RE: Taking THG Private17 Dec 2023 07:44
I don’t disagree with a lot of what you have said however I cannot understand what MM is doing with Kelso..they have said they want the SP to be higher (as do I) they want the strategic update on the business and how divisions are going to be spun out (as do I) they reference a low ball opportunistic bid (which I am worried about) so I don’t think Kelso are the problem here..let me make some observations:-
1) Kelso have clearly been contacting some of the larger shareholders
2) one of these could have been Angus Monro, MM got wind
3) MM decided to try and show Kelso who was boss by buying into Kelso and getting his pal Monro to do the same.
4) Kelso want SP growth and strategic update
5) MM does not want SP growth or to give the strategic update about spinning off (as this will make the SP rise)
6) MM wants to take private for as cheap as possible and does not want people meddling until he’s been able to raise the capital
7) Kelso ref a low bid - I think this is in reference to MM trying to take it on the cheap..
8) MM is acting like a spoilt little brat in buying into Kelso (this has nothing to do with him buying shares through the back door on his own company - the sums are to small)
9) if he’s acting like this with a relatively small shareholder who wants SP growth how the hell is he going to act with people within his business that have the audacity to question the SP and lack of strategic update..clearly he’s some sort of control freak..hence no one is going to question him in the business..
All these people saying he won’t take on the cheap, charities, friends, made statements about low offers (he has never disclosed value of offer - on purpose I suspect ) etc..you are wrong..he will try and screw us and the people who he doesn’t want to screw will be looked after in some way..
My view is Kelso are doing the right thing here and are trying to generate some SP growth which MM has failed (deliberately) at..the problem is our sadistic CEO..