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It would be unconscionable and shameless if Matt was now to stay on as CEO of THG. I’m sure it was in the past the right time for him to be the CEO but that time has long gone. The company now desperately needs new eyes, a new mind and fresh energy to make some difficult choices to get this business back on its feet.

In the last week we have had two more serious wake up calls. Falling out of the FTSE 250 after just one quarter and being over taken in Market Cap by APN; a nutrition business that has just 1/17th the sales of THG.

You’ve done all the good you are going to do Matt, for the good of the business, all other investors and yourself, please just go.

This is how MA might work a takeover. Persuading the II’s that he is not only a better choice to lead THG but also if he were to takeover with a paper off, they can then either stay under his leadership or move on. Once he has the support he can call an EGM.

“Their silence is deafening. As said before, clearly their view is that when it involves other peoples money, there's no need to become actively involved.......”

If II’s want to make their voices heard all they need to do is pick up the phone. You don’t hear about it because legally it does not have to be in the public domain.

Second, legally it only requires 10%+ of the shareholding to call an EGM (Emergency General Meeting) at anytime.

I don’t know what the II’s think or feel, but given the sums involved I don’t think they will just sit back and do nothing if and when the writing is on the wall.

Before someone says it has been removed, well it hasn’t really. We’re still paying its capex by the back door and THG CEO has a major conflict of interests as the major shareholder of Ingenuity.

It isn’t Nutrition or Beauty that needs to be sold off, it’s Ingenuity. The Board need to push for a review of THG contracts with Ingenuity. Put them out for tender and then if THG is to stay with Ingenuity, then Ingenuity must match the best offer. External auditors to be used. Then offer for sale Ingenuity on the market.

How else can THG grow until this ball and chain are removed.

this is the ultimate ****e stock.

let’s face it, if magic matt found a diamond mine where you could just pick the diamonds up off the surface, it would ducking lose money. he has the anti midas touch. a good market trader does not a good ceo make.

think about it; we have been listening to the sotp valuations for 2 years now but no one has bought any of it. or the entire company.

utter ****e.

“The company told the market this morning that adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) for 2024 are expected to align with consensus expectations.” 23/01/25

The above is part of a statement issued by THG on 23rd jan ‘25. If you read that and did not know the history of the CEO and Chairnon you might be tempted to invest.

At no point in the entire article do they say or intimate that there will be astonishing Exceptional Costs/Losses that will wipe out the company’s profits and then some; once again. That the profits they boast about will not remain to be retained and used for the benefit of shareholders.

Simply put, once again they treat the City and Investors with utter contempt. Painting a picture that doesn’t exist. This is why we are below 25p, there is no trust. This is why today we are now valued the same as APN.

I struggle to see how this years H2 results can’t be anything other than good. Based on the past I just know they won’t.

But Wakey, as a THG shareholder you already did own shares in Ingenuity; that’s what made it a steal.

Wow onsolid, well spotted. Warpaint with Annual Sales of £101m, GP41% and 24% EBITDA. However, that profit is retained!!!

Hence today Warpaint has a Mkt Cap of £370m!!

Well said Oke. There is of course no reason the CEO of Ingenuity can’t review the Ingenuity contract and rents with the CEO of THG in order to offer better customer service and retain THG’s business so that the CEO of THG doesn’t look elsewhere and for legal means of putting these costs out to tender.

Seriously, I do wonder how the ingenuity contract would hold up to a legal challenge if the leadership of THG was wrestled away from Magic Matt.

Always worth noting until things improve,

APN Market cap £316.5m

THG Market cap £340m

They should call MM Magic Matt cos he can grip a £1 coin in one hand, say abracadabra, and when he opens his fist there’s a shiny new penny!!

It’s all quite simple though Stan. Would you invest in a £1.7bn turnover business that no matter what the EBITDA, never actually makes a profit. Or would you invest in a £100m turnover business that actually does make a £10m profit that can be distributable to shareholders? Now, let me think!

THG future really does now rest on H2 results. They have to be not only good, but the BOD must say if they will materialise for shareholders benefit at the year end.

Getting to the point, MM stating LYr Remainco EBITDA at 123m means that if THG was valued on a par with APN then the SP would today be 140.

So why isn’t it? I get 3 reasons. Firstly, THG is never able to turn that profit into retained earnings to reward shareholders with. It’s always lost due to historic poor mgt. Second, and following the first point, there is a lack of transparency in THG and therefore a lack of confidence in the future. Third has to be MM. Does he act in the best interest of shareholders or himself and prizing it away from him in a sale is fraught with difficulties.

But, yes the SP should be about 140 today.

Interestingly, after some reflection, THG is now looking like a good business to be invested in. The worry isn’t Beauty or MyProtein, it’s the leadership. If and only if, the last results were the kitchen sink moment. Then H2 could really be the time this rockets.

Today APN Mkt Cap £300m.

THG Mkt Cap £327m.

This shouldn’t be possible, but it is!!

If we are knocked out of the FTSE 250 after just one quarter; well if that's not a CEO resignation issue I don’t know what is. # MM would have to be shameless not to go. He still will have Ingenuity to play with. # (Apart from maybe destroying shareholder value by over 95%).

Does anyone know if ftse 250 decision is before or after AGM?

You’re right mover, I think MM is a worried man, but that could only make him more dangerous to the rest of the shareholders. The last two occasions he’s done something which at face value looked strategic for the business, Demerger and Debt, he has ensured he personally was also the biggest beneficiary. I still feel cheated that a part of the business which was sold off and which I owned as a shareholder, I did not receive a penny for. Saying I could have rolled into it I.e. bought again, was and is not acceptable.

We keep speculating on here but I think it now all hinges on the H2 numbers. After the sell regarding Remainco potential at demerger, it has to be seen in H2. Jam tomorrow days are over.

Of course, something else could be happening in the background, as always with this lot. Just hope the II’s have the clout to make sure all shareholders benefit.

If you weren’t already invested in THG and knowing everything you know now, would you invest the same money you originally invested now at 25p share??

First of all, it’s not his company. It belongs to the shareholders.

Secondly, re price. If he and the BOD quite out rightly debunked the Selkirk offer of 400-600m; if we take the lower number of 400. Then assume, correctly that MP is at best one third of the business, then that would price the entire business at 1200m, or 93p per share.

Goodwill to shareholders should then make it £1.