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Hi all,

Does anyone know brokers that provide leverage (CFDs etc) for THG? I know IG, City Index and CMC Markets do but other brokers only let you buy big companies.

Thanks for help!

Good evening Strangled,

How do you know that he hasn't sold? Didn't he purchase less than 3%?

Good morning Ste2000,

You make some very good points. However, imagine you sat on Softbank's Investment Committee, would you sign off a £0.5b investment? I'd look at the past record, 596p to 79p today, and say no.

The current share price has no impact on the day to day running of the company but it does hurt medium/long-term funding and therefore growth prospects.

As others have stated on this forum, it would be nice to see some more transparent action from the Board but my sense is that they are doing everything possible.

It's simply a waiting game for us LTHs.

Hi,

I emailed Investor Relations this morning and got a similar response to others. I also asked them to confirm whether Directors are now permitted to purchase shares given the lapse of the takeover period. Reply below.

Thank you for your email and the feedback, we greatly appreciate you taking the time to attend the Group’s first physical AGM in person.

The company noted in its statement on the 16th June that all recent approaches for THG have been unsolicited, and in the unanimous opinion of the Board, were unacceptable and significantly undervalued the Company.

After consulting with THG's major shareholders and taking advice from the Company's advisors, the Board did not consider it appropriate to provide due diligence access to any of these parties. The Board will carefully consider the merit of any proposal if received, together with its financial and legal advisers.

Any PDMR Shareholding notifications are released to the market in a timely manner, with any acquisitions or disposals a matter for the individual concerned. All directors and employees are subject to the Share Dealing Code compliant with the applicable regulation.

We thank you again for your continued support.

Hi Amann,

New information is super helpful so thanks for sharing.

I think the key sentence is the following; "broadly consistent with feedback received from shareholders".

We now know that there were some dissenting views from major shareholders. It would be good to know the details but they'll probably won't say if I email them.

Good evening all,

This is going private. MM pretty much outlined his intention in the last trading update.

The Chairman and MM needed an independent offer, which is currently 170p, to determine what would be a fair number to take it private, which is anything reasonably above this level.

I expect a couple of RNS' tomorrow showing that both current bidders are not going to make an offer.

MM can then start the process of taking it private which is better done sooner given the expiry of his golden share next September.

This is all going to plan. LTHs will be rewarded but expect some share price volatility and this only of interest to the day traders.

Good luck all and nothing has surprised me thus far.

Nothing to add. I can already see the new Chairman's style is to state no more than what's released in the RNS'.

Matt didn't say a word because the Chairman did all the talking.

Hi all,

There were maybe 50 odd people with lots of empty seats.

The Chairman stated that he can't comment on anything relating to the takeover which was the first question.

Second question was something about how THG could be more proactive to the recent negative press.

That's it and they are now drinking coffee.

Hi all,

I've just checked into the Marriott Hotel in Manchester.

Does anyone else intend to stay tonight?

Also, don't bother using the swimming pool at the moment because it's full of kids!

Hi all,

Well done to those that listened to the last update, and bought/held, where MM pretty much stated that the company would be taken private but couldn't explicitly stay because of LSE rules.

We've past the 10th May which was 12 months since the last placing, hence the announcement of the bids now.

MM is trying to flush out the highest bid and from there he can take it private by offering above that level with help from external PE and existing big shareholders.

I'll stick to my prediction of this happening by the end of June.

Factually we know the offer can't be less than 170p. I won't make a prediction of how much it will be because it's within such a large range.

Exciting times ahead...

Hi Goldenyears,

I identified the same thing.

The option is shown in THG's books as a liability (Softbank) will have the corresponding asset in their accounts. THG will have to maintain the liability on their balance sheet until such times as the option lapses because it's contractual.

A different subject. I plan to stay at the Marriott in Manchester for the AGM in June. Anyone else doing the same?

Hi,

I really don't see a buyout not happening. MM repeatedly talked about the "best environment and share register" for THG which alludes to taking the company private.

I would be surprised if there was no movement by the end of June. The big unknown is how much.....

Hi Hosai,

Very good point. Sofina also took part in the £5.96 equity raise last year and would have to wait until after the 10th May to take the company private, with existing shareholders, by buying out the free float.

Purely speculation but MM sounded confident that there would be something in the weeks ahead and this could be what he was subtly referring to....

Very exciting for those that can patiently wait a few more weeks.

It's a mechanism to take it private.

Alot of shares are owned by the employees of the company and it's therefore in MM's interest to offer a fair price.

The 12 month look back rule wouldn't apply to MM buying the company because he hasn't bought any shares. Softbank had a share placing on the 12/13th May '21 at £5.96, so they could join him, should they wish after that date.

https://www.theguardian.com/business/2021/dec/16/daily-mail-general-trust-publisher-delist-stock-market-lord-rothermere-dmgt

Interesting historic piece about Daily Mail going private. I think this is more likely with MM acting in concert with PE to get to the 50% hurdle level.

I wonder what price minority shareholders would be offered because we want to hold illiquid shares in a private entity.

Hi,

No, I emailed Investor Relations last month and they stated it would be implemented when they move to a premium listing.

Understandably he won't give it up while the share price is at its current level.

Hi Hosai,

For what it's worth I think Steven Whitehead and not MM talks about "whatever ahead" and "best environment".

It feels like they are waiting for the next set of offers in a few weeks.

Fingers crossed one is in the right ball park.

Hi Okehurst,

Based on released Q4 trading update;
Live Websites = 187
Average recurring income per website = £240k
Last 12 months non-recurring income = £16m

Using a growth rate of say 100 additional websites in 2022 based on the link and £16m above would result in total income of 287 x £240k = £85m which is short of guidance of £108m/£112m

I'm not exactly sure how we apply that dataset to the company's forecast.

Hi,

I also received an email from Investor Relations stating that the results will be released promptly after Easter.

They will publish the numbers next week.

Good luck all!

Thanks Algo. Very helpful.

So, Nestle and others use THG's warehousing and infrastructure to dispatch their products?