Member Info for Okehurst1

Ha! Cityspy, he got one thing right in 12 months

Leave the legals to someone else

Follow the money

He’s like the Teflon man

Here’s one … v interesting

Looking at Bloomberg our very own old Macdonald aka Iain McDonald
His fund that he set up / owns called Balerion has been loading up in March, like materially bigger holding . I would say it’s the highest they have ever been invested in THG since IPO

Follow the money

We are up 65% in 4 weeks, been a great run

Be nice to see the £quid and we bag YTD

Then bag again :-)

Good luck to you Canary, all here to make $, well done

Goodtime

Yeah, that’s what’s going on, he’s got 40% with Sofina
The objective is for Apollo to pay the lowest possible to the 60%

Ovs the II’s within the 60% will drive the negotiations us PI’s who are holding on to their short tails

£2 plus and Apollo bag the 60% looks likely

Look at Wood group with the same players Sparta / Apollo it took 5 improved bids

Suggest Apollo are joined with MM, he has to do a deal , he won’t raise a dime off the City going forward

The share price falls the activists make their move to remove MM from the BoD and they load up - I can’t see it coming to this a deal / price will be agreed

Same time Shorts want out it’s too risky for them now

No
They have the same broker who buys for them
They hide it all quite well , it looks like they are just under the 2.99%
Am not too sure on the rules of disclosure / time line on a Form
8

Gut feel … they are waiting to go bigger but other USA funds bought in this week / topped back up and it scuppered them.

This is uncooked so take with a pinch of salt but it’s rumoured 2 other USA II’s are lurking and waiting on Apollo to make their move, no idea if it’s pucker but Betaville mentioned a few weeks ago and there is still noise around that one

It’s getting very interesting though with PR companies leaking stuff to the press like the Apollo / Sparta story over night

Just sit back is my take it’s going to happen but there is a process and just how much over £2 do we get ?

Balterton have to go liquid, their fund has a time line and their LP’s will want to be made whole
I think there is no love lost with them over MM

Sofina are a dark horse, rumour mill says they are rolling, guess we will have to wait and see

No volume, lack of sellers, they are trying to control the market as they accumulate, they know how to play the game

The Shorts are themselves trying to exit, they can’t get stock in volume

The II Longs have played this so well the last few weeks, Tuesday was a masterclass as PI’s sold out they collected.

This could be £1 next few trading days, that would be a 100% rise in what 4 weeks

USA brokers back on the Bid

Smart the way these guys operate, MM’s accumulate for them and then they snap them up

We were 51p on the Bid just a few weeks ago

The wish list number looked like £1.50 but Kelso / Sparta engaging with the disgruntled II’s have scuppered that figure

Don’t forget last summer THG Bod had to go into marriage guidance style therapy with their II’s

MM forget to tell us PI’s but the Therapist let it slip when drumming up business

All the signs were there, throw in John Goold who got Sparta involved and put this all together and is Gamekeeper turned poacher

Very shrewd

Think a £2 in front of the offer is required - whatever that ends up with

Problem for MM he needs to win this one or the Activists will be pushing him to get off the BoD

A deal will get done but we won’t be in the room when it’s agreed but we will get the £2 plus

Its on Bloomberg
They use the same broker for trading

Sitting just under 2.99% the other day but well hidden

Martlet makers will try and move the Bid around to shake the tree

They can’t get the volume Ste
You can see the USA brokers trying to get orders in
Shorts are nibbling

Tuesday was a good day for them as they knew PI’s would sell and they took full advantage

85p plus 100%

It was the £135M a year intangible capex for 5 years that finally gave it away - but because the CFO wouldn’t put his head on the block they sent a random to answer questions
Put aside they wanted the headline £500M loss which was mainly write downs
They just generated £70M cash in 26 weeks with more to come but no big play on that doesn’t suit their agenda

It took the analyst to repeat twice before the random said

‘ yes we can turn off the £135M it’s not property investment ‘

MM had a game plan to drive this down to help Apollo pick up our shares on the cheap
don’t forget this is a different structure to Iain Mc deal which was all debt funded

No THG debt here with Apollo
Banking in place

Apollo fund Ingenuity
Settle Bond holders - they are close to just £140M of debt
that saves THG £60M a year
Then they £2B of tax losses

MM gets a carry which he won’t get with a quote

Smart bit of business

£2 min