Its definitely better than a poke in the eye. I cant believe MM wont be feeling the heat as the golden share ticks down and activists jump on board.
I will give MM some credit in terms of starting the cost efficiencies, lets hope that these pick up some momentum and Ingenuity lands the promised contracts. At that time we are well off to the races.
I have replied to the LinkedIn thread, totally outrageous for MM to dosh out shares for poor performance.
'When share awards are not in any way linked to company performance (not revenue growth but net income generated), this sends out the wrong message, not only to the staff but also to investors that have seen a 93% drop in their assets. Not forgetting that many customers will also be invested as they believe in the brand. Perhaps a share buy back would be a good idea rather than share dilution'
Moulding may state he is misunderstood but I would say that running a company selling £20 for a tenner is hardly the work of a genius. Profit is sanity and all that. I have built multiple businesses and I have to say the TRUE skill is in making the thing cash positive.
He needs to wake up and smell the protein powder, stop ****ing around on random social media posts and actually drive the company to make FCF. Hopefully he will be replaced as I have been a TH for a long while and clearly he is out of his depth. When that happens the companies fiscal performance and SP will fly.
Moulding clearly has not worked at the coal face for a while (and fair enough). Culture is never about throwing few quid at the workforce, especially those down the ladder. They will see this as free money and it will not change loyalty or incentivise them to work any harder, been there and done it myself.
He is out of touch with what creates a good culture and needs to stop giving away freebies to staff when the company is seriously underperforming and give out some more *******ings instead!
Just loaded up another 20,000 this morning after slight retrace.
On the question of shorts I hear a lot of posters talking about shorts in trouble and a short squeeze.
A short squeeze requires a few things but mainly that 20% - 40% of the companies stock is shorted. So for THG this is never going to squeeze, there just is not enough short interest.
Shorts will exit on an orderly basis and we will see a sustained upward momentum in SP, unless short positions are of course re-opened at high SP points.
So whilst I would love the shorts to 'get burned' please be real that they will not be burned at all and will all be in massive positive positions anyway so all that really is going to happen is that they will reach a 'stop limit' price point where they take the profits from the last 12 months work.
In the 'great' mans own words !
Pleased to announce this morning that my long time right hand man, John Gallemore, is being promoted to Chief Operations Officer at THG, with Damian Sanders becoming Chief Financial Officer.
A lot of people wont have experienced the pain involved in setting up a business from scratch. In dreaming of setting up a business, many people look to well-known international entrepreneurs for lessons on what it takes. For anyone truly interested, I can genuinely say people should look no further than John for those lessons.
In the 18.5 years that John has been on this THG journey to date, he has done literally every job there is and given everything (including re-mortgaging his house at the outset to follow a daft idea I'd had). Before his move to COO today, John's previous THG roles have ranged from Group CFO, CEO of THG Ingenuity in its formative years, Call Centre Operative, Warehouse Picker, and was even known to clean the office toilets at the end of the day in the early days before we could afford a cleaner. This level of "can do" attitude and dedication is exactly what it takes for anyone to have a chance of making a start-up work.
The best work anyone ever does is in "the grind", and the grind required to scale a start up from a small Northern town to become a truly global player is unimaginable.
One thing I can promise is that all the big global giants, from Amazon to Alibaba, has at least one John Gallemore at the heart of their story.
Damian Sanders joined THG in November 2020 as the first of our Non-Exec appointments post IPO. Damian has worked closely with me and the senior team on a whole raft of initiatives and made it abundantly clear that, if John was to move to COO, then he'd love to be considered in filling John's somewhat big shoes. Damian's personality and extensive experience make him the perfect person to take on the task (also helped by a 2 year interview process before giving him the job....).
John hands over a world class finance team that we've built in the past 5 years, a team that Damian has come to know very well.
Oke/Stock - Lets hope so, that role would fit his skillset.
Loss making disposals are tough in any environment but with the current Macro/anti-tech not sure how much this could be offloaded for - any thoughts?
Anyway, its all positive as cutting out the crap and refocussing on a FCF positive business is 100% the way forward.
The penny has dropped, now we wait for the pounds!
So Gallemore is now head of operational delivery....
Looking at his LinkedIn profile he is basically the same as Moulding, a chartered accountant. No experience in logistics or operations.
Furthermore, how a company the size of THG allowed itself to run with a joint CFO and COO is quite unbelievable.
I posted on Matts Instagram page the other day about the poor state of updates, missing targets and Lord Lucan and how PI's are totally underwater was read hopefully as I got blocked.
I am a LTH and just hope that now the penny has dropped that profit is sanity has finally happened.