Member Info for Globex

When it comes to likes of Vanguard and Blackrock, these variations are largely ebbs and flows of their tracker funds. 2.5m sounds like a lot but it only represents 0.39%. I'd say a good rule of thumb is movements below the reportable TR1 threshold not worth getting overly excited about.

Then for likes of Vanguard and Blackrock in particular below link relevant here (albeit a bit US specific), but useful as tackles some of the misinformation on social media around the stakes owned by these goliaths.

https://www.cnbc.com/2023/10/23/vanguard-blackrock-state-street-dont-own-major-us-corporations.html

The other revealing thing about this report is if the company had actual good news, they wouldn't need to pay someone to write nice things about them. They'd simply release the good news.

Make no mistake, this is an absolute last resort.

Trinity disclose that in the fine print but OBD didn't on their Linkedin post.

More importantly worth considering what it represents. OBD paying for this report is just one last Hail Mary to try and get the share price up because they know they can't raise enough to survive more than a couple of months even with a massive discounted placing based on this bombed out market cap.

This has been discussed, the report is by a one man band running a company with net assets of -£1089 (as in negative, he owes that much).

The company are also being naughty not disclosing on Linkendin they had to pay for this report.

When it floated chair actually was none other than Moulding himself, with a dual CEO/chair role 🤦‍♂️

Fair to say that initial trainwreck approach to governance set the scene for what followed, for all the difference Allen's later appointment made.

The one heavy hitter with actual independence the board did have was Zillah Byng-Thorne but tellingly she walked.

The thing with NewCo is investors unwilling/unable to own a private company ditch it will result in in MM and pals an even greater % of it.

If ownership is concentrated even further towards them, it's hard to see anything changing. We've all seen how happy he is to carrying on throwing money into Ingenuity bottomless pit, RemainCo really needs to be protected from this. The least shareholders deserve is absolute transparency around Ingenuity deals going forward. Like how much are they paying, how long is Ingenuity contracted for.

The minute that contract's up RemainCo should be free to go into the marketplace for alternatives for logistics/ecommerce etc, and use whichever provider it likes. I'm sure they could save a fortune dumping Ingenuity.

Will be important to see there isn't a golden goodbye for NewCo that locks RemainCo into a parasitic deal for years. Proper checks and balances should prevent this, will be a good test of just how "independent" some of these directors are.

Bit of a hatchet job as you'd expect from the Telegraph but worth a read

https://archive.is/kAnhU

Doubtful they'll do that research.

Easier for them to go on the attack, rather than taking a moment to absorb what actually being said by those with deeper knowledge of the company, while they try to pick up pennies in front on an incoming steamroller.

Very true Dug the promise of big pharma deal is a classic jam tomorrow line they wheel out. Nothing ever materialises.

If in any doubt only need to pick out any random RNS for same line. I just did that, here's one

"pleased to announce that it has entered into a master service agreement for the development of predictive EpiSwitch™ biomarkers with a top US pharmaceutical company."

That in 2019! 5 years later we now know company revenue was ~£500k with £10.8m of losses. They've had more failed deals than they've sold tests.

Agree Kong1 very fishy. Looking at some of the report it's striking how the immediate funding problem is glossed over. Makes outlandish assumptions about funding for FY25, but avoids practical specifics of where funds will actually come from.

Without a miraculous cash injection we all know it's dead in the water, so it's an irresponsible oversight by author.

Looking on companies house explains a lot about this report . Trinity Delta Research Limited isn't actually a proper broker, it's just a one man band. As at it's last financial year he reported net assets of -£1089! Must have lost it all on OBD lol.

As we know Vanguard and Blackrock are absolute giants when it comes to index funds. They both have active funds too but vast majority of their AUM is made up of trackers. The vast majority of time when they're buying/selling it's just a mechanical algorithmic process to reflect those indexes. If a stock becomes a bigger part of an index by virtue of proportionate market cap increase, they'll buy more and vice versa. All of which is another way of saying honestly it's not worth getting bogged down into movements in their holdings one way or another, same goes for any stock.

Agree and would say any value in the millions is too high. Let's be blunt about this, the company is on a death march to zero.

Some absolute baby must have reported my joke about being pickpocketed to admin as it got deleted lol. There was me thinking it was a pretty good metaphor for some of the shenanigans in the world of THG.

Anyway that's a first for me, can't say I've ever had a post censored like that.

Whichever humourless over sensitive type that made the report: I'm delighted to have upset you.

One concern is the THG employee trust has now become one of those major shareholders. The annual shares given to them is quite insidious for other holders when over time it's eroding independent voting power. Especially when you tot up their holding plus Moulding's plus a few other patsys like Balderton. I wonder who's actually making decisions on behalf of employees?

Who are you responding to?

Main market shells like this are much rarer than aim ones.

Dug I agree with your OBD points but you would have more credibility if you didn't cross ramp. A quick look at Pexn shows cumulative losses of £20m, zero revenue last financial year (and the 4 years prior) and it looks like they've been funded entirely by shareholders - raising millions each and every year by selling shares. One to avoid imo.

Btw, the outline of the split would have been pre-arranged with all the company's creditors beforehand. No way could the company have announced a separation without their approval. Make no mistake it's the creditors calling the shots here.

From the point of view of bond holders their sole motivation is being paid, understandably will have suited them fine to have a loss-making division binned off.

From the point of view of shareholders it's a much more raw deal, with the scandal being the plc is left holding the bag - all the debt effectively generated by Ingenuity - which now gets to say goodbye with a clean slate having left a battered balance sheet in its wake.

€600m bond stays with RemainCo. So does £156m facility, and the RCF (as yet undrawn). All details in the RNS. So no split of debt, Ingenuity only takes some lease liabilities but otherwise debt free (and unlike RemainCo in a net cash position).

Classic pump and dump, happens routinely to any tiny sh*tco that is about to keel over. Bottom feeders will do their thing and anyone trying to follow them gets spiked.