Member Info for Globex

Fixed debts are €600m bond + £137m term loan.

Variables wise there's the RCF (from December the max reduced to £150m, previously £170m). Undrawn at the moment (market will be watching to see if it stays that way) - so as things stand this has no impact on EV.

Cash the other variable obvs, things in flux at the moment so guesswork required atm to put a number on it, arguably will only know true picture on cash at year end post split.

EV is market cap less cash plus debt. There does seem to be common misconception at times here that EV is just market cap when they are different metrics.

"NOT a COVID Test"

Meanwhile OBD press release title literally says: "Prognostic Covid Severity Test Study Published"

It would be good to see much more transparency over S4S Ventures. We know that S4 Capital own 50% of its parent but it's not clear where S4S funding comes from. Especially when carrying value for all of S4S as at last report was near zero.

Practically speaking cash generated by S4 a bit on low side to have a sideline in funding early stage tech companies. Imo SMS should streamline whole lot by carving S4S out of the plc with him buying it out personally. Then he can carry on playing venture capitalist with his own money and plc gets much needed focus.

A covid test announcement in 2024, you have to laugh really. Funny part is they already announced this 4 years ago, just like all the others it never happened - not one test sold. The RNSs did temporarily boost the share price though, and that's all this is is really about. They need it higher otherwise any attempt at placing a non starter. Desperate times.

https://www.lse.co.uk/rns/OBD/us-launch-of-episwitch174-covid-19-severity-test-bwamp09u1gdw76x.html

Guess you'll claim Blackrock are distressed now too?

Mad to think in late 2021 this would have been comfortably FTSE100 territory.

Tracker fund holders unknowingly dodged a bullet at that valuation tbh. On the bright side at least someone gained from all the Moulding dithering

I make it just past 4 years now for the FTSE jam tomorrow line, shocker really

https://thg.ir-data.com/article/id/89

Re large seller as of last week Lombard Odier still had 4.99% of the company to dump

Stop lying, as I already told you there is no evidence of a distressed seller

Interesting to see Boo management getting a shakedown courtesy of Big Mike going activist.

Moulding must be laughing to himself no such thing could happen here with a register largely made up of a bunch of patsys seemingly content to roll over to let him tickle their bellies.

At this point it's less of an investment more a game of Russian Roulette

It's not even meaningful news. It will have resulted from a conversation with their broker about needing cash ASAP and told how they need to release some positive fluff to boost share price, because mcap down here raises nowhere near enough cash. Step 2 wait for sp boost, then hammer it down with a placing. Absolute textbook Aim.

Yes trying to swing trade on margins that tight is a mug's game. And you're sh*t out of luck if it carries on falling. Which is certainly possible, this is THG we're talking about.

In answer to your question PI if/when this goes into administration that would mean you shares not being worth anything, so the way to get money back would be to sell while they're still being traded (administration would mean the shares being suspended).

Practically speaking directors have a duty to ensure they are not trading insolvently. Effectively they can only trade for as long as their free cash exceeds their liabilities, which includes day to day expenses like salaries.

Some lease liabilities go with Ingenuity but not all. Given Moulding (via his Channel Islands company ) owns most of the freeholds this means RemainCo will still be paying rent to Moulding for some buildings. We don't know which yet. Assumption is hotels and health spa will be RemainCo, offices/warehouses split less clear at this stage. When this IPO'd they had to give details of all the related party deals by building - same must apply this time otherwise investors in dark.

On the bright side seems to have shut up the last straggling rampers

All the details are here

https://www.londonstockexchange.com/news-article/THG/update-on-ingenuity-demerger-and-proposed-placing/16709558

Sure they need to include outlook stuff in results, but they've left it very late in the day to announce this delay - results day itself. That's unusual. Given when Tenner left and other previously signalled changes, seems a bit odd to have just realised they need to delay only now.

Picture a bit muddied by results due today delayed for a month.

Reasons for delay given seem a bit flimsy for what is essentially a historical snapshot. Wonder how market will view delay.