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It won’t go private cheaply as too much interest from legacy agency groups and a few recent start ups like Stagwell.

My view is they will go private via private equity first and they will relist in US after the business fully recovers.

SMS will remain throughout

Nige

It was discussed on the US Conference call in detail when answering a question but it’s referred to in The Times.

…Geographically, the Americas account for 78 per cent of S4’s net revenue, Emea makes up 16 per cent and Asia Pacific 6 per cent. Asked whether he would consider shifting the company’s listing to the US, Sorrell said: “It probably would make sense, given the concentration of our business and who our clients are, but not until we’ve got our act together.”

Recent comments from SMS suggest that he intends to list in NY once the company recovery kicks in likely next year.

He repeated it again last week saying it seems to make most sense the shape of their business.

So I don’t think they will be joining the FTSE350?

Believe Matt’s effectively a ‘dead man walking’ but it’s a question of how long it takes and how low the share price falls?

The institutions will want the the share collapse stopped

How do you best do that?

…not all agm votes but certainly the votes concerning support of directors

We have had this debate - agm voted are absolutely irrelevant

Let’s wait and see who’s right.

Until Ingenuity legally de-merges/separates from THG their CEO and Chairman are subservient to THG so effectively irrelevant.

The only hope is that MM has now lost support of the Institutional Investors?

If he has and I believe he has, then he is now powerless although a dangerous as a loaded gun until removed.

Now the Chairman will earn his £400k.

Finally learnt you can never hold this share into the results with Matt present at the presentation/Con Call.

Strange but true.

He’s a shocker

Very different investments.

I have a position in ITV.

It’s just about balance

In the AGM Trading Update they overall revenue up with Nutrition down, Ingenuity up and told us nothing about Beauty so nothing was a shock except Beauty was up and better than I expected

Usually this share is extremely volatile but not on Friday and even relatively stable on Thursday.

Yes certainly was pinned to 42 all through the trading day on Friday.

Rather unexpected and I can’t find a rational explanation.

If you believe that I suggest you stay with ITV.

A very youthful brand.

Depends on two things, the price and who it’s from?

I certainly wouldn’t rule out a rich friendly bid at 150-200p and I am pretty sure he would take it as his company would be impossible to rule if he didn’t.

A hostile bid is even looking possible although still difficult given his own shareholding.

Hopefully the numbers might stack up as I think it’s now our best quick solution.

Apollo come back!

Very true.

He is also now facing considerably more shareholder opposition.

That’s obvious given his absolute U turn about keeping all 3 divisions together.

That’s the only positive we got from his appalling presentation on Tuesday!

He now has considerably less shareholder support and that would also have been noticed by any prospective buyer for the whole company.

He does a few friends in private equity in the US so maybe that’s the route?

Let’s see but you’re right he’s almost 80 in a young man’s business