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It's hard to make a bull case here when now very update for the pretty much the last 2 years has brought with news of further outflows and the usual stuff about external macro factors being at fault. The more time that goes on, the more difficult it's become to foresee where the growth ever comes from which is clearly a problem.

All seems a bit hopeless now but then it always does at the bottom of the cycle. The thing is they face this twin bazooka of both active management dying and UK stocks staying perpetually unloved. They're not alone here, likes of Liontrust and Impax have if anything fared even worse.

Agree samb69, whole thing is extremely questionable. Same MO as Belerion bid back in 2022, Ian Mac back then laughably making an offer in the billions, while one look at Belerion on companies house confirmed they barely had a pot to p1ss in. It worked before in ramping up the SP, but not with their alleged main aim of flushing out a real bidder. Now Ian's back - but again without actual money to pay for for his bid. You can only laugh really. This is the real manipulation folks. In an ideal world FCA would look into all of this.

It does seem value on the surface but there are a few uncertainties here.

Naira has resumed its drop, eg last month alone down 8% vs GBP. Unknown is extent the company have been able to mitigate this. They weren't exactly nimble last time it cratered.

Tariffs another potential biggie, even if US not their biggest market, would be good to see more of a breakdown in their numbers/manufacturing - between what they group together as Americas in company reports, as clearly the US proportion will be more problematic now than say Latin America.

Final thing for me is what on earth is happening with the St Tropez sale and with them doing something with Nigeria and/or Africa divisions. It's been a year since they announced that plan, surely long enough to have put something concrete together.

Btw credit definitely due to those of you who referred to Selkrik well before today, and how they might attempt to bag nutrition. Those posts must literally be the media speculation Moulding is referring to. This board is the only place anyone's talked about it.

" It doesn't mean the debt is left with the retained business. "

Of course it does. Have you actually looked the company's balance sheet? The €475m loan still needs paying by someone, it doesn't magically disappear. There's a good reason why normal plc offers are straightforward deals for all the shares in issue. Whole shebang, EV including debt is the way it's done properly. Not just cherry picking the bits you like and leaving the bits you don't.

Anyone have any idea where this media speculation referred to in the RNS was?

Btw 400-600 on a "debt free basis" so would have left THG plc lumbered with debt with less ability to pay it off without cash generation of nutrition, with only Selkirk paper to pay debt off can't imagine creditors wouldn't ever have allowed it.

Definitely mismanagement, pretty rich for the company to blame dollar volatility. Anyone would think they'd bet the house on Zimbabwe dollars or something. Meanwhile in real world taking GBP/USD since turn of year as example, it's swung about 6.5%. If that was enough to collapse the company, this has the making of a proper scandal. You never know perhaps even the sleepy FCA might wake up and perform one of their urgent investigations and report back in about 10 years.

To be honest it shows. He excels in restructurings and financial engineering. Ingenuity was taken out at such a low proportional value it wasn't far off a total zero writeoff, just as you'd see in a liquidation or disposal scenario. Even when this IPOd he was able to swap what turned out to be extremely overvalued paper to take control of the highly tangible and income generating buildings. Masterclass stuff.

Then you look at the other side, away from the accountancy smoke and mirrors, and how this has actually performed as a retailer. Where's the organic growth? I don't actually think he has any idea how to grow a business without bolting things on. Now there's truly nothing left in the kitty for any more acquisitions he's been utterly found out.

Southcoastbather you are definitely on right lines looking at Zeus Capital. They were behind Revb float and everyone knows how that went. Former Zeus chief none other than John Goold. Zeus went on to advise both(!) Revb and Boo when both were on opposite sides with daggers at dawn https://archive.is/amlBu (As a side note Big Technologies was another IPO of Zeus, well worth looking up their recently ousted CEO and what it's alleged she didn't disclose when that listed.) Anyway the THG/Revb/Boo overlaps go deep.

At this point, given how leaky this has always been, seems a near certainty this price action has to be followed by some upcoming nasties in results.

Anyway, well done Matt and team for overseeing another week in the long term saga of near total collapse in the share price, congrats guys.

It highly unusual how little self-awareness he must have, putting himself up as this near constant face in media talking geopolitics, while for the day job he's overseeing destruction in value here.

He was even on Newsnight the other day talking about global and US affairs! Chatting to low grade marketing youtubers is one thing, but I don't know how he got that booking.

The point at which I knew he'd lost it was when he did the media rounds saying Trump would be good for business, then literally a week later he's doing same media appearances saying the opposite. Why bother giving the running commentary in the first place?

Cash being in line with market cap good indicator of how little confidence market has in the value of remaining business.

Given the track record here, rather than blowing through that £0.5m a month, the kindest thing from point of view of remaining shareholders would be for board to stop pretending there's ever going to be commercially viable business here, return that cash and shut the doors.

Agree with all that unhooked, these UK focused asset managers have been a bit of disaster, just when you think the bottom is in, it turns out that wasn't the low at all. They behave like a leveraged bet on market downside, with the kicker being even when UK market sees upside, sure enough down they go again.

This time around even the usually more resilient midcap names like Schroders taking just as much of a beating, which may or may not be of some comfort.

RE who would a consolidation benefit - it's more of a technical exercise so it's not as if anyone would financially benefit.

But seeing as you asked let's start with OP - benefit to him would be his HL account wouldn't show zero value. So it would be easier for him (and anyone else using HL or google finance) to track the value of their investment.

You may have also noticed that it's not normal to either have a share price beginning 0.00 or having this many shares in issue in proportion to the tiny market cap. Being able to buy millions of shares for a few hundred quid is clearly absurd and is only a result of near total value destruction. It is like when Zimbabwe had to issue notes for billions of whatever their currency is because of past failings. A consolidation fixes this.

You never know, the company might even look a bit less like a clown show. But I may be pushing it there.

Kyk is correct, these Magic Mike CFDs have become one of those myths that gets repeated on here enough times to be accepted as truth - but there's no evidence for them.

His shareholding would require derivatives like this to be disclosed, but he hasn't and no reason for him to break the rules and not disclose - he's open enough about using them on Asos TR1s.

Interesting that the Qataris - even with their bottomless money pit - and Balderton both opted out of averaging down. From everything we've seen to date in the wacky world of THG seems a sensible decision imo, who can blame them.

Too much bad blood for this to happen - if in doubt look up why Sorrell left WPP and what he is alleged to have put on expenses.

Even Google struggles with value this low, charts a bit of a nonsense. Solution is for company needs to consolidate shares. No brainer when the 0.00 just highlights the value destruction - which from the looks of it continues as it always has despite the lipstick on a pig name change.

Wow so in addition to confirmation of previously reported undisclosed shareholdings she was also caught with her hands in the till.

Her shareholding well above the 30% threshold ever since IPO, but that was deliberately hidden from investors through these offshore companies. They are going to have real difficulty unpicking that. There have been a fair few Aim scandals over the years but this is big league stuff. It doesn't get much worse, entire IPO was based on a lie.

Who can forget RMS its magical Covid killing formula. Same trick with BRH subsidiary Paraytec, announce magical Covid test, dump shares, then when nobody cared about Covid it becomes a magic sepsis test, again trading the shares, until value of whole lot written down to zero.

Meanwhile not one solitary sale of any of those products. Only commercially viable plc associated with him was Chamberlin, until he rocked up and within 3 years it's in administration. But not before being financially engineered it to within an inch of its life and curiously having more than strike off notice not declared to market.