RE: £127 May 2024 18:03
Ryanf,
MM has imvho done some good things *** as a Founder and as an Entrepreneur *** but there are a significant number of different qualities required to be a good and effective Chairman / CEO or both - OF what is a Publicly Listed Company - Owned by ALL its shareholders.
Firstly he assumed the role of Chair and CEO on listing with no previous experience then just look how long he held onto the Golden share, then there is the fact he is a significant shareholder, then of course being the Landlord and collecting rent from THG properties, also HIS Pacman defensive buying of shares individually in Kelso when they dared to challenge how things were being done. Then all the good advice that gets given, ignored (and lamented at with the fact claims he bins 95% of it) - like Premium listing, Strategy update, Seperate listings, Share Buybacks and more RNS's.
Whereas one of the above in isolation might not draw any concerns, might it not be arguable that all the above in conjunction with each other point to an unwillingness to let go of control. But it is no longer his own private company.
It almost kind of reminds me of Stelios who in my view was obstructive and found it hard to let go at Easyjet when he transitioned from owner onto the Easyjet board and whilst being one of its largest shareholders. Where there is difference is that he left the Board because he was concerned to Board weren't delivering shareholder value. Yet successive CEO's that have been in the CEO's chair since, like Dame Carolyn McCall and the present CEO Johan Lundgren have done a sterling job of expanding the airline and delivering shareholder value. Particularly the latter who has delivered Easyjet through a pandemic with hardly a flight leaving a runway in most parts of the world, and also through $110 per barrel of oil and has been producing successive record numbers for the last 6 months to 1 year. He's just announced his departure and wouldn't be a bad appointment for any number of companies (here included)
Yet look where THG is - 76p.
Markets at all time highs. 4 Bids refused, 2 stated as significantly undervaluing the whole group, constantly missing numbers and plenty of other excuses - Pivots, rebrands, devaluation of the yen, the LSE...
As Kelso pointed out - its 4 years since there was a stated intention to Premium list - and Nothing. 2 years since £15 Million was spent on seperation - yet Nothing. So you can perhaps understand peoples frustrations
Can I also just add those shorters trying to engineer MM's departure so they can supposedly short it down to 40p might actually like to reassess things as equally it could go up significantly with a complete change of strategy and focus on delivering shareholder value. When Stelios left Easyjet it fell only 3% initially.
Its for every shareholder to assess things for themselves and to vote as they see fit. You can't vote if you don't hold.
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