Member Info for Yesimabeliever

All good points again OohAah.

Further to your point, I struggle to see how MM is a viable CEO for THG plc medium term post demerger, due to the inherent city mistrust and “discount” with him in the seat.

He also clearly hates operating in a plc environment.

There isn’t any CEO succession planning in THG from what I can see, and struggle to see why any plc savvy CEO would come in and be MM bag carrier if he went to Chair? 🤷‍♂️

Courtesy of OohAhhCantona:

Since Apollo bid we have not had any TR-1 with revised holdings subject to Sofina’s intra- group one today. Kelso may have moved around plus anyone less under 3%. i used to group them as THG, MM friends over 3% and below:

We will have had some minor dilution but representative for bog holdings. Remember MM has around 8-9% non ord shared which can be converted (but may be big tax implications for which he will need cash liquidity)….

Disclosures at time of Apollo bid (Kelso adjusted)

Group 1 -21.67%

MM/THG 15.78

THG Employee Trust 5.89

Group 2 - 29.65%

Sofina 8.89

QIA 7.32

Balderton 7.46

Mark Evans 2.71

Harbrook Ltd 1.97

Tim Bunting 1.30

Group 3 -14.24%

Brian George Kennedy 2.86

Vanguard 2.63

West Coast Capital 2.03

Ophorst V M K V 1.93

Norges Bank 1.73

Terry Leahy 1.24

Blackrock 1.22

Kelso 0.50

Total = 65.49%

It’s going to be fascinating to see how this demerger plays out.

Personally I suspect they are well on with it given the timing of Cranes appointment.

Crazy as THG’s share price is, investors who fund Ingenuity will make more money on the rerating of their THG plc shares, than the extra capital they inject into Ingenuity.

QIA could write the necessary cheques for Ingenuity in a blink of an eye.

@OSG, Difficult to compare THG & Very.

THG’s e-commerce businesses are profitable, Very’s is not. Very is really an archaic catalogue business, now selling with a shiny e-commerce front end. It’s back office/systems and processes are poor and it really makes money off it’s in house credit offering. The latter is really where the value sits.

After three years of share price carnage, don’t think MM has the luxury of time to “hope something comes good”. II shareholder pressure is there, clear not all want to fund Ingenuity, the fact that Ingenuity Chair was brought in at the start of the year, this has been the plan for some time.

So IMO the demerger cant and won’t drag on too long. Let’s not forget the bond will need refinancing at the back end of ‘25. If the de merger stalls, it will be because another capital event comes along that is more attractive, but a THG capital event is coming in one format or another IMO.

Https://www.retailgazette.co.uk/blog/2024/10/myprotein-holland-and-barrett/

No suprises to see this happen given ingenuity deal

And yes thanks for the lists oohaah & kbyk

What’s your view on the possibility of a bid for the whole being successful oohahh?

Could see Balderton needing an exit, QIA and Sofina can prob do longer holds and some of the family offices.

Really not clear to me that it is a slam dunk that MM is in “control” with 50%+

Does anyone have the latest major shareholder register to hand?

Now we know not all the 65% wants to fund ingenuity, curious to see how rock solid MM’s 50% is in the event of a bid coming in for the whole?

Cheers oohaah, appreciate the insight as ever.

If they like the business Apollo will still be sniffing around. PE is sat on a lot of cash, and Apollo are “bottom feeders” so it suits their profile.

Yes just a transfer, but timing would suggest it is related to upcoming changes? Could just be a bit of tax planning? But maybe they are moving it to an entity that can get its cheque book out to back Ingenuity? JMO

“The younger generation have fallen mass victims to influencers who must create pointless high churn consumerism, a mass consumer culture...”

And why are we invested in THG 😂

Speaking of pointless languages at school, my son is being forced to take Russian for his first 2 years at secondary school. You have to laugh…

I understand sentiment jed, but the economy creaks at 5.5% these days…simply too much debt sloshing around. I was at a BoE event not so long ago, and whilst they are keen to move away from cycles of QE and ultra low QE rates we saw post financial crisis and Covid, 3-5% looks like a more realistic range through the cycles these days

Is it wishful thinking? JMO. Looks like some or 65% want their cash out. I don’t think MM gets to refinance the bond and carry with THG as we are. Something has to give here.

Agree with your sentiment OSG. Whereas time has been on MM’s side previously, he simply has to deliver a “capital event” over the next 6 months. I think he will, market seems to think he won’t. Failing that, I think he will be forced to step aside.

Yes the H1 results were disappointing. We agree on that.

It is your interpretation Steve that something is “fishy” that I am challenging.

Nutrition was back in growth in September(apparently). If Q4 is poor then it is time to accept there is a problem, and that the offline initiatives, partnerships etc haven’t worked.

Jury is out, but too early for verdict IMO.

I’ve said it before, but myprotein showed a similar slowdown prior to, and during the last rebrand when in private hands. THG made reference to this in the interim presentation (although as per usual didn’t provide enough detail or explanation to convince). The numbers will speak for themselves soon enough as to whether nutrition kicks on post rebrand, offline drives a new leg of growth etc. Better assess the success/failure of the rebrand over the next 6-12 months IMO, rather than speculate that somethings “fishy” in advance of the facts. GLLTHs

Mr Market has given MM the punishment beating his waffle at the interim update deserved. Weak nutrition numbers and MM failed to project confidence that September was the start of a sustained upswing. Demerger dismissed as more waffle, so he 100% failed to control the narrative. Hopefully there is some substance to the latter, as trading looks unlikely to unlock any value for shareholders in the short term.

If MM hasn’t learnt yet that a tighter, well prepared script is the order or the day, well that’s beyond naive.

🤞 he can finally deliver for shareholders

Thanks @oohaahh useful insight as ever. We await the circular :)