Member Info for Monty888

Looking forward to these result's, as I think they will show significant progress and start the road back to when these were 280p. I know Lemonade will be focussing on the remaining cladding provisions reductions and how much refresh is generating doing this for other organization's if they separate this out in their figures 🤗😁Last chance to buy below 40p coming up folks.

MildTiger don’t you have to be older than 18 to trade shares or does your Daddy help you?

That’s right Lemonade, choosing only the most profitable contracts very carefully to drive bottoms line. It’s inevitable for such a great cash generating company it has a wonderful balance sheet as a result. As you say “CASH IS KING” 👍🤗😁

I think the only realistic hope for THG is for a concert party of investors such as Big Mike, Kelso, Qatar Investors and other disgruntled investors (must be the vast majority) to increase their holdings to say 25% and motion a resolution of “No confidence in the existing CEO & Chairman”. Then requesting a vote be held to all shareholders to have them removed. They would then either make a bid quickly to take THG private or be gone. Reasons are many including around segregation of duties and asset ownerships such as the THG Freeholds held by MM & his directorship of a related party business “Ingenuity”. If such a vote was tabled we could all vote to get these 2 crooks gone and the SP would rise significantly. If we then had leadership that knew how to turn retailers around we would be flying. I expect MA would want to be that leader temporarily (Can’t be any worse than what we got now).

Didn't THG report 42% gross Margin about the same as APN, but somehow APN made £11 million net profit from just £99 million annual sales, but THG managed to make a net loss from £1.72 billion annual sales with £700 million gross profit on those sales...? Where is all the cash going? £700 million plus is vanishing into a black hole it seems?

Hi StanleyB - You are 100% on the reason why the 2 businesses cannot be compared - APN is not overpaying a software company for its marketing and distribution, it is not paying its CEO exorbitant rental fees, its not loaded with debt, its not run by an unscrupulous A-hole. Anyone else still confused and also revenue is largely a meaningless comparator, it’s retained profit and eps that matter most…DYOR

Stanley it worth more - Note the £11M net profit. That’s effectively the shareholders real money. There is none with THG - All its PBT pays the BOD, Staff, bank interest at high rates & £22m lease fees (Landlord is MM). People think just because THG is bigger and has more revenue it somehow should have a higher value. MM keeps skimming all value from THG and will continue to do so IMHO. Until he is out, Ingenuity’s competitors bidding on good value distribution services and a truly independent board no serious II’s will touch THG with a barge pole no matter its FTSE250 or not. Remember Charlie Munger said every time you see the words EBITDA swap in the words BS Earnings - We all need to demand the shenanigan's stop and request data on PAT / Retained earnings. How can this company even hold a £90M market cap when no one knows when the next skimming will start by MM and when will it generate any cash. I mean how can he not put a 170p bid to a shareholders vote and block due diligence whilst pre o ding over lies and a 24p share price. Not to mention to fall from grace from 800p back in the day. Hoping MM has a fatal heart attack personally and goes to hell thereafter.

Agree 100% with JCB. Until MM’s gone it’s a lemon

Any market cap or SP calculation based on revenue is all rather pointless, I really wouldn’t bother. Show valuation based upon profit after tax and include all leasing liabilities to the Landlord MM.

I think Richard is way better investor than your average, as he says he is heavily invested. One interesting bullet in his updates was there is more net cash now than when the SP was 280p and no dilution at all. The provisions for the cladding are reducing apace also, hence aside from not paying dividends it’s odd we could be trading just under 40p vs the 280p - I evghink mentioned was results due this week, I know they are due soon but I couldn’t find any data to confirm that bullet on WJG website or any RNS’s. Does anyone where their expected future financial announcement dates are published? I’m sure they will contain further good news / progress on many fronts once released…

I’m on the same page as Decay & ONS. Unfortunately MM has made THG Institutional Investors uninvestable right now, why:

He waxed lyrical with nil credibility and doesn’t seem to have any self awareness or care (he is very Trumpion in nature).

MM stole Ingenuity from his shareholders, it should have been split as a PLC to benefit all equally.

EBITDA doesn’t include the leases, he sold nearly all THG’s resale estate to himself.

He has put in a BOD that’s not independent in reality but will lie and say it is compliant.

He has purchased and cobbled together a lot of semi and non profitable businesses that don’t generate meaningful cash and oversold the THG story (conmen are good at this).

He would never have got through due diligence IMO had he opened the books to the 170p and other muted offers with more things that probably need sitting off hidden away.

FUTURE:

I do think fair value despite the above is maybe 60p right now.

Any takeovers are entirely the decision of MM (he owns the buildings and can jack the rent). So he still has his golden share in a different form effectively).

Kelso didn’t do their homework at all, I wouldn’t invest in them.

I really don’t like him at all, However I think our only hope is MA getting to 20% siding with Kelso and most of us PI’s and tabling a motion to exit MM. We still got the problem he is the landlord but could work around that building by building commercially.

If news was release that MM was resigning from the BOD tomorrow, the SP would probably double immediately which goes to show you how negative MM is for THG.

I’m very heavily invested in THG, loosing a small fortune on P apart right now and very uncomfortable with MM running the show. GLA, hoping for something that makes us II investable. Just blagging about and being in FTSE 250 is another MM BS spin - He is the cause of the undervaluation and no net / retained cash coming through. All profits pay the BOD and interest on the borrowings and that’s it with no clear dates of net cash nor any looking likely unfortunately.

MM needs to take a knife to all headcount especially cost of the BOD and cut his rental charges if he really cares about the SP and investors - History tells us he does not care at all sadly as actions speak louder than words.

Taken out Stew - You think 75p. More likely accounts show things are worse than first thought, Sidara drop their bid and Wood go into administration. Sidara then buy off the little bits they are interested in at way lower cost than a shareholders bid. This heads or tails, black or red in reality

If a buyer (Sidara) bids and wants to buy and the sellers BOD and shareholders recommend the offer and indeed want to sell, how pray tell can the Scottish government scupper the deal please?

Totally agree VC, we need a new CEO who doesn’t own the leases nor owes any favours to Ingenuity and that unfortunately ain’t gonna happen - Wo is me with this investment 😢☹️

Stanley B - Your numbers are correct and reasonable comparisons. The reason we can’t get close to any form of fair value is simple. We have an untrustworthy conman running the company with a yes to him BOD and at any day he can just dilute or do whatever he wants to shaft investors as is demonstrated over and over again. There are safer better companies to invest in. If I wasn’t invested and I could invest now at this lowly 27p I wouldn’t touch it with a barge pole. If MM died suddenly in an accident I’d load up like mad. The MM effect has removed all credibility for this as a safe trustworthy investment unfortunately for me and many others who trusted him.

Wonder if we will get a dividend this year, if it’s not reduced it’s a very nice yield.

Hi Lemonade,

Yes it’s like debt without interest but if wages go up then those cladding rectifications get more costly (like interest on a loan). I’m not sure how profitable their new rectification department / segment is but I would assume it’s profitable and does offset a little. I feel you are a financial controller or manager by profession per your data analysis of WJG. I don’t normally cross BB’s but I think you might like PEBB (The Pebble group) at 35p…. Check it out it will pop a lot soon when it’s next set of numbers are released [Cash is king as they say]…I think this share will tick your boxes. (We will never meet but if you do invest, you owe me a virtual beer). 🤗🤝

Exactly Rogue, lemonade is stuck in the £89 million old number and not keeping himself up to date on the £48m and now that’s probably closer to £42m and reducing spread over 5 remaining years. I really don’t see the cladding provision as all that material vs the current SP. Remember it was over 100p pre cladding issue. As said I think this will be close to 90p by Christmas with a favourable wind. Lets see…..Either way it is under priced at 40p and further to run once a few profit takers take their recent SP rise top slice as they tend to do on AIM shares these days.

Why do people attack you Ade123

Net cash is very close to current market cap. At this current SP this is very vulnerable to a takeover. Many companies would like WJG’s land banks & student let properties, not to mention their Fresh and Refresh that do cladding upgrades which partially off set their own cladding provisions. This was kitchen sinked to death when Pease took over as CEO by him who knows the business inside and out. That in turn caused WJG to get put into an oversold spike that it has never recovered from but will. I think the only way is up right now (Ticks all the boxes of a shrewd Warren Buffet buy type share right now). Of all my stock holdings I’m most bullish about WHG this year. (Now I’ve cursed it 🙈🫣🤗) GLA - I think close to 90p by Christmas, let’s see - GLA.

Mild Tiger sits at hope picking his butt, looking for any little thing on THG that allows him to have a. Ice little troll. Ooh shorts are up - Horaay I can do a nice miserable post now, happy days. He is obviously not invested so why bother, Mild Tiger needs to get out more 🫣