Member Info for 1pencil

Unlikely to get in without paperwork in advance, you would need to be shareholder to get this prior to AGM.

In terms of voting, not sure what there is to vote on? either way not something of interest to me personally as happy for management to continue as is, uninterrupted.

Kelso's holding is far too small for anyone to take notice, that said if they leverage up £3m it will help in this regard. Voting rights can be exercised with agreement from your broker, might be a small admin fee involved.

Apollo, still not convinced this is over yet, could quite easily see them rock up with another RNS starting the whole thing over again..

How can the analysts seriously argue with Apollos valuation of Ingenuity, after all, its not even in Apollo's best interest to talk up the price when bidding.

Analysts are jokers looking for an audience.

Spread doesn't help bots, if they hit the bid can show 5% drop, conversely hit the offer and up 5%

If you think this is volatile take a look at my other two main holdings, PHC is a walk in the park lol

Is anyone going to the AGM on 24th when sign off is expected?

Good chance they will use funds (if approved) for THG stock given its almost back to where their first purchase occurred.

No worries Yorek, btw, agree with your post (13 May 2023 18:15).

-------------

Wood Group and Rule 2.8 comparison

This is sort of interesting in a way as the wording is clearly different although Apollo walked away from Wood Group versus THG rejecting Apollo, it would need someone familiar with these rules to make proper sense of it.

--------------

Today was the last day for rule 8's, again no sales (Norges bank increased) from those previously listed highly encouraging imo, as is the valuation attributed to Ingenuity after such a lengthy and time consuming appraisal by Apollo.

-----------------

As shareholders we have come out of this with a lot more than we started with ..

Correction

" Sofina, Jupiter and Chrysalis gone," should read "Softbank, Jupiter and Chrysalis gone"

Sorry Yorek, think they are still under the threshold, may see something in their accounts, alternatively Oke posted some Bloomberg data - if its a recognised fund it should have a fact sheet somewhere for Bloomberg to source data from, either that it user nom data.

Polish Cap, its not a bad tally considering all that's happened post last bid, Sofina, Jupiter and Chrysalis gone, percentage wise its pretty much the same.

Final tally as of today, not bad tbh and better than I had hoped for..

Long positions, previous notified holdings in (brackets)

Ophorst Van Marwijk Kooy Asset Management (1.94%) ……………………… 1.93%

Balderton Capital (UK) LLP ……………………… 7.46%

BlackRock, Inc (1.23%) ……………………… 1.22%

The Vanguard Group, Inc. (2.62%) ……………………… 2.63%

Sofina Capital S.A ……………………… 8.89%

Kelso ……………………… 0.60%

Brian George Kennedy ……………………… 2.86%

Norges Bank (1.73%) ……………………… 1.81%

West Coast Capital (1.41%) ……………………… 2.03%

Qatar Investment Authority ……………………… 7.32%

Matthew Moulding/Close relative of Matthew Moulding ……………………… 15.80%

THG Employee Benefit Trust ……………………… 5.90%

Tim Bunting (Balderton Capital (UK) LLP) ……………………… 1.31%

Mark Evans (ex- General Partner at Balderton) ……………………… 2.71%

Sir Terence Patrick Leahy ……………………… 1.24%

HARBROOK LIMITED ……………………… 1.97%

Total ……………………… 65.68%

Notifications deemed trading or prop accounts omitted

Errors and omissions accepted

You're n fire H, mind you that belter from blert takes some beating..lol

Guessing the board were hoping for an improved share price before announcing any strategic plans, unfortunately one or two holders have lost patience which is understandable but still a shame.

Limited in what they can do really although it might help if they gave some rationale i.e. if an acquisition is planned, what are the shareholder benefits, at the moment its all a bit of blind faith.

China’s recovery lifts U.S. companies’ sales as domestic consumers pull back spending

https://www.cnbc.com/2023/05/14/china-sales-help-starbucks-yum-mgm-disney-tapestry.html

Indeed, its the first time THG have received an - independent - valuation for Ingenuity from one of the worlds largest asset managers, Apollo Global Management Inc with half a trillion dollars under management.

Not a bad result after spending nearly four weeks exploring the business, very comprehensive imo and worlds apart from analysts who never leave Canary wharf.

Norges Bank increasing also.

The Crest figure of stock on loan is dropping marginally each month, currently at 7.24% for April average down from 8.49% in Feb, this includes all stock borrowing much of which is needed for market making - Goldman for example fluctuates around the 4.5% level, so big chunk there.

If they can get free cash flow up then a share buy back may prove popular, many company's doing this due to chronic undervaluation.

HK short positions, click PDF

https://www.sfc.hk/en/Regulatory-functions/Market/Short-position-reporting/Aggregated-reportable-short-positions-of-specified-shares

Its a delay, perhaps personal reasons or timing.

On your other question of buying/selling, agree there are tons of bargains out there, tempted to look through that list of 150 trading at below cash, but HCM still ticks a lot of boxes for me.

The big one has to be getting approached by Astra or Takeda, it just seems extraordinarily high odds that I wouldn't want to sell out of HCM for that reason alone. After watching for so many years it really would feel like selling just when HCM turns the corner.

The article mentioned 'cyclicality' for biotech, interest rates also play a big part which may start to ease as inflation recedes.

Following Matt's post it suggests the board consulted larger holders perhaps up to 50% or more, in doing so it would make those holders insiders effectively preventing any further buying during the offer period.

It may help explain the lack of rule 8.3's from THG's existing shareholder base in contrast to last year.

Yesterday's announcement was a watershed for those inside with trading as normal, lets see if support comes in next week.

----------------------

Kelso, lot of info out yesterday too with AGM on 24th:

"The Placing remains conditional upon, among other things, an FCA approved Prospectus, the Resolutions being passed at the Company's AGM, the Placing Agreement not being terminated in accordance with its terms and Admission becoming effective."

£3.0 million before expenses been raised subject to above being signed off, interested to see if they continue with THG share purchases - could give them c£20m if fire power with margin

Some general observations, Apollo's filing under Rule 8 appears to have left the door open - under normal circumstances the six month rule applies as it did with Candy/Belerion, filing a rule 2.8 effectively bypasses this restriction (with board approval).

This clause "any person acting in concert with Apollo, reserves the right to set aside the restrictions in Rule 2.8 of the Code and announce an offer or possible offer for THG, or make or participate in an offer or possible offer for THG, and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement"

Its not standard practice to submit these notices, in other words you don't get rejected and then automatically file under rule 2.8 to have restrictions set aside.

It may be nothing or it could be part of the overall negotiation strategy, no idea really but worth mentioning all the same.

Posted some general observations on Kelso thread

Much of the hype was thanks to this forum, I gave up trying to correct information as no one is interested.

This is what THG actually said:

"currently in receipt of a highly preliminary and non-binding indicative proposal from Apollo Global Management Inc."

They don't come much more tepid than that, investors shouldn't be at all surprised the approach was rejected.

No doubt they have created an excellent portfolio of products with amazing properties, well suited to todays shifting climate patters .

The figures quoted by Cenkos are using existing funds which are somewhat limited, these products could do so much better with someone like Wilbur-Ellis, economies of scale come into play, doing everything on such a small scale must be so much more expensive.

As you say bots, AGM in June would be a good time to present resolutions on for voting.