Member Info for Yorek

THG Ingenuity have picked up Toblerone, part of the Mondelez family:

https://www.toblerone.co.uk/

Ian Mc posted on LinkedIn:

“Amazing, Mondelez, yet another global FMCG trusting it’s e-commerce to Ingenuity. Another brick laid in the wall, well done guys”

Belerion Capital was one of the companies that allegedly bid last year, as well as King Street Capital and now Apollo.

Just noting that it seems that none had declarable positions in THG before/after approaches

Thanks 1Pencil; appreciated

Holland & Barrett are undergoing something of a transformation…particularly in food. A number of very well respected food people have joined, so I expect to see progress soon.

Whilst researching ownership, it did strike me that LetterOne (L1) would be quite a nice investment partner:

https://www.letterone.com/

Talking of the Kelso announcement, I still find this quote intriguing: we “look forward to being able to remain a shareholder of this exciting company”.

To me it suggests they fear they may not “be able” to remain shareholders….

There’s lots of reasons for confidentiality in here:

https://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/PS-29-New.pdf

One reason to keep the details quiet is to prevent:

“leading to competing offerors making an offer on less favourable terms than they would otherwise have done.”

Thanks for the update 1pencil

Does anyone know what interest Belerion Capital have, Ian McDonalds investment company…or what holding he has personally?

IMHO the results were not horrendous if taken in context with the macro environment, they were if we compare against a forecast that couldn’t predict some headwinds.

Example, in MyProtein, we chose to compromise on margin to get perishable stock sold and retain the customer base we had fought for for years.

Others, like UK multiple retailers have been accused of profiteering and have lost market share to the discounters. Other retailers are stuck with stock they can’t shift. ASOS lost 7% of active customers, orders shipped reduced by 14% but “On the plus side, customers who stuck with Asos during the period are placing orders slightly more frequently, as well as spending more.”

I feel THG made speedy, appropriate responses.

We just need to give them time for their strategic changes to be reflected in the results, as was referenced in the announcement.

Personally I think it’s a realistic response, but if you think weak, then that’s ok.

I first bought in at just shy of £3 and have averaged down, but am still under water. So I may be relatively new to this board, but not to THG.

I am in FMCG so believe that THG have endured the same challenges as others with covid, cost of living etc., but I believe their response has been right, and more decisive than others. I also believe that MM is the same man now as he was prefloat, so he has not changed his behaviour, the environment has made him more vocal.

Is he right for the LSE, probably not, but if he didn’t share what he does, we’d all be clueless for months at a time.

I’m not prepared to sell at a loss either, but I refuse to believe that THG or MM are crooks and are going to take this private for a song, so I continue to look for the good news instead of promoting the depressing news that the shorters pedal.

Just my view as always.

Agreed. All the scenarios being discussed are negative.

Previous articles suggested that Apollo were not alone. We therefore don’t know that there isn’t a better offer (from someone who doesn’t want control) on the way, that is known to insiders only, that the press haven’t got wind of.

Frankly if you believe MM is not the man to lead THG, then I am genuinely stunned that people would waste their time on here….and if you’re investment decision is based on him being removed, then I feel that the future is likely to be uncomfortable.

“ Not to annoy long suffering #THG holders but Apollo talk details starting to surface. It's suggested the price on the table was considerably north of the previous 170p approach. This is chatter only and should be taken as such.”

Unfortunately I’ve been away most of the week so missed the action. But although disappointed that I am back under water, I’m almost immune to it.

I invested in MM as much as THG. I love his passion, conviction and belief and having been kicking around the industry for many years, I just don’t see this anywhere anymore. It gives me hope and energy.

I can see those who want to make a quick buck don’t take kindly to his behaviours, but if I was him, I’m pretty sure I would respond in the same way. Rightly or wrongly, I also believe that he cares about long term PIs who have become part of his tribe.

The way I’m looking at it is that if MM delisted THG and I got a letter asking if I’d like to ‘stay on the bus’, with my investment remaining in THG held privately, I’d do it. So, I guess I need to just ignore the shenanigans, keep believing and hope that one day, Matt gets fair treatment and we get fair return.

Contrary to others, I believe that Matt is the best person to run this company, especially as he is surrounding himself with people who have the skills he perhaps lacks, like the Lord….who i also believe in. He is a relatively silent chairman, playing the back room role. But in this case, I think that’s the right move. He’s there to challenge Matt and the Board, to make sure the path taken is the right one.

Always hopeful.

I must have a time lag. Thanks!

Is it possible that MM could do a SoftBank type deal with QIA for a share of Ingenuity?

This would negate the need for QIA to buy up THG shares and provide the finding for ingenuity for a stake in the platform, leaving the other divisions (nutrition and beauty) to operate independently.

https://amp.theguardian.com/business/2022/jul/26/uk-thg-ends-investment-deal-softbank-lookfantastic-zavvi

The LinkedIn post that’s been edited that I’ve just looked at has not been changed to say “some” of the 35%…. But the Instagram post has been changed.

A deal with QIA has more merit than with Apollo in my opinion….particularly when considering how the Ingenuity global expansion could positively impact the grown of the interests of QIA eg. Harrods, PSG, Sainsburys (including Argos, Tu, Habitat), Reckitt Benckiser etc.

Thanks HH; appreciated

“Does”

What dies this refer to?:

“as it claims it now has ‘a full range of strategic options to maximise shareholder value across the Nutrition, Beauty and Ingenuity divisions’.”

Novice question about a GS….

If MM has the support of 65% of shareholders, does he need a GS? Is it still really relevant?

Or are people expecting that 65% to turn on MM in September?