Member Info for Yesimabeliever

I believe it is in the RNS LD that MM & his mates will swap you shares in THG for shares in Ingenuity, so no further dilution

Sofina the only II to support fund raise unless I am reading the RNS’s wrong? Not much support left for MM

We’ll put the hippo.

Well they’ve made their move, it’s happening.

Many won’t fancy it, but subject to more info I think I’m inclined to take my maximum allocation in Ingenuity

Given the low valuation, it s a cheap option relative to capex gone in. EBITDA margins are improving with automation, i still think the business has big potential as D2C isn’t going anywhere.

GLA whatever you decide to do. Never dull in the THG circus.

Been out tonight so missed the RNS and the opportunity to participate by the look for things: Trying to catch up, but are we looking at:

1) THG plc equity raise of £75m @ 48/49p, so 10-15% dilution the price to pay to hopefully move towards sum of the parts?

2) Leases go with Ingeuity, but £600m stays with thg plc

3) Ingenuity has a low “fair valuation” but THG shareholders have option to take up shares on same terms as everyone else (so it isn’t getting stolen on the cheap?)

I think we all know that was a 🤥

That statement is OK Steve, it’s just the lies I have a problem with

Steve, stop lying, I didn’t dispute whey prices as facts, just your usual manipulative presentation of the data. I’ll get the post again just to show you are lying (again). Concretely.

Concretely it’s to save shareholders from ourselves,

Ste I find it funny that the share price is 51p, and I own a decent chunk of shares .

I also find your use of “concretely” funny. Please use that again for facts, I’ll pick you up on your porkies every day until this big rerate comes. And it’s coming

The stats are in the presentation and true, but the statement “concretely rebrand has failed” is fiction. As was you telling us OVMH had sold.

It’s fine to question if doing the timing of the rebrand was wise Steve,but nonsense to call it a failure before it’s even finished. Assess the numbers in 12 months. It’s a multi year investment after all

Yes Steve, nutrition numbers have gone backwards, but there’s been the rebrand and they’ve dialled back customer acquisition in less profitable markets. It’s still a good, cash generative business, suited to a d2c model, with a lot of repeat customers. It remains a valuable asset, even with spot whey prices ticking up (which I know you get very excited about). Back in growth in September, let’s see what MM says about the outlook. I’m optimistic about Nutritions future with the “My” branding, some clever partnerships/product innovation with some big names pushing it into the mainstream, and of course the push into offline.

Anyway, all eyes on the Ingenuity demerger which is what really matters at the moment. You’ve said Ingenuity is a valueless cash drain for a long time, but looks to me like the BoD think they can successfully get a demerger away. £600m t/o (you can’t write off internal revenue as irrelevant once it’s demerged), recurring “sticky” revenue, fully invested infrastructure and automation with excess capacity, improving EBITDA margins and only £150m of investment required to get it to cash generative. Oh, and EBIDTA margins are improving nicely with all the automation, and will only improve as the infrastructure gets fully utilised. Doesn’t look like a worthless cash drain to me.

Ingenuty demerger sorry

I don’t think OSG was being sentimental, more rational. It is in no shareholders interest (including MM with his not insignificant stake) for this to go to the wire.

It was a response to the suggestion that THG’s merger failing and the Group running out of cash was a likely scenario, which it isn’t.

“If demerger doesn’t happen they run out of cash“

IMO Running out of cash isn’t going to happen. MM is many things, but he is not stupid.

The Group needs refinancing, and a capital event of some sort will be part of it. Most likely it will be the demerger, but there are other options also with Nutrition and Beauty as a backstop. THG plc is asset rich.

It is coming to a head, but THG is not “distressed”, and the major shareholders aren’t going to let it become a distressed scenario.

IMO major shareholders can put in the £150m to demergered Ingenuity and quite quickly expect to make the capital back and more on the re rating of their equity in THG plc. So to me the demerger looks the likely way forward, but you never know as Nutrition and Beauty are assets that could still attract inbound interest.

No wonder tiger is so confused…which is more significant, his inside track on the Ingenuity bid, or his hedge fund friends damning research piece on THG (we are still waiting with bated breath tiger…..) He’s in, he’s out he shakes it all

about

😂 😂

At least Whiteheads has contributed a couple of 5 second bursts on the calls this year.

Never a peep out of Rothwell.

And Sanders has been banned from talking after he said Ingenuity rolling capex was £80-£100m per annum about 3 months after MM/Gallemore said it could be turned on/off like a tap!

Also oohaah agree Gallemore goes with Ingenuity

@oohahh, agree on nutrition to trade as a nice ESG friendly product offering.

Can also see Ingenuity and Beauty recombining at some point in the future. Ingenuity is so critical to THG’s Beauty online market places. I don’t think the market has woken up yet to how valuable THG’s online beauty marketplaces are, and how key they will be to beauty brands d2c strategies.