Member Info for 1pencil

Cheers Jatw, helpful commentary.

Yep, it would be nice to see the back of those round numbers, over to you HK..

P.S, don't make a horlicks of it..lol

Its not often you see companies adjusting the price up for awards, very fair imo and a good move to align incentives with shareholder returns.

Currently out of the money, must have some confidence the share price being above 917p in three years time when vesting.

'In recognition of recent share price volatility, especially following the announcement on 15 July 2024 of the Company's first quarter trading update, the conditional share awards have been calculated using a share price of 917.51 pence, being the average share price for the 20 business days prior to the announcement on 15 July 2024.'

Need to digest the figures but first glance looks good, very good..

Need your bumps felt being short, what on earth are they thinking..

..hedge funds thinking..ahhhmmm..

Half decent size at nearly $50k, maybe the delay was to give him time to assess the business?

US closed a tad higher at $9.93, few other luxury brands stocks doing okay too, Prada, Swatch..

S4 are now listed in the 'transition' category, posted below on THG thread which is relevant here also:

One of the lawyers publishing their views on new proposals has some additional detail, few bits popped out:

5. Sponsor Regime

- transfers out of or into the ESCC category; and

- where an issuer wishes to seek individual guidance from the FCA, or a modification or waiver from the Listing Rules.

6. Other Continuing Obligations

- cancellation of listing and transfer to a different listing category;

How does a company transfer from the transition category to the ESCC Category?

The modified transfer process will also require the appointment of a sponsor to undertake a targeted sponsor service, focused on the additional obligations only.

However, the new rules require a sponsor to confirm that it has not identified any adverse information that would lead it to conclude that the issuer would not be able to comply with the listing requirements applicable to the ESCC category.

Indexation

Worth a read for background

https://www.skadden.com/insights/publications/2024/07/new-uk-listing-rules-come-into-force

One of the lawyers publishing their views on new proposals has some additional detail, few bits popped out:

5. Sponsor Regime

- transfers out of or into the ESCC category; and

- where an issuer wishes to seek individual guidance from the FCA, or a modification or waiver from the Listing Rules.

6. Other Continuing Obligations

- cancellation of listing and transfer to a different listing category;

How does a company transfer from the transition category to the ESCC Category?

The modified transfer process will also require the appointment of a sponsor to undertake a targeted sponsor service, focused on the additional obligations only.

However, the new rules require a sponsor to confirm that it has not identified any adverse information that would lead it to conclude that the issuer would not be able to comply with the listing requirements applicable to the ESCC category.

Indexation

Worth a read for background

https://www.skadden.com/insights/publications/2024/07/new-uk-listing-rules-come-into-force

Oddo BHF AIF PLC acquire 250,000 shares taking their holding to 10,298,000 or 3.02%

Let the dust settle, there's been a fair amount of confusion with various interpretations of what the new rules actually mean, the final release being published on the 11th July just two weeks before they came into force.

Searching for 'UKLR TP 4 Transfer between listing categories transitional provisions' has a Google time stamp of two days ago.

From a regulatory standpoint its down to THG's broker/sponsor to advise

There doesn't appear to have been an option to move straight into the new single class, rather all standard companies migrate into the transition phase then apply for single class.

The FCA have published the new code for transition out, it looks pretty straightforward nothing too onerous unless someone spots something different.

https://www.handbook.fca.org.uk/handbook/UKLR/TP/4/4.html?date=2024-07-29

I would view this more as a formality but confirmation from the company would be welcome, very surprised nothing released this am.

THG now listed as:

Listing category

Equity shares (transition)

I would expect to see some sort of announcement tomorrow as THG are effectively changing their listing status or classification, either way they will move into one of the two new structures.

The requirements for the new ESCC segment don't look that onerous, THG most likely already meet most of these standards.

Indeed, impressive stuff, in some ways they have more to offer than traditional ad agencies being agile and able to progress with the client as they grow, may not start out with TV advertising but the medium is there for future needs.

Keeping everything in-house is the way to go imo, builds good relationships and helps with customer retention, really like this model.

Just reread that Linkedin post again, passed me by first time but these are actual TV ads, that's a bit of a step up from regular web based advertising, proper full on production crew

Client: Asda Money

Agency: THG Studios

Director: Richard Hunter (Dark Energy Films)

DOP: Tom Miller

Executive Creative Director: Mike Scott

(see link)

There's some green shoots but yes, a long way to go before property situation is resolved.

China’s industrial profits post faster gains in June despite faltering economy

https://www.cnbc.com/2024/07/27/chinas-industrial-profits-for-the-first-half-of-the-year-rise-3point5percent-.html

Multiple Law firms have published summaries post the final rules being made public on 11th July.

FCA announce new UK Listing Rules coming into force on 29 July 2024

https://www.charlesrussellspeechlys.com

Posted this on another thread but has merit here too given shenanigans..

When viewing the share price consider the 'NMS' - this is the amount of shares market makers are obliged to offer at the price quoted on the screen , it can be found on most web sites under fundamentals, for HCM its 1,000 or at the current price just under £3k's worth.

This is part of the reason why companies such as Hotel Choc have such huge premiums, its easy to manage a share price down and hold it there with your maximum exposure being £3k at any one time..

The one stop approach for customers has to be a big attraction with each division evolving into its own business, THG Studios could draw in ad based customers then pass on up the chain for other services, web hosting and design.

Great concept which I am sure will pay dividends over time.

As a bit of a follow up to my earlier post, when viewing the share price consider the 'NMS' - this is the amount of shares market makers are obliged to offer at the price quoted on the screen , it can be found on most web sites under fundamentals, for THG its 30,000 or at the current price just under £20k's worth.

This is part of the reason why companies such as Hotel Choc have such huge premiums, its easy to manage a share price down and hold it there with your maximum exposure being £20k at any one time..

Main shareholders have extensive portfolios which are also suffering due to high interest rates, unlikely they will single out THG as being an under-performer.

Sofina 10 year chart

https://www.sofinagroup.com/investor-relations/stock-price-and-sofina-share/

The free float is too small for anyone to stake build, think of it another way.-

During the bid process there were no sellers of any note, that was at 150 plus, since then there have been no sales either apart from Jupiter/Chrysalis/Softbank who needed liquidity.

PE firms think differently, how much will it cost for a 15% stake, they need this and more to influence the outcome of any approach.

Prop traders churning stock back and forth is not going to fill that requirement, not even close.

This guy used to appear on CNBC..

https://www.cnbc.com/2024/07/26/short-seller-andrew-left-charged-with-fraud-by-prosecutors-sec.html