Member Info for Yesimabeliever

Cheers Elmsley. Ok not a lawyer but know your onions. Good enough for me! Just wanted to put to bed the idea that MM could nick this for buttons via sleight of hand, as doubt was creeping in off Oke’s posts.

@Elsmley, from memory, don’t you have a corporate law background? Appreciate your thoughts on Okes comments about how MM could take THG private for nil premium without 75% of votes.m? Hopefully it’s not feasible

What do you make of Oke thoughts on MM nicking THG for

thanks @oke.

if he pulls that stunt he’s going to need to up his security.

personally i think the sell off is rotation out of riskier shares into defensives (ie defence) off the back trump tariffs, europe rearming etc. as always thg is more volatile due to ****e liquidity, but other risky shares in my portfolio are off 35% vs thg 50%.

@oke, do you mind explaining how moulding would take this without have 75%?

Sorry call me slow but I just don’t see how Moulding ever gets % to delist or take private?

Does someone mind explaining their logic?

Nothing to debate here. Another “miss” from Mouldings ever growing list. Like Steve says, where has been the flow of good news from the company to help manage entry into the FTSE 250. Not one bit of positive press post demerger. And in conjunction with that, timed with whey prices crushing margins and top line in nutrition. They could and should have spent the money and joined the main market in 2023. It’s almost like Moulding has an aversion to new investors in THG

Personally lost interest in the FTSE250 inclusion or not some time ago.

An relief rally would be short lived judging by other joiners.

THG has bigger issues to deal with, like posting some decent numbers (looks a long way off), and sacking the CEO.

Only a capital event can bring short term relief IMO

Do we really believe MM would have support from QIA/Balderton/Sofina to take THG private?

They didn’t support his vision and follow him into Ingenuity, so they looking to recover value in THG.

Don’t see why they would want to go private. THG just needs to start producing some numbers and rerate as per the demerger plan

@Mclaveh@ooaah

Thanks for the email address.

Intend to write an email over the weekend to the chair.

Like you say nothing ranty, just a concerned shareholder, worried about the BoD silence about the inherent conflict of interest of a THG CEO who majority owns ingenuity, an IR function that doesn’t respond to queries, opaque financial information and spin than does nothing for investor confidence, and a CEO that has a wrap sheet of mistakes/rants/broken commitments that makes him now appear to be “uninvestable”

Support the idea Elmsley. Personally I think the focus should be getting the CEO the boot, rather than the Chair. It’s Moulding that is failing here.

Still believe in the prospects of this business.

It has stabilised the p&l by right sizing the cost base.

It appears to have expertise in the right niches, and isnt weighed down by legacy old world agency strapped to is back.

Yes growth is required, but it’s a tough market that won’t last forever.

GM was a good start.

I’m keeping the faith.

Also worth noting in Iain McDonalds Selkirk presentation he talks about it being very difficult for trade buyers to minority invest into a division of a corporate.

I may be wrong, but I would not be suprised if Selkirk was specifically set up as a vehicle to facilitate trade investment into Nutriton that THG have been talking to for some time.

@osg, the Selkirk structure is to allow for a minority investment and gradual sell down by THG. Agreed if you want to buy out the division whole Selkirk not required.

Given ongoing Ingenuity/Myprotein relationship, a partnership type deal might make more sense to both THG and an acquirer.

@osg the only way I see a Selkirk type deal working is of Kelso etc are successful in bringing in a strategic FMCG investor/partner that wants to play in the protein space (probably bring offline expertise/network)

As a purely financial investor, you may as well buy THG plc shares.

Agreed 2024 numbers looked OK like for like, must be the soft Q4 and cautious 2025 outlook than has done for them.

Agreed the future is all digital. S4 is well positioned but needs to starts winning more work for us to get a serious rerate

One last tree shake before the THG 🚀!

Keep the faith troops, there’s no smoke without fire. My money is on news via Selkirk sooner rather than later, hopefully with a major international FMCG partner thrown in. Hang in an accumulate if you can

Cheers Oke, will continue sitting tight.

See the upside with whey, although increasingly concerned I’ll never see full value for Beauty/Nutrition assets because of the intertwined mess with Ingenuity.

Hate the CEO of THG being majority shareholder in Ingenuity, horrible governance issue which will be a major hurdle in attracting new investors IMO. Surely the BoD can see that and should act accordingly.

Where does it go from here Oke?

The market has spoken - the problem wasn’t just Ingenuity.

Surely the major holders/BoD have to move against Moulding.

Any idea what the shareholder register looks like at ASOS?