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Not directly relevant but perhaps the future against a backdrop of Climate change

Beijing must provide more financial support, guidance to develop China’s cultivated protein sector, NGO says

https://www.scmp.com/business/china-business/article/3193014/climate-change-beijing-must-provide-more-financial-support

US inspectors arrive in PwC, KPMG offices in Hong Kong to review Chinese companies

https://www.scmp.com/business/article/3192982/us-inspectors-arrive-pwc-kpmg-offices-hong-kong-review-chinese-companies

Its a long shot for sure Dg but that would be my preference, depends I guess how they are fairing overall not been a good year as reported.

They still have their original stake plus a growing list of potential customers within their own portfolios, That said much has changed with divisions closed, points of contact moving on and such so probably a very different picture now..

The other reason for favouring this type of partnership is the long term commitment unlike say a hedge fund who may choose to break up the group undoing a lot of accretive hard work.

..just over a year later they could buy (theoretically) the whole company for same amount ..

https://www.cnbc.com/2021/05/11/softbank-invests-1point6-billion-into-thgs-new-influencer-platform.html

Partner wise, I would like Softbank as they have a varied portfolio of businesses ready for Ingenuity onboarding, they are also significant (less significant now) investors in THG group.

Once things return to normality we may see a resumption of Softbanks interest outside of the original option deal.

M & G have upped their holding by a small amount, now at 5.85%

https://sc.hkexnews.hk/gb/di.hkex.com.hk/di/NSForm2.aspx?fn=CS20220914E00430&sa2=an&sid=344192&corpn=HUTCHMED+(China)+Ltd.&sd=19%2f09%2f2021&ed=19%2f09%2f2022&cid=0&sa1=cl&scsd=19%2f09%2f2021&sced=19%2f09%2f2022&sc=13&src=MAIN&lang=EN&g_lang=en&

Its identical to traditional whey as it shares the same DNA sequence.

"Harnessing the power of Perfect Day's microflora, which feature an exact copy of the DNA sequence corresponding to cow-based whey, this powder can deliver 20 grams of protein and 4.7 grams of BCAAs in a lactose-free, forward-thinking profile."

With an appealing stable of delectable flavors, a well-rounded composition and approachable price point, we think Myprotein's Whey Forward has made quite the entrance in the supplement realm. Available exclusively online, this animal-free alternative is sure to shake up plenty of nutrition routines as we continue to look for eco-friendly fitness options.

https://www.gearpatrol.com/fitness/a40705394/myprotein-whey-forward-review/

Still haven't ruled out Belerion, those guys are not daft and almost certainly knew the outcome before placing an offer, so what was their modus operandi ?

According to M/star, there are 187m sales v m buys (rounded up) so where have all of the sales ended up?

One possibility stems from the recent bid activity, if you want to accumulate a company's share without issuing public notices using a Prime broker is the way to go.

These guys generally operate under the cloak of market maker rules but with broker privileges, used mainly by hedge funds (Tosca).

My guess is Jupiter were forced out yesterday by their compliance dpt, as soon as the price dropped that was enough to trigger indiscriminate disposal - at any price, volume was good along with a small reversal.

According to M/star, Jupiter were down to 2.78% after a disposal of -21,203,396, this is fits to a degree with the last reported TR1 showing just under 5%

Teacher's have also bailed, its odd though as the buy side isn't showing yet.

https://www.morningstar.com/stocks/xlon/thg/ownership

Looks as though they have done a full on launch across the pond, especially like the idea of breaking away from wholesale commodity prices which can be so damaging to margins.

2phews, frozen whey, should last a lot longer, couldn't see any other brands doing it which is a surprise.

https://us.myprotein.com/whey-forward.list

Oak, how did you manage that feat - Am Long at 50p ish ai under water?

I don't think you can say Ingenuity is worth nothing, just look at the spend on tech over last few years - automation is not easy requiring up front investment which may not see a return on for quite a while, this puts companies off preferring instead to use existing infrastructures.

For what ever reason the market cannot grasp this notion but probably will once it starts to pay dividends 2023 onwards, 2023 being the last year of heavy CAPEX spend.

Jupiter should update soon, interested to see what their take is if they still hold.
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Didn't realise Iceland were international, 65 countries no less.

https://www.icelandinternational.com/

Is frozen whey a new thing/market, what are the benefits ?

Its around 7% of the issued shares, that's a fair proportion of the remaining free float - could we see TR1 buyers who may have taken Jupiter's stake?
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Did anyone confirm the Premium listing reason for delay, are they referring to THG 'regime' or the LSE?
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Interesting partnership

· Collaborating with major brands and influencers continually raises brand awareness, with Myprotein recently agreeing to enter the frozen category through a major licensing partnership with Iceland Foods initially through >1,000 stores in the UK, international franchises and online.

Oak, are you ref to the presentation or a separate call with the company?

- Golden, I was satisfied today, it was a 3 hour call I understand stuff much better as a result , including the cash we have no worries there

Todays volume is the highest ever since listed, capitulation of some longs no doubt but otherwise a welcome sign.

cheers Oak for the summary, registered for call will have a listen later.

btw, did anyone notice the new NED Gillian Kent association with Ascential PLC, the same one jupiter has been selling down recently.

Are you open to nominations Hosai, if so ..

..you can count on my wavering support..

Hutchmeds auditor is PWC, also Graeme Jack sits on the board ex-PWC from memory

https://www.scmp.com/business/commodities/article/3192434/pwc-hong-kong-kpmg-china-are-first-firms-host-us-regulator

Teetering at 600m GBP market cap.

Short side just keeps pushing ahead of tracker selling, good strategy though.