Member Info for JonTaylor

Good opportunity for MM to bowl an absolute peach of a delivery and send this lot packing with a stunning RNS. It’s long overdue, and he hates the short selling crowd with a passion. Over to you Matt.

An appeal of an UT decision in HM against Bolt Services was heard on the 20th May, in the High Court. It’s still listed though as granted permission to appeal, and so the current appeals status page, including our own, is due to be updated. I should imagine this could well arrive this week. Either way two Friday’s from now is the end of Spring whatever definition you use.

This, from the legend himself, MM, after Apollo’s bid was rejected in May 2023..

‘The last time THG shares traded at 30p was in 2009, when the Group had £80m Sales and only sold CDs! Today THG is 28 x bigger (and we haven’t sold CDs for years).

PE firms usually want majority ownership. We’ve been clear: don’t bid if you want 51%, plan to use debt to leverage up, or won’t allow existing shareholders to stay invested. This rebuffs most PE firms.

c65% of THG shares sit with me and several long-term shareholders’.

My understanding of the VAT refund is that currently the Upper Tribunal have refused HM permission to appeal. In making this ruling the UT may review it only if they overlooked a legislative provision or binding authority which could have had a material effect on the decision.

So it’s a pretty tight set of parameters, but you never know. Personally I’m optimistic. Either way a decision has to be given by the end of Spring.

Interesting to see Mars is currently investing £180m into their UK facility, commenting that ‘this investment reflects confidence in the UK as a hub to manufacture and innovate’.

So if there are approx 1.5 billion shares in issue, a short with 0.5% borrowed stock, would need to find 75m shares to close their position?! From where?

If there’s one thing that concentrates Moulding’s mind over anything else it’s sticking one on the short attackers. ActusRay took an 0.52% short position this week. Come on Matt, over to you..

By the end of Spring. There are very limited grounds for the vat man to successfully appeal this back to the Court of Appeal.

With you on this Branson, so many possibles. Hot Choc sp had been bumping along with out much love, then in Nov 2023 ‘Mars is well-positioned to support Hotel Chocolat’s next growth phase and provide the brand with an enhanced platform for growth, in the U.K. and potentially in new geographies’. SP had closed around 139 and opened 375 with the deal announced.

If not Mars, and there are others, someone will be taking a careful look at this imho

Intriguing movement last hour of trading. Could someone have heard news from the vat man?..

This Board has done a sterling job in calling out the vanity project over on Linkedin. This isn’t a school sports day where there are no losers. The one remark that I think has got legs though is about the growth of apparel.

Two large after hours trades totalling 1.25m shares!

In fairness it’s a sea of red out there across the board. What underpins this is the vat decision which let’s remember is currently against HM, and when ratified, changes everything.

It’s in the print edition, page 38, headlined ‘Beauty products help THG look good’

Good article in today’s The Times, including ‘ The consensus among analysts is for THG to report revenues of £1.79 billion and adjusted profits of £101.7 million’.

Seems strange to release this just after market has closed and saying update is coming tomorrow. I wonder if there’s more to it.

AI, ignore. Permission to appeal refused. Fact. Probably an incoming RNS to clarify.

Today..!

The Upper Tribunal have refused HMRC permission to appeal against Global by Nature Ltd’s first-tier Tribunal decision.

Agreed CL, I also had the Mars Hotel Choc deal in mind, came out of nowhere. Last was in this stock when Apollo made their approach, and exited, but have watched from the sidelines and now back in at 31p. Some good progress from Moulding on licensing and tie-ups, whatever you think of him. The vat refund guidance is also due very soon and reading the 1st Tribunal decision it seems a done deal. Could be a bumpy ride but happy to be back in.