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Anyone think there will be a bid for THG before shareholder meeting? Something coming in above 100p (helpful for me) but significantly higher than current SP would mean BoD would have to take a view to consider or reject it (and I presume declare that decision publicly).

Spot on grezz. If warpaint management ran beauty, THG would far higher - maybe just in the 100’s. MM is and management are a major drag on SP. Hope MM steps away (hopeless) post demerger and a FMCG CEO is appointed. First act, clear out all of Nutrition top management and end the continuing rebrand exercise

Think they are now on Christmas run in and THG not a particularly important stock - so no don’t see any of this until new year

101 a pre-cursor to anything materially over say 70p I would suggest is a new CEO - that we won’t get. Nutrition and Beauty could do well just not unde MM. concerned if MM remains ceo of remainco his focus will be on newco. He has to step down really. Hopefully at year end. There must be 10p in that alone

Sadly I don’t see £3 again. Its gone.

Can someone please remind board of what a successful OM is worth to SP? Was it 9p.

Train tracks I have similar objective (exit hopefully whole) - but I don’t see how… after all this time being valued so lowly and with a ‘miss’ on every trading update (accompanied by distraction) THG gets to 95p in a reasonable timeframe. Perhaps main listing will bump it a bit - but why nutrition and beauty get a FTSE250 valuation of say 90p. A much diluted MM holding would help.

Byrne, MM has done a raise so as to walk off with ingenuity with cash from raise (could you write it) so that he can bring it back to markets and cash out again… having rinsed us all once. Shareholders literally paying to for MM to take ingenuity away when he touted it was more than 60p alone. Its not the markets that have used THG its MM who has used the Markets and shareholders through THG. And BoD just sit and watch.

I think we are fooling ourselves if we think this is £3 with a few tweaks. Yes that’s what we’d want. But we’ve all been caught short believing MM or believing our own ingenious to see something others don’t… what we’ve seen is a mirage at best. Not one. Not one normal trading update (ie a bit positive and with out some distraction be it bid / demerger) since Capital Markets day. The longest 18 month rebranding of Nutrition. It’s an absolute joke and no one in HQ seems to be able to hold MM to account on it. Inc the Chair who’s job it is

Kim Jong may you share your most pessimistic valuation with rationale please.

Is this at 40 due to placing at 49. Extremely poor results masked by demerger. Demerger itself. Loss of confidence in BoD governance. Or MM. or a bit of all of the above.

Would THG be required to RNS this? And if not may someone share an explanation as to why (I’m guessing it might be because it is third party / but with MM involved it does feel it is related party).

With everything going on in wider economy I can’t see how Q4 results reported in Jan’25 will be +ve. We know Nutrition will fail. Sense spending will be down generally this Christmas. Separately, why would you buy-out THG? Esp. with MM who is value dilutive. I think Board need to lever MM out. Replace Nutrition leadership. Perhaps put one of the three divisions up for sale openly. I appreciate demerger is in effect that signal to market. Head count at THG also needs to drop. My hope is Apollo come knocking again but the way MM publicly spoke about them is unhelpful. Perhaps they come in under a Kirkland or Kelso wrapper

Yes, it must be awful going into office each day with staff, senior management all knowing what a mess in leadership it has been. And, look at the website, still hiring by the dozen.

Here’s to a 200p buyout

Concern on Ingen is its private : even less transparency / accountability than present and effectively illiquid : can’t exit. If it’s only c2yr away from breakeven why do a MBO (for £25m!!) now. Either open market sale or continue. I wonder if - on reflection - they decide not to demerge

I’d rate some management moves (obvs MM won’t go) such as new leadership at Nutrition.

Nutrition will miss again in Jan due to the rebrand

The BoD would not have approved RNS with ‘early November’ unless they were advised / had some visibility on that being possible. So something has come up in executing plans (could mis-planning in first place) -or- arrived externally to cause delay. I don’t think SP decline is a factor. Who knows what’s going on externally. I would suggest there’s something niggly in the demerger being argued out at THG that is causing delay. It could be NewCo / RemainCo obligations. It could be NewCo lease liabilities. It could be that MM is so very very clearly conflicted.

Fail. And silence from IR or the BoD

Whilst at this stage no certainty can be provided on the exact timescale of the Demerger, the current intention is that publication of the Demerger Circular would be in or by early November