Member Info for Yorek

Roxi, I’ve been setting aside “CASH” in a SIPP and gaining the tax benefits to buy my THG share holding for the last few years. You’re now suggesting that I do the same in a matter of weeks, to be able to take my full entitlement …… Get real.

It’s incredulous that this deal actually plays into the hands of the trading “fast money”, that Matt so despises, more than it does to loyal long term holders.

I may have misread it all a few months ago, but I thought the new listing rule changes meant that this kind of thing did not need shareholders approval…..

404x, it’s not mad to risk a small proportion of your retirement in something you believe in….. it’s just another everyday investment decision, only the government gives you a kick back for investing.

Any idea which SIPP providers allow it? I can’t find any…..

If you can’t hold in an ISA or SIPP, I think the uptake will be less than may be expected. I have 95% of my holding in ISA’s and SIPP. As I believe a rerate is on the cards, why would I want to pay tax on gains? Surely other private investors are in the same boat…? So for me, having held for a very long time, I may well be largely locked out of Ingenuity, or at least even if I add more to my trading account, I won’t get anywhere near my current entitlement in the time frame remaining.

If Matt were going to lead Ingenuity in the short term, I don’t believe they would have recruited a Chairman & CEO. Therefore I’m more in the camp that a bid may be made for RemainCo, where the terms are favourable to all and the current team remain in place as part of the go private deal, as was indicated in the Apollo rejection LinkedIn post. Matt is moving John Gallimore beforehand to ensure he is not locked into the RemainCo deal.

Just my current thinking.

I think that Matt has had his fill of being listed, so I feel like he’s ready to support any/all good deals that enable him to keep his interests and stay in control, as long as it involves coming off the LSE.

I think Matts baby is Ingenuity and that he’s going to own as much of that as possible and keep it private.

But, I think that if he can achieve suitable deals for nutrition/beauty, then he will…..but for me, PE is the only vehicle that will allow him to have his cake and eat it.

No problem beardman. To be honest, I think many of us are new to this particular situation, so you’re not alone.

Of course Cong; no problem.

Beardnan, you will be entitled to receive Ingenuity shares in any account, but you may not be allowed to hold shares in private companies in an ISA. I would message Halifax and ask them.

I’ve asked Hargreaves Lansdown to confirm if I will be able to hold private company shares in my SIPP or ISA.

Mr Google suggests that you might be able to hold shares in a private company in a SIPP (depending on the provider), but not in an ISA. But this is based on AI responses, so you need to get clarity.

I believe if you hold shares in a trading account, you should be able to hold Ingenuity shares, but again, you need to confirm with Halifax.

OSG, thanks for sharing.

That would also explain why Matt is staying with RemainCo and why Gallimore was moved early to Ingenuity…..and why maybe Matt made a joke of JG now going with the Ingenuity NewCo, but he hadn’t told him yet. I thought at the time that that comment was a bit contrived.

PE will want the existing team to remain in place; as also referenced in that LinkedIn post.

Reread it, there are 3 options:

“Each THG shareholder will be given a choice (i) to elect to continue to be invested in IngenuityCo and RemainCo in the same proportion that their shareholding in THG represents, (ii) to apply to receive more or less than their pro rata entitlement of IngenuityCo shares, or (iii) not to receive any IngenuityCo shares.”

Page 2 of 37 of the Update RNS

Just re-read the demerger update in slow time and a couple of things I didn’t realise:

1. The equity valuation of up to £100m is the top valuation. If the THG share price goes up in the near future, this valuation will not go up. But if the share price falls below the price on the day of the raise eg 49pish, then this valuation will be pro rated down.

2. The matched bargain facility for Ingenuity shareholders will be explored “once it becomes an unlisted, private company”, so we will have to decide whether to take up the shares without knowing whether this facility will be available.

3. Existing shareholders can “elect to receive more or less than their pro rata entitlement in IngenuityCo shares” and effectively to do this, they would give up RemainCo shares. So, Frasers may have £10m of THG shares now, but if they elect to take up Ingenuity shares and give up THG shares, it’s possible that they will hold no shares in RemainCo at all. Te same for other holders presumably.

Apologies if this is all old news to everyone, I’m just catching up…..but I also don’t know if any of this really matters. This is definitely not my area of expertise.

I’ve followed the original joining link and it doesn’t seem to be available yet. It says:

“ Thank you for watching

THG - Q3 2024 and demerger update

The live broadcast has now finished.

Please come back later for the archive recording (if made available)”

Thanks for that 1p. I hadn’t considered that angle. Always value your input.

“ Why don't you two goons just look at Director Deals page here, it shows 41p and 86p...”

Because we rely on highly intelligent, compassionate, friendly people like you to do the work for us…..

He bought 2 tranches, from memory. One at around that level and one at the 40p is level I think. I believe he’s still under water too.

A couple of thoughts over night….

Am I right in saying that if you want a position in the private company, Ingenuity, you will have to own THG shares prior to the demerger? If so, hopefully those disappointed in the 4x over subscribed offer will start buying….

Also, I’m not convinced we can hold much value to those named in the statement as the only ones to have bought into the fund raise, as some companies would not want it known if they had bought in e.g H&B

Agree OAC. I’ve always believed Ingenuity was the focus for Matt and John as it’s the bit they’ve “built”. I don’t believe the allegiances to nutrition or beauty are as strong, which I also believe is what’s behind Matts willingness to switch MyP strategy to include aggressively seeking offline growth. This above all else will stoke interest from industry suitors, so a sale of MyP at least I believe is likely.

Good weekend all.

Oxford, I took part. The agreement has been made and the money taken, but this is what HL have said:

“The new shares will be credited to your SIPP Account on 15 October 2024. This may be delayed in the event the company does not deliver your shares to us by this time.”