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If somebody has been prepared to pay £600M for Nutrition alone and this is well above the present market cap then the Beauty side on Wikipedia just adds significantly to the undervaluation.

Here alone are the Beauty constituents on there for what THG paid for them and a quick tally shows it can't be far off £1 Billion paid, and you are not telling me that there isn't significant value in many of those and some will have grown in value. Several of which in my own opinion could IPO individually in their own right, like ESPA, like Lookfantastic etc.

Cult Beauty 2021 Paid £291.3M

Dermstore 2020. Acquired from Target. Paid £260.9M

Perricone MD. 2020. US Premium Skincare brand. Acquired for £51M

Lookfantastic: 2010. Paid £19.4M

Bentley Labs (Prestige Haircare and Skincare Manufacturer in New Jersey). Paid £180M

Acheson and Acheson. UK Based cosmetics developer and manufacturer. 2018. Paid £52.8M

ESPA. 2017. Paid £68.2M

Illamasqua. UK Make-up Brand. 2017. Paid £16.9M

Eyeko. Eye cosmetic brand. 2018. Paid £16.5M

Skinstore. Online US and Australia. 2016. Paid £17.9M

Glossybox. European supplier of Beauty boxes. 2017. Paid £17.5M

Grow Gorgeous. Canadian business. Undisclosed

Skincare RX. US online2016 Paid £4.4M

Christophe Robin. French haircare Brand. 2019. Paid £44.7M

Biossance – 2024. $20M including inventory etc.

Mio Skincare. Uk based. 2016. Paid £3.7M

https://en.wikipedia.org/wiki/THG_plc

Fugazi markets for sure.

Half the top end of what Kelso tabled for Nutrition and its refinanced till 2029.

Astonishing really but it gets those AGM votes flowing. If the share price is the market speaking, then it wants change at the top.

You'd love to be a fly on the wall at the THG Board meetings.

So it's progressed to due diligence with Ashley and Frasers and he's one of a number of parties.

Won't be perceived as friendly by THG given his expanding beauty empire if he is pitting himself against Moulding whom I also suspect will be one of the other interest parties. THG with it's own manufacturing and existing DTC of the brand though could probably extract the bigger cost savings and synergies.

You're not alone the.Italian in not being privy to the transformation of Flannels, from high end clothing into almost a half-size mini-department store concept and incorporating Beauty ranges. More in large shopping centres like Bluewater, Westfield, Meadowhall, Metro Centre and the like but also on some High Streets.. Most I think still associate Ashley with Sports Direct and think Nutrition could be his THG interest for SPD & USC, the Gyms & Frasers but they also have a Beauty string to their bow and the Kleinman article shows that Ashley is at the minute also interested in a Beauty brand atm.

I just find it intriguing that Nutrition, and Beauty and it's many brands could all or individually appeal to Ashley / Frasers and here we have the share price at 23.5p and him increasing and now at nearly 13% yet the market is unrecongnizant of the fact.

Then add in the fact he can be as challenging and as activist as they come, and you certainly won't have him over without a large legal bill and time at Court.

Good afternoon the.Italian

Ashley knows what he is after and it's control of BOO / Debenhams first and foremost, and if gets the meeting with the Chairman then somewhere in there and he gets an unfavourable reaction he touts buying out the BOO / Debenhams stake in Revolution Beauty (REVB) for cash. They have a high holding approaching 30%. The REVB stake though might well actually be his intention all along given Mark Kleinmans article, but dressed up to just see what he could get. He's skilled at what he does and far more City saavy than Matt Moulding. But note and it's a wise one - that Ashley uses Solicitors at every cut and turn, and courtrooms if he needs to.

Two articles this weekend on Ashley. The Telegraph one you mention and the Mark Kleinman one on him studying a bid for REVB but that also highlights the expansion strategy of moving into other categories. Make no mistake through Frasers and through his evolving Flannels brand which is turning into Department stores in their own right he is interested in Beauty. Visit some of the big shopping centres and visit a Flannels store and you'll see they now have Beauty sections front of store. Or take a look at his website.

He could greatly help Mouldings last stated ambitions to expand Beauty into the High Street tomorrow if he wanted. Say ESPA, Illamasqua, Christophe Robin, Biossance, or Cult Beauty or Lookfantastic as concessions instore. Equally though we know he's interested in Beauty brands and with a now near 13% could also be looking for the bigger rich pickings.

https://www.flannels.com/beauty

He'll have his eye on THG Beauty Brands also hence part reason why he is accumulating. Lookfantastic, Cult, Glossybox, Illamasqua, Christophe Robin, Biossance, ESPA...

Matt wanted Partnership Buy Ins and people to pay premiums like Softbank did, but not to gain 51% control, which was one of the reasons for declining the Apollo. Unfortunately nobody is interested with this BoD's track record in failure to deliver.

But Ashley is showing a pure master class in accumulating a large holding in something that would be a strategic fit and not paying over the odds. Most recent increase in stake - 30% cheaper than Mouldings strike price for his £55 / £60M Convertible loan.

Lots of twists and turns to come and THG themselves will be looking at REVB. If you can sort the financials out and tweak the strategy its a very popular brand and it's cheap imo.

So Mike want's a slice of Beauty now as well and when Moulding might have been the more obvious purchaser of REVB.

Would provide him with a nice new brand to slot nicely into both his Frasers and Flannels stores. There is a very good reason why he is accumulating here - both the THG Beauty brands and the Nutrition side would do exactly the same

Iain Mac over at REVB did say there was plenty of interest.

https://www.thisisthecoast.co.uk/news/national-news/ashleys-frasers-explores-bid-for-ailing-revolution-beauty/

Spoke too soon on them refraining.

Trump now talking about selling his Tesla.

They'll be playing golf together at Mar el Lago come Sunday.

Doubt MM bought in later either what with Oliver Helmsley, founder of MM's arch nemisis NUMIS appointed at Selkirk's part parent Kelso.

https://www.londonstockexchange.com/news-article/KLSO/oliver-hemsley-appointment-selkirk-ipo-update/16752640

MM was never named as a shareholder in Selkirk

https://www.londonstockexchange.com/news-article/market-news/schedule-one-update-selkirk-group-plc/16746619

The.Italian you are absolutely correct. Moulding has never ever been named publicly as a shareholder in Selkirk. You can check the Schedule1's and revised Schedule1's from time of listing and where it named a few.

stanleyb, Selkirk will bid again for Nutrition or another company, and at some point will succeed. That's when the Directors start to get paid. Until then it covers its running costs of £7M raised, in the bank.

Ashley won't let it happen imvho.

Now there a man not afraid to fight his corner legally and through the courts.

I'm tempted to agree with you shaml89 but it was communicated by both sides after being declined and it would be some elaborate hoax for somebody to spend good money setting up a company, listing it with costs and raising £7M to create a said acquisition vehicle. The it gets put through THG's taekover scrutiny advisors before rejection. Door was left open for a return though if circumstances change.

Indeed Pmh198 but Selkirk tabled a bid for £400M to £600M just for Nutrition itself and for some reason Mike Ashley and Frasers just can't seem to get enough of it. I take it you missed the increased holdings RNS yesterday or the discussions on perceived intentions since.

And all the while this near all time low share price gets people exercising both their voting rights and their ability to attend the AGM.

Hindsight is a great thing but the Board should at least have informed the market of the Selkirk approach when it was made, and then taken some time to digest and consider it. Then be of a mind to reject and see if they improve. That's what other CEO's and Boards. Wouldn't it be funny if another Selkirk bid appeared after the CLN gets clearance.

Dipped back a bit Kums as people are now awake in America and going about their daily business.

Just need them both to refrain from any further animosity.

Mikes algo's working overtime by the looks of it and trying to accumulate on the cheap, but not much up for grabs.

If it were Ashley / Frasers buying on deadline day for the FTSE250 review then there's a fair chance of a second TR1 either later today early next week.

Somebody is playing with the price to try and accumulate. Slow game though.

There you go its improving already.

Ashley is here for one of two things, the price weakness and to profit vastly or it's for the rich pickings of Nutrition into his Sports Empire and Beauty into both his Frasers and Flannels Departments stores and online.

He's not into timeshares. No need to share.

Bit miffed that Elon / Trump romance breaking up has caused this impact. Neither backs down so it'll probably intensify before it calms. Elon may well have got Trump elected but Trump as we have all seen can unleash economic woes on both businesses and countries in a flash. Putin might offer himself up as a peacemaker. Lol

It'll blow over eventually.

Shame really as it was building nicely into next update.