Member Info for Yesimabeliever

Unless I am wrong, Apollo bid was rejected by Board on both value and deal structure - too much debt and shareholders who rolled would have had subordinated security on the Nutrition & Beauty assets. But I agree MM doesn't have forever to get the share price up. Hence why I think something will happen soon

As always on here a lot mistrust of MM and looking back at mistakes made etc etc. And no doubt mistakes have been made and the share price has been royally punished. But I prefer to take the emotion out of it and focus on the opportunity that this presents for us today:

- THG Group trading at a heavy discount because of all the historical baggage (some governance, some trust issue re MM, but a lot of Macro), plus the well documented LSE issues

- Recent trading update was a positive turnaround towards restoring margins post inflationary shock, yet we are still trading at levels at or below some of the darkest days. Macro is improving day by day, and Nutrition and Beauty are in attractive markets

- Market ascribing zero (or negative) value to Ingenuity and yet there is a huge market opportunity - 1 or 2 significant client wins and the market will have to rethink valuation

- Vocal comments from the Board that LSE is not the right place for them to grow the Group, and therefore likely capital event(s)

I do not see the current status quo continuing for much longer

Way undervalued, been surprised by the sell off in this share post NY, but seems to be market wide. Strong business model as well as cash position, and strong management team with cooper still chair. expect this to fly

CEO Vivek background looks excellent, but has a tech & service background, not sales. With the proposition pivoted towards servicing enterprise clients, why not bring in a NED with relationships to land them.

Great market opportunity for Ingenuity as Brands up spend/investment on D2C.....But.....need to start landing some whales. Crane is a salesman with (hopefully) relationships. Suspect he is he is there to open doors and drive the top line, rather than a strategic chair

Blinky give your head a wobble. Allen doesn’t need the £ and isn’t short of opportunities. He clearly believes in THG otherwise he would be off doing other stuff. He wouldn’t stay in post if Moulding disclosed false facts to the market about a bid, which was rejected with him as chair.

Nice to see some positivity. This share is still currently priced for Armageddon, Apollo valued Ingenuity alone at circa the current share price in their bid, and given Allen was in the Chair at the time, MM didn’t make that up.

Great posts canary…MM won’t want to tread water for much longer it’s not in his nature, will do a deal and crack on

Agreed re Allen being ousted. But my point is I would expect him to resign if he wasn’t OK with the public comments being made by other Board members.

Not really, if it was the sh&t show that some say it is he’d be long gone….

Maybe because they are in the final knockings of executing the immediate plan…

It amuses me that people on here position Lord Allen’s silence as a negative and that he isn’t doing his job. I see his silence as a positive , meaning he is aligned to the Boards strategy of getting off the LSE, and at numbers higher than previously rejected bids

And the FUD is back! Some people just aren’t up for any optimism. This rumour may be just that or maybe it does have some substance. Time will tell. But the last 2 years have not been the right macro environment for MM to cut a deal or deals that was in the shareholders interests (including PI’s). With margins restored as per the trading update, and the macro environment improving by the day, MM could make his move any time…tick tock

Whether this rumour has substance or not, only a matter of time here before some sort of transaction(s) with the macro shock easing and margins returned. And the longer it takes, the more chance of an Ingenuity win/RNS to drive up the price so I expect sooner rather than later

Hopefully 101, MM wants off the LSE so there is an open door if someone can get the right deal structure for MM and long term holders.

The FUD brigade wetting their knickers.

100% agree 100notout. Nutrition & Beauty are strong markets well suited to D2C model in which THG has built excellent brands and market positions. THG's heavy discount is because the market currently ascribes -ve value to Ingenuity. But I see huge potential in Ingenuity's automated global infrastructure (very expensive for others to replicate) & their proven D2C brand building expertise. Ingenuity has huge potential, 1 or 2 RNS's with significant client wins and this share explodes...and FMCG investment in D2C will resume as the inflationary shock falls away (quickly) this year.....

Lots of disillusionment on here, which I get after a lot of false dawns and a tough start to Q1. But a lot of this Q1 sell off is not THG specific, but market wide sentiment shifting on rates not coming off as quickly as the market priced in pre Xmas. That can change again quickly and powerfully. Trading update was positive, FCF+ve delivered, the macro is moving in THG's favour. MM must have a deliverable plan away from LSE to get the value up, and get back to growth, and sharpish - otherwise major shareholders/board would not tolerate that video, in my opinion.

MBO wouldn't have been possible with cash burn last year, FCF+ may open up the option, but deal structure would need to protect long term holders as per MM prior post on why Apollo bid was rejected which would have given them security over Nutrition and Beauty.

Not expecting a takeover in short term, more likely strategic investors/US listings of separated divisions. I believe Kelso & MM plans are fairly similar, albeit MM probably finds Kelso noise a bit of a pest/distraction whilst he trys to make his moves/negotiate confidentially. Hostile takeover is a back stop if no progress made on value over the coming months, or long term backers lose faith