Member Info for Yesimabeliever

Is it fund specific re Balderton articles? They invested very early into THG during its private days, isn’t investing in private businesses their core business?

NED buys last week would indicate no bid alas.

Just the BoD missing their own timetable.

Schoolboy

Agree the security situation is strange OSG, I don’t know the history to it but I have heard that that MM is quite a paranoid and isolated character.

Think MM has had consistent security for years. Prob all part of his obsessive/paranoid personality, albeit wealthy/footballer homes do get targeted in NW.

Where is the circular please Matt?

We’ve been waiting a while for action, what’s a a few more days 😂

*would tempt

Would be fascinating to know what bid QIA/Balderton these days given happy to dilute at 49p

Agreed 1pondor £10m a tiny stake for Ashley in THG, but if he ended up with 10% of Ingenuity post demerger that could be much more meaningful. Wouldn’t be suprised to see that as the outcome, followed by Ashley moving more D2C business over. JMO

Expect JG is going to be out of THG and into Ingenuity shortly, would imagine he’ll be looking to derisk his THG position when the share price permits rather than add more.

Who knows what Selkirks plans are, but it doesn’t take a massive leap of faith to believe that some investors somewhere might be able to improve on the laughable £25m valuation that the BoD have put on Ingenuity (let’s not forget the £100m valuation includes a £75m cash injection!).

It is a £600m recurring revenue busines for goodness sake.

Look at the recent funding round on Huboo, a £5m recurring revenue Ecomm fufilment business.

https://tech.eu/2023/11/30/blackrock-and-hsbc-back-huboo-in-29m-round/

@knyk if that is the case MM deserves to get the whole lot nicked off him, not just Ingenuity

Yeah it was said…

It was the first time analysts have asked the right questions

Surely MM is out of road if he can’t get nutrition firing quickly? I don’t remember him telling investors in 2023 that Nutrition would be soft in 2024 due to the rebrand?

I’m all for making the right decisions for the long term vs short termism, and rebrand may yet prove the right call long term. But timing? What on earth was he thinking after 2/3 years of missed numbers. If ever there was a year to underpromise/overdeliver 2024 was the one. 🤷‍♂️

Re poor nutrition numbers, MM was very quick to defend the nutrition leadership from criticism on the last analyst call. Timing of rebrand was MM call, and he was praising management execution given the complexity/scale of the project, even when analysts were saying the length/performance suggested otherwise. MM wasn’t offering up heads - if nutrition top line doesn’t bounce back quickly now rebrand “excuse” has run its course, hard to see how MM would have much support left to continue with remainco even amongst the diehards.

Agreed Gorman appears to has done a good job in Nutrition and now Beauty. Struggle to see her getting the top job though if MM were to step aside though. Clearly a competent divisional leader, and maybe she should be overseeing both moving forward, but 95% shareholder destruction isn’t the time for a “first time” plc leader

IMO. So much to fix from an IR/city relationship perspective, and suspect the CEO job will be to break up the group and maximise value for II’s. Don’t think she has a heavyweight enough CV for that brief JMO

@stevescott MM didn’t stop Kelso voting against the Chair so I don’t think he has them in his pocket. Re supporting the raise, Kelso see value, I don’t see that as a negative. It’s their second largest investment, I am sure they are keenly policing their interests

I don’t think PI’s need to be relying on toothless FCA re demerger, sure Nigel Knowles and friends at Kelso will be keenly policing the legality of the governance on our behalf. They already have the chair on watch.

One final point re Kelso.

Whilst they haven’t had the financial clout to influence MM as an activist investor, they are PI’a friends in this demerger process IMO.

They certainly have the knowledge of governance and means to challenge perceived misdemeanours. This is why their silence on the Ingenuity valuation and their intentions re Ingenuity are of particular interest to me, as are their moves with Munro/McDonald.

Agreed Kbyk.

Unlike many on here, I’m not “angry” about the demerger, because seperation of Ingenuity was needed and what many have been calling for as a route to SOTP.

Ingenuity valuation is a problem, but I can protect myself by taking the Ingenuity shares and I will. Lack of ISA protection is a pain, but the cost of going private. I accept that.

Areas of interest for me:

1) lack of transparency as to why proposal is the “best” way forward for Ingenuity vs a third party capital injection. Smacks of maintaining “control” as a priority rather than ensuring market value for exiting Ingenuity shareholders. Intrigued why QIA/Balderton waived this through as it doesn’t provide maximum value for Ingenuity if they are exiting. Are they rolling in, but just not up for committing more capital?

2)Would love to know Kelso’s plans re Ingenuity, they have been silent to date on both the Ingenuity valuation, and their intentions with Ingenuity shares (other than reaffirming their belief in Ingenuity as a business model).

Would be a good time for the Chair to find his voice given the levels of mistrust over this demerger process and specifically the Ingenuity valuation. Hopefully his silence is him maintaining distance and independence for any counter proposals

Correct