RE: UK inflation falls more than expected, official data shows20 Mar 2024 09:49
Well this is the thing Crafty. Despite everything, I still don't think that he's under that much pressure.
1. We used to say that it was the Golden Share that was stopping any meaningful bids. Well, that went in mid 2023 (a year later than planned, I hasten to add). Since then, no bids have been released publicly in the market.
2. Whilst MM has made the occasional throw-away comment about "numerous" bids for nutrition, the details have NEVER been shared the wider shareholder base (i.e. PIs). We only know some details about Apollo and the suspicious Belerion/King St bid.
3. MM (unfortunately) has been making "FU" LinkedIn posts for years now. We all believed (at the time) that he was making these because he had an ace up his sleeve (otherwise, why would you expose yourself to ridicule?) but this was not the case. He clearly has a few screws loose.
4. Barring OVMK, No current institutional shareholder (i.e Sofina, Balderton, QIA) has:
(a) publicly voiced displeasure over the THG strategy/share price
(b) increased their stake (to show alignment with strategy and future prospects)
5. No new shareholders have entered the fray despite the low share price. There are no institutions nor activists who making their presence felt.
6. The chairman (Lord Allen) has done next to nothing to improve THG relations with the City. MMs constant posts about London being fked and regretting listing are a prime example of that. This was the first thing that you would expected the Lord to curtail.
Therefore, it appears to me that existing shareholders are caught in a value trap. MM is under no visible pressure to change anything. Of course, I could be wrong and the big investors may be in his ear every day, but on the outside it doesn't appear to be the case. Happy to hear other views.
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