Member Info for onsolidground

Clearly others have a different opinion.

"Kelso notes the Bloomberg Intelligence comment this morning and the subsequent significant fall in the THG share price. Kelso is of the opinion that the article headline of ‘THG unlikely to close a deal with Apollo seeing a profitable exit’ published this morning, could have been clearer and may have resulted in some confusion around THG. Kelso also notes that the Bloomberg analysts, in the article, attribute a sum of the parts value of £2.7bn to THG, c195p a share based on the number of shares in issue, more than double the current share price, which concurs with Kelso's view. The article went on to say that the THG board will not accept this price given the declined 170p per share bid last year and Apollo's need to buy at a sizeable discount to current fair value. Kelso is of the opinion that these points may not be correct and but do in fact reaffirm the underlying value of THG and the reason that Apollo is reviewing the business.

Whether or not Apollo ends up bidding for THG, we’ll all have to wait and see, but given Kelso's view of the strategic value of both THG’s nutrition and beauty businesses, as per the previous RNS of 21 April 2023, the board of Kelso would be very surprised if there were not multiple potential parties assessing THG as a whole or in part. Under UK Takeover rules, if there are no longer talks with Apollo then we understand that there has to be an announcement to the market immediately. If there are new multiple approaches for all or part of THG we would not necessarily expect to be formally informed.

Kelso also reaffirms its view of the fundamental value in THG, especially with the tailwinds the business is experiencing. Irrespective of the outcome of this process, Kelso firmly believe that in time this value will be unlocked, and this current interest from Apollo has strengthened our conviction."

It always starts to reignite my interest.

Looking like its just started.

Gtc

"It’s now a 30p drop from the high of 117p. Not sure we can blame Bloomberg for this solely."

Most of the falls have been accounted for by the large spreads. That should tell you all you need to know.

Present share price isn't anywhere near.

Https://shareprices.com/sectors/retailers/

But none of those mentioned are sat with an approach.

You can also add

~ Matt Mouldings regret or misgivings at having listed on the LSE

~ Money, time and effort involved in assembling a team of people for due diligence and a Bid team

Some of the factors that must be at play

~ Of the last Bids the lowest we know about was 170p

~ There were other Bids at that time not publicised to market0

~ Present share price 92p

~ Sum of Parts valuations much higher than where we are.

~ 2 Activist investors onboard publicising and drawing attention to the valuation gap. Shift from sugary products to low sugar and appeal to larger food manufacturers

~ Ex, Coty and Holland and Barratt, Senior Board members brought in by Apollo to assist

~ Golden share expires in September

~ Walk away and you can't return for 6 months

etc...

The real interesting bit will be how in the process of time and with the travel industry continuing to perform, how the market makers and players will shift this back up to TERP. Lets be honest 54p in old money for a company just having reduced its debt pile significantly and looking forward to a booming summer is a complete embarrassment for those that set the market.

808p is the TERP so still a lot of upward movemnet to come imo.

Just surprised that this has been dipped to such a bargain priceand particularly when Easyjet, Jet2 and IAG have all "upped" their guidance for the year ahead and given what TUI said yesterday.

Hopefully a nice forward looking statement tomorrow.

https://travelweekly.co.uk/news/air/tui-group-chief-rules-out-last-minute-summer-deals

Autonomy it has right up until 5p.m. on the 15th for an announcement so not 3 days but in actual fact 6.

It can then be extended by the Takover Panel at the request of the company being bid for (THG) and if the Takeover Panel consent.

Better to concentrate on the disparity between the present share price and that of previous bids and whether this will attract Apollo to make an offer or state an "intention to make an offer" within the 6 days.

No news is therefore good news.

Whilst we await more pertinent news its good to see that both Hale Country Club and Spa the King Street Townhouse Gym and Spa have both been nominated as Finalists for the Good Spa Guide Awards.

"THG Experience

2,631 followers

3d

Here at THG Experience, we are delighted to share that both Hale Country Club Gym & Spa and King Street Townhouse Spa are finalists for the Good Spa Guide 2023 Awards.

We pride ourselves on delivering unique and unforgettable spa experiences, so it is an honour to be recognised by one of the UK’s leading spa publications in two different categories.

Hale Country Club & Spa has been shortlisted for ‘Best Spa for a Countryside Getaway’ and King Street Townhouse Gym & Spa has been shortlisted for ‘Best City Spa’. Winners are voted by the public, and so we’d like to encourage as many of you as possible to submit your vote here: https://lnkd.in/dwhWpyC

The nominations are a well-deserved recognition for both properties and are a testament to the commitment we have to providing luxury spa experiences.

Voting closes on Wednesday 31st May, so be sure to vote before then."

Voting Form.

https://goodspaguide.co.uk/awards

Thanks dpws for clarifying and yes its a double negative.

Same stance all along Rock8.

I'm expecting either "an offer" or "intention to make an offer"

Present SP is too low relative to Sum of Parts in my view.

Personally I can't see the words "offer" or "intention to make an offer" not appearing over the next week.

SP is too far under the SoP of Liberium, Bloomberg and Kelso.

Should make better sense now.

Personally I can't see the words "offer" or "intention to make an offer" appearing over the next week.

At 98p the share price is well under the Sum of Parts valuations of Liberium, Bloomberg and Kelso.

Opening salvo is what we are after.

A fair offer with a commitment to invest and grow the business should win the day.

"Intention to make an offer" are the words that I am firmly expecting to hear.

Being frank the shenanigans of last week only served to make that even more likely by widening the price differential between the present share price and recent Sum of Parts valuations.

Also Apollo are in the process of sealing a number of deals right now. One sealed on Thursday and Betaville are carrying another story also as we speak.

Teams of people get involved in these bids from back office operations, to researching and analysing and conducting due diligence on any such Bids and arriving at a fair value for negotiators top then pitch at. Add in advisors and solicitors. Here we also know, courtesy of Sky, that Apollo have drafted in the assistance of an ex- Chief Executive of Coty (Camillo Pane) and a former Holland and Barret boss (Tony Buffen) as advisors.

Hear those words and up we should swiftly move to the middle ground between where we are and recent Sum of parts valuations.

Too much middle ground in between presently for that not to be happening.

Imvho

Matt Moulding knows that as well and I think thats why you'll find it gets taken private.

Hopefully an announcement at the end of next week (or by 5p.m. on the 15th) unless we get some form of leak over the extended Coronation weekend.

Anacott

"If, at or before the expiry of the "put up or shut up" period, the bidder withdraws its interest, it will be prevented from making an offer for the target company for six months".

And all the time The clock is ticking against Matt Mouldings Golden share going in September.

Totally concur with your thinking.

Handy to know what the takeover rules are, hence I was hinting earlier today that the 28 day period can be extended at the request of THG.

There is too much middle ground between 94p and 220p for them not to make a first offer. If were at 170p then I might have cause to doubt things but not at 94p.

Its then I think you will hear of a second approach.

The discount to sum of parts is just too much.

Enjoy the Coronation and any weekend press that emerges. Just been to Iceland myself for a nice little top up of MyProtein kebabs and pizzas for a family buffet.