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That contract with Ingenuity under normal circumstances should be available to put up for competitive tender annually. Ingenuity did not commit to investment for this contract, it was already there. Therefore there should be no need for longevity of contract.

It would be good to know, at demerger, was that contract put out for competitive tender. And, who were the other bidders?

What is the date for the next competitive tender???

This is just normal business activity and therefore no need for any secrecy.

Deck chairs on the titanic springs to mind.

There is but one answer for THG’s future from here.

MM does the right thing and steps down as CEO of THG. I think we all agree that it is outrageous that he is also CEO of a THG service provider and he has been able to set the price of that service.

We need a good professional external CEO for THG.

The inertia of this BOD at all levels to advise and force a structure that works purely for the benefit of THG shareholders and treat Ingenuity as what it is, a supplier, is complete negligence.

There will be no business run for the shareholder’s until this happens.

This was a Q4 sales update. All other data comes with the Full Year Results. It’s simply speculative now to start guessing on those results when the company will only now be starting to work on them.

With such liquidity, is that a hint at the long awaited Year End Results first ever Dividend?? With such cash and facilities, a 3 a 6p dividend looks more than feasible.

Definitely 100% going to be an announcement in the new year that THG is going to start paying dividends. Because, there’s no way that MM and the Chairman were misleading the market and investors when they previously said this at the demerger….. was there!

APN Mkt Cap £632m

THG Mkt Cap £661m

THG sells about 6 x more nutrition products than does APN, plus about 10 x more £ Beauty products as well.

So, for this Mkt Cap discrepancy to exist it means big investors on the whole, ‘city’, cannot yet see THG getting up to speed with APN. If they could, then the discrepancy wouldn’t exist.

The bottom line regarding responsibility for all the issues holding back THG lay solely with the THG leadership team. You can’t go on blaming external factors which you say are out of your control when those very same things don’t hold back APN.

The leadership team will only change when the CEO and Chairman change.

5. Reinvestment narrative = 2026 to be another year of Jam Tomorrow. Jeez, who wud’ve thunk it?

“Cleared all the skeletons”, I don’t think so. Look at Naveks summary of H1. Costs too high, margin too low, distribution costs too high, a closed hotel???? And likely lots more.

If THG makes a Net Loss for this fiscal year, then not only did he not clear everything out but clearly doesn’t know how to run a company. And, with no dividend then the entire Board needs to go, nodding dog NE’s too, and then recruit and pay whatever it takes to get the CEO from APN. I’m really pi##ed off with jam tomorrow that never arrives while MM repeatedly lines his pockets.

Yes ima, I know, those poor shareholders at APN with a booming share price and a 28x profit ratio. Suckers! Who needs that sort of short term performance.

The Demerger was the right thing to do and I said it was the thing to do long before it was done. However, it could just have easily been Demerged whereby every shareholder received the same number of shares in the demerged Ingenuity as they kept in THG.

We were beguiled into letting our ownership of Ingenuity go based on the bold deliberate assertion that the remaining THG would be a profitable business capable of paying dividends and share buybacks. Not only has that not happened and with no immediate expectation of it happening but the SP hit an all time low and still languishes below the c65 pre demerger price.

A listed company Board are custodians, supposedly acting in the interest of all shareholders. Do you feel like they are doing that? The CEO of another company, ingenuity, should not also be the CEO of THG. Compare and contrast to APN.

Are we in the new profitable THG yet (other than Matt) where we are seeing Dividends and Share buybacks?

Do you all remember that the SP was hovering around 65 when Demerger was announced.

So far we’ve lost our stake in Ingenuity which we already owned prior to the demerger and 30% off the SP.

Doesn’t feel like we’re winning does it!!!

He must be the only person in THG actually making any money (except for a few PI’s who’ve made some beer money). Me, I’m still more than 50% under water and to boot have had my shares in Ingenuity robbed.

APN up 10% this morning and a Mkt Cqp of £550m

EU approves Mars, Kellanova $36B deal

The European Commission announced in a press release on Monday that it had approved unconditionally Mars Inc.'s $36 billion acquisition of Kellanova Company, formerly known as Kellogg Company, after launching an antitrust investigation back in June.

More brands and more potential My Protein tie ups!!

The constant manipulation/movement, call it what you like, means we have a Beta of an astonishing 2.83. So, while the FTSE 250 is down just 0.6%, we are down 4%. With such high volatility, it’s no wonder we are so played from day traders to funds. Strange thing is, it never seems to work like this upwards?

I don’t think what’s said on here would really drive the decision making of many, it generally might enhance it positively.

But, with regard to Ingenuity, when you refer to “take up the offer” I prefer to think of ‘opting to buy that which you already own’.

To anyone who believes it was an offer of something new and additional, then I have a bridge you might be interested in.

How can THG possibly say at this point what material impact it will, in the medium to long term, have on performance. It’s new and early days. But don’t we all just know it will? Is a Mars tie up not going to be bigger than Iceland?

It’s Mars! Couldn’t have been any better. Kicking off with the World’s number chocolate bar taste. Others flavours to follow. There will be nothing on the protein shelves like it. It is a game changer that is going to firmly position My Protein at the top.

Stan, re: profit is profit; all that talk at Demerger was so that you (we) would quietly and painlessly let our stake in Ingenuity be beguiled away from us for free. We heard what we were desperate to hear and he and Lord Lucan knew it. Even right now, today, the share price is less than the day the Demerger was done. Well kippered up!!!!!!