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I wouldn't be so sure Frasers have no use for Ingenuity as part of their earlier agreement included Ingenuity services, at least in Australia.

'Frasers Group will also benefit from THG's courier management services to drive the efficiency and performance of Frasers' Australian fulfilment and logistics operations, supporting the group's international expansion.'

However its more to do with someone building a stake tipping the scales for THG Group to go private, Ingenuity is a bit of a side issue.

Its all speculation of course but worth airing all the same..

Third Avenue (holders of S4 in Value fund) have just released their quarterly news letters, no direct mention of S4 as probably too small but much talk in their small cap fund of Private Equity listing their own holdings as potential targets.

https://www.thirdave.com/shareholder-letters

I guess we have to keep tab on what Frasers do Yorek, if they follow a similar path to say Asos which puts them over 20% we might have to pay a bit more attention.

We might not have to wait too long for the next TR1 if that's Frasers intended route, 5% is normally the next threshold but need to double check as some levels are voluntary.

The only sale I can envisage is if Ingenuity share holders bid to take THG Group private, selling either division or both to a third party could be catastrophic for Ingenuity as they are financially dependant on THG.

Add to this you have many of the same share holders in both camps so provided a market valuation was offered getting shareholder approval might not be such a problem.

Its a while since I totalled up the share register of 'core' LTH holders, the ones that generally vote with the boards recommendations, that could be an important consideration going forward.

Having gone through this process several times (quite recently with PHC) it can be incredibly easy with the right share holder support.

Qube shares are a non event but Frasers is interesting, most likely they bought a lump off another institution/s as the TR1 should be issued at 3% so they must have crossed this threshold in one go straight to 4.777152%

That's the theory, either way very pleased for reasons already mentioned, the synergies on offer are many provided that's what both sides want to do, great into on the site btw..

https://frasers.group/

Our brands

https://frasers.group/brands

Lots of variables to contend with, in most cases however its going to boil down to what the majority of shareholders want to do.

Its not easy to get takeovers to succeed if all holders are not in agreement, generally speaking 10% is enough to scupper proceedings.

P.S. shorts dropped back under 20m HK

Cheers YB, watched a couple of Joshua's videos, seems quite thorough in his research.

N/p, going to try and put together a list of new whey processing plants starting up this year, this could be quite material and something investors can monitor along with any reduction in whey prices.

Need to listen to the call again but from memory the global figure was 25 or thereabouts, need to confirm.

Yorek,storm knocked out power, just restored this afternoon.

Great to see Frasers taking a decent position, this works on a few levels as there is a 'symbiotic' relationship albeit a small one. If Frasers can start stocking more THG brands throughout its global presence it wins both ways, so does THG.

The other thing which has been a drag imo is the tracker funds adding to volatility, I suspect this will now reduce somewhat especially if Frasers are still active - quite a few trackers sold out of S4 as posted, slightest whiff of good news and its off !

Oxford, its not an excuse though is it, this is a fact that most investors should be aware of beforehand.

It was obvious going into Q4 TU the two biggest obstacles (whey and FX) hadn't materially changed, FX was enough of a headwind to warrant dropping marketing in Japan, Myproteins second largest market.

I hoped the local manufacturing may have taken out some the sting but not sure what happened as no mention.

Let me just clarify Oxford, are you saying FX has no impact on profitability ?

It wasn't clear to me if the demerger news releases constituted a watershed, perhaps not but today's TU could well serve that purpose.

We're just about to get usurped by S4 ..

I thought the call went well, if we had seen a reversal of commodity prices and FX we wouldn't be having these conversations, the VAT thing is interesting as could really change the dynamics for Myprotein especially if a rebate is due.

Still confident of Frasers being potentially active.

Wondering if APN are reacting to this?

Sunwarrior protein mix wins £800k VAT dispute

A superfood importer has won an £800,000 appeal against HMRC at the First Tier Tribunal as products did not contain enough carbohydrates to be considered a sports drink

https://www.accountancydaily.co/sunwarrior-protein-mix-wins-ps800k-vat-dispute

Very low at 80,500

https://hk.warrants.com/en/stock/chart/code/0013

I suspect these short positions are linked to the proposed Trump tariffs in some way, most likely a broad hedge against Chinese stocks. Individual company fundamentals are probably out of the window at least for the moment.

Volume is down in HK, daily live short positions at lows presumably awaiting the outcome, CNBC reporting 10% but is this across the board i.e all companies including pharma?

Anyone have an idea as to Hutchmeds manufacturing base by location?

Where investors have come unstuck is the departure of Christian, especially those on this side of the pond.

If I had known he was going to leave I would not have invested, we now have almost non existent contact with the company and no feedback whatsoever..

I've had good success with other companies corralling major share holders, or at least get the conversation started, they are after all in the same boat as us.

Its not the same sized tub, has less protein but apart from that identical..

Another wordy article on WPP in City AM https://www.cityam.com/

The vote at least years AGM for share repurchases received almost 100% of the votes cast (99.9974%), there is support there and the board have the authority plus cash to do so, just needs a nudge.

If they bought back share and put them into treasury without cancellation could be used at a later date for re-issuance as share awards.

Lots of companies currently acting on historically low share prices.