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As would a TR1, not seen one of those in a while, hoping the acknowledgement of being in the 'transition' category is enough for UK to take an interest.

Added quite a few last few days, each time props dropped price which normally indicates a short book, today was especially noticeable.

I think its important for the board to make it clear by selling off a major asset they are giving up long term growth for short term gain, otherwise it could be a re-run of the properties sale/leaseback which was agreed to at the time.

In order to get this underwritten it has to be attractive and likely below market value, this wouldn't be the case if we were in better times economically with cheaper money.

Shareholders have to recognise both these points, the good news is they are required to vote which gives them ample to time to reflect.

FWIW my ball park range is £500m to £750m which represents a discount as above.

Its the timing that's out of kilter, in the past THG have nailed it with IPO and subsequent fund raising around 600p level - this time however we are bouncing along the bottom about to split off a key part of THG's infrastructure.

Personally I would have preferred waiting until rates had come down with the market a little more upbeat than it is currently.

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THG mirroring changes on iShares with 4 days of consecutive improvements, currently now over 11% on Consumer discretionary.

If you’ve qualified to participate in a rights issue or an open offer, you can manage your elections for each event online in the ‘corporate actions’ section of My IG by following the steps below:

1. Log in to My IG

2. Navigate to the ‘live accounts’ tab

3. Select the relevant account from the dropdown menu on the left-hand side

4. Choose the ‘corporate actions’ option. Here, you’ll find any corporate actions affecting your account. You’ll see the stock name, live status and the IG deadline, which is the date by which you’ll need to elect for new shares, trade out of them or fund your account

Each case is different although the letter references the RNS release as the reason for sending out the communication.

Give them a call and ask.

Most brokers have corporate action segments, if they view a news release as potential corporate action on the horizon may take it upon themselves to give customer heads up.

Starting to warm to this whole concept especially if the HSBC letter is correct, no dilution and a wodge of shares in the new company.

Shares in the new entity doesn't automatically mean it will be listed but does sound that way.

Cheers Jatw, I'll put my quill to paper over the weekend.

China bids to kickstart struggling economy as it unleashes biggest round of stimulus since Covid

https://www.thisismoney.co.uk/money/markets/article-13887669

Auson (Today 10:17)

That's interesting about Third Avenue, I'll keep a look out for their newsletter as likely to offer further commentary.

'Bloomberg showed Third Avenue at 32,372,070 in May 2024

34,882,821 in August 2024

and 35,816,899 in Sept 2024'

Good question JC, hard to tell but the US trackers listed previously had to buy at some point, perhaps a contributing factor?

Updated yesterday, Third Avenue increased their holding in July by 934,078 which can be added to the total below.

https://fintel.io/so/gb/sfor/third-avenue-trust

I would like to see S4 have a proper UK listing where fund managers can actually buy stock, being listed on a stock exchange which effectively prevents most regular UK institutions from buying is a waste of time imo.

Some of the benefits highlighted here:

https://www.irmagazine.com/reporting/fcas-new-uk-listing-rules-what-do-they-mean-iros

One thing worth commenting on is the lack of UK investors, the two top holders below accounting for 10% or so are US based, rest of share register is similar composition outside of connected parties.

Both THG and ONT have recently provided detailed updates on their transition into ESCC category, its worth reading both companies press releases which imo would offer similar benefits for S4 shareholders.

Https://www.cityam.com/luxury-stocks-bask-in-the-glow-of-a-chinese-equity-stimulus/

Strategy Highlights

>We believe that to generate excess returns consistently, we must find market mispricings and capitalize on those gaps between price and intrinsic value. These anomalies are driven most often by the behavioral tendencies of large groups of people. As such, we tend to find the best opportunities during periods of uncertainty.

>We use a rigorous valuation-based research process to try to assess the long-term free cash flow potential of a business by analyzing such things as its long-term economic model, the quality of assets, management, and capital allocation record.

>We construct a highly-differentiated, concentrated portfolio from the bottom-up with high active share and a long-term focus.

> In this market, we believe volatility is the price you pay for long-term returns.

https://patientcapitalmanagement.com/opportunity-trust

This is the other fund which I like, excluding connected parties it would put them as second largest holder with 30m shares, they too increased about the same time as Third Avenue.

Well worth reading their news letters, lots of nuggets in there.

https://patientcapitalmanagement.com/documents/FG/patient_capital/opportunity_trust/624817_opportunity-trust-holdings.pdf

Agree Jatw, I'll post up a few notes over the weekend and we can go from there.

Do you have contact emails for everyone, that would be handy as often hard to get direct instead of PR wall.

Another question worth posing, is who is lending out all of this stock is it CKHH or one of the smaller holders?

Jatw, I started to draft something over the weekend, agree with your points

Would it be advantageous to coordinate something together, or perhaps notify of any responses received.

We are coming up to the end of the 3rd quarter too, start of the busy season, portfolio re-balancing.

OVMK also release a quarterly update, interested to see their reaction to Ingenuity news.