Member Info for micasan

If you elect to not receive any newco shares then yes at the time of demerger you will receive more shares in remainco

Shouldn't we want the share price to stay below 49p until the day of the demerger? Given the terms in the RNS ingenuity will be worth less in proportion to remainco if the share price rises and we would get less shares in newco

No that's my average 😂😂

They actually are acting in best interests of shareholders.

You can choose to have as much ingenuity shares as you like, they are valuing ingen at around 25% of the company (current EV of thg around 1.2 billion, EV of ingenuity 307 million) It says in the RNS that a lot of the big shareholders want more ingenuity shares than thg shares.

If you think ingenuity is worth much more than what they are saying then just get more ingenuity shares. I personally invested around 61p solely on beauty and nutrition being worth more than that and I think this way of demerger will unlock its value.

Not entirely sure what your asking but if your thinking about how it would affect the price of ingenuity a buyer would be willing to pay I think it would just take the sum of the losses and capex required, discounted to present value, and then subtracted from what they think the value of the cash flows they think ingenuity will produce over it life span, again discounted to present value

I thought they would give a more detailed update than the note provided in the RNS but I suppose results are just around the corner so doesn't make much of a difference

Anyone else think the next trading update is a bit overdue? To be fair I'm sure it was a busy period getting the accounts sorted with the Topshop deal

To add to that I know very little about the ingenuity business and invested here because of beauty/nutrition

I was put off by ingenuity for a while with all the capex but MM saying they only need to invest another 150m over next 3 years makes it sound not so bad

Thanks for pointing that out crafty, still no certainty that their gonna go through with it but seems a lot more likely to me if MM is willing to answer that question rather than dodging it

Seems everyone is certain that the demerger will go ahead when MM said on the call that it wasn't 100% certain. Is there something I've missed?

Either you've misunderstood my question or I'm still lost

I was asking about the Full year results from 2023 not the most recent update

Cashflow break even was reported when cash and cash equivalents decreased by c.£60m

I've not dug into the balance sheet but all I can find is a note on £25m debt repayment which doesn't make up the numbers

I'm confused about how in 23 results they reported cash flow break even but cash and equivalents dropped by c.£60m

Would anyone mind giving me an explanation on how that works