Member Info for Okehurst1

Ingenuity now

Interesting comments on growth of Vegan whey - enjoying the same amino acid profile as animal whey
USA looks like their target market here

£600M of annual revenue

80% of products now manufactured in house

Mid teen growth H1 Nutrition
Leading online sports nutrition brand in world

Nutrition now

30% of Beauty sales now Rest of World
Growth 25% this year
20% Sales USA
Owning the USA manufacturing plant is allowing them to bring in new product lines quickly

No Q&A Steve - as yet

THG beauty

20% revenue growth in H1

£265M cash
Plus £170M

Outlook

Continual double digit growth rest of year , same as half year

£130M to £100M EBITA

Under pinned by high repeat customer base 80%

20% of sales now USA

80% repeat customers

Suggest Matts mate - Iain Mc - was not a proper bidder and the Candyman wasn’t serious, all 3 played a game

No idea what the price will be on a take out via management, I guess they need to get II’s on board and sweeten the deal for them - or as many as they need to get over the line

The clock is ticking on that golden share, he has to take private or he’s out and he’s lost control

The fact he couldn’t even be bothered to break down margins by division - as an example - he doesn’t care, he’s made his call he’s taking this private, it’s when not IF

Let them so what they do, any one Long on margin will be getting tested this morning, cover or be taken out, it’s how it goes

The buys to sells the last week were 2:1 , the Spread Betters covered their book and they made a few quid

Will anyone take a short at 40p, this ain’t going to zero so the downside at this price is high

This is going private … it’s just timing now

SP , 100% going private

He’s got 52 weeks left that’s it to pull a deal off or he’s toast

There was no divisional split on margins, nothing.

As a D2C platform most sales are repeat customers, he’s building the base without major marketing costs, Ingenuity focusing on landing more of the top 20 brands - what’s he got now ? 7 is it ?

Whey price drops and he pulls the cord and goes private

He’s had August to chill with the family, he now focuses on the taking private route, he needs the II’s shareholders to back him and cut in the main ones

This is the key to unlocking value, he has to give up sometime next 52 weeks

What’s his game plan ?
Is he hoping the capital markets open up in 2023 and takes this private?

If he doesn’t then someone will take THG out, imagine a hostile £1.70 today ?

Beauty and Nutrition separated out
Vanity projects binned
Ingenuity spun out on its own

We all know this is what needs to happen, just one person stopping it happening but the clock is ticking on him

Dean Moore joined the Board in January 2017 as an independent Non-Executive Director. He is the Senior Independent Director, Chair of the Audit Committee and a member of the Remuneration Committee. Previously he acted as interim Chief Financial Officer, for a period of 10 months, where his mandate was to focus on the Chief Financial Officer succession planning process. Prior to this, Mr Moore worked as Chief Financial Officer of N Brown Group plc for eleven years from 2004-2015, before which he was Chief Financial Officer of T&S Stores plc until it was acquired by Tesco plc in early 2003. From 1996 to 1999 he was Chief Financial Officer of Graham Group plc, and he has held a number of other senior finance positions since he qualified as a chartered accountant. Mr Moore is a Non-Executive Director, Audit Committee Chair, and Senior Independent Director of Volex Plc, and a Non-Executive Director of Dignity plc.

ELF BoD laughing at THG Share Price

https://youtu.be/TBRCZLzn5pM

Last 52 weeks

ELF up 100%

THG down 90%

Seriously?

https://finance.yahoo.com/quote/ELF/

M/cap $2.12B ($40.50)

…. THG in same market has 3X the revenue plus has nutrition on top - forget Ingenuity - hits All time low today , £600M plus (49p )

You couldn’t make it up

List Beauty in USA makes so much commercial sense, shift into a SPAC