Member Info for Okehurst1

OSG,

Can’t see how Moulding can resign? Imagine if Stelios had a loss making business building airplanes with massive liabilities and Easy Jet was 70% of the business ? There is no way he could walk away if he was signing Easy Jet supply contracts to himself ?

Same here, Moulding is up to his eyes in a failed business model called Ingenuity, he can’t walk away from THG as the new BoD will lift the stones up on the contracts he has been signing to himself

He walks the plank with the AGM vote or he controls with his CLN and milks THG for his own benefit and at the detriment of the THG shareholders for good

It’s a binary call … Moulding for life or a new CEO/Chairman?

Stan

This is just a BB for PI’s to share ideas / info

The game is rigged against us at the best of times

Let’s hope the large THG holders who like yourself took on board the statement you quote below and take the same view as most of on here that we were somewhat mislead by Moulding?

He can argue he thought Whey would drop back from €1000 to €800 which he indicated in the January

With the shares down 97% and loaded with £400M of debt will

these shareholder call time on him or accept his excuse?

Not long to find out

Mover,

Ingenuity and THG are now 2 independent entities but they have the same defecto controller

It would help if the controller of both shared the pain, Ingenuity dropped its 20% top slice to 15% until Whey hits €800, that’s a fair compromise

That’s just on Nutrition by the way, it would cost Ingenuity what £25M to £30M? Plus it would be a sign that Moulding can have that conversation with himself ?

Whey drops to €800, the 20% clicks back in but Nutrition is up £40M

That’s a fair compromise to both sides

THG has a business that mainly sells Whey Protein which makes up 60% plus of its gross input cost but they have very little control over that cost and today they need the price of Whey to drop or it makes no net profit and is actually a drag on the overall group business cash wise

Now in any normal business you would speak to your number 1 supplier who is taking a fixed 20% off your top line worth £340M a year and you are paying £22M to rent space to house your Whey for them to distribute the same, you would have a conversation ‘ we need your support here …. To cut your percentage to 15% until Whey hits €800

That’s a fair discussion, no one can argue with that, share the pain

However THG can’t do that as the CEO of the supplier(Ingenuity ) is also the same person being the CEO of THG, he can’t negotiate with himself

To make matters worse Ingenuity is technically insolvent without THG, as a business model it just doesn’t work.

There is no solution for THG shareholders other then kick Moulding off the BoD and stop the CLN, otherwise there is no coming back as he milks THG to keep Ingenuity afloat and the share price goes nowhere

Could it have just been the company broker who bought shares for their discretionary funds ?

They think it’s cheap, the will have clients that they have invested on their behalf, they avoid further losses ,arguable is it market abuse if the house broker thinks the share is worth 300% plus more ?

They would argue they timed the purchase ?

Is the market thinking Moulding and the Dodge Chairman could lose the vote ? We know THG is super leaky, us PI’s are always the last to know, the votes will be trickling in by now.

Other than the odd Moulding fan boy / member of staff / Mouldings Mum and the Ingenuity whales no sane person would vote for him, he’s been a total failure, he has to go.

Think we are at an inflection point

Moulding gets support at the AGM he converts his poison pill CLN and it’s game over control wise

Sweet Whey staying firm and nudged up to €1020 in May

without a drop of 20% then Beauty does all the heavy lifting as Nutrition is a cash drag on the business.

The market can see the above, no sane II is going to invest with Moulding in full control

However he loses the AGM vote and gets kicked off with the GLA then it whole different story

Let’s not forget he has overseen a 97% drop in the share price added £400M plus of debt and burned through £2B of City new money to produce a business generating £30M of cash and his private business enjoys £360M of risk free income from contracts he signs to himself.

Vote Moulding and GLA off the BoD and bring on board a quality CEO/Chairman, they can’t be any worse than these 2 failures

Remember this joker ?

Has as much credibility as Iain McDonald

FT today

https://on.ft.com/4kDhi2O

Anyways he’s lost investors £100M on failed investments

he’s in good company with Moulding

Mike Ashley

For anyone still thinking should they still vote for Moulding?

He has turned every shareholders £10k into £500, burnt £2B to create a £300M m/cap with £400M debt and the share price is down 97%, he’s over seen quite possibly one of the worst performances of a public CEO in the recent history of the LSE and has contributed to why Institution’s won’t invest in the the London market

The big holders who have totally bathed on their clients investments, they need to break the apathy and insanity and stop doing the same thing each time, kick Moulding and GLA out, this rodeo gets worse each year with these two.

Albert Einstein: The definition of insanity is doing the same thing over and over and expecting different results.

We are looking at value in THG

Mouldy see’s it different

He’s finished without that £360M a year

He can’t afford for a 3rd party to buy, don’t matter if it’s £600M for MP or £1.70 for the lot

Once you get head around the £360M a year to Ingenuity who only have £175K a year of Rev but need £75M capex it’s easier to work it out

The pack of card collapses without the THG £360M

the model doesn’t work

Mover

Unless MA comes up trumps and buys a division am not sure how anyone else can ?

How do they get 75% when Mouldy will own 24% plus employee trust / cronies, he can’t afford to sell out, Ingenuity only has £175M of revenue, it’s gone without THG £360M

Unless he’s voted off and his CLN conversion stopped its game over, he can milk THG to his hearts content

Luckily if we can see it and the market can see it - why we are ATL again today - then the large holders can see it

It’s just have they got enough percentage on the day ?

Gunna be interesting

Read APN accounts / RNS’s

Their products are not as reliant on European Sweet Whey

They don’t have 20% skimmed by their CEO to his private co

Stan,

How would the numbers work ?

The market understands as Monty says there is no free cash flow , how would APN fund the business or even fund a premium take over ?

Let’s take this nice and slow for you

Take the £55M cost of capital, £22M lease , £20M capex and divide by 3 for an almost equitable split of costs for the PLC

call is £32M

Nutrition makes £35M to £30M less £32M above

We need sweet Whey to drop to €800 or we make Sweet FA from Nutrition

Am voting them all off, the problem is if you leave one on there they can then re vote the lot back

Let the lawyers sort it

Take your pick …

This shower have taken every £10,000 of shareholder new money and turned it into £500 and thrown in £400,000,000 of debt to boot and overseen a 97% reduction in the share price

And they are still there coming back for more

Vote them off

To elect Milyae Park as a Director of the Company.

4. To re-elect Charles Allen, Lord Allen of Kensington CBE, as a Director of the Company.

5. To re-elect Sue Farr as a Director of the Company.

6. To re-elect Helen Jones as a Director of the Company.

7. To re-elect Gillian Kent as a Director of the Company.

8. To re-elect Edward Koopman as a Director of the Company.

9. To re-elect Dean Moore as a Director of the Company.

10. To re-elect Matthew Moulding as a Director of the Company.

11. To re-elect Damian Sanders as a Director of the Company.

Bottom draw for me at the moment, will review if Moulding wins the AGM depends on the price of Whey of course

There is a chance of deal with MA but who knows

Just hoping the large holders vote him off

OSG

Moulding plays a zero sum game, you have to feel for LTH’s

But they do have this one last chance to get him out before the CLN is converted, the new BoD bring in a forensic team and go through everything

It is highly profitable at EBITDA level

But after rent / cost of finance bit of capex there is just £30M left until whey prices reverse

THG has £400M plus of debt today it’s costing £55M a year to service, Ingenuity takes £340M and £22M rent

the model doesn’t work in its current format and the upside is reliant on the global price of milk and cheese / capacity

If Moulding is kicked off the BoD there is another route