Member Info for Yesimabeliever

You have to laugh at what a cess pit this Board becomes after a couple of red days, so many angry and frustrated non shareholders! Personally remain very excited about the upcoming AGM and summer months ahead, so much upside for the patient LTHs IMO. More than happy for Kelso to apply some pressure, but as always I am happy to be aligned to the long term II’s who really call the shots here. I just don’t buy the MM/TGL are muppets agenda, and look forward to seeing them play their hand when the time is right. I do hope they RNS within day on down day in the US to catch the FUD spreaders and shorts with their pants down: good luck all shareholders

🤣 skid2000 😂

H2 rapidly approaches and still no further update on the new regime. Does anyone have any insight on what the authorities are up to? Would love to see some news on this come out before the AGM.

Fair point OSG, didn’t need to have all of the 65% on board to reject, just the 51%. Is there a dissenter in the ranks of the 65%.? I guess AGM voting will reveal.

THG is controlled by the 65% (until some of them break rank), so for now PI’s need to be comfortable being along for the ride as a minority investor. If you don’t like it, maybe sell up.

Apollo was rejected by the 65%, because they didn’t want to cash out at those levels, and didn’t want to roll subordinated to Apollo post deal. Let’s stop suggesting it was a credible bid, it was rejected by the majority of shareholders.

I feel sorry for THG’s early investors who have lost heavily like Ste2k, as it was clearly “oversold” at IPO. It must be very upsetting.

For those with a good average it is a game of patience. Personally I trust in the major II backers to hold MM to account to deliver optimal LONG TERM returns. They do after all have plenty of skin in the game.

Most frustration from PI’s (and I would include Kelso in that bucket) is born out of impatience for a quick return, and some obvious steps to deliver value to PI’s in the SHORT TERM having not being taken (ie Premium listing). The Board will have their reasons, they just haven’t shared them publicly which is why I believe other plans are in play.

Nothings changed for me, MM has to have a credible plan to deliver LONG TERM value to his II backers. If he can’t deliver it (and the clock is ticking), changes will be forced on him.

Either way I believe I still win. Value will out in the end, and there is lots of value in the nutrition and beauty assets. In the meantime, short term fluctuations are just noise for me. GLA LTH

Think just macro, small EU inflation miss, JD Sport off 5%. I’ve added, and will add more if it drops further, wasn’t expecting to get another chance in the 60’s. Usual hysteria on small daily swings on here, if people don’t have the stomach to ride a loss I don’t know why they invest as it’s all part of the game

Such an interesting summer ahead for THG shareholders. H2 rapidly approaches but no further public update on new single category LSE regime as far as I am aware..what is the timing? Will THG fully embrace it as the long term future (seems unlikely given MM anti LSE stance). If not, what is the alternative plan? Kelso pressure is welcome, time for the Board to show their hand - still very confident of a great outcome for PI’s this year

Well said canary/anacott etc.

I would like TGL to see the job through, 6-12 months max required.

The hard work restructuring is done, but TGL’s job won’t be complete until some committed new shareholders come in via capital event(s).

If no capital events this year then I may have a different view at next AGM, but very confident THG will deliver for shareholders this year

Ste2k won’t admit it, but THG has been looking much stronger in recent weeks. Even after a significant sell off in the US overnight and up THG goes. You’ve got to hand it to him he’s persistent it very dull, but he really is p1ssing into the wind here now.

@novice take the p1ss and you show him up for the plank that he is. And we get to laugh at him as well. Keep up the good work.

@LD think MM/TGL would argue it is their job to make decisions in the long term interests of the majority of THG shareholders, rather than manage short term share price movements. Yes frustrating for us PI’s who want a rerate and a return, but if you are convinced that the right path is off the LSE it is possible to rationalise MM/TGL actions IMO.

Yes @LD, if you do exactly the opposite of what buy high sell low Ste2k has been recommending you would be very rich by now!

@OSG your frustrations are valid and noted.

My view (and I think Crafty's is probably quite similar), is that to have maintained support of the 65% to date, MM must have a credible plan to address THG's valuation issue, and some sort of capital event plan to move part of or all of THG away from the LSE.

If he can't execute it soon and THG is to stay in whole on the LSE, then I don't see how MM can credibly remain as CEO given his public outbursts. If there is no alternative to the LSE, then I agree wholeheartedly with Kelso's sentiment that the premium listing move should have happened already.

Lets see what the next few months bring, there are a number of ways this can play out, most likely a friendly take private taking out the free float, but failing that hostile if MM loses control of some of the 65%.

But I see significant upside or patient shareholders, and lets face it we deserve it!

I’m with you crafty. Whatever MM’s hand is, he needs to play it soon if he wants to retain control.

The only pattern I see Ste2k is your posts getting duller and duller, whilst the share prices trend is up. Yawn

@ OSG, understand you are frustrated at MM, and clearly MM has made some mistakes along the way. But to balance some of your criticisms:

Strategy update

- Current strategy is very clear to me, focus on margin and cash generation, and focus on core territories where growth is profitable in the short term.

- Exploring strategic options to address the Group's valuation - looks like they are keeping their options open to maximise value and running multi track across Beauty & Nutrition. I don't expect a running commentary on the process as it may weaken their negotiating hand, particularly with partners

- Whilst people are frustrated that nothing has happened "yet", macro conditions are only just opening up for maximising value for existing shareholders IMO. I'm expecting something this year

Consider share buybacks

With what cash? FCF+ should be used to reduce debt

Premium listing

Rules changing to a single LSE category, so not much THG can do on this until new regime is confirmed. Delay is down to the LSE/FCA not THG

Share price fall since NY

You say that is Iain Mac related, I say that is markets getting ahead of itself on rate cuts at the back end of 23, and then unwinding in 24. We are starting to see that reverse again now

US Bound/MBO - and then nothing

All still possibly in play IMO, but we won't know until the right deal is on the table for THG's existing shareholders

Who's decision is it not to publish Bid prices?

There can be whole raft of commercial reasons why they have kept it confidential

£50 Rebrand

That is a 5 year plus investment in the brand. Hard to evaluate effectiveness until 2025

We all know there is plenty of inherent value in nutrition & beauty, but THG only gets back to £5 a share with significant 3rd party Ingenuity "whales" IMO. I still believe this is possible as no doubt the market opportunity is there, hopefully Crane and his new CEO can sell the solution better than we have the last 2 years.

But lets no beat around the bush, 75p is nowhere near fair value for this share even without quick Ingenuity winds.

Rate cuts, LSE rule changes, capital events all on the table. Baffles me why anyone would be short here.

@osg, do I believe the share price is massively undervalued. Yes I do. There is the investment opportunity. I believe it will correct, and suspect it will be this calendar year. How long will I give it, as long as it takes unless my view on the business changes.

I don’t buy into the narrative that MM and the Board are muppets, and don’t second guess every decision on limited information. Happy to be aligned with the long term II’s who have a lot more money at stake than me.

@osg but isn’t the point that Apollo weren’t offering good money. Say it was £2 offer, fine for me and PI’s in at low averages - a quick buck. But rubbish if you are one of the II’s that wants to roll and Apollo then has priority rights on the Beauty/Nutrition assets which your prior investment built. Don’t see how the 65% were ever going for that

Reduce leverage sorry