Member Info for Yorek

Deutsche broker rating - Reiteration of Buy, target 305

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“One may argue John Goold that it is a little churlish to criticise a minority shareholder (I think Matthew Moulding holds 10% of Kelso Group Holdings Plc)… it is also probably worth noting that Mr Moulding knows how to run a company and hasn’t spent his life being a spreadsheet jockey ..”

Thanks for posting.

The Dutch firm have declared their supporting of Kelso previously and Cookson joining them is no surprise.

I’m just stating facts, not my personal interpretation.

OSG to me, your agenda is very clear and you spend an awful lot of time/effort on a board where you have sold down your holding.

Personally I don’t see things through the same lenses that you do and I won’t be rising to the bait and getting into a debate with you. The tone of your posting makes it difficult to read, not the content.

I’m going back just posting facts, as normal.

GL all.

Interesting article in The Times today about Greggs. Assume their reference to forecourt and international expansion would be through their partnership with SSP

https://www.thetimes.com/business-money/companies/article/the-story-of-greggs-success-and-whats-coming-next-by-the-boss-kdw63dp98

Interesting to see Ian McDonald reply to the Kelso post on LinkedIn, especially as he has business relationships with Matt and John Goold. His post is:

“Matt absolutely did not compare small

Minority shareholders to his dogs. Let’s not be negative about what was actually a pretty positive and balanced profile piece”.

“ Then at the same time you have shorters and market makers just chomping at the bit in the background to knock the share price back at every cut and turn, and on virtually every occasion lately that Matt has spoken through Linkedin or indeed carried out an action (e.g buying Kelso shares) it has gone on to cause a retrace in the share price.”

Who needs “shorters and market makers” when we’ve got you 😉

I think, once again, we’re going to have to respect others opinions and agree to disagree.

I notice that in response to the Kelso post on LinkedIn, someone who obviously knows John Goold has posted a response that starts with:

“I thought it was a good insight to Matthew Moulding to be fair, John. Came across as a positive piece and gave a lot of insight to the man and what drives him. Possibly you’re being a bit faux offended by the dog remark, it sounds tongue in cheek.”

So clearly not everyone took it as seriously as Kelso did.

Agree Cong.

The amount of information Matt has revealed about himself, in my view, also reveals how self aware and astute he is. We now know why TGL was engaged, to bang the drum in the City and why Steve Whitehead appears to be leading analyst engagement. Whether you think any of them are doing a good job or not, depends on what side of the track you’re on; the supporters or the opposition.

Matt has repeatedly made it clear that they will only do what’s in the interests of THG and that optionality will improve as the macro does. For those who are not committed to holding for as long as it takes, I understand that it’s frustrating. But this article has only increased my commitment to standing firm, as I truly believe that the tide is turning and that Matt is a good man, so we just need to give him time.

Unsurprisingly I have ignored the advice from Kelso when deciding how to vote ahead of the AGM, as I believe that disruption to the board, at this time, would be counterproductive.

Oh dear, looks like Matt has hit a nerve 😂

From Kelso on LinkedIn, with a link to the article:

“ The Board of Kelso noted the profile article in the Saturday Times Magazine on the THG CEO (read article below). In it, he compared small minority shareholders to his dogs:

‘Activist investors have suggested that he sell off the nutrition arm of the business. He is dismissive of the suggestion from the small group of investors. “My dogs have got more shares and you’ve met them.”’

We would encourage shareholders to read the article.

Assuming Kelso is the activist being referred to, we have always stated THG should look to demerge the three businesses and sell off majority or minority portions of each ideally to strategic investors, as mentioned in our RNS from December 2023: https://lnkd.in/e7cxxiga

The Board of Kelso has concluded change is needed at THG and will be voting against the Chairman at the upcoming THG AGM on 24th June 2024.”

I actually thought it hadn’t made the physical paper, as it’s not in the business section…but it’s a full colour article split over 5 pages in The Times Magazine.

I still believe Matt will sell at some point, when long term IIs are happy to do so, or go with the deal, but only when he’s proved himself to be a man of the people and not the charlatan that he is portrayed to be.

Good weekend all LTH.

Interesting comments:

“If he sold up tomorrow, he claims, the company would be “gobbled up at multiple times its value today by American businesses or big corporates”.

“I could just step aside tomorrow and be on a huge boat, wherever the sun is shining.” Has he got a huge boat? “No,” he says, laughing coyly. “I’ve got a few things, but nothing that would take me away from here yet.”

Really great piece. Surely choreographed in terms of timing, as Matt talking to The Times is not a natural move and he even says “This is his first interview “in for ever. And I probably won’t do one again for ever.”

I think it reveals a lot about Matt and his character.

Looking forward to understanding why he’s picked now to do it.

Mark Kleinmann suggesting Next may not bid either:

https://news.sky.com/story/body-shop-administrators-in-race-to-wrap-up-sale-13149284

“M&S will not be making a bid for The Body Shop as administrators approach prospective buyers for the vegan beauty retailer.”

https://www.retailgazette.co.uk/blog/2024/05/ms-the-body-shop/#:~:text=M%26S%20will%20not%20be%20making,bids%20ahead%20of%20an%20auction.

Marlin, the truth is simply that I find it amusing and I know some posters aren’t on X, so I share in case they are interested. I have to be honest too though, and say that there is significantly more BS posted on this board than comes from CitySpy, so at least it adds a note of optimism, truthful or not.

He’s just posted an update:

“Not a leak, just an observation btw. The good stuff is loaded and ready to release when the time is right.”

Comment: “Circa 400m revenue.”

Picture: looks like a bland/brandless clothes shop with mannequins….

I think it’s fair to say though that Matts buys are the only thing that keeps pulling the Kelso share price up. Their other investments are hardly setting the share price on fire are they. Without Matt, there would be a constant drip down to well below today’s levels.

I would love to know what the relationship is like between Matt Moulding and John Gould, especially as the obvious thing they have in common is Ian McDonald. Maybe Ben Harrington will reveal all in a future post, as he’s reporting on Matt increasing his position in Kelso this morning