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Our only hope is Frasers spent £10m at 49p on this bag of THG. So at the very least I would hope it may recover to that. 🤞. Most likely with a bit of pressure from Frasers

MM is out for MM. How many lessons must we learn. This was evident in sale to self of ingenuity using proceeds from a raise (as picked up by FT) within that appropriation of the hotels will value. MM has no interest in being taken seriously by the market as evidenced by LinkedIn posts and childish investment in Kelso. The three CEO THG is a palace to himself paid for by shareholders. Value will be realised when a revolt ensues and not before. (I wish I was wrong)

Guessing this is sideways until update. Any other views?

Below is where ‘conflict’ arises Daffed. If you were CEO of ingenuity you would hope your main customer prioritised growth over profitability and insulated you from headwinds. Well that’s not an issue as the CEO of ingenuity is one and the same CEO of THG … how the BoD do not see this as a conflict is for the birds…

I’m not fussed about growth. There’s about 2 billion already. I want bottom line profit and reduction in debt.

At sj74,,,, I agree. Expect no free cashflow. A loss again. The Q I have is how much of this is already priced in at 27p. So for example if THG were neutral on cashflow, would that create a sizeable, say 10-15p lift is SP. I have no idea -but- would guess, if I had to, that the II's and professional investors as zero-rating MM's ability to deliver anything. Which is why he needs to go and why the other two CEO roles left in the business need become one. Neil Mistry has consistently, without fail, failed and failed more than anyone could possibly imagine. Why is Lucy (a CEO) and Matt (a CEO) above him not taking action

Agree with sentiment.

The sad thing was there was a time at 210p that THG had a make or break update. MM floundered and blamed everyone else. What’s changed other than we are at 27p and MM blocks those who point to reality on LinkedIn (linkein !!! This is a listed business).. Walter Mitty comes to mind.

THG need to focus on performance not stifling those calling for it. Perform Perform Perfom should be the mantra

Fair point PMH… but as a counter it was after that that Kelso went for the Chair. That said I agree they have been deafeningly silent since. My concern is Kelso know there’s no point in asking for progress as it stands… a.n.other will need to move first

Agreed. I thought Kelso may galvanise corporate governance improvements; esp. with their move to remove the Chair last year. Since, it has been deafening silence. I expect they have written off their investment

The hotels and land… hidden away in back of a report… spotted and more widely shared by FT are alarming… how did a BoD sign off on this? Leaving the husk of a hotel with RemainCo. It’s brazen. Further it was not an open market sale

A sale of Bentley Labs or similar for a significant sum; north of $450m would force a reprice. It’s not clear who would buy but these entities trade time to time (that’s how THG acquired it).

GaryEllandRoad… there is a difference between believing value can be extracted from THG (I believe it can) and backing current leadership (MM, GLA, BoD) I do not. I remain invested in THG for value and a better exit than present; not to cheerlead for MM

Hype… MM effectively did a raise to help himself buy out ingenuity for a song having stated others valued it as much more. The FT picked up on this. Thereafter took the hotel assets too. Is the owner of the biggest supplier. MM interests are not aligned with shareholder interests. That is why an independent CEO is necessary.

https://on.ft.com/3NmmxoT

https://on.ft.com/3Gtw9hw

Hypehero.. whilst I want to support (believe in) the hypothesis you posit… MM is a liability and conflicted and I think the BoD will only act if pushed. I hope some of the major investors are lobbying behind scenes. I don’t see recovery arriving through MM and Exec simply pulling it together

It’s the BoD that investors should direct upset at. MM will be MM. It is the BoD led by Chair who is responsible for governance and steering of company. GLA has been abysmal! Only overseen extreme shareholder destruction. I’m going to write to IR on this. Won’t get a response (obvs) but at lease someone has to read it.

Taking out the insurance : an ever wiser decision with hindsight 👌

Someone else needs to be CEO. MM can remain on BoD. As it stands MM cannot be a fully focused CEO when he is also owner and CEO of THGs largest supplier of services. It is bonkers

Outside bet on myprotein getting a breakthrough with Hyrox : it could easily catch fire. But an investment strategy it does not make.

That said, SP is below:

32.3P placing this year.

49P placing last year.

Both at a discount to closing price at time of placing.

So at some point (?) you’d think Frasers etc are expecting 50p+

I'm flummoxed as to why Easyjet is so mispriced? (invested so there is bias to buying my own book) -BUT- it's done nothing compared to other airlines; is largely US insulated (to extent possible); the holiday business seems to be a rocket about to launch - from message board seats full(ish) and from website pricing full-ish... why's it in the 500's and not 800-900's - just don't get it. a sentiment thing?