Member Info for 1pencil

Cheers 2phevs, portfolio value can increase/decrease but the percentage holding of each company within should remain the same provided no sells/purchases.

I did notice today Jupiter continuing with their sales of Ascential PLC. This on the surface looks like good news as a TR1 is not required, some companies however choose to signal to the market when they have stopped selling by issuing a voluntary notice.

It may well be they have raised enough capital.

https://www.investegate.co.uk/ascential-plc--ascl-/rns/holding-s--in-company/202208221234568026W/

It looks to me from CHRY update they have sold across the board including THG by 0.5%, 1.7% > 1.2% .

This certainly helps explain the weakness at least to some degree, add in Jupiter + no regular UK institutions can buy.

Ulta Beauty report this week, 25th from memory - share price at all time highs or close to.

..could be good news, not everyone has their own air freight solution..

https://www.thgingenuity.com/solutions/fulfilment/air-freight-solution

http://www.chinadaily.com.cn/a/202208/20/WS63003135a310fd2b29e734be.html

This could turn on a dime, only takes one of those earlier bidders to pop up taking Jupiter's stake, and tbh why wouldn't they -

Happily buying daily during bid period at 130 - 150 range, now at less than half that with stock potentially available in size, nothing has changed materially with THG other than confirmation of Softbank expiry option.

Here is CHRY portfolio update from July, it too holds THG and REVB and could also potentially be selling down as JUP sell CHRY to raise funds, that sounds complicated but here are the links which may better explain this web.

CHRY Portfolio update

https://www.investegate.co.uk/chrysalis-invs-ltd--chry-/rns/portfolio-update/202207111317410427S/

JUP selling down their stake in CHRY, now just under 22% from IC quoted 23%

https://www.investegate.co.uk/chrysalis-invs-ltd--chry-/rns/holding-s--in-company/202207221049464632T/

Cheers Marlin, I keep revisiting the Jupiter/Chrysalis relationship in an effort to clarify overall risk.

One thing that may have confused the situation is both companies have a holding in THG which, as far as I can ascertain is managed by the same fund managers, Nick Williamson and Richard Watts who work for Jupiter.

According to IC Jupiter also own 23% of CHRY so they potentially have risk within their own portfolio plus CHRY's where duplication exists.

Jupiter's own clients who appear on TR1, are Northern Trust, JP Morgan and Citigroup.

I have no idea how all of this works and neither does anyone else, IC article from July has a reasonable go but its only skimming the surface.

(non paywall)

Jupiter stuck inside Chrysalis

The issues surrounding Jupiter’s direct involvement in listed, but illiquid, investments continue to sap the fund manager

July 5, 2022
By Julian Hofmann

https://www.investorschronicle.co.uk/news/2022/07/05/jupiter-stuck-inside-chrysalis/

THG will have daily updates on their share register and will know how many are left, we can also opt to buy a snapshot copy which will give full access to the same, cost is around 350GBP for named or 1GBP for nominees only.

This whole Jupiter/Chrysalis thing has nothing at all to do with THG's business, management or operational performance, purely a function of fund managers getting things wrong on other investments.

Its not unique either, Softbank, Sofina and eye watering losses this year from Norwegian sovereign wealth fund.

Scroll through Blackrock's funds, some are wiped out or down 99% despite all of their wheeling and dealing, synthetic CFD's.

THG are about as lean as you can get operational wise without cutting corners. The board look to the future and invest accordingly in infrastructure and automation, its during times like this they will reap rewards for prudent and judicious forward planning.

Added 15% to an already overweight position.

It looks as though REVB will now be suspended at the end of Aug, yet another headache for JUP if they are still holding as it effectively becomes unsaleable.

Would be a good time to open the books for potentially interested parties.

THG's current valuation is linked to Klarna and other over hyped companies within the JUP/CHRY portfolio, it will change though given time but as WB has said use leverage very carefully.

Who would have thought one of THG's largest and most supportive shareholders would become forced sellers.

Backoffice operations (compliance) have no regard for price, always find they become indifferent towards the end of selling getting rid at any price.

Good posts Sp.

No worries Boom, Crest monthly Loan data average for 1 year:

6.98% Jul-22
6.42% Jun-22
6.80% May-22
6.76% Apr-22
6.94% Mar-22
7.61% Feb-22
8.39% Jan-22

8.72% Dec-21
7.85% Nov-21
6.19% Oct-21
6.54% Sep-21
2.71% Aug-21
1.92% Jul-21

Boom, the drop in shorts percentagewise is still quite small compared to Jupiter's last known position, I doubt they can match the heavy selling like for like if that makes sense. Overall it is good news though, but it would be better if a buyer (Belerion) stepped up to the plate imo.

-1Pencil - surely if shorts are reducing they buy back the stock so the share price should rise and not get smashed?-

Agree, and that's for yesterday, hopefully same again tomorrow, So far couple million after hours, getting there although not sure that's the end just yet.

-Short reduction a great sign, BR & MW must be taking advantage of the distressed seller. -

Watched the last half hour of trading, certainly looked like someone wants out. Ascential (ASCL) almost down the same so likely culprit Jupiter.

Needs some heft volume to clear them out but I guess the pressure eases a bit on sales as they raise cash, their losses this year will be horrendous.

Given how their REVB stake was disposed of, it suggests compliance have now taken control raising capital at any cost.

Last TR1 reported 62m shares left in THG, that's a lot with only a handful of business days elapsed with low volume.

Jupiter selling down Ascential

https://www.investegate.co.uk/ascential-plc--ascl-/rns/holding-s--in-company/202208181116094921W/

If its the likes of Blackrock reducing (yesterday's small reduction), they need stock sales to fill orders.

Either that or Jupiter are heaving off the balance if still holding any, hard to tell but may have an indication on short tracker tomorrow.

lol, at least there's good volume, makes it a bit more interesting.

Is it the Jupiter rump being sold off similar fashion to REVB, or is it just prop traders drumming up business squeezing retail (again)for stock..

Absolutely dg, really thought they would snap up REVB, made sense at so many levels (at least from the outside). My only conclusion is there is something else purchase wise which is perhaps better suited.

Jupiter must have go themselves into a real pickle to exit in such a hurry.