Member Info for danl90

Can’t have a bidding war as long as Matt has the golden share

Also while he is also chairman and ceo as no independent to say “do the right thing”

If it just general “hunches” let’s keep them to ourselves rather than machine gun the board with it every day shall we?

Footasylum would have been a nice deal to take fully online

Returns rates are higher than premium clothing but I think it’s a nice acquisition to bridge with LF and MyProtein

But this is a positive as it's another of "Matt's friends" who can be part of a buyers group

T4G what’s quite funny here is you got the “textbook” line from me saying it to you

All that “customer” and “marketing” insight and you can’t even be original

Also how many times do you have to show how amateur you are?
- sale and leaseback warehouses (even though we should need max in 3 years)
- this current huge misunderstanding of how much a warehouse costs
- awful misunderstanding of data and how you can’t show one credible way that boohoo uses it in a way better than Asos (just yelling at people “you don’t know” and not backing it up with something tangible is the tell tale sign you’ve lost)
- this current point on Norges bank is just silly (41,000 listed businesses. But you’re not adjusting for size, sectors and geographies that Norges can’t invest in!) so claiming 10% is terribly inaccurate and just…well again, amateur

Come off it fella. Back up something you say once with something substantial

Off the shelf saleforce. Good every other tech business must be crying given they spent £100m of and employ hundreds of staff given boohoo do it on a shoe string!

Sukin skincare U.K. is another

It’s in the admission doc

Warehouse for £54m? Yeah if you literally want a shed

Look at competitors and what they spend. The automation project for PLT in Sheffield is £50m alone

T4G maybe this big empty warehouse is where all the data guys work?

EBITDA is lowered but you have the first 6 months or so where it’s at the 9% level. So the maths suggests the current run rate is actually below this

As guidance is largely pulled for next year all you have is the CFO saying “expect around the 6% mark” but you can tell he’s not too sure on that answer

This then impacts cash (EBITDA is the proxy for cash - although some here have argued it’s not a million times) so that your capex fund plus todays cash

This is why you know you can’t afford US distribution sooner as the capex budget is currently on U.K. automation projects (good)

It will take to calendar year 2023 to get the us warehouse and then another year / maybe two to automate (it’s hard to automate as you run a current warehouse - loads won’t believe me but look at the add backs spent on the PLT and Burnley projects)

New hosting facility in Tokyo

All aids in localisation which brands need for successful D2C

https://www.linkedin.com/posts/enriquezw_tokyo-datacenter-technology-activity-6896868610409603072-AELG

Another one for you

https://www.bonrawfoods.com/

Also a post on LinkedIn saying how they chose Ingenuity as it’s Global

https://www.linkedin.com/posts/activity-6897579753843286017-LmgJ

You're asking Rag? The guy who thinks in "fast fashion" a scalable platform is just a webiste? Data and use of it was something Topshop were doing in 1992 and who think test and repeat is useless?

He knows how clothes are made. Not how value is made from running it

Be careful what you listen to on here. Rag is here as he buys appreciation tokens. Not shares

Is it eck!

Silly as

We covered this last week

I said he’s buying. Not selling

I dodnt say he will I said he could

I said at the start of what I said no one is buying this without management. That’s clear

Rock8 you’re right but one doesn’t happen without the other. And what you’re ignoring is that he is likely IN the buyers group ie it is him and a PE taking it private so he doesn’t have to lose control

Matt (until the golden share goes) has full control of any offer. So if you want to own THG it’s on his terms. This is what the LSE don’t like as the golden share waves two fingers at “the law of the land”

“Acting in the interest of shareholders” is vague and especially when the horizon for what he is looking to achieve is long term. So there’s no way you’d tag him to anything and you’d also have to prove loss which again is impossible

Also it does help him potentially have in a lower bid as he block all “unwanted” bids before they even start

Because no one is buying this business without management. So therefore management is on the side of the buyer as 1) that's who they are in bed with for the next leg and 2) they will be in the equity roll for the next deal so cheaper you buy it the more money you make when you sell

You always have this issue when you have one company that is say owned by KKR but selling to Bridgepoint etc. Management have been chummy with KKR and are all making a killing selling and KKR want top returns but then management realise the harder the starting point the harder to earn big in the next leg with their new owners Bridgepoint so you get an odd dynamic where management flick

For us as minorities this is why the takeover code exists to protect us but also Matt not having the golden share and a free float which would stop material votes

With teh lower free float and also matt's share. He could screw us as 1) stop any other bids from even sitting at the table (golden share) and 2) with enough friends they could get enough votes to have a crack at it (although I'd need more detailon the votes)

The point is he could be against us with the new pay master and there's no "white knight" bidding auction as long as Matt holds the golden share

I mentioned this the other week. You have to remember that in any take private Matt is a buyer and not a seller!

We know these contracts have inflation in as at present any fulfilment or through cost is passed at nil margin

This is currently the labour element which is the bit which will be impacted by inflation

So we are just passing through at cost

We soon make a margin on this so inflation is good as 2% take rate on £100 is better than 2% on £1

Also inflation will push people to ingenuity as it’s a way to fix your costs rather than mass wage inflation which will be here to stay

On Bloomberg just now a really interesting update

- e commerce now 13% of their business and grew by 45%
- they see beauty and wellness as the right path for growth. Particularly premium beauty
- ruling out any “major” deals the size of failed GSK

Would they look at THG? I mean no not now but in time we align

Completion for premium beauty assets is only getting worse