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Actually it is very similar to a dividend - the demerger will be a distribution. Dividends are one type of distribution. This demerger will be classified for tax purposes as an exempt distribution.

(my point being the shares shouldnt be 45p, probably nearer 35p).

Shares in Remainco should go down after the demerger, by £100m

Of interest - having reread the RNS, if the share price goes below the placing price, the valuation of Ingenuity will be reduced by the same percentage.

Telxx - I am not sure I can agree that you are not getting full value. Let's face it, if you genuinely thought Ingenuity was worth a fortune you would grab them Ingenuity shares. If you dont think you will, it actually means Ingenuity is worth sweet FA in your opinion...

Of interest - having reread the RNS, if the share price goes below the placing price, the valuation of Ingenuity will be reduced by the same percentage.

"The Board has approved an equity valuation for IngenuityCo of up to £100m. The Valuation, derived from an attributed enterprise value of the Ingenuity division of up to £307m and adjusted for expected post-Demerger IngenuityCo net debt (including lease liabilities and approximately £75m of cash"

That sounds like both leases and debt to me. Plus leases might also in part refer to finance leases rathe than property leases, which are just another form of debt.

If I recall, the valuation for Ingenuity is £300m. The £100m figure is after the debt which it is taking with it, ie that is to the benefit of Remainco.

You won't be quite so forgiving if this share keeps going down. And it might. Until they actually start growing sales. They're all about acting like a big company with their diversity programs instead of acting like a small company who are nimble, lean and hard working.

Tradingview is showing fresnillo down 99%. Is this a glitch or has something terrible happened?

Mike Hodgsen interview quote:

"We should enjoy a year [2025] generating a nice lot of cash, which in my days at Serabi we've never had, so I'm looking forward to that."

Serabi finally turned the corner. I hope we see some of that cash in the form of share buy backs (or divis). No mention of returns for shareholders....

Reminder of the deal: Under the terms of the Transaction, Centamin Shareholders will be entitled to receive:

for each Centamin Share:

0.06983 New AngloGold Ashanti Shares; and $0.125 in cash

= roughly £1.50 in shares and 10p in cash. So the cash element is only 6%ish

3bear while i dont disagree with your sentiment, the deal is mostly shares in Ashanti. One might assume that Ashanti will have similarly good results because the of the gold price. Therefore the shares in Ashanti might also be worth more. I dont like the deal either, but overall it might not be as bad as it feels right now?

The Company issued 194,722,333 new Ordinary Shares representing approximately 14.6% of the Company's existing issued Ordinary Shares prior to the Fundraise.

True Stanley. However if they think many retail investors wont want Ingenuity, and they do, they want the market cap to be as high as possible at the demerger, so that fewer Remainco shares are needed to mop up the unwanted Ingenuity shares. Not sure who "they" is mind.

This may be true. On the other hand companies can also use Amazon or Shopify (or even Ocado if they decide to expand into other areas).

Having said that, given the effort that has gone into Ingenuity, someone like Amazon could also buy them and integrate them into their business model.

Interested to hear thoughts about Ingenuity and whether it has a genuine moat.

I had considered the point of view of Ingenuity being MM's baby and therefore rose tinted. On the other hand Nutrition and Beauty are also his baby, no? He gets around...

Thanks Bull.

To me this suggests they think there is more upside in Ingenuity than Remainco.

I'm not sure how it works in practice, but let's try this. As a default all shareholders keep their shares in THG and get some shares in Ingenuity based on their THG shareholding. There will be X number of shares in Ingenuity. Let's assume for this example that X is the same as the number of issued shares in THG (it wont be, but this is just to illustrate). If you have 1000 shares in THG you keep those 1000 and also get 1000 shares in Ingenuity. If you want to swap your 500 shares in THG for Ingenuity shares, you end up with 500 shares in THG and 1500 shares in Ingenuity. However, this is only possible if there is someone else who wants the opposite - ie someone else wants to swap 500 shares in Ingenuity for an extra 500 shares in THG. So your max allocation would be dependent on having other shareholders who want the opposite.

Just a guess.

Ingenuity may well have no value if cannot support itself with cashflow.

On a separate issue, there should be a lot of tax losses to shelter future profits Those losses are mostly associated with Ingenuity expenditure, but which will stay in THG. This good for THG - profits with no tax to pay for years.

Opulentia - when you say full offer, does that mean merely taking your standard allocation, or would you swap as many THG shares as you can for shares in Ingenuity?