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Old article but perhaps of some relevance given the speed of approval. Portfolio really starting to take shape.

FEBRUARY 27, 2020

Brazil to allow for automatic approval of new agrochemicals

https://www.reuters.com/article/us-brazil-agriculture-chemicals-idUSKCN20L39V

At a glance there does seem to be at least some correlation with an increase in NASDAQ short positions, my Excel skills are a bit rusty but tempted to plot the curve over price data.

''short seller is a guaranteed future buyer''

SETTLEMENT DATE SHORT INTEREST

04/14/2023 828,860

https://www.nasdaq.com/market-activity/stocks/hcm/short-interest

The only thing that goes up and down is short interest on NASDAQ, existing holders seem static, one can only conclude its traders and short term speculators moving the price up/down.

Equities generally are not in favour at the moment, biotech article below suggests some cyclicality ..

A 'deal' may not be in the best interests of shareholders so walk away, no?

Its hard finding good long term investments/trends, not 100% sure I would like THG to go private.

Vanguard is comprised of several trackers, see below under 'mutual funds'

I have also dropped a line to Capital Research & Management Co regarding both of their entries, its possible they may have overlooked notification.

https://www.barrons.com/market-data/stocks/thg?countrycode=uk&mod=searchresults_companyquotes&mod=searchbar

Change around the corner ?

"So what's to be done? It is partly a matter of listing requirements, so tackling them is a start. Since there has been a 40 per cent fall in the number of listed companies since 2008 the FCA had to act."

https://www.thisismoney.co.uk/money/comment/article-12054101/Rules-shake-just-step-says-HAMISH-MCRAE.html?

The institutional investors that dominate the London market lack a good understanding of tech, according to several venture capitalists.

“It’s not the exchange, it’s the people who trade on the exchange,” Hussein Kanji, founding partner at London VC firm Hoxton Ventures, told CNBC. “I think they’re looking for dividend-yielding stocks, not looking for high-growth stocks.”

https://www.cnbc.com/2023/05/08/as-arm-shuns-london-tech-investors-question-uk-as-an-ipo-destination.html

Ailsa says: ‘The biotech market has a cyclicality, it goes in favour and out of favour. Valuations are a pendulum, they swing far too expensive and then swing to incredibly cheap and there are over 150 biotech companies trading at less than cash at the moment.

https://www.thisismoney.co.uk/money/investingshow/article-10939425/Biotechs-doldrums-thats-opportunity-says-Ailsa-Craig.html

It does seems as though momentum is building for change:

"So what's to be done? It is partly a matter of listing requirements, so tackling them is a start. Since there has been a 40 per cent fall in the number of listed companies since 2008 the FCA had to act."

https://www.thisismoney.co.uk/money/comment/article-12054101/Rules-shake-just-step-says-HAMISH-MCRAE.html?ico=mol_desktop_money-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fmoney%2Findex.html

Some random stock charts

Both Warpaint and Coty sitting at five year highs

https://finance.yahoo.com/quote/W7L.L?p=W7L.L

https://finance.yahoo.com/quote/COTY?p=COTY

Both e.l.f and Ulta broken out, all time highs

https://finance.yahoo.com/quote/ELF?p=ELF

https://finance.yahoo.com/quote/ULTA?p=ULTA

Some crazy numbers on how the CAC40 is comprised, tbh never paid that much attention really but this is one of the reasons for Coty considering a listing, to increase exposure to a more favourable investor base.

"Luxury and beauty groups today play a preponderant role in the Parisian stock market. LVMH, Kering, Hermès and L’Oréal currently reach a cumulative market value close to 1,000 billion euros, representing almost 40% of the CAC 40, the stock market’s flagship index."

https://www.premiumbeautynews.com/en/coty-to-explore-dual-listing-on,21983

All of this chatter around beauty at a time when you have bidders circling has to raise awareness.

"more than half of the business is owned by me and a few people that I'm close with"

If anything the balance of power has shifted more in Matts favour rather than away.

If you were to view Jupiter/Chrysalis/Softbank as weaker holders these have now been replace by QIA (cornerstone investor IPO), Balderton boys and one or two others..

This is important imo as the board may once again approach shareholders, how they lean (or vote) will be of particular importance in deciding the final outcome.

Its this level of support and commitment that makes the Golden share superfluous.

Some good stats in various articles, plenty of industry talk on multiples too - fortuitous timing perhaps ..

https://finance.yahoo.com/news/coty-explore-dual-listing-paris-100000855.html

Its unlikely to be the same one as submitting last years rule 8 notice

https://www.patronuspartners.com/richard-griffiths

Interesting document header, sounds as though Kelso know Richard Griffiths..

'Kingchup’

https://heinztohome.co.uk/kingchup.list

(..and yes, we all want to add an 'M' for the short side lol)

We are over halfway through the offer period.

Yesterday provided confirmation that talks are ongoing, imv this is very positive sign along with Sky Coty article.

Ideally Cenkos should get them in front small cap investment managers, Richard Penny/Crux, Amati, Ruffer, there's a huge list all looking out for under valued growth plays.

Now is a great time following full year results to get out on a roadshow, publicise progress and make sure investors understand the investment case of being profitable (24/5), something that is not normally associated with PHC.

Does anyone know if they are conducting a road show this year?

I think this is why its attracting interest from investors such as Scobie Ward, hedge fund manager. As mentioned earlier this feels more like a softening up "well we did invite shareholders to comment" prior to corporate activity of some kind, key to this is Griffiths though not only because he has the second largest holding but his knowledge and contacts.

I am not sure if he know Lombard Odier directly but likely given how many companies they are both involved in its likely, also Dr. Christopher Richards, PHC's Chair is also the chair of Nanoco another company where both Griffiths and Lombard have large holdings (Griffiths may have sold out recently).

Back in the day Griffiths and partners set up what eventually became EVBG, a very successful and fast moving brokerage with plenty of M & A experience.

The free float here here is about 100m shares, not huge - if they can get interest from another institution or fund manager those can be mopped up with ease, should benefit the share price too giving a better price from which to formally be put up for sale.