Member Info for Okehurst1

Bull, fair comments

Ste, no need for the Sparta et al to over pay, they can nibble away

The fact we are not at 50p is telling, that’s my take

I work on a straight line cash basis

We have £180M of debt now to October 1st 2022 when we had £250M
In affect last 26 weeks they reduced by £70M

Property disposal - if/when - and we are at £140M debt

In total THG have more than £2B of tax losses to work through ,worth £500M - one day to someone

Today was the new CFO tidying up the balance sheet, it’s just a headline number

It’s just what price Ste to get the 50% plus to give up their shares?

£1.80 to £2 will do the trick I guess

MM wants off the public markets, think that’s a given

Would Apollo / management need to repay debt ?
Thinking about it maybe not ?

Apollo would just be a 50% or more shareholder - in lieu of us Pi’s and II’s who want out - in a private company

As long as there are no share buybacks / dividends I doubt the banks would have much of a say ? The standard bank facility is unused, it would be the fixed rate coupon only?

Suggest it’s relevant as Apollo ‘only ‘ need to fund buying out the 50% plus

How long before a Sparta open letter and and their Form 8?

Spot on Steve

If one thing has come out of today

Now that the Form 8 ‘s are coming through we know with certainty that Apollo must have put a credible Bid to THG BoD, one that the Company lawyers / advisors insisted putting out an RNS - it’s not Mouldings call, the advisors have to clear

So we can also guess it was cash backed - lawyers wouldn’t clear a debt laden deal

£1.5B gets Apollo 50% at £2 a share assuming Moulding can get 50% II to roll

Even £1.80 @ 60% buy out it’s £1.6B, it’s nothing to Apollo

The THG Bank funding is all in place

So credible cash offer, just the percentage that will roll - am going min 40% -

£2 to £1.80 take out

75.01% at EGM vote gets them well over the line, scheme of arrangement deals with stragglers

Apollo kick off £1.20 to £1.30 and get pushed up, as per Wood group, they increased multiple times

THG confirmed £750M GMV already for full year 2023 and they need £1.25B
for FCF neutral ? Another £500M and they are at scratch ?

That was my take.

Stand corrected if I’ve got that wrong ?

Personal view

All about MM’s ‘ carry ‘ and which II’s roll with him

Just maybe the bigger the ‘ roll’ percentage terms they can afford to pay a fair crack

They were very vague regarding Capex, why wasn’t the CFO on the call to respond to the capex questions ?Where was Lord Allen ?

I think they have a game plan to take private before Golden Share expires, if they were serious about the market they would have dealt with, it had to be squeezed out of them that they can turn the capex off with inferred ease

Wigan get access to Bloomberg terminal

You will see the true picture

States holdings

Long & Short

Nothing material

The Form 8’ s have started

Ste

I’ve given you loads of info last few weeks, I hope you made $$ from it

Am up 100% Ish so v happy

This will go private

This is going Private

Shorts need to exit and USA brokers are picking up stock as it comes onto the market

Going to be one nice squeeze coming - although yesterday was Sweet at 40% uplift

Worth accessing Bloomberg Terminal and seeing who is buying

The positioning continues

THG is going private

Set up nice for PE

Just what price we all get

Sweaty time for the Shorts now

£1B GMV confirmed for 2023

Re capex

THG stated they can switch off at any time

Numis looked dumb on that call

Who pays these numpties