Member Info for Telxx

Should have posted that in the Major Shareholding thread by the way.

Moulding had 184m shares last year. Add the 20m shares he got in the placing is 204m. The TR1 today shows he now has 122m. Looks like he swapped 82m shares into Ingenuity. Total shares in Ingenuity is 204m so by my reckoning he now has just over 40% of Ingenuity.

We’ll soon know what % his “65% club” now hold. We could be in for a pleasant surprise.

Hopefully his FIC Shareco shares are included in the disclosed total. It includes his directly held shares plus indirectly held shares.

It would be interesting to know the size of MM’s (and his allies) residual stake in Remainco. I assume he’s given up a significant percentage of Remainco shares so that he could go “all in” with Ingenuity. His stranglehold on Remainco may be loosening…hopefully!

Now that the demerger is more or less completed is it too much to ask that MM and his mates now really focus on the performance of Remainco. It’s a pretty simple business now. Online nutrition and beauty. Get sales up and start selling at a profit please. That should be your new year resolution Matt.

So 88% of those voting voted in favour but holders representing only 61% of the issued shares bothered to vote meaning that holders representing only 54% of the shares actually voted in favour. Interesting.

The shareholders will be the last to know. We just own the business for goodness sake.

I also took part in the fundraise thinking that if the big boys are in I better take a slice of the action. Now I’m wondering whether even the big boys know what’s going on with this share. It’s been a calamitous few years for sure.

I am sorry to hear that you have been so very badly impacted by this situation. You have every right to feel bitter about being let down by people you trusted and believed in.

@pokerchips. You said that the “generally” share prices have absolutely nothing to do with a company’s value and then go on to argue that this statement is supported by how share prices become disconnected to value during market crashes, which hardly represents general circumstances. Once again we will just have to agree to differ.

Share prices..generally... have absolutely nothing to do with a company "value"

Pokerchips I’ve read some strange things on this board but that has to take the biscuit. Absolutely nothing to do with value? Really? Of course there are other influences which means that the share price may not be a completely accurate measure of value but the underlying value is a fundamental determinant of the share price.

Unfortunately a positive trading update would be a (pleasant) surprise. Can’t remember the last time we had one of those. Perhaps if Matt devoted more of his energy to improving the underlying fundamentals of the business rather than convoluted financial engineering then we might see positive trading updates again.

“Just a value taken at a moment in time”. This is only true if you are able to take up your allocation in Ingenuity. As I’ve said there are good reasons why people aren’t able to do that and so for them it’s a forced sale and the value matters very much for them. They owned a slice of Ingenuity previously and going forward they won’t. The ‘price’ set by the BoD is 13.4% of your current holding in THG. If you do t take up the Ingenuity shares you get to keep that 13.4% in Remainco, but you no longer own a slice of Ingenuity and Remainco has just lost £85m in cash. So it’s a real valuation for those who wholly stayed with Remainco. You will now argue that they could have taken their shares in the private company and therefore this is all neutral. We differ on whether that was a truly free choice so we will end up going round in circles.

It’s not that silly. It’s exactly the logic the FT used in their assessment of the deal.

@pokerchips we won’t know for sure what the real value of Ingenuity is as it wasn’t offered for sale to a third party buyer. If we take the £100m valuation that the BoD set then once you take into account that THG is handing it a dowry of £85m cash then it’s being given away for £15m. In my opinion that’s pretty cheap. For what it’s worth I’ve elected for more than my 13.4% share but I can fully understand why other investors don’t feel able to invest in Ingenuity and feel aggrieved by the ‘sale price’.

@ pokerchips I would agree with your last comment if we were being offered shares in a publicly quoted demerged Ingenuity but you really can’t compare that with shares in a private company which many are unwilling to take for very valid reasons. So I stand by my comment. Ingenuity is being transferred to MM and his mates very cheaply.

I think the share price is just adjusting to its post demerger level. A significant element of the Group is after all being given away very cheaply.

I’m no expert but have had a quick look through the changes that have been made to these documents, and can’t see anything controversial. But I have to say that it seems to me pretty unprofessional to be making changes to these documents in the middle of the process. Indeed the deadline for making elections on Interactive Investor has already passed. How can they still be fiddling with these things and making people waste further time in having to review them to ensure they haven’t snuck in any naughties (trust between shareholders and the Board has been eroded to the extent that we don’t feel able to take their announcements at face value).

@Amers the answer is yes, if you do nothing you keep your current holding of shares.