Member Info for Phill_M

Surprised no one is looking at Glanbia results and seeking comparisons - they too highlight how Whey prices have affected the bottom line.

Well the AGM results tell us that II have not revolted.

The market is telling us all we need to know - no confidence in the numbers, no confidence in the outlook, no confidence in the leadership.

Simply appalling.

What interests me is the big issue with paying for Ingenuity services. Selection, packaging and postage of products is an expensive game (look at Amazon with thousands of their own couriers) - if we were not paying Ingenuity for these services we would be paying someone else for them. Everyone had a chance to get some skin in the Ingenuity game when it was spun off - it was a choice. I'd rather have Ingenuity looking after the logistical supply lines for THG than another 3rd party. My opinion that the services are first class and contribute, positively, to the THG shopping experience.

Just think we could have a 3rd party provider delivering mediocre service for an equally huge sum of £££££.

JD Sports is also getting hammered. They have a trading update and outlook presentation next week - so will be interesting to see their take on the current situation including tariffs. I know they are in a completely different space to THG but retail has been hammered so much lately that it will be interesting to listen to such a large retailer with a significant worldwide footprint.

"And we now realise, after yesterday's about turn, that the 23.3m stock overhang has, at last, been cleared."

Not sure I agree with that statement. We have again hit an ATL - which would suggest there is more to go.

I think we will see a substantial change in direction once any weakness has been taken off of the table...until then I am holding out and not buying or selling.

That said, like everyone else, this is a painful watch from the side-lines and I can only hope to see a reversal soon.

Every day seems to reach a new ATL. I don't see much changing until Q1 Results - and who knows which way it goes after that!!

At least it explains why no one wanted shares on the open market. Why pay 36p when MM is giving them away for 32p the next day. Crooked as Hell.

Has anyone else noticed that all things THG seem to have gone very quiet on Linkedin. Normally I see posts daily from one of their many accounts but nothing now for days.

Ominous!!

What we really don't know is whether MM sees MA as 'Friend or Foe'.

If 'Friend' then I see collaborations being worked on.

If 'FOE' then I see similar dangers to those seen over at BOO.

I sincerely hope it is 'Friend' and we see the roll out of THG products across Frasers outlets.

I suppose we can only hope until we see something concrete!!

It wouldn't surprise me to see Frasers and THG working on plans for getting Beauty concessions across the House of Frasers stores with an extensive product range.

Also, it wouldn't surprise me to see Frasers and THG working on plans for getting extensive MyProtein products into the Sports Direct shops.

Both of these options would, in an instant, open the doors to millions of shoppers who are currently unaware of THG businesses.

It seems to me like it would be of benefit, and a natural fit. for both MA and MM.

The results were pretty flat (while we were all hoping that Black Friday and Xmas would have been reported as being bumper) - and if the SP was anywhere other than sub 50p I would expect it to be hammered but at 38p/39p - I expect to see some gradual realisation that the market has this priced wrong and for it to see something of a move up - albeit slowly and I have no idea where I would expect to see it settle.

I think the problem is that the market is struggling to see where it should be at the moment.

Am I right in assuming that those trading today are not taking part in Newco?

Funnily enough my shares are no longer showing on my Halifax dealing account. No comms notifying me.

There are 2 actions:

1. To vote for the Demerger of Newco from Remainco. It requires 75% of votes cast to be successful. I assume that MM has a handle on the vast majority of Shareholders and that they know it will pass or we will all be forced to carry on with the Status Quo.

2. To elect to sacrifice a percentage of your Remainco shares for Newco shares. If you cannot submit you election then it is only an issue if you wish to take up your option to invest in Newco. If you have no interest in an investment in Newco then simply do nothing and you remain with the same shareholding in Remainco within a smaller total share number.

I use Halifax and just received an email to respond to with my vote on the demerger. Do we have to wait until the results of the vote before deciding whether or not to take a stake in Newco?

I have been here since Oct 21 when my first THG purchase was £2.7955 per share.

I have since traded my way out of a whole lot of trouble - but I am still some way north of the current SP.

While this deal may mean that Ingen is demerged and it appears that there is little gain for shareholders, it is clear (to me anyway) that there are few other options. Allowing Ingen to be a parasite to Beauty/Nutrition for any longer than necessary has become so unpopular it is no longer a tenable scenario.

I am ready to risk some shares in Remainco to hold a stake in Newco. I suspect that within a few month I will recoup what I sacrificed in Remainco to be a shareholder in Newco and will then have a free ride in Newco.

Clearly it is a gamble - and my hope is for an IPO at some point in the future -but it is a gamble I am ready to take.

I also see, from the Circular, that MM has undertaken to take more than his guaranteed allocation of B Shares in Ingen if that opportunity arises. Having been around for quite a while, I get the feeling that many 'ordinary' shareholders are likely to invest in Remainco only (either due to ISA rules or a lack of appetite to hold shares in a Private Co). I suspect that this will allow MM the opportunity to invest more than his guaranteed allocation in Ingen - so he will have an increased interest in Ingen and a decreased interest in Remainco.

Timeline may differ as some shares become deferred shares for 12 months but the principle remains the same.

This is how I see it:

You currently hold Ordinary Shares in THG and you have options to hold Reminco only or you have an option to hold a combination of Remainco and Ingen.

If you wish to hold Remainco only then you keep all of your Ordinary Shares in Remainco.

Ultimately there will be less Ordinary Shares in Remainco because those electing to invest in Ingen will have a percentage of their Ordinary Shares converted to B Shares. These B Shares will then be cancelled once Ingen Shares are distributed (certificates) so there will be less Remainco Ordinary Shares in circulation (equivalent to the No of Shares issued in the Fundraise as those not taken up will be picked up anyway).

If you wish to invest in Ingen then you will sacrifice some of your Remainco Ordinary Shares for B Shares. These entitle you to Ingen Shares (Certificate) but will the B shares will then be cancelled once your Ingen shares are issued - you will have less Remainco Ordinary shares but since the the B Shares are cancelled then there will be less Ordinary Shares in circulation.

Only if the number of people taking up Ingen shares is not full then might you be able to sacrifice more than your allowed allocation of Remainco Ordinary Shares for B Shares that become Ingen Shares.

Happy to be corrected - not easy to lay out in basic terms.