Member Info for London69

Hi SP28,

Are you able to concisely and simply explain exactly what Ingeunity does?

Thanks

Thanks Strangled.

I'd like to know their definition of "shortly".

Let's see if Investors Relations reply with a similar response.

Hi,

Agreed.

I've just emailed Investor Relations for clarification.

Good luck all!

Hi HeresHospin,

That is super helpful!

The removal of the Golden Share is a simple process requiring a change to the companies articles ratified by a Board meeting.

I don't know the reason but this has been purposely delayed.

Keep up with providing useful information.

Thanks

Hi,

I also have similar questions.

1) The recent RNS stated "The Group has announced a number of strategic options for 2022...". The word "options" seems odd because I thought they were agreed and were already underway. E.g. Spin-off Beauty and premium listing etc. Does this wording mean that they have actually been agreed or even started yet?

2) "I will update on progress over the next six months as plans take shape". Does that mean it will six months just to agree to a plan?

Happy to email Investor Relations if not clear and we require clarification.

Thanks all

Hi,

I think the Chairman appointment is already priced in because it would be a surprise if he didn't appoint anyone.

To drive the share price significantly higher we need confirmation of some of the following;

Is Ingenuity's run rate on target to hit or exceed £112m for 2022? (Biggy for me)
Will and at what price will Softbank take up their option?
What is the guide price for the separation of THG Beauty?
Have EBITDA margins remained as per forecast?

Good luck all

Hi all,

FYI, I emailed investor relations a few days ago and they stated that they will update the market with their strategy alongside the release of the results in April.

Good luck all!

Hi Sp28,

Do you know where we can see the free float information?

Thanks

Hi all,

THG PLC owns 100% THG Intermediate Holdings Ltd (no recent filings)

THG Intermediate Holdings Ltd owns 100% of THG Intermediate OpCo Ltd and have reduced the share capital by £1 to create distributable reserves of £1

THG Intermediate OpCo Ltd owns 100% of THG Operations Holdings Ltd and have reduced the share capital by £510,000 to create distributable reserves of circa £5k (based on the 2020 annual accounts which showed a negative P&L account of £505,000)

THG Operations Holdings Ltd owns 100% of THG Beauty Ltd and have reduced the share capital by £350m to create what I assume are now positive distributable reserves. This is a trading company so the negative P&L account of £61m in the 2020 accounts is likely to have increased to date which is probably why it's £350m

THG Beauty Ltd issued share capital of £1 to £2 and and then immediately reduced the share capital by £1 to create distributable reserves of £1

As HeresHospin has already stated, THG Ingenuity and it's shareholder, The HUT.com Ltd have had no recent filings

Can anyone guess why we require all companies to have positive distributable reserves? Is it to do with listing THG Beauty Limited?

happy to lead this forward and contact the relevant stakeholders.

In the interests of shareholders.
Thanks

Good evening all,

It will have been 6 months on 29 July since the Marston's Board rejected an offer of 105p for the entire share capital of Marston's Group, even in light that we were very early on in the vaccine process.

William Rucker, Chairman of Marston's Group and former chairman of Lazard UK, rejected the offer with support from the Board stating that "it very significantly undervalues Marston's Group".

The offer represents a 35% premium to today's share price and it demonstrates poor judgement at a senior level.

A couple of questions. Can we sue management for negligence or two, with the support of everyone here, I am happy to contact each of the large shareholders, using the information supplied in the shareholder disclosure RNS' in February for their thoughts?

We have since then, appointed an internal CEO and CFO which demonstrates that the Board think their decision was
correct.

I call into question the judgement of William Rucker and I am

Hi Fairdealer,

At what point should the Board approach Platinum Equity Partners and let them know that they made a mistake?

105p is a 15% premium to today's share price and that's before negotiating a higher price.

The incentive to revisit the offer increases with each drop in the share price.

Good luck all

Hi all,

I'm not a fan of renumeration for Directors which is not linked to share price or dividends because then there is little alignment with shareholders.

I'd be more than happy to pay them 10 times more if there was a better performance in the long-term share price.

Only my view of course.

Good morning all,

Disappointing appointment.

We wanted someone outside to bring about real change to improve the poor performing share price.

I wonder whether they couldn't get high calibre CEOs to apply.

Good luck all.

Good morning Longtimeinvestor,

Further to Fairdealer's response, Marstons primary strategic objective is for net debt to be below £1billion by 2024 (refer to last presentation).

If you run the numbers, you'll see it requires a major disposal between now and 2024. Trading profits alone are insufficient.

I'm still positive about Marston's future share price if all social distancing is removed, as planned, by the end of June.

Hi Fairdealer,

RF, under his watch, allowed net debt to increase too high which is why they had to sell the brewery business below MV to raise cash. We are now left with an undesirable minority interest which I expect to be sold off in the next couple of years.

Also, highly leverage listed companies trade at a discount compared to their less leveraged peers, which is why the current strategy to focus on debt reduction is the correct one.

However, it's not all doom and gloom, because the sector was rife with takeovers prior to COVID-19 and with fair winds we may go back to some sense of normality relatively soon.

Or maybe I'm too optimistic....

Good evening all,

We must not forget that Marstons has significantly underperformed in the last 5 years and this can be evidenced by the share price.

In the last management presentation, they stated that they would more to the more profitable franchise model, and this could be a consequence of that strategy.

RF has not retired, which suggests, he was pushed, I really don't understand why it took so long.

Marstons need to cut costs and drive margins in order to improve shareholder value.

I work for a PE backed firm and they would not tolerate such underperformence.

Thanks

Good evening all,

It's too early to make a conclusion but with almost 3 months passing, rejecting the bid offer of £1.05 was definitely a bold move.

RF leaving is very positive, the underperformance of the share price in the last 5 years is embarrassing.

Let's hope the new CEO has more gravitas and understands maximising shareholder value.

We shall see....

Good morning Trent,

I agree it's more than probable that we will get to 105p and only at that point will I say well done to RF for making the right call for shareholders.

Thanks

Hi Fairdealer,

We seem to be getting a little bit ahead of ourselves with some suggesting RF rejecting an offer of 105p was the right decision, however its too early to say that and tell me that when the share price increases above that level.

I do think the waivers are somewhat of a formality and given that they are big banks, I expect then to sign, however there maybe an increase in the interest rate.

I would expect secondary secured lenders to get anywhere around 8%.

Good evening all.