Member Info for Okehurst1

Don’t think this crew are aligned to mouldings vision - my opinion

It’s not part of Mouldings master plan to assemble 25 serial
Entrepreneurs / financial restructuring boys to set up an SPV and buy shares in THG

They want him out, money to be made, no need to buy the job lot.

Stop ingenuity taking the £100M a year for no return - it nicked £150M year minimum
another £100M this … and so on

Focus on the £2B making a good return

Reinvest in same - simples but Moulding is blinded, it’s his downfall

Worth checking their warrants page in the placing document

Insiders tend to award themselves warrants at a discount prior to IPO

Check out the warrant page in the prospectus

Ste
You and I are on opposite end of the trade ( at times it feels )but weirdly we are on the same £numbers and research ( pages)

Commerce is dead as you say

If they don’t drop the £100M into Ingenuity SaaS then Nutrition can have more investment
That’s our FCF every penny of it.

Or set aside against net debt , say £40M this year next 3 on top

Repay the ‘ Bond’ as it comes to term, our net profit is up £60M a year at that point
that’s worth £6B GMV from Ingenuity

Our EBITA at that point becomes our net profit - we won’t pay tax for years with £2B of tax losses
ex paying Moulding £20M a year rent

That’s where they want to place the £100M
SaaS Capex

GMV margin is 1%

Commerce is a dead man walking - hasn’t been successful due to upfront costs to API
into smaller clients, ARR is not good

Once Iain Mc off the BoD there is a chance Moulding could be removed, doubtful the II’s would support him at an EGM
Put aside Qatar are no mugs, they want a return.

Ingenuity is his Achilles Heel, the ROI is non existent and it needs big -relevant to m/cap - capex on the SaaS side to satisfy the whale blue chips.
Ingenuity Commerce as a model didn’t work out commercially

Fold Ingenuity as it stands back into core and skip 3rd party business has to be a consideration if the £1B doesn’t materialise

Ste, on the latter 100% agree
Governance has been terrible, plus him advising on giving up the Golden Share and then advising in a conf call he was letting it expire

Suggest we have to respect him as entrepreneur but he’s not cut out to be a public company CEO

Could be Ste

Iain Mc getting the boot would be a move in the right direction, he has to go

Nb don’t think these guys are friendly otherwise why not buy the shares themselves ?
why have a shell company ready to reverse something into it?

They are making a statement

With his share price down 95% reckon he’s Ricky Hatton going back into the ring the day after a 30 day ******

Still no sign of the £1B GMV RNS - put aside it’s a 1% EBITA margin

Time is against Moulding he needs an equity deal

Ste good luck with that one, your going to get burnt

KLSO is the vehicle to instigate the activism, guess they will now seek support and build up their ‘ percentage ‘

They can then put pressure on Lord Lucan Allen for more changes

Iain Mc should have gone after his non bid to take the business private failed
how he is still on the BoD is beyond me

But the elephant in the room is this years £100M capex into Ingenuity SaaS

It’s the players within Kelsa - deep pockets and contacts

It’s their access to capital and Kelsa BoD speaking to other II shareholders.

That’s the problem now for Moulding, someone is now organising the II’s who have tried arbitration with Moulding last year so we know Kelsa are pushing on an open door

Moulding pulls off an equity deal and the share price rockets

Reckon gloves well off for Moulding now, wouldnt put it past him to do an intra day RNS - as soon as deal signed off

Some money on that list - deal makers

Moulding just got himself a team of activists who can see the value here

The battle lines must start around Ingenuity, commercially as a standalone business to 3rd parties it’s not performed and makes no return of note on its capital employed - not at 1% GMV

Stop Moulding bathing £100M this year on SaaS for a business generating £2M EBITA and use that capital to grow Nutrition/ Beauty

Will the BoD block Moulding allocating the £funds ?
If he lands the so called £1B maybe not?

But where is the RNS on the £1B and is Moulding doing an equity deal as rumoured, at which point he neutralises the activists for now ?

Lot at stake for him, Moulding needs this deal big time and he needs to generate cash over and above him nicking it from Nutrition and handing it over to a Folly

Chief executive John Goold, a chartered accountant and corporate finance expert, is the former boss of Zeus Capital, having helped raise over £5 billion for the firm's clients.

Some big names/ deep pockets backing Kelso on the shareholder register

It appears this vehicle was put together for the sole purpose of restructuring THG

Numis will have a short - advising clients to Short
Vested Interest

Big money at stake for the 70M shares the shorts require to exit - lot of profits tied up

HH
And he was heading up THG IR for a period of time