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Polish has it right. It can only just cover interest payments (just) - and MM spiffed all that SoftBank investment on duds. He has to go from RemainCo : there is no way him being CEO can pass a governance test when his time will be so clearly focused on Ingenuity which is now entirely separate and without recourse (as GLA likes to advise) to RemainCo. RemainCo Board req. a RemainCo CEO fully focused on RemainCo. It’s not rocket science.

Never had a reply from IR. Not even an acknowledgement. Yet MM on LinkedIn daily. Says it all really

They are advertising it in PureGym (may have been for ages but only just noticed) … MyProtein brownie in the gym vending kiosks

I think MM will be ‘President’ or some other title. Whatever, he can’t remain CEO of RemainCo : surely the BoD for RemainCo ‘only’ see this. Separately, thank you all for feedback on anxiety. Here’s to unwinding a challenging position and learning lessons the only way you can : experience.

Appreciate the views and advice all thank you. And to @schlemiel for the links… I haven’t written off THG (that’s more being emotional - which is dangerous i know) as I still have too much invested at 50% down. My lookahead is … it can’t get much worse from here (famous last words) and there maybe a re-rate / buy out soon somewhere above current SP…. It’s probably worth waiting for inclusion into FTSE before / any bids before exiting. For the life of me I cannot understand why the BoD turned down a 170p w/o even considering it properly

You’d think LandSec might eye up Hammerson. I’’m even at 30p but wouldn’t want this being taken out at any less than 45p… I think a lot of the bad news is historic and baked in now

Welcome thoughts : I find myself ever so anxious about my THG shareholding. This is largely in part because I have over invested (in repeatedly averaging down). And I did see what I was doing with clear eyes. Entirely my responsibility that in part creates the anxiety. Compounding this I simply cannot make sense of THG any more… there’s never been two in a row boring … here’s some progress updates. RNS’s are absent and then all of a sudden massive corporate action. It’s not, for example, like my HMSO or LGEN holdings (very different) where there’s some sense, rationale, detail in updates. I’m over 50% down.. average around 95p mix btwn ISA and stock account. Anyway … how do others, if not too forward, manage similar situations? Would benefit from any experience.

They are doing stuff (see below). My view is there is massive potential in India .. 500m under 30 … addressable market is huge. I think myprotein are supporting fringe sports… to build awareness… I can see sense in this… what would be great is a Bollywood placement and / or a major cricket star being spotted with it.

https://www.passionateinmarketing.com/fuelyourambition-myproteins-move-club-set-to-make-a-debut-in-mumbai/

8% is quite a lot to buy back @Rock8… that’s circa £45m by my math (8% of 572m mkt cap)… have I got that completely wrong?? If not then (a) buying that on open market will lift SP. Or more likely (b) now is the time to pounce on RemainCo… MM holding at its lowest; governance position untenable; II shareholders not really onboard. … would be on form for Mike Ashley to gobble some shares up.

I don’t think BoD are particularly bothered / active. Simply happy to pick up big ££ for a few days ‘work’ per year. Lord Allen has been conspicuously absent. Susan Farr having rings run round her. Separately MM drinks his own koolaid.. and thinks everyone other than he is to blame for SP. I think really we need to give it another 18 months (36 in total) for Nutrition leadership to complete rebrand before introspection begins.

MM cannot remain CEO of RemainCo. It obvious that his attention will be NewCo; now entirely separate and almost entirely reliant on RemainCo :- surely one on the II’s invested in RemainCo will demand change. As BoD and GLA both deeply, deeply disappointing; esp. GLA’s absence over this period. And he’s on £400k/annum for RemainCo ONLY. RemainCo success should be his only interest.

I think at AGM … if we get there all of BoD esp. GLA are exposed. For the first time I’ll go through the gymnastics of voting against re-elections… a puny holding yes… but exercised enough to vote all the same. Hopefully the institutional shareholders act

Product is awfully stocked at Sainsbury’s but reassuring highly priced … appears all the Arla stuff is undercutting with Nectar points. For all this talk of rebrand there has been zero control on how it’s presented. Leadership change at today of Nutrition required. Silly to have insulated customers for cost uplifts in lock down and after … sillier to have an 18 month rebrand - 18 months !! - that has led to fewer sales.

We were at 195p three years ago. What destruction

Clearly no one wants remainco either?

We’ve all been duped. He’s got to roll into NewCo at an extremely favourable rate (given v.low SP : that MM would have known would be coming) and now gets to buy back (if he wishes) at 2/3 of the price prior to announcing the greatest shafting of the century. I’m average at around 95p and was so so very foolish to have backed MM. have far too large a holding too having averaged down from 230p. What a donkey

I think it’s a bit tenuous for an SP improvement Kim. Whilst it may feed through into sector support the THG issues are intrinsic. A corporate governance overhaul (inc. MM stepping down as CEO (but remaining on the BoD)) and main listing would do wonders for SP valuation. At this point market comparisons on both beauty and nutrition become possible. Hopefully this happens in Q1 and what you suggest is a tailwind Q2/Q3. - but - doubt it will. There seems to be no effective ‘check’ on MM; GLA has proved impotent in this regard.

Does he cost 20p? More.

Best comment on the post:

“ As a PI that penultimate line punctuated with an emoji fills me with dread, I wonder how you’re going to shaft me next.”

Brilliant isn’t it. Any Q or challenge (the kind a BoD should be offering) is simply dismissed. Meanwhile MM carries on in la-la land. What irks me most is MM actually thinks he’s played a blinder and stands up for PI’s.