Member Info for Ephemeral

At Prox an announcement of a dividend alongside good results in Sept would be a game changer.

This is the first time I’ve averaged down and it’s worked. Bought a small amount at 23p more at 25p - still well under water with a b/e at 75p. I think it’s a wait until Sept results.

I thought this was a not-so-bad trading statement. With guidance on future upside given wider matters; AH programme; interest rates etc. So somewhat surprised it hasn't been bought much at this price and consequently risen? What are the II's waiting for? Results first.

This guy is at 6x in an optimistic scenario. Here’s to VTY simply getting a couple of boring quarters under its belt. I’ve sold a bit out of LGEN to be in here

https://youtu.be/cTAnqCrsQWo

Odd that’s done okay despite that.

I'm just a bit bored waiting for washing to fin. And thinking about what will move price in next few months. Patience is the mantra. The problem for me is I averaged down and so over allocated. Don't really want to crystalise loss as is and would rather start selling out to a better allocation at a higher SP. I don't think there's much movement btwn now and Sept. Which is a shame as re-rate did seem to be on the cards.

Frasers and Sofina could apply pressure, jointly, on Chair. -but- I think this is likely to be a hold until Sept results with action, if any, from shareholders thereafter. Remain concerned at MM's in effect 15% holding in MM + employee Trust.

FRASERS GROUP PLC 175,357,765 13.26 % 57 M p

Sofina SA (Private Equity) 127,494,951 9.643 % 42 M p

Matthew Moulding 98,596,539 7.457 % 32 M p

The THG Employee Benefit Trust 98,489,598 7.449 % 32 M p

Balderton Capital (UK) LLP 96,947,470 7.333 % 32 M p

QIA. 95,148,959 7.197 % 31 M p

Volaw Group 51,243,805 3.876 % 17 M p

Sadly I think this is going sideways now until September results. There was a shift on AGM update. And now no ‘event’ to reprice. It’s understandable that no one believes guidance (given history) so I guess sensible thing for most is to sit it out until just before

Results (if short) or just after if wanting to be assured of progress before piling in. No mans land

Shame. Thought it might have a more sustained uplift

I think it whimsical (though very pleased if it so) to surmise absence of Director purchases is a presence of a potential corporate event. I get why we would think it to be, for we want it to be -but- MM is loose lipped; word would leak-out. It could be equally true (and this would be no bad thing) that there are no Director buys until either GLA or MM step down as form of soft protest by remaining Directors. This too whimsical. Occums Razor would suggest the BoD simply don't care enough as long as the gravy trains along. Chug Chug Chug.

If tomorrow (ideally) and next week overall finish above 34p … I’ll start believe there is an early embryonic shift in perception. -but- THG good at dog days. So 🤞for some boring normality. 1% rise each day this week would be 👌.

GLA holdings

542,000 @ 45.74p - 31-Oct-24

1,250,000 @ 41.12p - 20-Sep-22

1,150,000 @ 86.27p - 27-Jun-22

I’m okay if he exits at SP at 87p (ideally this yr).

At Win4call… I can’t see GLA leaving w/o at least optically having had some +ve to leave on… else it is a career defining MIA when it came to governance on a BoD which is terminal in my book. My hope is that he will be more concerned about his reputation and so by consequence give greater concern to THG performance. It would be good if he could leave as SP as at his first purchase … 80p-ish from memory

GLA will be concerned for his reputation. Hopefully that translates into performance. I don’t see him being pushed out. Though would welcome it. GLA now knows and blip in next 12-18mths and he’s out. Let’s hope that means he’s laser focused on requiring results from Exec (not LinkedIn flim flam).

Does look like a few leavers from a quick LinkedIn trawl… but whether that’s normal churn or not .. who knows? Getting the cost base down is necessary

Very much wanting continued rise… but statement below is fair.

we see minimal free cashflow in full-year 2025 and until we see upgrades and a fundamental shift towards delivering sustainable margins and a level of profits commensurate with a business generating £1.8bn of revenue then it is hard to move to a ‘buy’ stance.’

Amazing 1 in 5 vote to depose the Chair, the *Chair* of the BoD with a massive amount withheld. What a statement. Read the room GLA.

Expect we'll get the distracting... offer or VAT refund rumours advanced by MM and BoD to distract from AGM on Mon / Tues.

Mr magoriam you are right. But it’s the BoD who allowed the CEO MM the ability to hold such a leverage position (with clear conflicts) and expense of other shareholders

If MM offered £1 (or anyone else for that matter) I’d take it; move on; never look back.