Member Info for Yesimabeliever

Can’t get the link to work crafty, but in the January trading update call when discussing seperation MM specifically said the Board doesn’t think the LSE is the best place to grow THG’s 3 businesses. So no you arent making it up.

Totally agree Crafty, if CEO is looking to refinance the group/strategic transactions, the timing will be driven by getting the right deal(s)/valuation(s) for existing shareholders. We are all aligned with MM and the 65% there. This issue for a lot of shareholders is patience - Kelso and a lot of PI’s want a quick buck. Last year wasn’t the year for a deal, this year is, and I believe MM will want to address the valuation this year so that he can invest for growth again (including M&A) which is off the cards currently due to THG’s lowly valuation.

I concur with multiplier7 over the potential positive impact of single share class for new LSE rules and renewed fund buying. I have a significant position in both THG and S4 as believe both have been pushed far to low off the back of low liquidity of standard listing. Throw in improving macro and both buy out targets and expecting significant returns. GLALTH

Also let’s not forget that active managers are also benchmarked against the indices - easy to ignore THG for a portfolio when it sits outside of the benchmark on a standard listing, harder to ignore it outperformance by THG would hurt you. JMO.

To be honest I am really surprised we haven’t seen some big long hedge fund positions being built to front run the index fund buying. Maybe they are just waiting for the official news. Anyway, GLALTH, plenty of shares to be bought and none of the 65% are selling.

Shame it has been lost in the noise of dog gate, but delighted by the news in this thread that we now

have some timelines for the FCA outcome (looking like mid July.) THG simply has to embrace the new category and bring in the index fund buying, or very quickly present and alternative plan. Bark all you want about dog gate, but I see this as game changing for THG shareholders and only weeks away.

MASSIVE news IMO

How do you get to that conclusion 1pencil? “My dogs have got more shares” = dismissive, not supportive?

In fairness too Kelso, I’m surprised US PE hasn’t come in with a bid yet - pick off the cyber business on the cheap, and then sell off the escrow division. NCC is a sound investment IMO

No harm Kelso applying a bit of pressure and spicing things ahead of the AGM. As always excited by the prospects here…

OSG, I don't disagree with some of your sentiment here. Iain McDonald and MM have both been guilty of the comments of action "soon enough" and the wait goes on....But as a shareholder I want maximum value for my shares when any deal(s) are struck, so happy to wait for the right deal(s). Market has been poor, debt still a bit expensive, maybe we have to wait a bit longer for rate cuts. Lets not forget in December markets thought rate cuts were coming in March so maybe that has delayed things. MM doesn't have forever to get something done or he loses the confidence of the II's that have backed him. Agreed, CEO change at that stage and offers another route to value. Either way, we win.

@moniman, if you aren't short, maybe it would be a good idea to stop spamming the board with constant negative comments. I don't think anyone here would argue Kelso are a negative force here putting pressure on the Board. But they are a small shareholder and don't call the shots, until they start getting support from some of the big II's. Personally, I'm happy to leave the big II's to assess whether TGL/MM are making the right moves, or whether they start falling behind Kelso. The fact that THG Board haven't already moved to premium listing suggests to me that their preferred option is another route forward. Time will tell.

@moniman, I for one am confident that the Board has a plan, they just don't feel the need to share it yet because a small shareholder is telling them to. I am sure they have their reasons, and am confident it is because when they make their moves they want to maximise value for existing shareholders. JMO

My personal opinion is MM is keeping all options open for THG (Kelso's recommendations/take private/spin offs etc), but doesn't want to give a running commentary on it whilst making the decision on the best way forward. This keeps some competitive tension in the process if you are running multi track process (partners/minority investors/PE etc). Kelso want a public statement on the way forward to get the share price up so they can make a quick buck. MM's approach whilst delivers pain to SP in the short term whilst there is an information vacuum, but is more likely to achieve better value when the deal(s) are done. JMO

@moniman I have more time for that comment, listing was a big mistake for MM/THG. Do I think MM's crusade against the city helps the SP in the short term. NO. Is he right on some of it. YES. I still think MM is the right man for the helm of THG, but under private ownership where he can grow it with supportive, long term investors

I respectively disagree there moniman. MM is desperate for recognition, to prove the doubters wrong and stick 2 fingers up to the city. He also enjoys strong relationships with his long term backers and will be desperate to deliver for them.

Ingenuity has disappointed in terms of new whales to date, but more than reflected in the SP discount, and can still come good as FMCG starts investing in D2C again as the cycle turns. Good news is THG’s global infrastructure is very hard/expensive to replicate, so barriers to entry very high, and the looks like Ingenuity is world class at high volume fulfilment with all the automation they have put in place. A couple of significant Ingenuity client wins and just watch the rerate

@novice, true; but the rerate will be much sweeter if you are still holding, rather than watching on the sidelines having sold your shares on the cheap to OSG/Moniman/Ste2k and their friends:

Patience Novice. Frustrating as it is, markets do miss-price for long periods and with the standard listing THG has played like a fiddle. keep the faith, I believe the end game will be with us soon enough

As long as QIA/Balderton/Sofina/HNW backers support MM/TGL, they have my vote. After all they have all they have much more skin in the game, access and insight. Unlike the FUDsters on here, who pretend they know everything, but are just guessing and feeding on a vacuum of information. MM doesn’t help himself in some respects by not sharing more information, but I believe he regards much of it as commercially sensitive. If I don’t see a return in the next 12 months I will feel differently, but don’t expect to see THG make the next AGM on the LSE.