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@yesimabeliever. With this BoD anything is possible. They didn’t exactly get a premium when Ingenuity was taken private.

@proxldm Ingenuity certainly needs THG. It’d be completely dead in the water without the income from the THG contract. Whereas THG could relatively easily replace Ingenuity with alternative e-commerce and fulfilment providers, if it wasn’t tied into the contract with Ingenuity.

So Ingenuity had better be sure that the contract is water tight. If THG decided to void the contract Ingenuity would have to prove to a court that the terms of the agreement are on genuinely commercial terms and haven’t been set up to favour Ingenuity by conflicted directors with vested interests. I doubt Moulding would be willing to lay everything out in the open in a courtroom.

@Stanleyb I don’t know much about Warpaint but if they’ve managed to deliver £24m pre tax profit on sales of £102m then that’s a pretty spectacular performance which is why they are valued highly by the market. Oh that THG could deliver those sort of profit margins.

@Elmsley I agree with everything you have written to Sue. Well done. If it’s any use I’ve got around 200,000 shares in THG. Happy for you to communicate with her on my behalf. I wonder how many shares in total we disgruntled private shareholders hold. We might get taken more seriously by the the Board if we can demonstrate we speak with one voice on this debacle.

I’m just glad the price seems to have stabilised and with a modest uptick in the last week or so. Not sure what’s really gone on behind the scenes which led to the CEO departing but I’m hoping there are no more mis-steps ahead (I can still remember the expensive and wasteful diversions into beer brewing, spirits distilling, and Kings Cross restaurant opening).

Odd that he bought such a small chunk of shares as per the latest RNS. For someone with his vast wealth and current large holding in Chapel Down why would he even be bothered with purchasing a measly additional 50,000 shares. Absolute peanuts for him.

There was an article in the paper today speculating that a Sainsbury takeover of Asda would now be more favourably viewed by the Competition and Markets Authority. Possible reason for the fall?

According to a report produced in Dec 2024 the median Chairman’s salary for a bottom half FTSE250 company is £218.5k. So why do we have a Chairman on £400k. What the hell is the Remuneration Committee thinking.

https://www.alvarezandmarsal.com/sites/default/files/2024-12/A%26M_455954_Non-Executive%20Director%20Fees%20in%20the%20FTSE%20All%20Share%20Dec%202024_Dr2.1.pdf

See page 10 of the report if the link works.

It’s only showing one trade on 20th January for 23500 shares.

In the midst of the decimation of the THG share price I note that JP Jenkins are showing the Ingenuity share price up from 43p to 45p. A few crumbs of comfort for those of you who took your allocation.

Lost for words. What the hell is going on. The only thing I can do is vote against the reappointment of the Board at the AGM, as I did last year. Hopefully this time I’ll be joined by a few more fellow long suffering shareholders.

@Knowbodyyouknow Ingenuity was given £88m out of the £95m raised in the share placing. The balance went on the costs of the transaction. Needless to say Remainco got a big fat nothing.

My goodness Oculusprime you have my sympathy. You have every right to be appalled by the mismanagement of this company which has led to your significant losses.

Good news for heavily endebted companies like THG. But still the share price doesn’t rise.

@okehurst are you able to point me to the relevant section of the demerger document where details of the contract between THG and Ingenuity are set out. I hunted for it at the time but couldn’t find it. All I could find where bland reassurances that the contracts were on normal commercial terms.

Do we really know any detail around the contract between THG and Ingenuity? Where has the £400m a year for 10 years come from? I think it’s just guesswork but happy to be corrected if there’s hard information out there.

Dead right Matty- the overhead costs here are shocking. Would be interesting to see a detailed breakdown rather than just the whopping single line figures reported in the accounts. Surprised the analysts haven’t questioned Moulding on this score.

StanleyB one of the reasons for the different valuation is that BRBR are forecast to deliver $480m EBITDA. It isn’t just about top line sales. Margins are also crucial. Unfortunately THG is underperforming on both EBITDA and sales compared to peers. As I said recently the THG management now has nowhere to hide. Their performance relative to peers is woeful.

What are these green boxes everyone is always talking about. Genuine question.

That was my point OSG. He already has his golden share. You may be right that for some reason he won’t be happy until he gets 51% but it won’t be for the prize of the golden share.