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Will check for myself but checking in with Board I don’t think THG shares inside an ISA can go into NewCo. Not listed. I have some THG inside ISA some out so split between RemainCo and NewCo is going to be messy. Minded not to follow NewCo despite deep value as no control, accountability, visibility. Hopefully that is picked up in circular

I agree OSG. And as such it follows MM has not acted in interest of all shareholders in a PLC; he’s acted in his own interests. It is for the BoD to prevent this. They led by GLA have not. We PIs have not been well served. We are being fleeced. And I can see how any of us or II can stop it.

So 170p last year is now 147p per share. I’d take anything over 95p to simply get out of this nightmare. No point exiting at 47p

More I think of this the more it warrants investigation. Have the BoD acted in the interest of ‘all’ shareholders?

MM has literally diluted us all - capped his risk in the NewCo; made it hard to access (being unlisted) and will use £100m NewCo cap on valuation to use gift himself : debt free (that stays with RemainCo) a free spin at NewCo when a year ago he turned down 170p for us all and laughed at Apollo. We have all been fleeced.

FT Lex finished with the following (subscription req’d for the whole thing).

Update (7am, Oct 11): placing done, £95.4mn raised (with a round £50mn from the Mouldingites, Mike Ashley’s Frasers kicking another £10mn, and £5.4mn from retailers taking the Primarybid mystery box option). Cash raised above the £75mn Ingenuity bung is for “general corporate purposes”. New shares priced at 49p apiece, a 5.2 per cent discount to Thursday’s close. So, 14.6 per cent shareholder dilution to fund the dowry on a planned MBO. Terrific.

This is how I see it Cong. Those going to NewCo are protected. Smart really as MM will pile in as most who need a level of liquidity won’t (or can’t). This is where I would have expected an independent board looking after interests of NewCo and RemainCo to draw the line. They did not

Yorek (1) does matter … FT wrote about it. Effectively the NewCo has capped its valuation whatever the THG share price is - it will at most be £100m. Abosolute steal and stitch up by MM and I would have hoped GLA would have prevented it : he didn’t

At Rock8 I expect some serious Qs / critique on nutrition from analysts whatever way you look at it it’s performing very badly and the ‘rebrand’ excuse only lasts so long. It needs new management. And internal audit. Price control not a constant 70% off.

Absent. Requires investigations. Not even present in the most pivotal few days since THG listed. Woeful.

Anyone hazard a guess as to how an outfit like Apollo might go valuing these. Is it too complex to do well with the ingenuity tie up. Asking as I am trying to work out what a RemainCo valuation might look like and separately hoping a PE might make a public bid for the whole circus that the BoD then have to consider. 170p is not where I sense most shareholders will end up now so there is a Q as to why GLA rejected it

Not if they are doing the dilution in terms they agree amongst themselves

I think that’s the best hope for PI. Takeover approach (and it will need to be public) soon so as to force MM’s hand. Sadly I think MM had done us all like kippers. Can’t really say to myself the signs weren’t there. Had more faith (misplaced) in GLA. I don’t think I’ll break even at 100p. Hope to exit at above todays close

Suggests we are being ripped off..

I don’t like that ingenuity will be valued at upto £100m. How was this arrived at? It’s much much less than we were led to believe offers were made for it. Extract below from FT article. Subscription required to read it all.

“The last complex deal involving Ingenuity put a $6.3bn valuation on the subsidiary, but didn’t quite work out. Depending where the placing is priced, this new package implies an pre-fundraise standalone value for Ingenuity three years later of between £25mn and zero. The value inside THG is, by implication, much less than zero.”

His ‘Lordship’ should be removed from him. Complete and utter failure in governance. MM has run rings round a fig-leaf Chair. And I am a fool.

The antlers are awaiting the completion of the rebrand before they grow again. In all likelihood therefore the fridge will need replacing first.

30p would be a huge embarrassment to MM and BoD having turned down 170p for group and a rumoured +200p from Apollo. MM has sadly used all the time (and funds) and GLA did not intervene to cease this child’s play.

Thank you Cantona. We are relying on Terry Leahy and similar to be punching their weight in these conversations and not selling their own holding short

I think nutrition results will be poor so shorters would hang in. Their concern is if someone comes out of the woodwork ‘apollo’ without notice and they get caught. But they may cover with a long position to cross existing short and then sell down long if results bad

Please : did everyone get their dividend? No sign of mine as yet