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Good post yesterday from ‘got-banned’ below. Please anyone on the Board know how one would go about holding MM to account? Is that a letter to the Senior Independent NED? Or Chair? Or some other body. At the moment FT / IC are shedding light (and well) on some very odd actions by THG and BoD silence is deafening.

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Looks like my post was deleted yesterday so will say it again.

THG can and should have been a good business. Anyone invested should not beat themselves up about it.

We are victims of fraud led by a conman CEO. He has fed us all lies over and over again, gaslighting us into believing there is a large valuation gap whilst lining his own pockets.

Moulding once stated that Apollo valued ingenuity at 60p per share, roughly 1 billion at the time? Yet this undervalued the company. It’s strange that within a year or two it went from 1 billion to 25million whilst having record revenue?

Or how about gaslighting us to believe that entering the ftse 250 will be the saviour whilst diluting the share price with a placement on day 1?

The fake bid from candy man before terrible results? The fake bid from Selkirk?

Hiding any sort of detail or figures of the ‘arms length’ deal with ingenuity?

The list goes on and on, he is the reason for the SP destruction and he is going to end up manipulating the situation to line his own pockets. Crook? Conman? Fraudster? Pond scum? All of the above. I hope he is doubling down on his security spend.

Stanley whatever you’re taking may I have some please.

Extract from IC article below (please resign GLA):

Within THG’s £124mn of adjustments, there is a £57.5mn writedown on the value of beauty brands that it bought and discontinued, £15mn written off from a division (THG Experience) that bought a hotel and a country club and then halted a refurbishment and a £7mn writedown on a sponsorship deal agreed with the Williams Racing F1 team in October 2023 that “has not delivered the expected commercial returns”.

This is not reported on, most likely, because it has no legs. It was a distraction to previous results to create a vanishingly suffocating air of false hope. Horrific SP. How can BoD go through the ceremony of a AGM with this performance.

These are poor results. Esp. for nutrition. There doesn’t appear to be a plan to lift results other than more of the same (that provided these results). Where will improved margin come from? What is the plan?

Is there literally nothing anyone can do to either prompt for progress (conclusion) - at this rate even an update? The mind boggles at how long it is taking. Or do we simply sit and wait. (Notwithstanding all the good progress for RKH : I would very much welcome this concluding).

THG SP and speculative bids do not price underlying value of business - because - you cannot extract underlying value from the liability that is MM for MM have woven himself into THG with dexterity; he will not step down as CEO (by election or direction); is a major shareholder with a convertible loan switch to ‘trump’ other holders as needs be; is a major supplier of services that cannot be shed easily. MM has us all as shareholders and the SP itself trapped. It follows, if you were to agree with the logic, then that only MM can unlock the value by seeing it for himself. Sadly a Chair who might coach that into MM does not exist and by extension neither does the BoD. So it is the MM rollercoaster for all. The biggest dipper of all.

City spy and GLA both in the same loss of credibility box

Almost entire market up. THG down. As rain falls from the sky. The fear is this is all a distraction tactic similar to those orchestrated in advance of previous trading updates. The likelihood is that it is. GLA where are you?

Kua… they will know results now.. even if not released. So would be very upset (but it would be true to form) if results are poor and this is pushed out as a way of distraction (that doesn’t really work) but gets played in some form or other at every trading update. A week to go

Well if that works for you Stanley so be it. I’m interested in views and my view remains THG Exec are the biggest drag on SP and that MM is so obviously conflicted. If my views aren’t helpful there is a filter function.

Also very easy to lose ‘profit’ or what would be profit in costs… my concern is are the costs RemainCo costs or NewCo costs that RemainCo end up picking up? And… is RemainCo too people heavy now… does it need shrinking … three CEO’s feels a lot (Nutrition; Nutrition and beauty; MM). Surely one needs to go

I’m here waiting for a better exit than I have. And slapping myself as am even considering averaging down again with another £5K. I don’t see THG collapsing. I do see MM continuing to look after himself but it’s got to get taken out above where it is… surely!

Stanley … doubt they can do that… there’s always a massive bag of exceptionals / one-off costs…. (really hope they do -but- we shouldn’t kid ourselves)… I think RemainCo will bear all the separation costs (legal) and bills for that are always late / post deal… so expect them to show up now.. and be a bit bananas

Expect there will be significant ‘exceptionals’ in accounts… there’s always a hidden downer. VAT exemption would a rabbit out of hat however .. for SP… not as if anyone in management did anything for it… my feeling is it was RNS’d to create hope value… didn’t work did it.

A 3p divi would rocket SP. It’d double within weeks

One silver lining to the incredibly large cloud that is THG… is that local manufacturing capability in multiple geographies may insulate somewhat for tariff war relative to comp. Esp. for beauty. The risk is Exec blow the comparative advantage as they did for nutrition by insulating consumers from price rises and embarking on an 18mth (as yet unfinished) rebrand. The Q from one of the analysts at a call last year …. Have you got the right leadership RE Nutrition - was spot on

GLA as completely absent.

GLA has to go. Issue is MM + THG trust will vote to re-elect as perhaps will MA (interesting if he doesn’t) - most of us PIs won’t go through pain to register a vote…. However this time via Barclays I will. I will be voting against GLA re-election as Chair - failed to act in interest of all shareholders… as demonstrated by SP and +130p offer declined.

404x spot on. As is pmh. To add I’m a fool having invested; averaged down multiple times; and maybe a fool for hoping (silly as I type) for a bounce and then good bye - never again.