiming to be cash positive and profitable by the end of 2024".

Major holders have some agri background, Dwight has a team of 30 or so full time researchers at Ospraie, Scobie has investments in other agri companies.

Perhaps it’s this knowledge that gives them confidence to invest with such large percentages, for the rest of us we have to sum up the risks from company news flow, it really needs a catalyst to break history.

Recent podcast (not yet listened to)

https://twitter.com/PlantHCare

I think the reason THG gets lumped in with BOO and Asos is down to sector classification, using the iShares link below a quick search for reveals all three are listed under 'Consumer Discretionary' .

Some general musings on all things tracking.

Betting on constituent changes within an index is big business for investors and hedge funds alike; this time around it’s slightly different due to the creation of a single index from the two existing segments, Standard and Premium.

Changes take place four times each year, Sept shuffle is a bit too close but the one in December is certainly possible.

Final draft needs to be ratified later on this year before changes become absolute, that said its highly unlikely imo that this will be overturned due to the already lengthy process involved.

Below is an example of tracker which currently holds 3,889,241 THG shares with a weighting of 0.04%, to give an idea their highest weighting is 0.34%

This is not a FTSE250 tracker but a global small cap index following over 2,200 stocks, THG is listed under Consumer Discretionary.

Consumer Discretionary is their second largest sector position at 12.97%

iShares MSCI EAFE Small-Cap ETF

https://www.ishares.com/us/products/239627/ishares-msci-eafe-smallcap-etf

No idea if this is a typical representation of trackers but noticed they operate on a similar basis, namely as a particular company ascends an index so too does their weighting.

In terms of issuing TR1’s these positions are too small but still represent 3-4 days trading given current daily volumes.

Creed Fragrances = Ingenuity customer

https://www.creedfragrance.com/

Cheers zb27

https://www.reuters.com/markets/deals/gucci-owner-kering-paid-38-bln-fragrance-company-creed-ft-2023-07-10/

Trackers are not my thing so had a nosey around to see what's what, HSBC was the first one that came up - this from their pdf fact sheet

. The Fund aims to track the performance of the FTSE 250 Index (the “Index”) before the deduction of charges and tax.

. The Index is made up of the 250 largest companies after the 100 largest stock market listed companies in the United

Kingdom, as defined by the Index provider.

. The Fund will invest directly in shares (equities) of all of the companies that make up the Index and in the same or very

similar proportions in which they are included in the Index.

https://www.ii.co.uk/funds/hsbc-ftse-250-index-c-acc/B80QG05

Whilst the FCA changes were first mooted in May, it was sometime in June when it moved up a notch and became closer to a final draft - could this explain some of the recent increase ? not many other retail stocks mirroring THG's recent (and welcome) ascent.

The first point (if ratified) will effectively remove any distinction between 'Standard' and 'Premium' listings, it could be THG has to do nothing and will be automatically aggregated into the newly formed sector.

Fund managers that are currently restricted due to existing mandates should now have this lifted, prudent move by THG board to wait despite the criticism.

"Replace our current standard and premium listing share categories with a single listing category for commercial company issuers of equity shares"

(the first point is likely applicable to THG)

This is starting to look encouraging as we appear to have a set of prosposed changes issued for final airing, these are:

> Replace our current standard and premium listing share categories with a single listing category for commercial company issuers of equity shares

> Retain our sponsor regime, with modifications, to support companies primarily at the listing application stage, and for certain disclosure obligations thereafter

> Retain discrete listing categories for other types of instruments, including closed-ended investment funds and different types of non-equity instruments

Assuming no amendments we could see these proposals being ratified by early Autumn.

Institutions will of course be aware of the timetable and may choose to initiate positions ahead of the final decision.

Comfortably within the FTSE 250

http://www.stockchallenge.co.uk/ftse.php

That doesn't make sense Jatw, they are increasing their investment in China.

Interesting video insight into what is going on all things biotech, upbeat on HK prospects - I'll check back, but I think one of those investment companies mentioned has a position in Hutchmed.

Chinese pharma tech giant Wuxi Biologics plans to spin off international business in Hong Kong IPO

> Capital raised from the IPO of Wuxi XDC will go towards new manufacturing facilities in Singapore, expanding production capacity in China

> The announcement comes as a string of biotech companies file to list their shares in Hong Kong, partly thanks to listing reforms

https://www.scmp.com/business/banking-finance/article/3227127/chinese-pharma-tech-giant-wuxi-biologics-plans-spin-international-business-hong-kong-ipo

WPP confident of growth potential in China market

https://www.chinadaily.com.cn/a/202307/06/WS64a60d6ca310bf8a75d6d84b.html

London eyes more floats using GDRs

https://www.chinadaily.com.cn/a/202307/05/WS64a4a079a310bf8a75d6d392.html

I doubt there are any outright shorts with the majority being volatility plays, i.e they take a long and short position at the same time giving directional control over price, add in a swaps contract which is where they make their bunce.

The upside of course is that it can create opportunities for investors to buy companies at substantial discounts from their true value.

Bit of news on Ant group, could be an indication China regulators drawing a line under tech company crackdown, nothing substantial from Yellen camp yet.

Record high for June at 11.24%

This reflects recent posts on NASDAQ and HK positions.

Some of this will be general market making and of course Goldie has around 5% or so short, even so still quite a high number considering limited free float.

Lots of guaranteed future buyers then : )

Https://www.chinadaily.com.cn/a/202307/05/WS64a5469aa310bf8a75d6d6b4.html

Pentland brands using THG Ingenuity (from April thread), Canada added.

_______________________________________________

Speedo part of the Pentland Group who own;

Berghaus - THG Ingenuity

Canterbury THG Ingenuity

ellesse - THG Ingenuity

Endura - THG Ingenuity

KangaROOS ?

Kickers - THG Ingenuity

Lacoste ?

Mitre ?

Red or Dead ?

SeaVees Shopify

Speedo UK THG Ingenuity

Speedo US THG Ingenuity

Speedo Canada THG Ingenuity

Speedo Canada FrTHG Ingenuity

"Our businesses are changing rapidly, but our people and our values remain at the heart of what we do. Pentland Group has annual sales of $8 billion USD and our businesses employ over 68,000 people."

https://pentlandgroup.com/about-us/

https://pentlandbrands.com/our-brands/

THG Ingenuity = sticky customers

Still here bud, outdoor projects taking precedent at the moment.

Graham Burridge, Pentland Groups new CFO

"during his time as COO and CFO of Everymile at WPP, he oversaw their strategic business plan, including the technology platform and service provision programme"

https://pentlandbrands.com/pentland-brands-announces-new-chief-finance-officer/

Ps, is that French speaking bit of Canada for below Speedo site ?

LSEG CEO voices firm confidence in China's capital market

https://www.chinadaily.com.cn/a/202307/04/WS64a346cda310bf8a75d6cfd0.html

Two more Pentland Group sites added to Ingenuity, France and now Canada - that's on top of the other Pentland brands Kickers, Ellesse..

https://ca.speedo.com/

https://fr-ca.speedo.com/

Pentland Group also being the majority shareholder of JD Sports

https://www.marketscreener.com/quote/stock/JD-SPORTS-FASHION-PLC-16860081/company/

Only thing that stood out was a reduction in HK shorts, down from c 30% of daily volume to just over 2% today, could be short closing against Yellen US visit.

Jatw, hasn't that proposal been around for a while ?

> Treasury Secretary Yellen to make a four-day trip to China from Thursday, after Secretary of State Blinken met top

officials in Beijing last month

> Alibaba Group, BYD, JD.com lead winners on hopes geopolitical and tech tensions to ease on visits

https://www.scmp.com/business/banking-finance/article/3226330/alibaba-byd-drive-hong-kong-stock-gains-amid-efforts-mend-us-china-ties-yellen-heads-beijing

Looks like Griffiths has been moving his holdings rather than outright sales, perhaps taken as a positive that he has chosen to keep PHC against a backdrop of other disposals.

If that IG TR1 is connected to above he may have been able to raise capital by transferring part of his holdings to utilise leverage.

Hoping we get some news soon on Novozymes India regulatory approval, that would be welcome to get the ball rolling.