Member Info for mover123

....and then the next day there is a hard to decline offer which recoups some losses..... thats the trap we are all in.

Sorry 23rd May

May - just over 2 weeks

Next quarterly review is 23 May, effective 23 June

Agree with a lot of that Oke. But as yo have said up until the AGM its game-on. There is massive value here for a carve-up.

Yep - I do not think MM holds the cards here, far from it. At this price there could serious money to be made on a SOTP basis. If MA is cornered he can partner up with someone else for a break up. Ingenuity is not the only show in town - a takeover of remainco could spell the end for Ingenuity and MM knows that as Oke has pointed out so many times. He is vulnerable and needs to do something fast - the clock is ticking.

No Stanley - I do not think it does. I am a chartered accountant and so this stuff is bread-and-butter to me but appreciate it might not be to others. I think what the article says is that the incidence of "one-offs" calls into question whether they are one-offs or actually should be considered "above the line" operational costs.

I do not think the article implies wrongdoing but rather the robustness of the business due to the sheer number of these so-called one-offs. I think thats a fair observation but I also think they have chucked the kitchen sink into 2024 hoping to get a much clearer operational result in 2025

Quite so Oke. With all that collateral governance mess I still think there should be other interest from one of the US funds just to buy this and sell off the two divisions for double what they would pay. We had Apollo, they were rejected but theres a lot of hot money coming across the Atlantic - look at Larry Finks comments on massively undervalued UK assets the other day

Thanks Oke. Time will tell.

So Oke are you still think MM / MA acting in concert or will MM try and see MA off? Some sort of event pre-AGM? Interested to know where you think it goes from here?

I still think they kitchen-sinked the 24 results to have a cleaner, more transparent remainco which they can build out on the public market from here. I fundamentally think MM wants to retain control of the lot and not be forced to cede anything to MA. And the best route to achieve that is consistent delivery on the results, quarter by quarter and with yes, with a capital return to shareholders this year. Then he sees off all challengers

Over a million shares traded in the first hour which is unusual given recent form. Could it be that MA was holding off more purchases until results in the hope that he can then up his stake cheaper?

So by inference there could be 100% upside on the current share price before the AGM? If it was that obvious I guess there would be other punters piling in by now...

Agree - its one of a number of drivers but not a sole determinant.

Price seems to have stabilised now. I agree with all that the mood music was not good. However I have done a number of these rodeos myself and just getting to results announcement can be exhausting in itself, alongside running the business day to day. TBF they have just gone through a refi and the whole Ingenuity demerger. To cut them some slack that would be enough for a lot of people.

Wider to that and putting aside all the crazy theories - I see every indication they want to realise value through the conventional route of providing numbers at or above guidance with a cash generating company. Its all there in the announcements. MM does not want to let this go and his best card at this stage is an organic rise in the share price through successive quarters of delivery. Everything else is flim-flam....

If MM and MA not aligned Oke then what are his options? I did not understand the zero to hero comment you made - can you expand?

Its also curious that MA is now clearly underwater and seemingly sitting on his hands. might indicate Oke is right and something happening in the background

Lets just remember that he declined a bid approach that valued ONE division at DOUBLE the current market cap (even if bid was flaky). Of course he's under pressure - share price is on the floor but everyone knows it should be at least 3 times higher.

On the other hand the questions from analysts are interesting - they are clearly focussed on FY guidance and outlook and the degree of deliverability on that. This starts to feel like a listed company that can deliver and therefore one that cis investible. There is undeniably deep value here - question is when not if does that get realised. Its no secret the UK market has been unloved - that is clearly now changing and I would expect THG to be a beneficiary of that

He's coming on later. The presentation is actually markedly better than previous ones with them all sitting round the table

The only way is up....

And as mentioned by so many on here in recent weeks, with guidance for 2025 unchanged this is a fundamentally undervalued company. No negative surprises and consistent messaging is what the markets like