George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
"THG hints at boardroom shake up as Matthew Moulding reveals 'disappointment' at share price fall"
The make up of THG's board will be a "prime focus" and the subject of "detailed scrutiny" over the coming months, the group's recently-installed chairman has said.
In the listed company's annual report, Lord Charles Allen told shareholders that bosses are "acutely aware" of the need to have a "suitably-equipped" leadership team in place to guide THG through the next "significant stage of its corporate governance journey".
He also said that "due regard" must be given to both the balance of executive directors and non-executive directors as well as the need for appropriate succession planning to be undertaken.
n the same report, chief executive and co-founder Matthew Moulding said that while THG has made "substantial progress" during its latest financial year, "we are naturally disappointed that this has not translated into tangible shareholder returns".
THG's share price has fallen from 624p 12 months ago to just over 100p after enduring a tough first full year as a public company.
Lord Allen, who succeeded Mr Moulding as chairman in March, said: "It is anticipated that board composition will be a prime focus and remain subject to detailed scrutiny over the coming months to ensure that a suitably equipped leadership team is in place to drive and navigate the company through the next stage of its corporate governance journey.
"The group’s governance infrastructure will be enhanced and refined as required and the necessary changes effected to ensure it is suitably mature and appropriately structured, whilst at the same time encouraging stakeholder confidence and supporting the long-term sustainable success of the group.
"Within the parameters of a robust governance framework and aligned with its growth ambitions, the company remains committed to enhancing and developing its operations, its business model and its businesses for the benefit of its shareholders, its people and all other stakeholders."
The publication of THG's annual report comes after the group published its latest financial accounts last month.
THG branded the initial takeover proposals it has received from "numerous parties in recent weeks" as unacceptable as it revealed its full-year revenue jumped past the £2bn mark.
The retail and technology giant added that "each and every proposal to date" had failed to reflect the fair value of the group.
THG also confirmed that it is not currently in receipt of any approaches.
Full Telegraph article:
The retail tycoon Matthew Moulding has revealed that he spent £797,000 on private security, after discussions with tax authorities.
In its annual report, Mr Moulding's company THG revealed that it had spent £364,000 on his security in 2020 and £433,000 in 2021.
The online health and beauty company initially thought that the services were tax deductible - meaning they would not have to be disclosed - but said it had concluded that this was not the case following a review carried out alongside HMRC.
THG said that before it became a public company and in line with the current pay policy, it has provided “private security cover to Matthew Moulding and his family to allow him to carry out his duties as chief executive”.
The cost of the entrepreneur’s private security has been covered by Mr Moulding since January this year. It will not be included in future annual reports. THG declined to comment.
Mr Moulding and John Gallemore, who co-founded THG in 2004, were entitled to salaries of £750,000 and £450,000 respectively in 2021. They gave most of their wages to charity and chose not to receive any bonuses during the year.
The company said it is seeking to introduce a new bonus scheme for Mr Gallemore, who is its chief financial officer, which could pay out up to three times his salary in exceptional circumstances.
It added: “Matthew Moulding will not participate in any future long-term incentives given his material shareholding in the business."
Mr Moulding is THG's largest shareholder with a 15pc stake in the business.
Last month, the firm revealed it had been approached by bidders about a potential takeover following a share price slump.
It owns websites such as Lookfantastic and Myprotein and is seeking to grow its IT platform Ingenuity, which provides software for other retailers.
THG was touted as a major new player in British tech at the time it joined the stock market in September 2020, but shares have since plunged more than 80pc amid concerns over Ingenuity.
Mr Moulding has previously said that the float was a mistake and sought to blame short sellers for the poor performance of THG's shares.
He told analysts last month that he could go into little detail about the takeover offers. Insiders said at the time that THG chose to disclose the takeover approaches “to be cleansed of any rumours” as they embark on an investor roadshow.
THG started life in 2004 as an online retailer of CDs and DVDs. It posted record annual sales of £2.2bn, up by more than a third year-on-year.
It recently said that it was aware of the rising cost pressures and the “significant impact of short-term cost inflation on both global consumers and supply chains alike”, but vowed to continue to “shield customers” by keeping prices as low as possible.
****roaches....
If they are currently in contact with the previous PE bidders on renewed negotiations and/or if they have been approached by new bidders as per latest Betaville article they can't buy.
"Matt Moulding starts massive THG advertising and marketing division to compete directly with WPP"
IPO at 500p was 15 times oversubscribed and that doesn't take into account the massive progress that's been made since.
Business has doubled in the last 2 years. Fair value should be at least 500p but i doubt those that invested at IPO would be happy with an offer at that price.
@Sp28, I think shareholders are just having a hard time believing this is blue in sea of red in the markets.
THG shareholders aren't used to that so most are probably just shell-shocked LOL
@Sp28, yes 600p would do me just fine!
I doubt the institutions and Softbank would accept an offer below IPO price especially given the progress the company has made since IPO.
I'm not worried at all. Just traders that bought prior to results hoping to make a quick buck.
When it drops they all start selling and moving on.
This has dropped from 700p to 70p within a year. Why the ******* should i get worried about 10/20p up or down? Disappointed? Yes, worried, no!
Plenty of good news to look forward to.
Happens quite often. Traders buying in just before results, check how much they can make, see the share price stalling so decide to take the profit and move on.
This is a waiting game, plenty of news coming soon and we can expect quite a bit of broker coverage and targets in the coming weeks.
@THesp, Risky strategy to have 90% in it, have done things like that in the past as well.
(Worked out twice, third time got kicked in the balls)
On the other hand, if this goes to 500p you will make a fantastic return.
Average of 187p, down from 282p for me. THG portfolio allocation for me is around 14%.
Agreed
Yes, it can go up just as fast or faster than it went down. With large drops like this i always look at what the major holders have been doing. Given the fact they are still holding, some having paid 596p i'm very happy not only with my average but also the potential buyout price.
The City Spy
@TheCitySpy
·
26m ago
"#THG takes the position that they IPO'd at 500p and were 15x over subscribed. They have gone on to hit or beat every IPO target. One could assess from that #THG would need 500p or likely more from PE."
https://twitter.com/TheCitySpy
Bring it on!
The offers were way higher than that. They were at 200/240% premiums on top of share price which does not result in a 160p offer!
@Hosai, his more recent tweet suggests the orignal suitors are still interested after the rejection.
This could get very interesting :
The City Spy
@TheCitySpy
"#RUMOR Word is #THG are keeping purposefully coy on PE interest because the original suitors are still in play and other parties are coming into play. It's amazing how chatty people become when a closed period ends. Or maybe it's the sunshine and lunchtime pinot."
https://twitter.com/TheCitySpy/status/1517109851381506049?cxt=HHwWgoC5jebX7Y0qAAAA
Seems some of the media outlets still trying to put a negative spin on results like FT.com for example:
"THG says it received ‘unacceptable’ proposals for the company
Struggling UK ecommerce group warns rising costs will curb profit growth this year "
I wouldn't call them "struggling" given the stellar growth they've shown and robust outlook.
Looking forward to what Matt has in store to kick the fake news media in the nuts in the coming weeks and months!
The negative media spin looks designed to create space for those undisclosed shorts to close at low prices.
I hope the shorts burn and this at some point makes a massive short squeeze !
RG27,
Thanks, i hope you recoup your losses as well. I'm also nursing heavy losses on some US small and micro caps.
THG will continue to be a mid/long term hold for me because the growth story is still intact, outlook is very strong given global conditions so for me it's just a waiting game.
I refuse to sell at these levels. At some point this will return to a sensible valuation imo. (and by that i mean 300/400p)
Maybe you would RG27, i certainly wouldn't and i'm pretty sure most major holders who paid 596p wouldn't either!
The fact that THG are sticking with their growth rate for this year is very positive imo especially given the circumstances globally.