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Well, the value of those Huge North Sea assets that are purportedly up for sale just went up that bit more.

https://www.energyvoice.com/oilandgas/north-sea/543796/petrofac-secures-three-year-services-contract-for-totalenergies-uk-assets/

Just to remind us all.

"Cash-strapped Petrofac aims to sell its upstream and pipelay vessel assets as part of a critical drive to raise some $450 million to shore up its ailing balance sheet, according to multiple market sources.

Upstream was also told the company may even consider selling its huge UK North Sea operations and maintenance (O&M) business, although it is still considered a core part of Petrofac’s business."

https://www.upstreamonline.com/finance/how-petrofac-aims-to-address-its-cash-crunch-and-restore-investor-and-banker-confidence/2-1-1570104

Better day today.

The ironic thing mmm is that exactly the same was said at REVB with BOO and it ultimately cost the CEO his job over there and the other target of the Directors removal resolution (Sec 303 CA 2006), Elizabeth Lake, is departing in the New Year.

Not sure either TF speaking up for Matt actually says anything more than he has already sold shares once in the 570's and he now has one maybe two new batches reloaded at 40p / 50p to sell again. I wouldn't wait for the announcement though. Everybody has their price.

In business anything can (and often does) happen.

We agree on one thing though - THG is deeply undervalued.

One way, or another, it will end up being realised.

So let me just get this straight.

Another new contract win.

Not so sure I read that as being conciliatory Sp28. It is supportive but is still stating everything they Kelso have said previously.

We also support Matt in his fight to show the City the true value. Whether splitting THG into three or by some other route, Kelso supports all such value enhancement strategies. A good clear equity strategy should help unlock the value"

I read in that one sentence alone

# demerger

# any other route - seperate listing / mbo / premium listing

# good clear equity strategy = strategy update

Always outfox the fox...

How online retail has done this year compared to last year.

Here's a recap on what dominated the news headlines last year and decimated Christmas for online retailers. Fear of things not arriving for Xmas made many go out to the shops to buy their gifts and returns and refunds having to be issued. Not this year though.

https://www.dailymail.co.uk/news/article-11541869/Packages-pictured-piling-outside-Royal-Mail-sorting-office-workers-continue-strike-action.html

Its the key Golden Quarter for online trade people still have till about Thursday to order online for THG Ingenuity to get their parcel to them next day delivery by Saturday / Sunday.

And this year THG makes it right through to Christmas and the New Year sales period without last years mass impact Postal strikes which decimating the trade and revenues of virtually every online focussed business.

The UK side of the business being 1/3 of THG's Revenue and making also for softer comparitors from last year.

This was last year and about 6 weeks of chaos and disruption.

Not this year though !!

https://www.dailymail.co.uk/news/article-11541869/Packages-pictured-piling-outside-Royal-Mail-sorting-office-workers-continue-strike-action.html

“A key aim of this review is to protect the interests of Petrofac’s shareholders, creditors and employees while the Group continues its focus on safe and effective delivery for its clients,”

I picked up on exactly the same line STOCKBUSTER when PFC made their own RNS announcement around 4/12 and the fact that they had placed the word "shareholders" as first in that list and it's hence why I invested at circa 14.8p and what was market cap of only about £80M.

That back then is about the value of PFC's stake in that pipelaying ship and Nowhere near the value of it's Huge North Sea O+M Operations which Upstream said were also on the table for selling.

Markets have a tendency to over exaggerate falls and sometimes it gets multiplied out of all proportion by short positions.

Not saying in the slightest that they don't need to refinance. Just that there are far more options on the table and the exact same issues existed at 85p.

Sir Tom Hunter is a friend and Mentor of Matt Moulding but only represents 1.93% of the supposed 65% or was it 50% that is meant to be staunchly behind him and Sir TH openly acknowledges this.

"Sir Tom acknowledged that the share price has been in difficulty, but suggested this doesn't reflect the inherent value of the business." and

""The only people who don’t seem to value it is the London Stock Exchange."

The fact he has had to phone a friend points further to a worriedness on his part.

The thing is if Moulding and Co were actually doing the right things suggested to them (x Many) and unlocking the value then none of this would be happening. That is actually what they are all paid a good crust to do.

So it is a crisis of his own making.

Next moves please in this game of chess.

Good luck on Vodafone.

£36.2 BILLION pounds worth of debt. Just goes to show the fuss that is being made here for relatively small debt comparatively speaking with that of Vodafone. No same pantomime being made played out on that one (Yet!!).

https://www.fool.co.uk/2023/12/17/12-yield-yet-i-wont-touch-vodafone-shares-with-a-10-foot-pole-until-this-happens/

And Kelso are the threat to the present status quo, which lets be honest about it has declined 4 bids and not really done anything to put the share price anywhere near the lowest known price of any of those (170p), despite good suggestion.

5% to table a motion to remove or appoint Directors. >50% to carry the motion.

And Section 321 CA lets them table a motion to conduct a poll. Which is exactly what they respectfully asked for in the letter to THG.

Hence the stakebuilding @ Kelso.

MM needs 10% in his own hands to request a seat on the Kelso Board but he would still be in a minority when it came to any votes over what actions they Kelso might be proposing to take.

Watch for a 2nd Activist Investor appearing here, a hostile bid with a bid price attached to it for all to see and vote on or concessions being made with a strategic update.

Imvho.

The article is 5 days old and was mentioned on here already. It's good though that it highlights what happened with Home Retail Group and clarifies that "under review" is more about preventing litigation than anything more sinister.

The Upstream online article was published more recently and said what assets were being considered for sale.

"Cash-strapped Petrofac aims to sell its upstream and pipelay vessel assets as part of a critical drive to raise some $450 million to shore up its ailing balance sheet, according to multiple market sources. Upstream was also told the company may even consider selling its huge UK North Sea operations and maintenance (O&M) business, although it is still considered a core part of Petrofac’s business."

https://www.upstreamonline.com/finance/how-petrofac-aims-to-address-its-cash-crunch-and-restore-investor-and-banker-confidence/2-1-1570104

and the 4 kind posts from 23:07 to 23:09 last night off oilheadgame let you know the contents of the full article. Worth reading them in order to give you the full optionality.

https://www.lse.co.uk/profiles/oilheadgame/

I'm actually finding myself for once in full agreement with you Rock8. Not often that happens

Kelso have many levers at their disposal (See below) and if you are going to turn down Bid approaches (4 in the last 18 months) then you have to have a viable Plan B yourself for resurrecting the share price.

That has not happened and virtually every bit of sound advice that the Board have been given to help them in that quest has been ignored. So things are coming to a head - and it's not just Kelso speaking out but OVMK doing the same. Only themselves to blame I'm afraid. People want action, clarity and commitment. Not just talk.

He is vulnerable and that's why he is reverting to Pacman defence purchases of shares in Kelso. No need otherwise.

It will irk him no end that he doesn't know what support Kelso are garnering or what they might be plotting.

This was a list of the Armoury of Tools that Kelso stated it had at its disposal as an Active Investor in a Mello presentation in June 23. I've already mention Sec 303 of the Companies Act but also look at Section 327 and also the last two comments.

The KELSO armoury of tools to create change

• Public announcements:

• Use the RNS to highlight issues by virtue of being a public company

• Use social media to get points to retail shareholders

• Use the Companies Act 2006 provisions to help make change

- Section 303 CA 2006 – ability to appoint or remove directors (5%+ / 51% vote)

- Section 321 – require a poll at general meeting

- Section 527 – require to publish any matter of importance of a resigning auditor

- Section 314 – require a statement to be circulated to members

- Section 338 – require a resolution to be put before an AGM

• Work with top registrars on canvassing votes – a little known force

• Relationships with PE and trade to drive corporate action

Slide 19 for anyone interested.

https://kelsoplc.com/wp-content/uploads/2023/06/KGHP-Investor-Presentation_9.6.23.pdf

It might help you understand why MM might be employing a Pacman defence and the full presentation shows some of the other earlier options Kelso were trying to get the Board to adopt to bridge the valuation gap.

Enjoy your weekends.

Cerinedd

"I don’t get the rush. Kelso want to break up the company to make a fast buck. That’s it. If we are patient… the rewards may be much, much greater."

Kelso don't necessarily want to break up the company to make a fast buck, acknowledged though that they spy the true value of THG Nutrition worth several multiples of the full Group's market cap, on its own.

What KELSO are after is bridging the blatant Sum of Parts valuation gap and have suggested over nearly 12 months MULTIPLE perfectly legitimate actions which can be taken by the present Board to resurrect the share price back to nearer its true value. Just read all their RNS's. That's in not only in Kelso's interest but Everyones interests who is invested. Here's 5 of them

# Strategy update / Demerge This has been waiting several years already since Lord Allen came in.

# Share Buy backs - whilst the price is so low. Buy them back and cancel them.

# Seperate Listing of THG nutrition (worth several multiples or the present sp - focus then to the value of the other Divisions on top)

# Get on with Premium Listing - which should bring in tracker funds behind the share price

# Use RNS and RNS Reach - to announce business updates and to "reach" City desks and wider audiences

Every single one of these to date has largely been ignored.

Now I don't know about you Cerinedd but I, and I think most, invest in shares to hopefully see their capital grow and well over a reasonable time frame, and for the BoD to employ their best endeavours to ensure and resurrect shareholder value. That has not been happening here despite so many obvious options presented above and people are starting to openly question present decision making. (Jamie Gallachers excellent post on Linkedin, Kelso themselves and OVMK's statement - just for starters)

Kelso want it put to a vote. Not an unreasonable request I would suggest given it is a publicly listed company with shareholders owning it.

"We urge you to engage an independent third party now to canvas shareholders for their views, so you can understand which actions your shareholders wish their board to act on. We believe a demerger announcement will be one of their principal requirements."

Rather than perhaps viewing this from the perspective of one side versus the other and siding with one to win over the other it might actually be better to view things more panoramically and from the viewpoint perhaps of which respective share price(s) will win (by gaining).

All this publicly vented frustration at lack of definitive action and the blatant Undervaluation publicity certainly won't be doing anything to deter would be suitors @THG. *Of which there had been two previous - and prior to the Golden share having been relinquished.* Lowest known bid 170p. Apollo had to be much higher.

Many more twists and turns to come here I suspect and at the end of the day it always falls down to individual choice.

Happy to let it play out OhhAhhCantona both here and at Kelso.

So many permutations for what can happen and all this publicity on undervalue @ THG will only serve to attract in the next bidder. This time hopefully formally and with a price attached to it.

Lots of headlines today / tonight MrMagorium on him turning Pacman again. The Times, Betaville, Investors Chronicle...

Would need 10% in his own hands to get a seat at the Boardroom table should he wish, so you can probably guess whose hands you are passing your shares into if you decide to sell.

That though would only buy him the 1 vote unless he Bids for the lot.

Your a couple of weeks behind luckystar. This one came out yesterday and this afternoons dip was probably about finishing off a buy order from yesterday.

https://www.proactiveinvestors.co.uk/companies/news/1036210/thg-shares-lifted-after-positive-write-up-from-citi-1036210.html

At 110p by the way it would still be grossly undervalued.

Moulding needs 10% of Kelso in his own pocket to ask for a seat on the Board. I personally think he was in the market

Was manipulated down from nearly 22p.

Over 10 million traded during market hours.

Somebody closing a position before next week would be my educated guess.