Member Info for onsolidground

Just realised I missed one off the list of potentials

"What will we see next week. Matt Moulding over 10% @ Kelso. Definitely a lot of rounded trades going through there over there and increased volume. Do we see another Active Investor announce? Another shareholder coming out the woodwork to speak up? Strategy update? Rumblings of a hostile." or another letter from Kelso to THG under Section 303 of the Companies Act.

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

Have a good weekend and don't bust your fingers mouse clicking on all those last minute online purchases.

It's actually a shame we've got the weekend coming.

What will we see next week. Matt Moulding over 10% @ Kelso. Definitely a lot of rounded trades going through there over there and increased volume. Do we see another Active Investor announce? Another shareholder coming out the woodwork to speak up? Strategy update? Rumblings of a hostile.

In the meantime we detract from this being the Golden quarter and key time for online retail sales - and guess what - we make it through to Xmas and into the January sales without those Royal Mail strikes that decimated trade last year.

Never a dull day @THG

"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. Worth reading them in order to give you the full optionality.

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

Not @BOO and Not @OCD) Brewman91 - both ones we trailed yesterday as well.

Worth watching this column again as they seem to be following the twists and turns of the story and Ben Harrington is a bit like Mark Kleinman when it comes to getting the scoops. Twas he along with another who broke the news of Sparta Capital being onboard as a 2nd Active Investor @THG in March.

https://www.betaville.co.uk/tags/thg/

Canary

"I have no doubt that MM has substantial support and will easily see of any challenge."

Then he shouldn't have any problem granting Kelso's wish and getting an independent party in to canvas shareholder support. And why the need to buy and buy further in the Activist Investor speaking up on behalf of all shareholders frustrations. He's had many years to get the Ingenuity whales and GMV he's talked about and presently for some reason their is no impetus to drive the share price up - despite so much good advice.

May I suggest you read the letter and OVMK's statement for things are going to come to a head, one way or another.

https://www.lse.co.uk/rns/KLSO/update-on-thg-investment-8ed3mbr3yyxu6la.html

https://www.businesswire.com/news/home/20231208382131/en/Statement-From-OVMK-Asset-Management-Netherlands-Regarding-the-Recent-Publications-on-THG-Plc

Imvho

Finally some movement. I thought they had forgotten about us yesterday.

Shouldn't be publcising your trades or holdings on public bulletin boards

Imho there a bit of position closing going on. Was visible last night in the after hours trades and possibly now on the dip which looks structured.

There is too much optionality there and all it is going to take is the first signs of an asset sale or somebody sniffing around the company. All of which have the potential to leak.

Just reinvested the equivalent today, in advance. And a little bit more.

"There will be others watching and a hostile bid has to be another candidate given the frustrations."

One that publishes a bid price for all to see and decide on for themselves.

Train Tracks

"Maybe MM has been rattled by Kelso’s activist stance so hopefully this is the start of a process to realise underlying value, whatever that process turns out to be I don’t mind."

No doubt about it that he has been rattled by Kelso's letter, and it's implications. The letter was all about challenging his and the Boards authority and direction which has not been working in terms of the share price - and they have been sticking two fingers up to all sound advice to resurrect the share price? The letter was all about urging for a shareholder vote - but it also acted as an open advertisement and invitation to contact Kelso. OMVK for one came out and are effectively saying kelso are correct and its time for clarity. That's clearly hit a nerve as 1 week later he Ups his Kelso stake.

MM relinquished his Golden Share and contrary to previous suggestions he had 50% support in the bag to close the door on the Apollo bid his present actions lead you to believe he feels insecure re that 50% support.

It will irk him that he doesn't know what pledged support Kelso now have (and bear in mind that can come from both Institutional Investors and PI / Retail Investors) or indeed what they are plotting as teir next move. Hence what looks like an attempt to gain a seat on the Board.

So many permutations for what might happen but perhaps a 2nd Active Investor might pop up on the shareholder register. There will be others watching and a hostile bid has to be another candidate given the frustrations.

Just imvho

MM I believe would need 10% for a seat on the Kelso Board.

That leaves him 4% short and it should be entertaining watching him acquire the further 4% if Spreadex have stopped selling. They (Spreadex) had held more than he actually required prior to this mornings RNS.

This has to be the fear.

"Rajani was previously, director of communications at Elliott Advisors, known as one of the most aggressive corporate takeover investors globally, having built stakes in mining giant BHP, big pharma company GlaxoSmithKline as well as property firm Hammerson and brewer turned hotelier Whitbread, owner of Premier Inn and attempted to work an angle on Manchester United Football Club."

I still maintain that the recent appointment of Sarah Rahani (Ex - Elliot) to the Kelso Board is the key to what is happening here. Everything is done for a reason.

https://www.thebusinessdesk.com/northwest/news/2122238-thg-and-ncc-stalker-kelso-hires-expert-in-%E2%80%98executing-successful-campaigns%E2%80%99

Moulding and Monro incidentally are up to 9.2% of Kelso between them.

That 9.2% effectively in THG hands through Moulding and Monro's holdings.

This rockets on the slightest whiff of an asset sales for the situation turns on its head.

Takeover approach and we are in heaven. Remember what happened at Home Retail Group when Sainsburys appeared out the blue with a takeover approach.

MM definitely feeling threatened by whatever Kelso have up their sleeve.

Have they been canvassing large II's for a Section 303 Companies Act vote which could see a confidence vote in the THG Board or to deliver a set percentage of support to maybe the likes of Apollo returning with another approach and with a stated price for all to see.

Gripping stuff and no doubts about it that its Pacman Defence stuff now.

But was it for a Section 303 Companies Act vote or for their support should a *bid* come forward.

Oh he definitely feels threatened to be doubling up.

Wouldn't be selling either of these now as this one is only just getting started.

This is all playing out just as expected.

Kelso must have been canvassing the large II's and word has got back. But was it for a Section 303 Companies Act vote or for their support should a bod come forward. Nothing stopping them going to Apollo or another saying they have X% in the bag who would vote in favour.

There definitely hasn't been the volume passing through daily at Kelso since last Moulding and Monro's last RNS to justify the rise so it has to have been a direct approach to Spreadex.

This gets more gripping by the day and don't rule out a bid for either emerging imvho.

"So, if Petrofac generates cash from asset sales, its financial health improves along with its ability to secure these bonds."

Highlights the options and that's the sentence

And we know they were already in talks with US specialist situation funds prior to the RNS of the 4th December when they effectively put the For sale sign up over the assets. At £100M the For sale sign was already up over the group.

Still think PFC gets a takeover approach given 3 entities have previously parachuted in advisors and been running the slide rule over the business at much higher share prices.