Member Info for jmak1912

Stolen from who is the question? all existing shareholders could apply for their allocation and more!

I'm sure if external offers came for the division they would also have been made public.

Maybe a bid incoming?

At least they are getting better bang for the buyback buck in both the sense of cheaper share repurchase as well as a bigger reduction in the dividend. If you are playing the long game its not necessarily a bad thing. Also a benefit if your a regularly topping up.....

Silver linings as they say

I have also opted for a larger share 32% & 46% in my respective holdings. I think these will both be filled as many seem not interested.

I actually like the idea of it not being listed and therefor I won't have to worry about daily price movements. Its a 3 to 5 year play for me, time will tell if it can hit those previous lofty valuations.

The one thing I have underappreciated is THG studios - this will now be part of ingenuity. I feel like this could be MM's 'sliding doors' moment if he goes all in with a creative agency.

I feel people are only looking at Ingenuity as a fulfilment services primarily. How much of the c.500m internal revenue relates to THG Studios services.....

I have dipped in following the chat over in THG and Selkirk. I'm not overly fussed if it is not the Selkirk candidate as the base case seems solid.

The removal of debt and repositioning makes this a very interesting prospect in a space that has real growth potential.

Why are people acting like you don't have the option to take shares in Ingenuity?

Jed you are being obtuse.

The mechanism for shares has always been clear even prior to the circular.

The circular only really provided colour to how the financials have been split and the timeline for demerger.

Considering the amount of stores they are going into in the coming months, the increase makes sense and can be shifted. I'm more concerned about what products they have rather than quantity.

DM Germany 850 stores in January 2025.

250 new Boots stores October 2024.

Walmart US 1800 stores from January 2025.

Wording around EBITDA has strengthened also which is good.

This really does have the makings of a great opportunity. Fear and appetite has driven this right down. This business is not going under and the debt is manageable. Based on all things considered there seems to be a very large upside and minimal downside.

The only potential risk is if MM has created a house of cards.....but based on the number of people involved, various vested connections as well as relentless scrutiny I don't see how he could cover up such a thing. Surely the media would most certainly have sniffed it out by now.

Question is.....time to double down?

People seem to forget that they get offered the same portion of ingenuity shares. It does not matter what value was ascribed to it. The only people who don't want to take it clearly don't see value ergo how can they attack the 300m EV given.

In @ 51p. Missed a similar drop with Burberry and have been kicking myself since. Market is illogical these days

Update seems to reflect a confident tone. I think they could of been more forthcoming on the guidance I suspect they are looking at the upper end now....all in all, its been a long time with no surprises or drama - hopefully the SP normalises also.

Would not be surprised if they were shared among a few insiders and friends associated to ASCG. Divvy it up and keep below 3%. Sure they can see the trajectory. Always though it strange the timing and price of the ASCG sale....

Although the CEO choice wasn't popular - having someone with a QS background really ensures that commercial terms and tenders are scrutinised appropriately and probably will be less likely to be compromised to win 'sexy' work or chase revenue.

After 16 years of pain the industry has been whittled down to the few and the barrier to entry is very high for these scale of projects. I feel this will have a solid run for the next cycle which could be up to 10 years.

Big risk now as with any of this type of work is problem projects however as mentioned the CEO seems particularly alert to this and will distribute the risk accordingly in the contracts.

A decade of unglamorous infra and buy backs could take this to new heights.

This point on the trust maybe why MM was so confident on the call that the share count will be less than before the issue. i.e. he committed with others to bridge any gap in the take up (including the trust).

That comment he made that there will definitely be less shares didn't make sense as it was subject to external decisions.

The RemainCo will only pay rents for spaces being used solely by them. I believe there is specific areas within the warehouses 100% operated by MyProtein for packaging etc. I believe this is circa GBP 30m liability for RemainCo onto of their other GBP 60m, so 90m total.

I think it rather mad to not take a part of Ingenuity. Clearly this is the piece of the business that can provide the greatest returns and has been set up for success. The valuation is a symptom of the markets.

Atleast MM has had the decency to allow existing shareholders to choose their path with a degree of flexibility. The majority of other companies would have simply agreed a deal between management and big holders cutting out the rest from best returns

If you choose not to, the key investors (MM & Pals) have committed to taking those effectively saying they will cover any shortfall. They will then naturally have to give up more of THG.

5% is not a great return for the potential risk.

Need to understand what Hargreaves opinion is on all this also....feel like there are still games to be played here and management are trying to push their most favourable option with the cover of what's best for employees etc....