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Normally I think you would be in the right area with your valuation but and with THG there's always a but. In this case its Mouldings financial tentacles, ie the position with the facilities and logistics Moulding contractually provides. As I have not got access to them I don't know the terms or duration of them, suffice to say Mouldings past behaviour would suggest they are long contracts, somewhat above prevailing market rates with onerous contract break clauses and don't underestimate how off putting they are to any potential buyer.

Further complications come from the fact that Moulding has a very large shareholding and a track record in rejecting any/all bids without any shareholder discussion. There's always a reason for everything in life, even if you don't like or agree with the reason and the one and only reason THG shares have been in a death spiral since the IPO is Moulding. If he resigned and walked away tomorrow there would be a jump in the share price but not to the levels people would hope for because the contracts would survive, ditto his large shareholding.

Free lodgings is one thing but the woeful Moulding donated THG money to the conservative party without any recourse to the shareholders - I know full well why they do it but I am totally against no matter who the political party is.

I am baffled by anyone thinking Moulding currentky cares about what other people in business and investment circles think about him. In the beginning he tried his best to join that club, to win that race, even buying a newspaper to aid his cause and he badly failed. So he has taken the "if you can't beat them join them" phrase and turned it on its head.

I think he is at war with the investment community and that includes us as private investors.

If he does indeed go on to manage/manipulate the SP down to a level in the future where we are all so demoralised that 45 or 50p seems like a good deal he won't care one little bit about what people in the city think about him because for him that would be his "check mate" moment.

Nestlé is not THG, in fact I can't think of a publicly quoted business with the same dynamics as THG. If you can find one please let me know so I can avoid it like the plague.

To recap the THG CEO 100% controls the board and chairman, owns and leases back the facilities that THG operates from, owns and controls the logistics that bulk of THG business goes through, owns and controls enough of the THG shares to do as he wants without meaningful challenge. He also seems to have

managed to impose a form of acquiesence on Mike Ashley and the other large institutional investors, quite how I have no idea but his control freakery seems to have no limits.

THG is unique for all the wrong reasons and I suspect everything Moulding is currently doing is to facilitate a buy back of nutrition for as little as it possible.

Of late mine appear to be have left alone however I distinctly remember a time when someone acting on behalf of THG was actively policing and removing anti Moulding posts including several of mine.

I did find that worrying because it demonstrates a fragility of confidence and poor decision making because trying to control internet content is impossible and any rational person would know that. Moulding and co should ignore the noise and focus upon making THG great rather than wasting time and energy on what ultimately is a doomed vanity project.

Hi Gary I am holding because I think the upside potential is greater than the downside in percentage terms. If I change my mind on tht then I would sell and crystallise what would be a significant (for me) loss.

FWIW I would be delighted to proven wrong, I truly would but the evidence currently in front of you and I does not leave me feeling optimistic. Enjoy what's left of the weekend and let's see what September brings

HH if only you are correct, Moulding is very good when it comes to numbers, he really switched on in that respect. For Moulding this is it, there's no encore, no act two and with literally a personal fortune in the bank and looking forward he has tens of millions per annum guaranteed through intercompany leases and Ingenuity fees.

It's clear as day he has a huge but fragile ego that has been constantly challenged by the failure of THG and I think he decided long ago he was never going to win the city boys over so instead he is focussed on seeing just far he can manipulate THG to his benefit.

Those of us with long memories will remember the pro Moulding propaganda with the story line about he really wants the SP to be high because of the employees shareholding and the fact a lot of friends and family also had a decent amount of shares.

We now have confirmation that was nonsense..

Until I see something demonstrable to change my opinion I will continue to distrust every thing he says.

Actions count far more than the words of a liar

He also said that Apollo stated that Ingenuity on its own was worth 60p a share but he quickly forgot about that when he engineered a dirt cheap sale of Ingenuity back to himself with the added bonus of profitable hotels and a country club whose land value is comfortably in the tens of millions and don't forget these were never part of Apollo's Ingenuity 60p valuation.

When THG floated Moulding wanted to be a city hero, the king of all CEO's, unfortunately he is a woeful CEO and city boys could see right through his bullsh*t so he silently declared war on the city and the THG shareholders. His plan since then is 100% focused on personal enrichment and two fingers up to the city boys and all shareholders. Quite where MA fits in I don't know but I have no doubt he wouldn't think twice about screwing MA over if he felt that was required. It's little wonder he feels the need to have personal security for himself and his family.

We need to find a way to get through to chairman and find out why we never see or hear from him.

He has legal responsibility that he seems to have completely forgotten about

Amen to you Icouldntcomment re Brexit and boat people. Farage is the ultimate chancer, he is a blight on politics and he will say literally anything to keep his ugly mug in the news.

I am with VC in thinking that the ever deceitful Moulding will be emboldened by the Ingenuity deal and will be working on buying Myprotein on the cheap and everything he is currently doing is in line with depressing the SP and "managing" shareholders expectations regarding the take out price. I honestly wouldn't trust a single thing he says and I believe the majority of city investors think the same.

Ramptastic Gary - enjoy your long weekend off from banging the drum 😉

There's only one of me and I have been consistent in my messaging for literally years whereas you are the new kid on the block and latest in long line of Moulding rampers. Everyone reading these posts will eventually see you for what you are so I will leave it at that. You ramp away all you want because it won't change anything

History would suggest that you are likely to be wrong. Don't ever forget the shorters are professional gamblers and Moulding is a shorters dream CEO. Naturally as long term shareholder I do hope your right but a quick glance at the chart over the past 5 years would give you all the evidence you need to see how profitable it has been to short the shares.

Playing devils advocate if Moulding was sincere about giving the shorters a bloody nose surely he would move heaven and earth to make the business profitable rather than using it as a vehicle to enrich Ingenuity ???

Here's hoping Navek and like just like you right now I would happy to get out around break even which for me is 72 if my maths are correct. 72 feels a long way off but you simply can never tell with THG, what I do know its by far my worst investment in decades.

I said some time back, that I thought the hotels/country club etc were Mouldings insurance policy against Ingenuity not working out. What is utterly baffling is how Moulding has a vice like grip on the board of directors and to a lesser but still important degree a grip on the major shareholders.

If THG was an American listed stock I guarantee you that someone would have initiated a shareholders class action against Moulding and the other members of the board and that's why Mouldings threat of moving the listing to America is s nothing more than hot air.

Unfortunately no, there's actually no comparison between the two if we are being factual.

Even if Moulding was to stand down there's the very clear conflict of interest between Mouldings dominant share holding in THG and his ownership of Ingenuity plus all the other stuff to do with leases etc.

As it stands tday Moulding can use THG to buy market share at the expense of the THG balance sheet (and SP) whilst simultaneously benefiting by Ingenuity increasing its profitability as the volume of THG transactions it handles increases on a pro rata basis.

To some degree we as long term shreholders have all become accustomed to this nonsense but to anyone not holding shares this is a scandal and a shocking conflict of interest.

I said recently that for first in a very long time I feel mildly optimistic however everyone dreaming of someone making a successful bid at a price reflecting the sum of the parts is forgetting it's Mouldings train set and the mighty Aollo got short shrift. The potential Apollo take out price has never been disclosed but I would be surprised if the initial offer wasn't at least £1.70 and Moulding rejected it out of hand as he has with every other expression of interest. I honestly don't believe Moulding will sell to anyone other than himself and his cronies.

My optimism comes from the hope that one of two disposals could transform the balance sheet.

A.S.1. I am with you on Lloyd Cole. Back to business , this feels like a good decision from Moulding and if this had been any other company I think we would have seen a decent rise but as we all know THG is for better or worse a "special case". FWIW I don't like his LinkedIn outbursts but he is never going to stop so its just a case of accepting them and hoping investors can see past them.

All hail the sage ~~~ if they post some positive updates and post some decent numbers then the SP of >70p is potentially achievable ~~~ well I never !

Have a good weekend and I look forward to more insightful analysis 😉