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This bit was meant to be in quotes:

''We think the demerger will only immaterially weaken THG’s business profile in terms of narrower diversification and scale as the Ingenuity business contributed around 8% to group EBITDA in 2023.

But this is likely to be more than offset by anticipated strengthening in THG’s financial profile due to higher free cash flow generation resulting from the lower capex requirement of the remaining business. This will support THG’s liquidity position and will help the group deliver more rapidly on its commitment to deleverage.''

I'm not so sure the demerger is in the share price simply because we have the vote hurdle to cross, if rejected things will be really tough for THG board and shareholders.

Credit agencies are sat on the fence at the moment but have hinted at improvement later next year, this of course is dependant on demerger but more importantly deleveraging ahead of debt refinancing.

Fitch:

We think the demerger will only immaterially weaken THG’s business profile in terms of narrower diversification and scale as the Ingenuity business contributed around 8% to group EBITDA in 2023.

But this is likely to be more than offset by anticipated strengthening in THG’s financial profile due to higher free cash flow generation resulting from the lower capex requirement of the remaining business. This will support THG’s liquidity position and will help the group deliver more rapidly on its commitment to deleverage.

Whey was flat on Friday although not anticipating much of a decrease (if any) until conflicts subside.

Michael Nicholson, head of mergers and acquisitions at Peel Hunt, added: ‘It seems certain 2025 will bring a major and sustained flow of UK takeovers.

‘Bid defence manuals are no longer an item to be left on the shelf. They ought to be front-of-mind for all boards.’

https://www.thisismoney.co.uk/money/markets/article-14211559/UK-faces-swarm-takeover-bids-new-year-One-three-AIM-stocks-risk-says-Investment-bank-Peel-Hunt.html

Michael Nicholson, head of mergers and acquisitions at Peel Hunt, added: ‘It seems certain 2025 will bring a major and sustained flow of UK takeovers.

‘Bid defence manuals are no longer an item to be left on the shelf. They ought to be front-of-mind for all boards.’

https://www.thisismoney.co.uk/money/markets/article-14211559/UK-faces-swarm-takeover-bids-new-year-One-three-AIM-stocks-risk-says-Investment-bank-Peel-Hunt.html

The penny is starting to drop, 'B' shares are just a temporary vehicle to enable all holders (retail) to buy into Ingenuity without needing extra bangers..

Board could have just done a raise on Ingenuity valuation as is bypassing retail altogether.

You wouldn't know this reading some of the comments on here though.

Https://www.youtube.com/watch?v=pMjDjkQsAYM

Good spot, as highlighted in the article, Sir Tom is another large holder supporting both THG and Ingenuity.

Body Shop could end up on the books of Ingenuity.

Drop, aggressive market making/order filling imo

Fed cuts by a quarter point, caution going forward on further cuts.

In contrast ECB said more rates are coming.

Poker/Yorek, good posts..

The irony with this whole 'B' share things was to ensure retail were on the same page, if THG had just gone ahead and raised against agreed Ingenuity valuation it would be done and dusted by now.

23.45m good answer, still very much on the ball..

That's some coincidence between those two key dates, no..

Big question is, who has been the buyer ...

We are now back to the same price as day of placing, 10th October

14p up from the lows

THG shares have now gone ex-entitlement to Ingenuity.

Last three working days, 30m traded.

Also bucked the consumer trend down today, BRBY, RVEB, Boo all down.

This guy was in the fund raise after spending £37m back in the day...

- One of Britain's richest men known for Madeleine McCann search buys £37m stake in THG

https://www.manchestereveningnews.co.uk/news/greater-manchester-news/former-sale-sharks-stockport-county-26822287

You will have read about THG, you will have bought THG brands’ products and you will have almost certainly heard about THG’s candid boss Matt Moulding, but until you pay an actual visit to THG’s sprawling 16.8-acre campus next door to Manchester Airport, you are probably still unaware just what a gigantic operation this company now is.

ICON Business Park, the global headquarters of £2 billion-revenue THG, is breathtaking in its scale and obvious ambition.

And at the heart of the 1 million sq ft campus sits THG Studios, which at 160,000 sq ft makes it one of the biggest creative studios in Europe (it has additional facilities in Warrington, Macclesfield, London, Leeds and Portugal).

https://www.prolificnorth.co.uk/news/inside-thg-studios-disney-myprotein-and-the-rapidly-growing-creative-powerhouse-next-door-to-manchester-airport/

There's big barriers to entry, even if a board decides to go down this route assuming they are starting over it can take a couple of years or more, Holland & Barrett is a good example of a company doing this using Ingenuity as a stop gap.

Any company considering this option needs to be big enough to justify investment, economies of scale are crucial to make the numbers add up. Installing the infrastructure is the expensive bit for Autostore, adding layers there after to increase capacity is framework only - highly scalable

If a company is currently using someone else and wants their own site then they have to find one, both THG sites are prime, the one in New Jersey is 30 minutes from New York, 2nd Manchester airport.

AutoStore case study

40% Labor savings - - 24-month ROI

https://www.autostoresystem.com/cases/thg-achieves-industry-leading-customer-service-and-lower-costs-with-high-throughput-autostore

The numbers speak for themselves and this was before the budget.

Once converted into sterling the amount is quite small percentage wise, also bear in mind hedge funds more often than not under perform or lose money.

People automatically think hedge funds make money because of publicity or Wall St, 'The big short' reality is somewhat different long term, that's my experience.

Take Burberry mentioned earlier, investors ran for the hills as Caxton lumped on big time on 10th Nov lows increasing by a whopping 1.3% at c630p.

One month later Burberry is now trading at 972p, market cap £3.48b

https://shorttracker.co.uk/manager/caxton-europe-llp/

Its hard to say if not already in the price, I don't think tracker funds such as iShares will think ahead, more likely to act on the news once confirmed, so the potential is there for an increase.

On the subject of trackers, iShares now at the highest for CD in 6-8 months at 11.25, up from 11.20 yesterday.

On the downside, whey jumped 3% on Friday.

Going to be an interesting few days leading up to vote/demerger, close to 8m traded by mid-day.

Has the proposed reduction in shares already been factored in, or are funds waiting for the vote - could be another 7p rise if not already factored in..

Doesn't it seem a tad unrealistic to suggest an increase of 0.04% or 610,036 shares can control the s/p in anyway, bear in mind yesterdays volume was in-excess of 10m , day before 8m?

Posted this on another thread;

''Warren Buffett once stated that he willingly lends shares of his company to any short-seller, because he knows that today’s short-seller is a guaranteed future buyer of his shares.

With confidence in your business and focus on value creation, bears may in fact be able to add more than they detract from your business.''

These 189, 190's look like hand overs trades, might be due a TR1 ..

''Warren Buffett once stated that he willingly lends shares of his company to any short-seller, because he knows that today’s short-seller is a guaranteed future buyer of his shares.

With confidence in your business and focus on value creation, bears may in fact be able to add more than they detract from your business.''