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Tons of investment going into US especially auto sector, could be good news for S4 with current positioning.

UK also at low end of banding with some exceptions autos..

UK at 10% representing minimum band, could put UK at a big advantage to other countries including EU which has been hot with 20%.

There are some exceptions such as autos but looks favourable, might even see EU companies set up UK manufacturing as a way to reduce tariffs.

THG has some manufacturing across the pond with Bentley labs for beauty plus another site in NJ.

..another one gone..

https://www.bakkavor.com/en/investors/Greencore-Possible-Offer-for-Bakkavor/default.aspx

Some further thoughts on earlier post.

It needs to be more than just two parties in order to reach the required quorum, two just wouldn't work imo, what might is if you have a core coming up to 75% who share a common goal.

Add into the mix many of the same holders are in Ingenuity then taking it private, merging back with Ingenuity and re-listing when the dust has settled elsewhere is possible..maybe..it depends on what the majority want to do.

Looking purely at the latest share holder count, yes, this is now a distinct possibility with a more concentrated number of core holders.

Not sure how many Frasers took in the placing (need to look at the latest TR1's in more detail), but he could have taken the lions share which suggests management are happy with such a position.

Presumably management are also aware (given past record) that Frasers may continue to acquire further shares via the market.

'Some suggestion earlier MM and MA in collusion to take private, not sure, suppose the question is could they get to 75%. Any thoughts???'

Agree 100%, its ripe - SMS stepping down could be part of any package if that were an issue.

Now is the time before full recovery sets in and the price could be many multiples of where we are now..

Its like the bitcoin of pharma . : )

Seems a bit reckless shorting these highly illiquid stocks..

Https://tinyurl.com/ycy7crxt

There's always the odd article due to US situation, piece over the weekend suggested investing community has fallen out of favour with holding companies.

Maybe its the start of being broken up which might see outside interest in Hutchmed..

EGM nearly 100% of votes cast, mind you turnout wasn't huge either considering CKHH holding.

Could be a volatile week with Liberation day on Wednesday, we might see countries respond with a lowering of interest rates to avert stalling their economies.

EU is already very weak all they need right now is tariffs on auto exports.

Really depends on where the cards fall, Trump may have shown favour to UK..

The only way for funds like Sofina and Balderton to get their money back is by open market valuations, this is when these guys move into our arena as we have something in common, a shared goal.

That's not always the case though, if THG had to go cap in hand via a market placing I doubt the board would have recommended it, being underwritten by the CEO gave shareholders another option.

THG's market cap v amount refinanced puts things in perspective.

If the core holders and supporters were going to move i think the time would have been now, pre-financing - that's when THG was at its weakest.

Its always a concern but with the favourable refinancing out of the way it feels greatly diminished, at least in my mind.

Volume seems to have dried up, we might yet see a TR1 or two..

Fintel has updated this evening,

As suggested recently iShares with CD holdings have been sellers, its not huge although we don't have visibility on all the smaller ETF's and trackers.

https://fintel.io/so/gb/thg/ishares-trust-ishares-msci-eafe-small-cap-etf

Its not all bad news, one of the iShares funds actually increased.

Roger, got it thanks -

It could be THG are referring to a more processed form of whey rather than the bulk dry powder which is commonly traded.

What's odd is they show an increase for US but hardly anything for EU with price range is 950 - 1,300, clicking on the pdf next to price take you to USDA page which refers to it as 'dry whey'?

I suspect some suppliers deal direct with companies like THG missing out the exchange altogether, EU exchange has almost no volume some days.

Not sure where to look for additional info unless THG/Glanbia choose to expand on their commentary.

Fairly chunky short position on Innovent..oh dear..

..oh dear..

1801 INNOVENT BIO

67,081,113

$ 2,746,971,577

Following this index with interest, not sure when it updates for March but will keep an eye on.

The gap between the two has been fairly consistent for over 15 years, until now...drum roll please..

MSCI China Health Care Index (HKD)

https://www.msci.com/documents/10199/53d45d8e-28a9-4a1f-8f91-c9dfddaf10bc

Yep, agreed, this is a direct result of the refinancing:

Investing.com -- Fitch Ratings has revised the outlook for THG (LON:THG) PLC’s Long-Term Issuer Default Rating (IDR) from negative to stable and confirmed the IDR at ’B+’. In addition, Fitch placed THG Operations Holdings Limited’s EUR600 million term loan B’s ’BB-’ rating, which has a ’RR3’ Recovery Rating, on Rating Watch Positive (RWP). This move follows the announcement of a planned debt reduction in the amend and extend (A&E) transaction, suggesting near-term improvement in recovery prospects for the term loan B.

The outlook revision reflects Fitch’s expectations of continued EBITDA recovery in 2025, alongside the completed demerger of Ingenuity, which will help reduce debt levels in line with the rating.

THG’s rating is due to its moderate business scale in the nutrition sector and the strong market positions of its beauty products in online retail, which include both its own and third-party brands. The rating also considers the company’s lower operating profitability compared to pure consumer product manufacturers.

Fitch projects mid-to-high single-digit growth for THG’s nutrition business in 2025, stabilizing towards low to mid-single digits annually in 2026-2027. This recovery is anticipated to be driven by normalization of average selling prices and further expansion of sales in the growing offline sales channel.

YB, yep, that's the link used from sometime ago although unsure of its origins, is there a link to the original presentation where mentioned ?

Dry whey powder prices seem to mirror comments by both THG and Glanbia, its also the only traded commodity that I am aware of.

Brief update on whey scenarios, some easing across the pond since the peak in December, the positive here is that Hilmar may not be contributing in a meaningful whey (sorry, couldn't help myself..) that's yet to come online.

USA Whey powder spot - 3 year chart

https://www.barchart.com/futures/quotes/DGY00/interactive-chart

EU different kettle of rabbits to mix metaphors ..

It doesn't have the same volatility but has eased maybe 10% or so..

https://www.barchart.com/futures/quotes/W5H25/interactive-chart

It could be the profile has changed with all of those trackers exiting, may have gone to sticky hands hence lack of volume and volatility ?

Fintel should update early April for some clues..