Member Info for Okehurst1

Same guy …

Ex Zeus , moved to THG investor relations, left , set up a fund , made 1 investment in THG and has come out to say Nutrition is worth more than current m/cap today

Nb £1.2B with current and the so called £1B if it comes off ,Ingenuity will only generate £12M EBITA

Don’t need a GSCE in maths to work out the ROI on yet another £100M getting pumped into Ingenuity at the expense of growing Nutrition

There is nothing stopping II’s calling an EGM before September
and kicking Moulding off the BoD, his Golden Share doesn’t protect him from that fate

I do think there has been a wake up call that GMV revenue is a poor margin business model (1%) and with the shares down 95% why pump another £100M into Ingenuity SaaS for that paltry return ?

Even the £1B - that we ain’t seen yet - only generates £12M and that’s annualised /fully loaded

Side note
His Golden Share is only in relation to the holding co but of course that goes soon

John Goold has seen the value within THG as insider

He’s a deal maker, he’s doing what he does

Wait and see the disclosed Shorts head for the exit

Citadel got their timing spot by bailing last week, very smart

Nutrition is heading to $1B of revenue @ 55% gross
and 15 % EBITA and it’s FCF is getting nicked to fund a platform generating £2M EBITA

We all know and the smart money is well in advance of us ‘ joe’s’

Touched on this yesterday ?

Moulding tends to over promise / under deliver

Must be some pressure on to pull a deal off that keeps the big II’s happy with the capex strategy

I think there are others sitting just below the 3%

Messsge crossed onsolid :-)

‘Kelso was established in 2022 to identify, engage and unlock trapped value in the UK stock market. Kelso's strategy is to invest in situations where there is an anomaly between the intrinsic value of a company and its stock market valuation. Kelso will offer its assistance to companies to help unlock that value. Kelso will, in particular, seek opportunities where it believes the value of the sum of the parts of a business is significantly greater than its current value’

* bun

Us little folk who are Long can’t lose from this point

Ste, only so many free float shares and Smart money is positioning, know you like a short but you need to be careful

Mentioned it yesterday, fundamentals will take the lead here.

Nb it would be kind of funny if the £1B didn’t come off, there is going to be some bum fight within the BoD and big II’s to justify the £100M SaaS capex
No wonder we had arbitration between the two camps

Shorts will be spooked by this move

The tide is changing

Us little PI’s sit back / hold and enjoy the upside as this all plays out

Don’t forget full listing the index funds need 5%
Shorts have 5% +

In the meantime II funds who are looking at fundamentals like the boys below, will be mopping up loose shares

It’s going to be very interesting watching the Shorts, the algo Bots won’t help on the way up

…. Yeah this guy will know the true value of the assets

He was Ste.. left late Summer / Autumn

I don’t think it’s because he’s cuddled up to Moulding his fund have taken this stake

Kelso have made a very strategic move here

Touched on this yesterday, spend £100M on a SaaS platform when you are currently generating £2M EBITA on £200M GMV it doesn’t make sense

Moulding needs the £1B of GMV desperately to justify

Personal view … we will see more strategic II’s maybe staying below the 3% (2.99%)
waiting for an event that the market can move on Moulding, they won’t be a concert party but will tear into him to get him off the BoD.

As I say Moulding needs this £1B GMV and probably an equity deal on top, something big and bold

John Goold was heading up Investor Relations at THG until recently after leaving Zeus he left September 22

Now that’s a very interesting link

Steve
They have the same amount of shares
Not sold or bought any

As long as no equity within the deal Mouldy is putting together or the £1B is
much less and they still plough on dumping our FCF into a black hole

The short upside is a few pennies the downside could be brutal

Agree Steve, it’s fair comment on the technicals

But we have inflation dropping Whey down 50% - the macro THG wise

And a big RNS due one way or another

Risky to be short unless a II fund

Steve unless you’re trading the pennies who cares ?

One RNS and it becomes all about the Micro for THG shareholders