Member Info for cantbelieveit

Yes should have said 3 shorters above threshold, my bad, but yes they must have been just below, but lets be honest, the hedge funds that shorted this from 800 all the way to the 30's were ultimately right, I used to think shorters were disgusting, still think that a bit, but ultimately they were right and they made money. But for them to still be there just below 0.5 or above is insane at these levels, just shows what a mess this is, look at APN they had a shorter above threshold pop up in last 2 weeks and still did 30%+ on share price, but for us to have 3 at these levels is disheartening, hope MM and his close circle enjoy their holidays and their money and ingenuity all to themselves, may they be the richest people that ever lived

Been away from thg for a while now, i mean money still there but my brain has been away, I just saw three shorters now above threshold, how the f*** are they coming in at this level, does not bode well at all, APN jumped like 30% this month, almost 3x for them in last 14 months, no insider buys, no buybacks, no nothing, just fake vapid promises and screwing the shareholders, disgusting, the joys, i cant wait for this to go back to 60 or maybe even 120 so i can sell and never look back, because I refuse to sell at a loss but will that cost me even more i dont know, literally buying index fund for last 5 years would have doubled my money, yet here i have lost more than half of it, i cannot wait to exit this, all because one guy went from screwing over the system to screwing over his shareholders, pure rot

Even worse than 10 years, it seems there is no expiry date, how in the freck is there no expiry date?

https://www.thg.com/investor-relations/demerger-of-ingenuity

When will this corruption end, my days, disgraceful, and now 3 shorters above 0.5 and this post will have replies that include stop spreading fud, youre a shorter, etc when genuine investors like myself are getting humiliated by the one in charge haha how i wish i could go back in time,

@Starfighter with the most spot on comment of the year.

also crazy with new shorter at this price, cant blame them, and cant blame anyshorters, they were spot on to short this share all the way from 900 to now 30, but for them to come in now at these levels is scary and sad, still no insider buys which paints its own picture, this company and how its been run disgusts me, still not selling at a loss but hoping for a miracle

Absolutely hopeless indeed, the cow that is milked endlessly by the one at the top for God knows how long, all I see is war this, war that, shortest, price of whey, 4 years of excuses, who will step in to the rescue?

Lesson learnt. Never invest in founder controlled UK stocks again

Absolute farce this share, leader of losses of ftse250 this morning at -2.5 percent and finished the day at -7.5%

Tell me no shenanigans being played here, still no insider buys for donkeys excluding MM

Please for the love of God someone sort this bunch out

ok davvfed let's forget and ignore ai, can you explain what's going on with so in the toilet after these results? . or the details of the ingenuity the deal or what happens in case of a buyout regarding ingenuity deal, so much secretive **** in the background here

Haha Indeed citypie, imagine (god forbid) another 6 years with the SP in the toilet and we still get accused of fud, a whole decade fud'ing lol

Yes SJ you're right, fud from existing shareholders for 4 years and we're near our all time low, for 4 whole years, let's keep burying our heads in the sand, and ignore the ingenuity, dilution, and mm buying back on the cheap and let's blame it on the fud

...

Ideally someone more on our level, like a director, not MM the ceo who is actively trying to fudge us imho

Japinto you're spot on, that's another thing that kills me, no insider buys, why have directors stopped buying, I guess we have our answer, if I see a director buy I'll go out and buy an expensive bottle of red wine and drink it on the same day in celebration, because it will tell me we aren't getting screwed here anymore

I like that Cong but can't see him taking from his own pockets and his buddies pockets to give some to us plebs but damn that would be unbelievably good. A guy can dream , fingers crossed

Why am I bot and why am I stupid, I like how you guys keep banging the sentiment attack angle, when a share is undervalued the city jumps on it, this share has supposedly been attacked for 4 years, I give up, one day hopefully some sun will shine, speak in a few months when I'm sure you will accuse me of attacking the share once again

Thanks stockscapital, I use pro it's super cheap and the more you give it the more you get out

1pencil, The money that was paid from thg to ingenuity is a fact isn't it

And the fact that we don't have facts on the thg and ingenuity deal should be a fact on its own no?

Anyway I can't be dealing with anything about MM at the moment, just filter me or block me as I carry on my ramblings because what else can a person do with this stinker / dog of a share

noone is trying to manipulate anything, the share price was 31 when i commented and now 30, the damage had been done, and really who actually pulled out millions based on my comment, noone i suspect

i prompted gemini over and over last night and there is no evidence of the 10 year deal, it's ai's hunch based on previous contracts with thg and other institutions, but it said it's either 10 years or it's for life as in permanent ongoing contract that if broken substantial payments are required to break free (i don't know which is worse actually maybe would prefer 10 year deal over permanent / ongoing my lord)

now besides that i need to say this, what ****es me off the most about mm is why did he start publicly posting about ftse and lse being corrupt etc to then fudge us all, i really don't get it, like if you were gonna be shady why did you bring us all into it and draw so much attention to thg to then fudge us all, i really don't get it, and i want to throw so much at him on linkedin but know i'll be blocked asap

Rob, I was asked a question hence my response, i have a feeling if there is one person thats being paid to post here its you, i just have a feeling... anyway i wish you went back into your bubble, seriously, i told you once already and will tell you again do not acknowledge me or respond to me

No worries Cong, its all good to discuss and present opinions, i wish it were 6 years, and not 9, anyway good luck to us all, if its 9 i dont mind waiting, but i tell you what there will not be another 10 year contract signed again, i can tell you that, even if it passes we can not allow to happen, i mean god forbid we have another 9 years to go, but never ever will there be another 10 year contract signed

Stanleyb, its good to see you so positive, hope youre right, to be honest as i said last time you were the one who opened my eyes by contantly posting the same message, so hoping youre right, anywa best of luck to us all

In terms of how much I asked it to look at results of last 3 years, again just copy pasting,

Based on the preliminary FY25 results that dropped just a few days ago (Thursday, March 26, 2026), we now have the exact figure for the first full year of the demerger.

If you thought the £462.9 million in 2024 was bad, the new contract structure did exactly what we suspected it would do: it pushed the bill even higher.

Here is the exact breakdown from the latest results.

The 2025 "Ingenuity Tax" Bill

In the "Related Party Transactions" section of the FY25 report, the amount THG Public (Beauty and Nutrition) paid to the now-private Ingenuity entity was roughly £485 million.

Here is how the trend looks over the last three years:

2023: £519.9 million (Internal transfer - high CapEx phase)

2024: £462.9 million (Internal transfer - cost-cutting phase)

2025 (New Contract): ~£485.0 million (Actual cash obligation paid to a private company)

Why did the fee go up in 2025?

You might be wondering how the fee increased by over £20 million when the company is supposed to be cutting costs. It comes down to how the new Master Services Agreement (MSA) is structured:

Volume-Based Penalties: Remember that massive +16% Q4 revenue growth for Lookfantastic UK that management bragged about on Thursday? Because THG pays Ingenuity based on volume (per parcel shipped, per website click), more sales equals a higher fee paid to Matt Moulding's private company. * The Margin Trap: THG Public successfully sold more products, but the variable costs built into the new 10-year contract meant Ingenuity captured a massive chunk of the upside. This is exactly why THG's overall Adjusted EBITDA margin still fell to 4.5% despite record Q4 sales.

The Cold Reality

In 2024, that £462m was just internal accounting—money moving from one THG department to another.

In 2025, under the new structure, that £485 million is a hard legal liability. It is money that physically left the public company (which you own shares in) and went into the private company (which Matt Moulding owns a massive, undiluted chunk of).

Please don't shoot messenger, I asked it if it was 2022 or 2025 the 10 year lock in

Whoever told you it was signed in 2022 is telling you a "half-truth" that THG management often uses to defend the deal.

Since you asked for no mistakes, here are the exact, verified facts straight from the regulatory filings.

### 1. The "2022" Half-Truth

The person you spoke to is referring to an **internal reorganization**, not the final demerger contract.

* **What happened in 2022:** THG set up internal "arms-length" contracts between its own divisions (Beauty, Nutrition, and Ingenuity) to figure out how much each department was costing the group.

* **The Catch:** In 2022, THG still owned 100% of Ingenuity. It was just moving money from its left pocket to its right pocket. Because it was internal, the CEO could have changed or canceled that arrangement at any time.

### 2. When the Real "Lock-In" Happened (Late 2024 / Jan 2025)

The real danger for shareholders didn't happen in 2022; it happened when they spun Ingenuity out into a completely separate, private company.

* **The Final Contracts:** The official, legally binding contracts that locked the public company into paying the now-private Ingenuity were published to the market on **December 2, 2024**.

* **The "Live" Date:** The demerger—and the enforcement of these binding contracts between two separate entities—officially completed on **January 2, 2025**.

Ill put this one out here and go back to my own bubble for a while but I guess reading my own comment, Ive deduced the following:

There's multiple ways to skin a cat or there's many ways to skin a cat or however the saying goes

Everyone including Kelso pushed for ingenuity to go, I think they / everyone ideally wanted it sold but MM had other ideas and got rid of it as everyone asked but did it in a way that fudged us all royally and for the next 9 years

Cluster fudge of a disposal, that ties us in for another 9 years, the only problem is if any of us have an emergency and need money we will have to make sure we have besides the investment otherwise we get royally screwed again

Or if it goes to 60p at least the majority of us won't lose money if we have to pull it out, anyway such is life,

gary, i hope you and i are both right, i'm ****ed off asking gemini questions here because i've been stuck here for 4 years on promises while it's been stolen from us little by little

i have 130 or so posts here in 4 years, over 100 are positive and last 30 are negative, i don't think my 30 negative posts once in a blue moon moved the share price one iota so i'm just here to vent, i personally would love a 240p exit to justify the emotional trauma and time this share has taken from my life, something needs to give, something needs to change, what i don't know, kelso have gone very quiet, what happened to elliot, who knows?

i asked gemini if the can achieve 240, it said no, i said what about huel it said this

the "clean asset" vs. the "poison pill"

huel is clean: when danone bought huel, they bought the brand, the recipes, and the customer list. they can immediately unplug huel's current warehouses and plug the brand directly into danone's massive, hyper-efficient global supply chain.

thg is trapped: if danone tried to buy myprotein, they couldn't just plug it into their supply chain. they would inherit the 10-year ingenuity master services agreement (msa). danone would either be legally forced to use matt moulding's private warehouses for the next 9 years, or they would have to pay a catastrophic "break fee" hundreds of millions of pounds deep to cancel the contract. that poison pill destroys the buyout valuation.