Member Info for Redacted

Table reformatted:

Total bonds.....................o/s............Held by Genel..........Net bonds

At 30 June.......................300............(52)...........................248

Tender 6 August..............-.................(107).........................(107)

Call ..................................(75).............-

TOTAL...............................225............(159).........................66

CANCELLATION................(159)..........159............................-

CURRENT..........................66...............-...............................66

I received a reply from Luke Clements (CFO) clarifying the status of the bonds:

Regarding your enquiry:

1. We had $300 million of bonds in issue at 30 June, of which we held $52 million from previous bond purchases – meaning the net bonds in issue were $248 million

2. We announced a bond tender on 6 August (the day of our half year results)

3. From the tender we purchased $107 million bonds (21 August)

4. We then called $75 million of bonds recently on 16 October

5. We have now cancelled all the bonds that we held

Table below summarises:

Total bonds o/s Held by Genel Net bonds

At 30 June 300 (52) 248

Tender 6 August - (107) (107)

Call (75) -

TOTAL 225 (159) 66

CANCELLATION (159) 159 -

CURRENT 66 - 66

Some here are still in denial over what is happening. I, and it seems a few others now, have moved on to anger.

Regardless of what we speculate/think/want/hope/pray might happen, the market works with facts. And as the facts stand they don't much like what they see. Share price is very much a forward looking metric of a company's prospects or potential. So if the market really believed a re-rate was warranted it would already be reflected in the SP, but they don't, and it isn't. And if the market believed a bid was incoming, that too would be reflected in the SP, but they don't, so it isn't either. In fact the market sees very few positives at the moment, hence the SP is on its backside, struggling find a support level. Hopefully that will change after the Circular is released but as yet they are not convinced.

You could hear that during the analyst call. There were some difficult questions asked, from a sceptical audience, which is unusual. MM tried to come out fighting but his answers just weren't that convincing. The problem is they are suspicious of MM's intentions and motives. Can you blame them? Ingenuity has been valued at the square root of FA, mainly thanks to MM's mismanagement, but think what it would cost now to build it from scratch. We all know because most of THG's earnings for the last few years (and some) has gone in to getting it to where it is now. So why has it been valued so low? Well maybe that's because it was valued by MM, for the good and benefit of him and his chums.

And before anyone says we can all 'roll' with it, yes, I suppose we can. Just as long as our shares are not held in a SIPP or ISA, which I suspect is the case for most of us, and we can trust MM not to dilute us out of existence over time, which we obviously can't. For us there is no real choice, which is why the demerger has been structured in that way. Obvious really in hindsight.

So, to all those that have been crying out for a 'capital event' for the last God knows how long, I hope you are happy now? Careful what you wish for I say.

Well played Matt!

Oxymoron is the word I think, Jim. :-)

I enailed IR yesterday to seek clarification on the bonds but no reply as yet. Seems like one other thing those Directors are not doing all day is responding to their shareholders' queries.

I'm a bit confused about the bond repurchase.

$75m of the original $300m have been called, and they have previously bought back $107m. That should leave $118m outstanding, but they are saying $66m. I've checked back through previous RNS and can't account for the difference. Obviously the only thing 'missing' here is me!

Any help on that would be appreciated.

"Well Boo are 90% down since 2021.not much difference".

Well at least the BOO CEO has had the decency to stand down. Come on Matt, do the decent thing. Leave us RemainCo and bugger off with Ingenuity.

Many thanks for posting Elmsley, cheers.

Not sure, but those trades weren't big enough to account for the rise yesterday, surely.

Elmsley, can you post the article please?

Hippo,

Have a listen to the conference call. There was some discussion about tax credits on there. And I'm not sure there is much of them left.

I really hope you are right, OSG. I suspect many others on here feel the same way.

Would it not be a class 1 and need 75%, YIAB?

I hope I don't get a 5-day ban for that....

I'm surprised MM hasn't tried to buy out this web site. That way he can shut down even more of his dissenters! :-)

I agree with your logic, OSG. But they have been offered it twice before and turned it down.

Why? I wish I knew.

I'm not convinced any aproach by PE would succeed.

MM has given his close circle of friends the deal of the century in IngenuityCo so any realistic PE offer wouldn't look that great to them - and between them they hold enough equity in THG to block it. Unfortunately it seems almost impossible.

As for AN valuation, I think they are debt free, so you cannot compare RemainCo and AN valuations directly. You also neeed to factor in that MM is going nowhere - very much to my disappointment. The City dispise him and will never trust him again after this, so any re-rate of RemainCo could also be limited as long as he is at the helm.

Once the demerger is complete we will have a clearer picture of what RemainCo actually will be. Then, after a couple of quarters of decent results, we may start to see that re-rate. The City are so cynical they will want to see real results before they re-rate anything to do with MM.

About a third of mine are in my ISA so not yet sure what I will do with those. The CGT implications for the IngenuityCo shares sitting in a Trading account aren't good, as others have said.

If I can, I will definitely take my IngCo entitlement in my SIPP. The demerger seems to be structured in their favour so at least you are getting in at a decent price. With no CGT liability they could be worth a lot of money over time, especially if IngCo is listed again in future - although that's a big IF. And hopefully a re-rating of RemainCo will soon get back the money tied up in IngCo so it will effectively sit as a free float.

Well we can live in hope.

Just spoken to Interactive Investor.

Not too much help at the moment because the full details of the demerger are not yet know. However, they did confirm that the delisted shares cannot be held in an ISA, but any rights taken for IngenuityCo can be transferred into the Trading account.

As for SIPP it "might be possible".

Read into that what you will.

I thought it might, Telxx.

That seems to be how it has been structured, but I can't work out the mechanics of it. Maybe I'm just thick? :-)

I'm struggling to understand the implications of Ingenuity's valuation in the RNS, specifically:

"...However, in determining the definitive Valuation, the Board anticipates also taking into account fluctuations in the market capitalisation of THG such that if, at the latest practicable date prior to the publication of the Demerger Circular, the market capitalisation of THG is:

· equal to or greater than the market capitalisation of THG at the time of completion of the Fundraise (calculated by reference to the number of THG shares in issue following the Fundraise multiplied by the Placing Price) (the "Post Placing Market Cap"), then the Valuation to be used in establishing the entitlement of THG shareholders to elect to receive their respective pro rata entitlements to shares in IngenuityCo in connection with the Demerger would be expected to be £100m; or

· less than the Post Placing Market Cap, then the Valuation to be used in establishing the entitlement of THG shareholders to elect to receive their respective pro rata entitlements to shares in IngenuityCo in connection with the Demerger would be expected to be reduced from £100m proportionately to the percentage by which the Post Placing Market Cap has declined."

I understand Ingenuity needs to be effectively separated from RemainCo, and have a value attributed to it at that point, but can't figure out why there's an upper limit but not a lower one. Who's favour will this work in, those wishing to go with RemainCo, those going with IngenuityCo, both, or neither?

Can anyone better explain the impact this may have?