Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Nothing still updated on calendar page so lets see if RNS lands
Also, interesting CityAm ran an article on Fragrance Direct 20222 results (small business) part of Allbeauty which are both Ingenuity customers. Results were published in Oct 2023 so not sure why it suddenly became newsworthy, but maybe Tarzan priming the editorial
Superdrug posted good results and said has 40% mass market share of cosmetics
Lets see what MM delivers…if you read last line of his Q3 2023 it read “The Group is exceptionally well invested with a strong balance sheet, with each division well positioned to grow market share in any market conditions."
lets hope he does not repeat bluster of Q3 2022 and miss big time with Boots and Superdrug taking market share of THG
Q4 20 - Tues 12 Jan with investor call
Q4 21 - Tues 18 Jan with investor call
Q4 22- Tues 17 Jan with no investor call given big miss from Q3 guidance update so did not want to face the questions
Q4 23 - Radio silence....on any date
History shows reporting falls on the Tues on the second full week of the year and THG website still not updates.
@GTC since 2 Jan to 15 Jan inclusive, total volume of shares being traded are 45m shares...so c3.4% of total ordinary voting shares.....given no TR1 either based on these 2 data points I think its unlikely any larger holder has reduced
@Icouldnotcomment, Kong cost over Eur 200k so equivalent to 10 graduates or 1 THG IR VP...lol....but its ok as he owns 25% of THG so only 150k paid...lets see if tomorrow brings any news
Full stop…..never come across a plc where IR do not respond to emails as normal course of escalation of issues and NEDs seem oblivious to it….
All we can do is await the call...lets hope it is on Tues 16th and its loud and clear, rather than a whimper or incoherent guff.
GLA LTHs, we have been patient enough, so another few quarters should bearable, albeit frustrating.
will be back on 16 Jan
Over past few days there have been several articles around retail investor outflows from funds.....so whilst volumes low, it still drives volatility so maybe a factor.
The issue for MM will be if ever Balderton and Sofina have some crisis and need to reduce as unless he, QIA or a friend steps in, he will weaken his 50%+ support and be weaken his hand....when crisis or fallout occurs then its rapid...Blackrock, T Rowe Price, Jupiter and Chrysalis all gone and smaller funds and PIs have replaced....remember at time of IPO only 10% of issue was for PIs rest went to institutions.....now may well be 20-25% PIs
THG is defo well capitalised and that is why time is on their side….Net debt is probably around £200m but obviously fluctuates with seasonal working cap requirements.
The working cap revolver is usually undrawn and matures end of 2025 and the €600m TLB matures Dec 26.
Hence, for this audit sign off in April they have loads of headroom and no need to refi the revolver if it falls away, but they will need to refi by April 2025 given the maturity of TLB as auditor will look forward 18 months. I suspect they will as part of the 2023 audit sign off seek to extend revolver to just before TLB maturity as safety margin which will be no problem for lenders
In any event for separate listings they will need to refi anyway to put in standalone facilities so anything around banking arrangements make give clues of things coming down the track.
@OxfordBull, lol…IR’s total incompetence is personified by the fact that even when you look to open up some links eg Trading Statement 17 Jan 2023, it opens up the wrong doc so you then have to trawl through RNS’ page to get the correct doc…tech company that seeks to design and manage website….PMSL as are IR on the slopes in Courcheval
Yes, unfortunately THG website still not updated for 2024 financial calendar….also last yr no investor call held (due to MM big miss, albeit was a postal strike as some mitigation but not full excuse)…so 50/50 we get a call if no strategy update included
Maybe Greggs will come in for a bid for Nutrition as part of diversification and growth strategy…we could get Greggs shares in all paper deal and sausage roll dividend…lol
Have a good day all! Hopefully only 5 days to go for THG comprehensive update (or not!)
Maybe some humility, transparency and respect for all shareholders….sounds a lot like a seasoned plc CEO…lol
Agreed, relatively low volumes on cumulative basis since Xmas Eve for c20% drop, but even if good news cannot see where new cornerstone investors will come from absent a capital event…..
Whilst MM has consistently failed to deliver bottom line, he surely cannot miss Q4…if he does I do suspect some of his 50%+ club friends will start getting impatient with all his bluster, given he gets info on the hour every hour….just need one of Balderton, Sofina or QIA to start applying some pressure given their buy-in prices and consequent 2yr+ being well out of the money…their carry/bonuses impacted….PLUS employees holding equity equally will not be too happy that despite all the internal motivational videos that “pain is temporary” SP has become like chronic sciatica…
GLA LTHs, hopefully we will be put out of our misery next Tues or soon after that with a decent Q4 results AND strategic update
Maybe Tues 16 Jan if previous yrs anything to go by. MM has had his holiday so unlikely to announce at short notice like they did for Q3.
As for IR replying you have more chance of Elvis being replacing IM at next AGM…they may update website tomorrow as usually 1 week before, but they they have not even updated to include 2024 calendar with a TBC so still may be on the slopes in Courcheval 1890 on an IR roadshow….lol
@OSG and Hardwell, The reason for the RNS on Iain MacDonald is because after AGM results, THG said it would follow up with shareholders on views and actions taken within six months of 21 June. As Polishcap pointed out on 21 Dec that deadline passed without an update, so I’m guessing IR got this out due to inbound questions why no update…but basically looks poor as they did not really follow post AGM and have said they will update again in April 2024 in Annual Report…all in all another mis-step…as just using standard RNS’ formats without looking at what was said before
What an appallingly poor and lazy update on Iain Macdonald. The RNS THG released on 21 June said it would follow up with shareholders on views and actions taken….this RNS talks about what it did leading up to AGM…they could have said this on 21 June…no change to start of 2024
Https://www.cityam.com/fca-presses-on-with-listings-shake-up-in-bid-to-revive-londons-barren-ipo-market/
Consultation ends Mar 24 and would be rolled out late 2024. Would expect THG Jan update to touch upon this.
@OSG, did Tarzan give Kong an award? Think he deserved one for taking over from THG IR.
Merry Xmas and GLA LTHs, see you in the New Year, unless we get a blockbuster RNS before then (unlikely but Tarzan abides by the rules of the THG BoD jungle)….next step change post results and I suspect we will get a strategy update at that point.
Matmaxmat…do I detect a tinge of negativity? Lol…