Member Info for Okehurst1

Mover, makes sense

Ingenuity looks like it’s insolvent without THG £340M

It’s revenue ex THG is £180M

We have a situation where the CEO of THG writes a £340M cheque to himself every year, no wonder he doesn’t take a wage

What will THG pay MM/ Ingenuity this year ?

£340,000,000?

Mike must be looking at that and thinking I can have a bit of that ?

He needs control of the BoD first, based on form reckon he will try and remove MM and the useless GLA, he needs 50.1%

Spot on Ste

The Company consulted with a number of its major shareholders prior to the Equity Placing and has respected the principles of pre-emption through the allocation process.

One or more investors sold knowing what was about to be announced

It was an opportunity to sell into the Trackers, the day we traded 70M

Sub 3% holders

From RNS

‘The Company consulted with a number of its major shareholders prior to the Equity Placing and has respected the principles of pre-emption through the allocation process’

Ohhahh

Think your reasoning is on the money, in affect it’s either White knight Bid vs BoD prioritise repay CN over Share Buy back

The pack of cards could fall down for MM if a 3rd party candidate controlled THG and could unravel the 20% a year MM nicks for his 50% owned Ingenuity

GLA is one of MM’s biggest Fan Boys, can’t see him looking after shareholders interest based on his track record

Ohhahh, agree.

I wonder if MM has a clause in the CN that if a Bid comes in he can convert ?

Assume no Bid and MM on paper get to 30% then I guess the BoD have the option to repay the £60M CN by December or share buy back but them knowing Ashley in the wings ?

They can’t do a £60M repayment and a material buyback?

So then it goes back to the independence of the BoD, would they stand up to MM and say priority is £60M CN ?

Can’t see this BoD not going with MM ? If do it’s a share buyback ?

Pearls, spot on.

Guess it’s just timing and MM’s agenda/ time line ?

Does he let the share price drift lower before he moves?

He’s cheesed off the City so no new II’s will buy in, suggest his Oasis video was the final straw there?

It looks like existing large shareholders have sold - sub 3%

Unless Ashley comes back, but why would he punt knowing MM can add 180M shares to his name with the stroke of a pen? So who will buy other than little PI’s

GLA is either a useless fool or hand in hand with MM

Has to be sub 3% holders, one or more moved before the RNS last week and provided liquidity for the Trackers, what was the UT a week Friday ? 36.7p ?

MM is Uninvestable for new II’s, trackers got what they needed, share buybacks and / or full buy out next but it’s just when ?

To guarantee success MM needs a bigger stake to action a buy out.

Stan, it is watch and wait

But the facts are MM has 50% of Ingenuity today for £12.5M cash after II’s funded something like £1B and he’s got a bigger stake today than before the demerger in THG with his total family shares/ CN and he had GLA in his pocket to feed them BS as they collectively lost £Billions

Put aside the 95% loss of value for the II’s listed below MM has totally outflanked them all the way, he has his £cash war chest from the property sale and he’s putting it to work, the £60M CN is a game changer

OSG

Don’t think it’s dark forces other than MM, it’s galling but he’s pulled a rabbit out of the hat with the £60M CN

Guess he must have had it planned and he sold the commercial properties to increase his liquidity in advance

His final move has to be take THG private but just when ?

Few thoughts as going to put my shares in a draw and drop in when we get an RNS/ watch Whey prices

MM’s move last week has extinguished what slim hope we had of getting rid of him ,at the same time he’s deterred Ashley with a poison pill

It’s also put to bed Selkirk, no need for that option as MM / Ingenuity cronies have the 20% revenue they enjoy from THG well secure, why pay a premium? No need, job done

MM’s next move is logically get himself to 50% of THG without having to Bid for the balance , a share buyback programme works for him , they could probably do up to 10% without shareholder approval?

Not sure what he gets from a straight dividend?We have to think what’s in it for him? Where as the share buyback is a smart move, tax efficient

Whoever dumped their shares a day before FTSE 250 inclusion must have been aware of the £30M to £20M placing and took the opportunity to offload to plug that gap

MM’s £60M CN changed everything, it’s brutal for shareholders but good for the Company , it’s spoils of war for him now, the market is digesting the above, the II’s have had their pants pulled down yet again by MM with the useless GLA facilitating his agenda

Last one

Unless we get a white knight bid which is a long shot then MM announcing the results next month alongside a share buyback sometime in H2 2025 will change the mood, demonstrate confidence and should lift the share price, Sweet Whey dropping and Beauty growing as plan cements the change in sentiment

Now he has outflanked Ashley, he just needs to tighten his grip

A decent share buyback like £25M + should move the price up so it’s not doom and gloom, to what level who knows?

It’s worked for Frasers over the years ?

Straight dividend won’t work best for MM, at his level why pay 39.3% income tax on the divi to then buy shares in THG in the open market, pay no tax and enjoy a higher percentage stake

Cong, we all wish egh ?

He can’t leave and risk the 20% he takes from THG, we had an idea a restructuring would be next ,he had to create a capital event which was to ge fair the right thing for the company but he also out flanked Ashley and increased his control same time.

Clever bit of business

He’s only reduced slightly on paper, he’s got 180M to 190M shares on ice at a fixed price at give or take all time lows

It makes sense a buyback works for MM personally, he increases his percentage holding by default, it’s tax efficient, he increases his control

Hi Yorek

MM can apply for a ‘ whitewash ‘ re the buy back route so it avoids a mandatory Bid

Ashley is a good example at Frasers, think he is around 67%

Cong

His family holding 14% all in ?

Throw in the £60M at 32p?

Getting close to 29% ?

Am I missing something ?

Yorek

Can’t see it now, not with a £60M poison pill

MM has got his 50% of Ingenuity, where is he on paper today with THG if he converted if he could his CN ? 29% ish ? From last Friday to this Friday MM is sitting on a CN giving him what … 190M shares

Tbf it’s very clever

But no need to convert yet, buybacks maybe ? Makes sense?