Member Info for Okehurst1

They did Q4 check RNS’s

THG in close season

Ryan,

Clock ticking for Iain Mc, he told the market deal to be announced Q1 2025

This is same guy who put in the £1.70 non bid and only the

‘ Candyman ‘ remember him, has less credibility so it’s a long shot he delivers anything he says, 10 days left.

Looks that way Ste, could see 40p being set up by the Market Makers ready for Monday but have they got enough shares on their Books to sell on ?

It took Frasers a full month to add 1% (13M shares )

It’s going to be interesting to see next week play out

Passive/ Tracker funds require 60M to 90M shares brokers advise, THG just doesn’t have that liquidity

Of course Market Makers know this so will want stock for Monday, nice bit of profit to be had for them

1P, always good research off yourself, thanks for sharing.

Moulding/ the invisible Chairman step aside at THG and the pack of cards could collapse if the new CEO/ Chairman dig deep on the £400M a year Moulding nicks from THG for Ingenuity

Ingenuity would need restructuring and Moulding /Cronies are at risk of losing control there as well.

Mouldings going nowhere without a fight, his problem is Mike Ashley is building a stake, Moulding has to pull a rabbit out the hat and quickly to stop MA getting to 20% plus

In the meantime MA is in total control of the share price whilst he can find sellers near ATL / at these levels

Good post Prox

Just on TR1 disclosure, I thought Frasers would have to disclose when they breach the next 1% threshold ? So 7% in this case not 10% ?

In theory MA could have bought voting shares to take

to 6.7% as a number but shorted via CFD’s but keep the short under .5%, MA creates confusion, closes the CFD once he breaches 7% and then makes his TR1 ?

Repeat Rinse each 1% threshold

Prox,

Ashley gets to 20% + that could be a real problem for MM and his control of THG to pay him £400M a year.

Whatever his restructuring plan I wonder if he accelerates ?

Hi Steve

This isn’t naked shorts

Big Mikes boys

Good chance we will see an Ashley TR1 within a week as his MO is a controlling stake ditto we don’t know his game plan but it’s usually not what the incumbent management team want.

MM/ Ingenuity cronies will be concerned if the Ashley TR1’s continue

Ashley TR1 at ASOS is a good example how he works, check out his voting shares and CFD’s etc

Sell one buy the other

The little PI panics then close the loop

Repeat / Rinse

What would we do without ‘ wonky Steve ‘ ?

Milton increased their Short position on the 11th March to try and spook us little PI’s to sell, the next day ( yesterday ) they then reduced below the disclosure threshold of .5%

but it’s just not working, PI’s are getting too wise to it

The 2 disclosed shorts on the register 11th March need

13M shares alone to square their book

Guess there are few sitting under the threshold who may need to close as well

On the 21st March the trackers need 60M to 90M shares

Ashley’s MO is 20% but he won’t over pay, so any weakness jn the price he will be on the Offer

This is my 3rd Rodeo with THG watching the Shorts try and exit and each time the ‘ Steve’s’ put the graft /time in to create the opportunity, just want to say ‘ thank you ‘ to them

Licker, good questions, it’s a few quid either way relative to the m/cap

This is were we need Steve to correct us, but without digging into the accounts it was sub £100M as a net figure on the balance sheet - they report the net value as a tax credit if that make sense

Ingenuity nicked their allocation as well - of course they would

Hi Leemsk

Yeah it’s keep an eye stuff, it’s historically high at the moment with apparently a chunk of capacity coming on line, that’s the bunce for THG, if /when

Looks that way Stan, PI’s wising up though ?

Know I bang on about FCF but it’s the only way with THG as EBITDA is smoke and mirrors, putting aside adjusted EBITDA

bullxxxx

Suggest focus on £55M FCF that’s after everything today watch the spot price Sweet Euro Whey, a 25% drop in price and THG is £100M a year FCF with a tweak of finance costs to boot

THG should get 10 to 12X that as £Mcap

Ryan, it’s a long shot with Selkirk but Ashley buying may just force their hand, it would only need an announcement of an approach / offer and all bets are off

Ashley has to pay more, shorts get wrecked and FT250 trackers do their bit, Moulding stays at the wheel and protects the £400M a year to Ingenuity