RE: Ingenuity/Google Partnership23 Oct 2025 14:07
Anyway I asked chat gpt about it 🤣
Hi Matt — short version first:
• Your 85,000 Ingenuity shares at today’s private-market price (~44.1p mid on JP Jenkins) are worth roughly £37.5k (bid/offer has traded ~42–46p recently, so ~£36k–£39k in practice). 
• The Google story talks about an instrument that could convert into equity at a valuation of ~£750m ($1bn) — not an immediate priced equity round. On that headline value, the implied per-share is roughly £3.01–£3.68, depending on which share count you use (see below). That would put 85k shares at ~£256k–£312k — but that’s theoretical until terms/convert and trading reflect it. 
⸻
Shares in issue (why you’ve heard “~208m”)
• When the demerger completed, 204,081,632 Ingenuity shares were distributed to electing THG shareholders on 2 Jan 2025. That’s likely the source of the “~208m” number you were told. 
• The current JP Jenkins company page shows “Securities in Issue: 248,862,066.” That suggests additional issuance since the distribution (e.g., option exercises / subsequent allotments). Using 248.86m is the safer “current” figure. 
What that means for value today vs. the headline $1bn
1. Today’s indicative market (matched-bargain) value
• Mid price shown: 44.1p → 85,000 × £0.441 ≈ £37,485.
• Recent trades: 42–46.1p; at 46.3p bid you’d be ~£39,355; at 42.0p ~£35,700. Liquidity is thin and prices are negotiated, so expect slippage. 
2. Headline $1bn/£750m scenario (not a live trading price)
• If 204.08m shares → ~£3.675/share, your 85k ≈ £312k.
• If 248.86m shares → ~£3.01/share, your 85k ≈ £256k.
• Caveats: Google’s “multimillion-pound instrument” may have conversion mechanics, preferences, or a valuation range, and private secondary prices often lag headline strategic-deal valuations (and can be discounted for illiquidity/rights). 
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