Member Info for onsolidground

Samb69,

In truth I don't think Kelso have said much since October last year.

Ironically should their reporting follow the same pattern as last year then both theirs and THG's updates should fall on or around the same day - 30th April. Given the fall in the THG share price from their average of 57.5p unless they have had CFD's covering the downside I am not overly optimistic over at Kelso.

No THG placing uptake RNS off them either.

Pearls if all that stock needs cleared as you suggest and Frasers / Mike Ashley are clearly stakebuilding then why don't they just approach the bookrunners and offer to buy the lot? Or are they waiting for it to sink or be algo'd down a bit more to then put an offer in for the remainder?

I, like several just don't understand how it sits with an existing position to be happy with it continually lowering, unless you have a Call option across the back.

Still no large takers for the stock at 31.2p 31.3p. Incredible !!

It really looks like MM has lost the support of his major shareholders. We know the two main LTH's blanked the placing and now nobody is buying.

OK today is Trump tariff day so that might explain some of the general mallaise in not only THG but the markets in general.

Pearls I think given the lack of enthusiasm off other buyers it will be Frasers / Mike Ashley who are accumulating more. On the one hand they like cementing partnership relationships with stakebuilding but in the other hand they also spy refinancing situations and stakebuild to become active. BOOHOO a recent example.

Today most shares I was watching had subdued trading levels and I think markets are just treading carefully, being wary and biding their time ahead of Trump tariff announcements tomorrow. Once the impacts of that are known then it's only a couple of days to a new financial year for ISA allowances.

Russia stating it can't accept the present peace deal as it stands (and wants more conditions) and then in the same breath Putin increasing his subscription numbers to have an army larger than the US isn't a good sign.

Might align him Donald J Trump with Europe again and to get him to once again bolster his military aid and support for Ukraine.

It needs sorted and soon.

I didn't initially Shabz83 but given 2 placings and him being down on his investment in THG I now think otherwise. He is a city seasoned professional who has been through the mill and built up what was a FTSE100 company at one point and having smashed opposition like JJB Sports and Dave Whelan. He knows what is needed to deliver and what's normal corportae best practice and he would not hesitate to challenge and to take advantage if he thought there was an opportunity.

Can you just imagine him turning up at a first Board meeting? Where's the Chairman? So what's the strategy? Why is everybody wearing T-shirts and trainers? What plans have we got over the next month for direct engagement with the City? Don't we have anybody from Investor Relations represented? ...

I think he will acquire further then it gets highly interesting and we might find his name on the AGM ballot sheet.

We should seea challenge emerge soon enogh though is Frasers / Ashley gets above 12-14% and can request a seat in the Board.

I can't wait for that showdown with Ashley after a position on the Board and perhaps a challenge to replace the CEO with himself.

That would be Sky Box Office that one.

Couldn't agree more that it looks undervalued.

Where though is the bottom on this? It's hard to call.

The buy side for shares has all but dried up and is just feeding daily whoever has the sell side algo's and who indiscriminately just hit the share price on any and every negative piece of news, that's company or wider economy related.

Can anyone advise if this has any parallels with what happened at BOO?

So a reduction in percentages off Balderton also so it looks like they didn't participate in the Placing either.

Somebody is losing II support. I can see it, you can see it, why can't they.

There is either 1 of 2 things going on.

1. The market makers with extra stock to pass on, and not shifting it due to limited buyers, have started to drop the price to move it on.

or

2. It's Frasers / Mike Ashley's or another's algo's or CFD's dropping the price to gain them a lower overall average.

All I'll say is that whilst it is dropping Ashley won't be happy and never likes losing on his investments and this could well now follow the path that BOO followed with challenges and request for Board seats and it's hard to resist when the share price is constantly falling. In essence they become an Active Investor but the difference being that they have the firepower that Kelso didn't.

One things for sure - that's Q1 over - and Selkirk don't seem to have made an approach for anything in Q1 as they had hinted at.

Kyk,

Frasers / Ashley's present shareholding can't be too far off the level required to request a Directorship on the THG Board and to be sat in on THG Board meetings. Wouldn't imvho be a bad thing as it would result in challenge and questioning of the present status quo.

Don't forget their first investment and the their demerger Placing monies are both under water.

That's how I read it also OhhAhh,

So QIA have not participated or supported in either Placing.

Mover123

"and to be fair they've done all the things the market wanted including getting rid of golden share"

Mostly they have, but I think many would query that given the present Board structure and invisible Chairman that the Golden share never ever left the company. Just look what's happened at Ingenuity and who has majority ownership and what will almost certainly happen here come December and beyond if the loan conversion takes place.

Given present volumes and lack of placing uptake I honestly think that MM has lost the support of most of his major institutions or they have simply written off their investments, what with 2 successive placings in quick succession to dig them out of a hole. You would have thought they would all be lapping up shares at this level, but nobody is putting their hand in their pocket other than Ashley / Frasers who could if he wished asset strip this company and realise fuller value in about a week to a month.

I'm not optimistic about the next update for I thought they could have provided more reassurance with the Placing and Convertible Loan literature and could have put any doubts to rest, especially given how close it actually was to the Q1 end. It would have also served to enhance any uptake and they didn't do that.

Lets hope Ashley increases further. If that happens prior to the AGM then things could get very interesting indeed particularly if Q1 turns out to be another numbers miss. Imvho.

Yiab, so he needs to get AGM approval and he's vulnerable now until December as he doesn't actually hold the shares until conversion takes place.

OhhAhh,

Has Ashley not got until 15th October to accumulate or get a bid done and dusted should he wish?

"i. An unsecured non-interest bearing Convertible Loan by Matthew Moulding which will raise up to approximately £54.6m

· The Convertible Loan will be convertible into newly issued Ordinary Shares at the Placing Price (or if the ABB terminates, at a price determined by the Company), subject to adjustment upon the occurrence of certain events, on or after 15 October 2025 conditional on shareholder approval to do so being obtained (at the Company's 2025 AGM)."

"The Ukrainian government was contacted for comment."

Not exactly the story or headlines you would be wishing as the Ukranian Government if you are trying to move forward to peace and reconstruction.

Wouldn't mind a look myself at the Notice / Document to which they refer.

Will we see a large UT and after trades.

If so, Ashley my guess.

Moulding I suspect will lose if he goes head to head with him as he is a skilled operator.

Only for Hyrox and some Australian partnership rights.

So yes they could go hostile.

Ashley will want his position as low as he can get it. All the better of his average is under that of Mouldings.

Ashley I don't see as friendly and he will be wanting to get his average down as low as possible so will be using algo's and CFD's to bat both ways and to keep it where it is or reduce it further should he need to.

The magic number for him will be 25% for you can stop a lot happening that needs 75% of the vote if you get there.