Member Info for Yesimabeliever

Finger in the air on remainco dividends until nutrition stabilises post rebrand. And of course whey prices have been tracking up and it sounded on the H1 results call like MM/THG intend to absorb again.

Would prefer it if he managed to follow through on some of the LinkedIn grandstanding and generated some shareholder value…

You are technically correct 1p but it’s a pretty pedantic point.

Crafty good to have you back.

Still believe there is considerable unrealised value in THG, but my support for MM has waned.

I’m lukewarm on this demerger proposal. £25m (and dropping) pre working capital valuation for Ingenuity is a stinker of a deal for exiting Ingenuity shareholders. I can and will roll in, but not all can and this is not a satisfactory outcome for them IMO.

I also can’t reconcile why MM rebranded Myprotein in 2024 and crushed THG valuation if he needed a capital raise to execute the demerger.

Hopefully there is a sting in the tail we are yet to see

Welcome back crafty…very wired that ban.

I’m unoffended by the photo, no doubt all part of the ongoing PR exercise of “Matt the family man” to try to rehabilitate his image and trust in him.

The comms policy however continues to baffle me. We now know the circular will be “within the week” from his reply to a linked in post rather than any formal company communication. Bizarre.

Ironic also that after the car crash capital markets day, the circular to take Ingenuity private will be the fist time we see any level of serious financial information about that division. So in spite of all the anti city rants over the last few years, what have the BoD and management actually done to address the apparent misvaluation by public markets of that division before taking it private?

I thought we would at least have to wait until after the circular for the next, triumphant bank slapping, linked in post.

To quote Matt, “Logistics buildings are once again seen as the future, especially robotic ones! Phew…” And yet Ingenuity sells these services to customers is being carved out of the group for £25m quid. Hmmmm

I’m cyclical Steve but you take it to a whole other level.

Moulding as Ingenuity customer and landlord was a conflict that had to go as part of this demerger. It has.

Blackstone I believe, shame they aren’t in for the whole lot.

Now let’s have a bid for Ingenuity to liven things up.

Not sure why you are criticising that move Steve, you’ve been highlighting the landlord conflict g CCF of a long time. Moulding as landlord and customer made ingenuity uninvestible. It’s been discussed on here the need to get rid of that conflict as part of the demerger

😂 looking forward to the next post about how hard they have all worked to get the (invisible) circular out late.

I suspect he may feel the heat of the major shareholders if nutrition doesn’t bounce back very quickly.

Not sure we are standing on a precipice. Don’t see much downside risk (although have thought that for most of ‘24!)

😂 I hear they are too busy filming the 2024 back slapping haven’t we done well Xmas film and before heading off to snort lines of protein powder at the Xmas party

Well done Oohahh, perhaps THG IR will copy & paste into a RNS for us later :)

I voted for him and now wouldn’t now

Why?

Timing of rebrand in 2024 is baffling. After 3 years of carnage, THG needed to hit numbers this year. Compounding that, if you knew you were going to raise money this year for a demerger, keep the nutrition numbers strong.

Demerger proposal is OK for shareholders who roll into Ingenuity, but poor for exiting Ingenuity shareholders IMO. The lack of a “market” valuation doesn’t sit right with me. It’s a deal, but is it a great deal? Better than Apollo? Good enough given all the anti LSE rants and jawboning about US spin offs?

Above all else, he just keeps overpromising and underdelivering. He hasn’t learnt those lessons, and let’s face it markets punish you for that. His deal isn’t taking us off the LSE, and I don’t think he can continue as at plc CEO given all his anti city rants and realise full value for shareholders. That is why I think it might now be better for someone else to have a go.

@100notout, certainly not got knickers in a twist, am calm about all this and confident value will out in the end.

But doing what you say you are going to do does matter in business, and even more so as a plc CEO.

MM does not. Repeatedly. Ever.

If he hasn’t leaned by now, he never will. I don’t see how Remainco plc shareholders ever see full value with him in the chair. There will always be a MM discount.

It’s not screwed, but I am now of your view that change would appear to be needed at the top.

MM’s had 18 months post Apollo to try to unlock value with a strategic initiative. He hasn’t attracted any new private investors, except for £10m from Ashley and whilst the demerger unshackles THG from Ingenuity in theory, he’s doing it at a time with question marks over nutrition and that has crushed the share price.

MM in remainco doesn’t look viable to me - city don’t want anything to with him, PI support diminishing by the day, and he hasn’t attracted external private equity over the past 18 months.

MM looks out of road to me, who knows what the large holders think but it’s going to be

Matt’s had 18 months to dream up and plan for this demerger. It shouldn’t be too hard to hit your own timetable.

Marks out of 10 for execution so far 1/10. 1 because he’s announced they are doing something, at last. Should probably mark them down to 0 for doing a capital raise at what we’re year lows off the back of awful trading in their cash cow nutrition business due to a bafflingly timed “rebrand”.

Well done Matt.

Don’t forget a chest beating Xmas video 404x!

Actually maybe kong could do a magic trick with a vanishing circular