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It just needs Elliot Management to appear on the @THG shareholder register and the fuse would be lit. Imvho there was a very good reason that Kelso brought in Sarah Rajani (Ex Elliot) to their Board and which timeline wise looks like the catalyst for Matt Moulding and Monro buying his Pacman Defence shares over there.

Never a dull day @THG.

"Message to MM, do something, or someone else will do it for you."

I'm on the same hymn sheet Sp28.

OVMK breaking ranks and speaking out - when you have an Active Investor onboard in Kelso (maybe 2 - Sparta??) is probably the biggest single most important event this year.

Hopefully the start of a path to an unlocking event - one way or another.

Significant statement by OVMK and hopefully this now starts the ball rolling for a strategic update or we might be seeing some changes in the Boardroom.

In a nutshell - if Kelso can rack up 15% in support from II's then the "35% fast cash" as they are referred to could pass any resolutions to replace directors - and in essence replace what is holding this share price back. Boohoo did it recently at REVB with Kelso's Goold was a Non-Exec there and whereby they ousted Bob Holt, the CEO at the time.

This will be something MM is acutely aware of.

Interesting times and not the time to be letting go of any shares you have, thats in either THG or Kelso. Imvho.

PFC put the For sale sign up over parts of the business whilst right in the midst of the MENA region itself whilst at COP28. Any shorters just placed a bigger for sale sign up over the full of PFC by putting it in play.

There is a resilient business here with record orders, that with a capital injection and rejigging somebody can pick up for a song.

Just imvho.

That's the first to break ranks and it's now game on Sp28.

Kelso's missive to the Board and publication yesterday was about more than pointing out the undervalue. It was also a shrewd ploy to attract others into their camp and to get them to contact.

It's been clear for months that although MM thinks he has 50% plus in II support - none of them are buying the shares at this level to support the share price and in the meantime MM's stubborness to enact what would clearly be share price moving actions is bringing this to a head.

Remember what I posted yesterday and don't be surprised if you see this pop up imminently, or a hostile bid.

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

If what you say is correct PC then the Barclays note is just telling everyone what is abundantly obvious - that a market cap of just over £100M for a £6Billion order book (and probably more to come post Cop28) is far too cheap.

Happy to wait for the 20th December update to see what we get on the quick fix first half and any news that may come in between.

Pmh you could be right but in THG's favour this year are

1. That online sales over the Black Friday Cyber Monday weekend (and since the start of November were up in the UK (As were BF / CM numbers in the US also)

https://www.reuters.com/business/retail-consumer/uk-online-spend-rises-56-over-cyber-weekend-adobe-2023-11-28/

and

2. There are no mass effect Postal Disputes that decimated online trading last year. Postal strikes dominated the news last year everywhere you looked and the fear of not getting parcels for Xmas caused LOTS of customers to pay more in the shops. Delivery backlogs were weeks and weeks. The UK represents 1/3 of THG sales and this was key Golden quarter trading.

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

So you might be right, you might be wrong but this years numbers should be against Soft Comparitors from last year.

Lets see what information we get on the quicker fixes, 1st half of the plan come the 20th.

We know that talks have been ongoing here on at least one limb of the options to enhance PFC cash.

"Management has been making progress in organic actions to unwind working capital, collect receipts on ongoing and new contracts and to unlock long-outstanding commercial settlements. In addition, Management is considering the sale of non-core assets, and is actively engaged in discussions with financial investors to take a non-controlling position in certain other components of the business portfolio. As part of an overall plan, these transactions would result in a material improvement on the balance sheet."

https://twitter.com/baroninvestment/status/1731648852761960715

A mere £103Million market cap tonight for the whole of PFC with the strength of the order book as it is and probably more to come says "in play".

Thanks for that calculation E_AL

I'm more interested in where the other roughly 11.5 Million shares went today, amidst a recovering and rising price?

Well I've done ok on my just over 400p buy ins so have taken profits and am happy to leave a bit in there for the next person.

GL all.

I think if you read my post back licker I was referring to MM and not IR.

There are big things that can be done to enhance shareholder value, but they haven't been (yet!!)

That was the point I was making.

Here's why I think news will come in two halves. From the PFC RNS

""Management has been making progress in organic actions to unwind working capital, collect receipts on ongoing and new contracts and to unlock long-outstanding commercial settlements. In addition, Management is considering the sale of non-core assets, and is actively engaged in discussions with financial investors to take a non-controlling position in certain other components of the business portfolio. As part of an overall plan, these transactions would result in a material improvement on the balance sheet. The Company is also exploring potential new financial options across all its classes of capital."

Better read this way.

1rst Half

""Management has been making progress in organic actions to unwind working capital, collect receipts on ongoing and new contracts and to unlock long-outstanding commercial settlements. In addition, Management is considering the sale of non-core assets, and is actively engaged in discussions with financial investors to take a non-controlling position in certain other components of the business portfolio. As part of an overall plan, these transactions would result in a material improvement on the balance sheet.

2nd Half

The Company is also exploring potential new financial options across all its classes of capital."

Should all become that bit clearer come the 20th December update and happy to hold for any half time result

There are a lot of people who are fans of Matt Moulding however in the investment world it is best not to get too emotionally attached to any share or individual.

You do have to ask yourself why, given all the share price enhancing advice that has been given (Plough on with Premium Listing, Assess Strategic Options / Seperation, Buy back your own shares at this low share price, RNS' ing more etc - why virtually none of it has been done.

Lack of any impetus to improve shareholder value by meaningful strategic steps is where Kelso are coming from and you will not find many who disagree as the present visible Board actions are doing very little to raise the share price

Things will come to a head and I think soonish, so what might they be.

1. Relisting THG Nutrition seperately (and instantly highlighting the value in Beauty and Ingenuity)

2. Resolution to replace certain directors (easiest way to get rid of any resistance to enhancing shareholder value)

3. Hostile takeover approach

4. MBO and take private.

My thoughts also fwiw is that someone is accumulating here and not wishing to pay much more than 80p / 82p for what they are picking up. Hopefully its Elliot

So now we know that on the 30th October, and prior to Matt Moulding (and Monro) buying their shares, Kelso sent a missive to the Board of Director impressing on them for a strategic update and specifically demerger / seperation action, (and also expressing theirs and everyone else frustration @THG). Looks like a definite cause and effect re the Pacman defence purchase to me.

The big question now has to be whether Kelso will pop up a resolution for Board change. It wouldn't be hard to get the 5% to invoke an EGM and get a resolution tabled. Its a ploy Goold is well aware of, for Boohoo used it whilst he was an NED (and probably the brains behind it) to replace the CEO at REVB. Its a direct lift from their Armoury of Tools in one of their previous presentations.

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

dyor.

TUI yesterday expressing an intention to leave only yesterday and Smart Metering Systems now taken over by KKR. The rate of exodus seems to be noticeably increasing. Been too low for too long.

Our value unlocking moment is coming - one way or another after this mornings Kelso's RNS.

...it's quite a shrewd *ploy* by Kelso...

Thanks for that timeline Sp28 I was just about to check back myself on when Sarah Rajani joined the Kelso Board.

This mornings public RNS highlights the lack of action and it's quite a shrewd ply by Kelso for its two pronged imo.

Yes it is after that unlocking event and the resurrection of shareholder value.

But it is also a reach out RNS also and I wonder how many of the THG large Institutional shareholders will contact John Goold in response. If you gain more than the 5% on your side to table an EGM resolution then you can always go back to MM and advise him so.

Looks like the fireworks are only just starting.

There hasn't in truth been any change to what the company has RNS'd

One brokers thoughts here, another brokers thoughts there. But we do seem to have had some corroboration regarding discussions with a Special Situations fund.

"Management has been making progress in organic actions to unwind working capital, collect receipts on ongoing and new contracts and to unlock long-outstanding commercial settlements. In addition, Management is considering the sale of non-core assets, and is actively engaged in discussions with financial investors to take a non-controlling position in certain other components of the business portfolio. As part of an overall plan, these transactions would result in a material improvement on the balance sheet. The Company is also exploring potential new financial options across all its classes of capital."

Canary3

He does have many endearing qualities but the present share price in its undervalued state is speaking volumes that this needs a different, or speedier approach. Matt Moulding did mention seperate listing for THG Nutrition on the last results webcast so hopefully he can be the one to unlock the value via strategy update and demerger news.

As others though have pointed out (on linkedin and here) this is a publicly listed company and its there should things need to be tested. It was used at Revolution Beauty to bring about change.