RE: FT comment.12 May 2023 22:25
His post comes across as crass and egotistical, but I suppose that's how you create a billion pound business, well not quite based on the SP today. They say blood is thicker than water, well money and loyalty is a similar relationship, If there is no plan B, except a little misdirection and hope, then the ties that bind will start to shift once September and beyond arrive, the 65% v 35% ratio will change, as money talks, when patience wanes.
Lets hope Kelso's recent assessment was on the ball regarding other interested parties, and that being the plan B, to play off against each other over the course of the next 6 months? I'm expecting a similar situation with Wood next week. It's a race against time for MM at THG & KG over at WG regarding how they keep Apollo on the hook for long enough, or a perception that Apollo are still interested in order to drive their own/alternative plan B's, which very may well turn out to be a different bidder or collaboration of sorts with another entity?
My personal view is MM is gone within a year, and he knows it. He may very be still at the helm, but his power and ego will be seriously diminished as some other bigger conglomerate or state backed fund will be pulling MM's strings, for however long they can put up with him. MM is a entrepreneur but not a visionary, and that's where he finds himself this evening, he needs help to see the wood from the trees, even through he virtue signals that he's personally invested more quite recently and from todays post signals he effectively turned down a very lucrative offer, with that offer potentially being very lucrative to a lot of the 35%. He does not acknowledge the fact that a lot of local private investors in the North West have backed him and continue to do so, albeit at the moment to their own expense. He also doesn't need his ego stroking anymore, any credit he had in the bank with the 35% is gone, lost, disappeared, just like he will be in a year. THG is a listed company, not a plaything for MM and his mates/cronies, what irks me the most is why the 35% are not privy to the bid or bids. If they had been publicly known, like with WG, then a material change in the SP will have materialized, albeit not as much as some would hope for. However, a higher SP at this moment does not benefit MM at the moment if other parties are interested which might or have indicated they would be happy to let him operate and run THG as he wishes. At the moment, or until September at least, the lower SP facilitates a MBO or RT.
Good luck to all still invested, as am I, we'll need it in the short-term, unless their is actually a credible plan B, which in my opinion there isn't, except playing for time and hoping beyond hope market, micro, and macro conditions improve to organically grow the SP and underpin MM's power base and bargaining position in the future for a full TO or majority buyout.
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