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Not sure if it would make a good acquisition target for THG, well established brands that may benefit from economies of scale, DTC model, Revlon by their own admission failure being pinned on online upstarts (lol)

June 16 (Reuters) - Revlon Inc (REV.N) has filed for bankruptcy after the U.S cosmetics firm buckled under debts it built up in a bid to compete with online-focused upstarts.

https://www.reuters.com/business/retail-consumer/revlon-files-bankruptcy-protection-2022-06-16/

Goldman, this bit always puzzled me from the original announcement, what was THG's motive ?

"This announcement has been made without the consent of Belerion or King Street."

https://www.londonstockexchange.com/news-article/THG/statement-regarding-recent-press-speculation/15460963

..but then they went on to start buying stock, Candy also popped up with his holding shortly afterwards.

https://www.londonstockexchange.com/news-article/market-news/form-8-opd-candy-ventures-sarl/15464784

It started to look as though at least Iain's team were serious.

Top man Boom, best of luck to you.

The bit that caught me out and perhaps a lot of other investors in Iain McDonald's relationship with both companies, he is the founder of Belerion Capital and non exec at THG -

Surely he must have sounded out the board of THG even after submitting a proposal, after all what were they all doing for the last four weeks?

Morgen Stanley were active every day for their client, it look to all intents and purposes that something concrete was about to happen hence a slew of new investors from Blackrock's classic closing of short to Griffiths recent purchases.

Belerion Capital's actions make absolutely no sense to me and look reckless at best, what will the financial community make of any further approaches to other companies in the future I wonder.

Just picking over the bones of what happened today, there are two form 8's for MS, one is a replacement and the other is for yesterday.

The one for yesterday does indeed show net sales of around 5.2m shares, up until then they had been buyers. This is less than 0.5% but obviously a high volume day today so some of this may have been cleared.

I don't know what there average is over the last four weeks but I do know it has to be way higher than where we are now, what a waste of money, it just been one big circus.

https://www.londonstockexchange.com/news-article/59SS/form-8-5-ept-ri-thg-plc/15498688

HH, thanks, saves me doing the same

Boom, feel for you bud, hope you can bounce back from it soon.

This one https://belerioncapital.com/our-investment-approach/

box 3

https://www.investegate.co.uk/belerion-capital-grp/rns/form-8--opd--belerion---king-street/202205310900093140N/

The only thing I can think of is passing over the stock to New Wave or something, its one of their long funds, one of the earlier releases mentioned it.

I honestly don't think the board could have played this any worse if they had tried, what were they thinking?

Lots of institutions got caught along with Pi's, Griffiths, Blackrock, Norges Bank to mention a few.

As Oak says, no more rule 8 notices so completely in the dark, not that it was glaringly obvious before lol

Feels more like a 'Golden Shower' at the moment, lol

How much have King Street lost during this epic fiasco..

Its a total mess, makes absolutely no sense for any of the parties involved. MS reg 8 showing heavy sales yesterday, crazy.

There's no way now separation can go ahead with such a low valuation for the parent, not to mention reputational damage.

Google has the same story headlines from yesterday;

1 day ago — A consortium backed by e-commerce investor Belerion Capital has decided to drop its pursuit of embattled UK online shopping emporium THG Plc ...

Merlin, possible?

Hosai, yup, but their book is small in comparison.

Big stakes at play here..

As it stands now, MS are sitting on a ton of stock purchased over the last few weeks - to my knowledge there's been no client hand over, it could be 1,2-3% of the company ?

Something is very odd here ..

Wording of the article is odd imo, suggests it was drafted on Monday or even earlier in which case why the market purchases on behalf of King Street Mon/Tues and possibly today?

King Street were also buying at the highs 0f 140 - 150 for sometime, now sitting on a big % loss together with wasting a month of time and energy, its not as though they were unfamiliar with THG given their board association.

all very intriguing ..

How long have they been sitting on this story (if correct)?
Its Wednesday today

"The investor group, which also includes hedge fund King Street Capital Management, could announce as soon as Wednesday that it’s no longer planning a bid for THG, the people said."

We know from the rule 8 releases Morgan Stanley were active yesterday when presumably the story was put together.

Doesn't make a lot of sense either given the month long string of activity by their broker, Morgan Stanley

JP Morgan reducing short by around 1m shares

https://sc.hkexnews.hk/gb/di.hkex.com.hk/di/NSForm2.aspx?fn=CS20220615E00185&sa2=an&sid=344192&corpn=HUTCHMED+(China)+Ltd.&sd=16%2f06%2f2021&ed=16%2f06%2f2022&cid=0&sa1=cl&scsd=16%2f06%2f2021&sced=16%2f06%2f2022&sc=13&src=MAIN&lang=EN&g_lang=en&

Tomorrow marks four weeks since the proposals were first announced, since then MS have been active in the market on behalf of King Street every day. On this basis I would expect an extension being granted subject to board approval.

Its not in King Streets interest to submit a formal bid and risk invoking the 12 month price rule at this stage, see earlier posts on this.

None of this of course is guaranteed just my best guess and summary of events based on information currently available.

Qube off (again)...

No need to hedge as they have an active client, King Street, therefore there is no principal risk.

(a) Purchases and sales

SALES

1,980,387

PURCHASES

3,010,492

https://www.londonstockexchange.com/news-article/59SS/form-8-5-ept-ri-thg-plc/15496627

I'll be surprised if the props don't push it through 100p tomorrow, too close and too tempting.

Everything is proceeding as expected, not sure what all the commotion is about.

This is a revised list including below holding dec by Capital Group, the information is taken from HGM shareholder page which was last updated 6th June 22

I have also included General Atlantic which doesn't appear on HCM website.

CK Hutchison Holdings Limited 38.47%
The Capital Group Companies, Inc.  9.08%
JPMorgan Chase & Co.  5.07%
CA Fern Parent (4)(5) 4.72%
Prudential plc group(6) 5.05%
Canada Pension Plan Investment Board  3.11%
Jean Eric Salata 3.01%
General Atlantic 3.00%
Total 71.51%