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Yep, remember what Moulding said about advice? He doesn’t believe he needs advice hence the abomination of a share price.

Hence attending an investor meeting badly prepared with a half baked concept and further crashing the share price.

The reason for the woeful SP is a CEO who is not liked or trusted by the City, who repeatedly misses his numbers and is so obstinate and uncompromising that he will not listen to or take advice.

It’s his train set and it looks like the chairman has given up trying to play with it.

A company with a dreadful CEO and a lame duck chairman is never going to improve its share price.

It will continue to drift along in the current trading range and I wouldn’t be in the least bit surprised to see the demerger being talked about for another 12 months as Moulding stalls for time in the hope that something comes good and he doesn’t have to break up his pet project.

For ease,

THG Plc ("THG")

THG, remains our second largest investment where we own 5.0 million shares at an average cost price of 61p. The shares were at 62.2p at 30 June 2024 and 57.1p on 27 September 2024. We are extremely pleased that alongside their recent Interim Results in September, the Board announced that it is their intention to demerge the Ingenuity division and move the remaining business to the Premium Index of the London Stock Exchange. Whilst it is disappointing that the share price has not reacted positively to this news, we continue to believe that both actions will result in material gains to the value of THG when these actions are completed over the coming months. Importantly, the demerger will allow investors to allocate their investment to align with their risk appetite. It will result in Ingenuity, an exciting high growth, high potential value business with significant losses to be considered separately to the two world class, highly profitable e-commerce businesses, namely THG Beauty and MyProtein, with the latter remaining on the UK market Premium List. We support this move and do not believe that the current market capitalisation remotely reflects the valuation of these two businesses.

Fair point, but the lack of detail and the lackluster presentation of it suggested to me that MM wasn’t fully on board with the concept.

My fear is that with him at the helm, we are heading for a conclusion that it is all too difficult and the other divisions are going to end up throwing more money into the money pit for at least 2 years.

There is a trust issue with MM and that’s a big reason why he can’t carry investors with him.

Time will tell.

I genuinely think that Matt Moulding is incapable of understanding the correlation between the SP and his role as CEO. He had a number of “go to” places where he could have emphasised the positives even after the half cooked concept of spinning off Ingenuity was exposed as a desperate “look over here” ploy to divert focus on the ever shrinking nutrition division.

At one stage, as he flailed about, he stumbled upon advent calendars. Now I’m sure THG’s advent calendars are hugely popular and I don’t doubt they sell out quickly, but in the grand scheme of things, the profits generated from advent calendars are not going to be something which will be of interest to those on an investor call.

Here lies the problem.

Better preparation might assist him, but I think the problem here runs far deeper. This embattled PLC CEO does not have the skills required to carry investors with him.

And that is why the SP could very easily go into the 40s. Watching him and the share price being mauled is depressing. He is a high achiever but he’s simply not cut out to be a CEO of a listed company and for numerous reasons, some his fault, some not, he’s not liked or trusted by the city and the city views him as a busted flush. It really is time for him to go.

Interesting drop, but I expect it to be a short term blip rather than a spiral back into the 1.30s. Hopefully the rate cut will see a bounce back.

Fantastic run up past £2. The usual suspects across the world are making me nervous and airline stocks are not good places to be where violent escalation becomes increasingly likely. I doubt I will still be in this by Christmas but good luck all.

He had to go early because he needed a diversion due to nutrition’s poor numbers.

He tried to bumble through with an under cooked concept with no real detail.

It was an appalling display by an inexperienced and naive CEO and the market reacted to the downgrade and the flailing about by crucifying the share price.

Moulding will continue to diminish the company and its share price for as long as he’s allowed to do so.

Yet again jam tomorrow Moulding fails to deliver the numbers and hopes more vague promises will avoid the share price tanking.

The city doesn’t like him, it doesn’t trust him and it is tired of the same “next year Rodney” rhetoric.

The sp will remain an abomination beyond full year and likely to Q2 2025. Will the thinking have stopped by then and will they execute or will the Ingenuity frolic turn to dust because its true value cannot be realised? I wouldn’t be surprised if things just trundled on as they are with 1 division of the 3 failing to meet forecasts every year over the next 3 years.

This CEO is incapable of delivering shareholder value and should give the sp a 20% uplift by resigning with immediate effect.

But he won’t.

Another year passes…….

Matt’s great reset has destroyed shareholder value by another 5% in less than a week. Imagine how low this will go now he’s reinvigorated. It’s only a matter of time before he buys another Wild Kong, attacks the city, and tells everybody how super excited he is as THG misses its targets yet again. A reinvigorated Matt with plenty of head space could take this into the 30’s.

The SP is an abomination and this hopeless CEO must go.

Enough is enough.

Ok rise, there remains a ceo and chairman problem.

That problem can only be fixed by exits.

They are individually and collectively hopeless in terms of increasing the SP.

2 years on, lucky 2% today rise from 2 years ago.

That is the definition of hopeless.

The sp is an abomination on 2B sales.

I’m looking forward to Matt’s “super excited” jam tomorrow presentation. I’m “super excited” about the 95% saying enough is enough which I hope is coming.

I’m expecting positive reports on air travel numbers and a steady climb up to and beyond £2 by Christmas providing there are no global shocks created by the usual suspects.

2B turnover, an unwieldy conglomerate offering media, hotels and God knows what with a guaranteed year on year profit of zero, no coherent strategy and a laughing stock BoD afraid to stand up to a man child CEO = 58p.

The market delivers its judgment on the company, the CEO and his/the company’s performance every single day.

The CEO must go.

Agreed but I’m interested in what is behind a BoD running a company so poorly. Incompetent? Something else, perhaps?

Time will tell.

Particularly where Moulding acknowledged the constructive criticism of an investor who identified the IR weakness. Since that acknowledgement there has been no improvement at all.

THG is being held back by its CEO. He’s not liked by the market, he’s not trusted by the market and he’s incapable of engaging with the market.

Even if, as I expect, the next trading update is positive, I doubt it will lead to a material and sustained rise in the SP. The negative shadow cast over THG by its CEO is significant and is a major factor in pegging the share price to where it is. The sp is an abomination but the BoD evidently have zero interest in moving it from where it is. Why is that I wonder?

The value I, you or anybody else choosing to hypothesise about MP or the SoP is utterly irrelevant. The value the market puts on it is what is relevant.

Not very much, hence the pathetic SP over the past 3 years.

Rage all you like about the LSE being broken, shorters etc etc.

The market has a derisory view of THG’s value. The question is therefore “why”?

Break out coming and up to £2

Several weeks ago the SP couldn’t break and hold 69p. Now it can’t break and hold 63p. IR is now LinkedIn. The Chairman remains akin to a Trappist Monk and man child is always “super excited” about trivia. His “super” excitement never translates to super or even half decent results.

Bid or sustained quality results is the only thing which will move the SP.

A bid won’t come because of the delusional value the BOD attribute to this bag of spanners.

The results will probably be the usual dismal, adjusted rubbish which man child will claim to be “super excited” about.

Another year passes……

This could actually get back up to the dizzy heights of 63p before close. Unfortunately, it can’t and won’t hold at 69p let alone trade for a material period above it.

The market doesn’t trust the Board and the SP will remain an abomination for as long as the CEO remains at the helm.

The SP is always one LinkedIn rant away from 60p.

2 years of “progress” and the SP is in exactly the same place as it was 2 years ago. That is total failure and the BoD are entirely responsible for it. They are individually and collectively hopeless.

69-73 trading range over 3 months. I’ve bought a few because I think it’s too low but it is like watching paint dry.

Or if you think it’s a total dog, don’t touch it with a barge pole, which is where I am. Whatever the Board have done and whatever they plan to do, it’s unlikely to quickly change the sp. This tanker is going to take a lot to turn it around.