Member Info for Str8up

A discreet but reassuring post Crafty, thank you

At 83p I'll get the sunbed before you 🤣

I can’t get to the AGM but there are serious questions. It would be inconceivable the refi and loan reduction were not in the mix leading up to demerger. Why given the oversubscribed fundraiser, the need for the convertible loan?

You're bang on Stanley....."the company would have known the consequences of renegotiating the long term loans post demerger terms" so why wasn't the £60M included in the overscribed cash raise rather than preferential terms to the CEO against the interests of THG. A question for the AGM!!!

Some suggestion earlier MM and MA in collusion to take private, not sure, suppose the question is could they get to 75%. Any thoughts???

If the losses do go with Ingen, maybe another bid wouldn’t be a surprise!

I agree ThetaDecay but would add;

It’s extraordinarily quiet you would think all big holders are opting Ingen, or is something brewing for the rest of THG/part ?

Oculusprime,

I agree with a fair valuation, it seems not and that’s the point.

Moniman - not an issue for those electing newco otherwise significant loss in value

Even if there is 51% support I can’t see the likes of QIA Balderton Kelso etc (if they’re not going Ingen) not at least challenging

Suspect if it doesn’t come today the steal of the century’s in trouble, they’d surely want it done and dusted if they can. Wouldn’t be surprised if other whales who don’t want Ingen or can’t having something to say!

That is absolutely correct there is no more reduction to THG on demerger day. THG shares are worth less now because the placing monies not being retained in the company. No more THG shares are to be issued, only existing THG shares will be handed out if you don't opt into Ingen.

Shows how bad the deal is to flag it as a benefit to remainco, it only becomes a liability if it's empty and not in use!

A lot of objection to the demerger and rightly so. The hiving off of ingenuity through a competitive process would change the outcome for THG by a country mile, BOD have a duty to do this. Are there enough PI’s collectively willing to: stick a few quid in a pot, appoint a corporate lawyer and challenge??? I believe this would stop a major asset being sold on the cheap and a marker for good governance in future. Anyone in ???

@licker totally agree, proposal to demerge would not stand up to scrutiny and should be challenged. Not only that, if it does go ahead as proposed all business (contracts, rents) between new ingen and remainco must be at arms length on commercial terms

Stanleyb increase in SP won’t change terms. RNS 10 Oct….

“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.”

The disposal of ingen is a wish coming true even with a dodgy deal, after which would be extraordinary if new Thg doesn’t rerate. Must be independent for all concerned, and with a new CEO it’ll rerate even more.

You would think plc board under a duty to conduct arms length, surely challengeable, but others may well spoil the party

Many retail will not like the idea of the private company, the demerge disposal or whatever you call it should be at arms length

“Well, they're not quite stealing it, as we're being given the chance to participate at the same price too.”

That’s true but investing in a private company most will run a mile, unless you’re inner circle