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NASDAQ 5yr high was on 19 Nov 2021 at just over 16,057 at a time when THG was in freefall after a calamitous CMD and allegations of short attack and SP on same day close at 193p…just over 2 yrs later and NASDAQ recovering nicely being just 7.5% off all time high and THG bobbling along in the mid 80s
I found this rather ironic over a glass of red when the BoD of THG remain MIA on any formal direction on strategy (especially independent ones)
@Rock8, wrong board…unless you think Tarzan is looking to take a stake here as well…lol
@jgallagh, the frustration is the separation works completed over 18months, having commenced 12 months before that…I appreciate they may want to see Q4 results and what 2024 trajectory looks like by each division to give a clearer valuation idea…but what is blindingly obvious is that to realise the growth prospects of all 3 divisions they cannot remain all in the same group and I don’t understand why they are so anti Kelso’s suggestion they merely announce in RNS that they intend to de-merge (Lord knows how many times they have announced an intention and not followed through)….and we are still awaiting the Chair’s promised update which was due Sept 22 (six months post appmt)
Ascential Plc announced a demerger and followed through within 12 mths and SP picked up…and our own Gillian Kent sits on Ascential Board too.
@Yorek, correct. Sir Tom Hunter has made this statement as part of announcing West Coast Capital results and investment portfolio, just like last year.
Billionaire Bob on ADVFN posted this
https://www.forbes.com/sites/chloesorvino/2023/12/12/exclusive-mars-strategy-to-double-snacking-revenue-to-36-billion/
@Speciman115, my thinking on this is that Tarzan and his friends have at best 65% of shares (so even if 10% are not with him and he converts his non voting shares to ord then at best still 65%). Some of his friends may not be able to roll into Newco.....so if they come in with low ball bid, then other offers will materialise and most likely trade buyers will come in for divisions and then the SOTP valuation will trump any low ball bid and trade most likely will be higher than PE bids...the Board will have independent legal/financial advisers to evaluate bids and will have to consider the impact on minority holders so I don't see a way how Tarzan and friends can take on the cheap..only way is if they start by buying up free float from 35% club but as soon as they share that hand then SP will start to rise sharply given trading volume isn't there to do in the background...
@OSG, i see no issue in Tarzan being able to acquire 10, 20% of Kelso without major shift in price…but I do see an issue in him winning any vote over 51% if all Kelso friends stick together, just like Tarzan and friends at THG…these are just all games… Tarzan can easily acquire 35% club at Kelso but harder for him to do so at THG… and Kelso can easily get 25- 30% proxy votes in THG to turn the screw on BoD to make sure minority shareholders are not prejudiced by Tarzan and friends behaviours…otherwise Starling springs to mind…
These are just all tit for tat games between some Manchester based business people….like a soap opera…lol
@Yorek, was it a Tarzan or Jungle Book theme party with Kong break dancing?
If I interpreted the last para says its 110 on a SOTP valuation…jokers
“Based on these forecasts a sum-of-the-parts valuation, helped by improved disclosure on profitability by business segment, results in a share price target of 110p, offering potential upside of over 30% to the last closing price of just over 82p."
@licker, “that bloody plastic gorilla” cost over £200k and is more engaging and informative than Greg “Free Money” Feehley and Kate “Gimme More Money” Grimoldy..I say replace them both with two more Wild Kongs…..PS if we get over 295p I’m getting a 180cm one for my hallway cost 75k a reminder of the joys of being a former THG shareholder…if we hit 600p then I will get a 230cm one as price jumps up to 130k
…seems Greg ‘Free Money’ Feehley and Kate ‘Gimme More Money’ Grimoldy cannot even make the website clear..lol….no wonder Tarzan beating the jungle drums and calling all into the office..lol
Https://youtu.be/FBm5tnzkuCo?si=qR86ORCKhQ6AkHeq
Enjoy the weekend all and get into the festivities!
OSG, absolutely agree.
The Chair and independent non execs do not seem to have been strong enough with the non independent directors, so time they flexed their muscles and roared back at Tarzan, Kong and all the Board mates….Kelso shining the light on this now helps a lot and Dutch holders as well…as they will start getting more letters reminding them of fiduciary duties to all shareholders.
I sent a % holdings earlier today…assuming all the 35% would take an offer say over £2.50+, we only need 16% to break ranks from 65% club (assuming Tarzan does not try to convert the non voting shares)
Then if someone gets 51% slowly but surely they will take control of the Board and operations and carve up THG plc…a bit messy but could be done…BUT would need to be PE writing an EQUITY cheques and not debt funded (although they could leverage within their own fund/structure) and then breaking up to sell to trade buyers…
BUT then I think Tarzan and BoD/friends launch hostile takeover defence and announce intention of de-merger of 3 divisions through partial or full sale to trade or US listings and argue greater shareholder value unlocked…
Ultimately, plans of THG and Kelso suggestions are probably very similar…difference is Tarzan and BoD keeping plans under wraps within 50%+ club, but should unlock value eventually, hence no major holders breaking ranks yet.
“You don’t need to look very far to find incredibly smart and talented people in THG’s tech division.”
Yes, you meet the smartest one in the Tech reception…his name is Wild Kong and even he is going ape that Tarzan has doesn’t announce a demerger after spending £15m on separation…sorry just good not resist that one…lol
Tarzan only abides by the rules of the jungle…after some 3.5yrs of civilian life he has demonstrated he cannot adapt to public life, so just a matter of time before he goes back to jungle with 3 divisions or drops a few on the way to live a Ingenuity Jane…enjoy the weekend all ..
Yes, I recall correctly ....May 22 - they had 1.05% at time of Candy and Belerion fiasco
https://www.lse.co.uk/rns/THG/form-83-thg-plc-fkzgxn66d1d92ru.html
@ HH, they had 1.93% at time of Apollo bid....also I used to track the disclosures and recall even at time of Belerion and Candy they had over 1%....so as they say then bought in Dec 21 so I suspect they bought in at around 175p-200p on initial tranche and then a further c1% at much lower levels sub sub 100p....they also had some short in the early days....
Also from recollection of the disclosures many of the shares are held by some family trust (but I will need to recheck that)
Note the %s are ord voting shares in issue. There is another c10% which mainly Tarzan holds but are not ord voting shares. They can be converted but suspect some tax consequences arise