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Announce April for September as the GS expires makes sense ?

Thanks for sharing Blinky, makes sense.

It’s part 19 - so new

Betaville gist ( uncooked)

‘there are further USA financial heavy weights looking at THG with a view to a transaction ‘

Just a question of time now as GS runs down on the clock

Good/T

The restructuring is all in place

As separate legal entities Nutrition / Beauty will pay Ingenuity for its services, just like any other 3rd party clients at the going rate
The updated THG website sets out the divisions quite clearly and for the first time the market will be able to value each division
Ingenuity will pay its associated rent

The THG BoD could spin off Ingenuity as a wholly owned investment and/or raise capital independently of THG plc

The core business’s again trade independently but controlled by THG plc, they can sell / hold / raise capital / spin out and its has no affect on Ingenuity or visa versa, contracts will be in place

They find the solution to funding Ingenuity and THG share price rockets

Nasdaq had its best week last week since Nov 22, the market is looking ahead with interest rates, my guess Ingenuity is heading to USA to raise funds it won’t be appreciated on the LSE

Chill Ste
The core business is doing good, generating FCF and we have £600M readies on tap

The issue is funding Ingenuity Intangible capex - we all know that

The BoD know that … it will get sorted one way or another

Good point 1 pencil

These guys look like the real deal

Makes you think buy shares in quoted companies when Sparta show their hand?
Wonder how many II’s/ other Funds / heavy weight investors think same this week?

Pearls

Seriously? If MM had 70% would say possible but he’s got 15% voting rights

He told the market £1.70 wasn’t good enough and you have II’s at IPO at a serious paper loss

Not going to happen, chill and sleep well

Pearls wot u smoking today ?

Chill out, your gunna make a load of $ if you bought in last 7 months

Know there is a few posters on here who can’t take in numbers or data and can only post dumb stuff but come on your a bit better than that ?

Steve, it’s been building up to the GS expiring and subsequent full listing
We are on count down now

The Shorts wont hang around waiting 26 weeks and let’s be fair they increased by
.2% ish - I wish it was more

It not about doubling down for the Shorts, it’s now about what’s the exit plan ?

I don’t think MM is finished

He’s a smart boy, he knows what to do.

The premium listing by default hammers the Shorts and that’s in the can
The GS is gone in months

The big one is the funding of Ingenuity, MM knows that, he has already pulled one rabbit out the hat with Autostore JV, the GOAT deal this week was on the back of the former

MM needs big $ to fund an improved Saas platform to satisfy the Whales - Ocado are pumping in a whopping £1.5B over 5 years for example

I wouldn’t back against him pulling it off and raising capital for this one business as a standalone, the share price rockets as we churn FCF cash from the Core , activists get their £2 plus and move on, if MM lists Beauty/ Nutrition independently then all bets are off on high the share price goes

The activists can see all this as well, MM has people with skin in the game and can help.

I would look past a Short fund increasing by a fraction of a percentage , this could have been part of a long / short strategy but let’s hope they double down even more, we are in a coil position, the more Shorts the merrier for us Longs

If a trader bought when Kelso bought they would have had the opportunity to have made 25% in a short space of time, Kelso put support in at 55p when we were heading to the 40’s ,what we know is that this latest activist couldn’t access the shares at 55p and had to pay upwards potentially of 74p for volume , am guessing but suggest that’s our next short term support

The Shorts are going to get toasted when the day comes, Premium listing is coming as is overseas listings and who knows Ingenuity self funds and maybe separate quotes for beauty /nutrition and we have good FCF

It puts the Shorts on notice, Kelso are like a cuddly toy compared to this latest outfit

Premium listing crushes them

Hi Good/T

Tbf again to the BoD in their eyes it was in the Bag, they would have had HOT’s with Boots, I think on reflection they did the right thing
Damned if they did or didn’t stuff
No idea re Boots I guess they will plod on

Worth mentioning you can’t put out an RNS like that without the Company Lawyers/ advisors clearing the content, they would have reviewed the HOT’s

I’ve thought it was ‘win win ‘ either way for us PI’s, no Boots deal curbs the Intangible capex spend on the SaaS upgrade and THG churns out decent FCF, also as a result MM has pulled off a tidy Pivot with Autostore JV, minimum capex, it really is a class bit of business, the market just can’t see that yet

He is a top draw entrepreneur, full respect to him

It’s why I don’t write him off finding a way to fund ingenuity before the GS expires

Tbf to the BoD and especially the new CFO, they have been engaging with the City

Premium listing is in the Bag - done deal
CFO mantra ‘ under promise over perform ‘
Overseas listings - will happen

Had MM pulled off the Boots deal he would have had the cash to fund Ingenuity intangible capex but Walgreens wouldn’t sign off the deal- is the rumour - it was over 10 years and they had concerns about the THG balance sheet

If MM spins off Ingenuity and there is no reason not to now that Nutrition/Beauty will be paying for the service as separate entities and he raises $$ same time then THG has to be £2 to £2.50 based on SOTP being realised?

Spin off Ingenuity, raise $$ for this business , MM / BoD know this is the solution

Nb with our minimum free float and £2.8B m/cap can only imagine the pressure on the free float as index funds pile in and Shorts are scrambling for the exit ,the overshoot will be an opportunity for us PI’s
We jumped 25% in a week as the latest activist tried to buy a few million shares shares

Worth pointing out, if Ingenuity can drive revenue without big capex for Whales then our FCF would be relatively impressive, £120M to £70M including the property disposals

Looks a tidy pivot to me, ticks all the boxes

Thanks OSG

MM has laid this out very well on both offerings

He is putting stuff straight on how the Autostore JV works - technically -
in effect we manage the API’s between the end user and Autostore, it’s a very interesting deal, it’s all about front end selling then managing the processes with minimum capex required( market not realised this as yet ) and utilising our specialist skill set, high margin revenue

And of course our own new fulfilment centre that we utilise for beauty / nutrition for USA market

We also had the GOAT India JV news this week ,they are acting as the sales team for this market, THG do the rest as above

No need to RNS it’s what THG Ingenuity, business as usual

Hi Holy

THG has a small free float on its 1.4B shares, as demonstrated by the sharp price movements when the volume increases even marginally above the normal volume
and we get 25% spikes in the price in a few days, THG just doesn’t have the shares available to satisfy the Index funds and the market knows that.
ASOS also had a much larger free float even on AIM.

I don’t think below is as material as above but it does have some effect

ASOS was a very large AIM stock and as such had a big weighting for AIM Index funds, it was one of only a few liquid assets an investor could park wealth to avoid IHT - arguably AIM’s only major tax benefit

So AIM Index and specialist IHT funds would have had to sell as it moved to premium listing therefore creating liquidity, THG currently cannot attract any Index funds and as such there will be a 70M share scramble as they will have to buy, the price at the time is somewhat immaterial it’s £M/cap weighting of THG inside the FTSE 350 that sets their benchmark percentages

IF … THG pull a rabbit out of the hat and sort funding for Ingenuity / USA listing and we get bounce before the premium listing then the weighting / volume of shares goes higher, it’s roughly 70M shares today, I am working on that figure anything above is a bonus

Nasdaq just had its best week since November 2022

‘The Nasdaq 100 rose 5.8% to notch its best week since November, despite a slump Friday, as investors snapped up old standby favorites in the tech sector, including Microsoft Corp. and Alphabet Inc., on bets the Federal Reserve would temper its tightening path’

No idea why THG wouldn’t want to dual list USA at the minimum ?

https://www.bloomberg.com/news/articles/2023-03-16/stock-market-today-dow-s-p-live-updates

Know City Spy is a marmite character but his posts on premium listing is the feedback -he’s picking up on within the City - from II’s who have spoken to the BoD

It definitely looks like it’s happening, not because City Spy says it but the BoD are saying it

70M shares required by Index funds on premium listing alone and we know they just ain’t there.

Bloomberg / FT this weekend, multiple reports of VC/ PE Shorts getting toasted in USA this week as Bond Yields collapse and their bets on interest rates going up from week before cost them serious $ on margin calls, it’s all relative and they will need to close THG shorts one day this next 26 weeks

Full listing / Golden Share gone in a few months, overseas listing, we will know the plan on funding Ingenuity and £2B core business generating decent cash /margin

Look past short term movements leave that for the traders we will get our big rerate we know this is ridiculously cheap at 55p

https://twitter.com/thecityspy/status/1636792210887782401?s=42&t=krqoES-Ha784AA3YnvkRnw