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For anyone left who still believes that Kelso are getting through or that he is going to split up THG ....
"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.”"
“My dogs have got more shares and you’ve met them.”"
Did Moulding actually say this?
Know ... here's the Link ... Kelso aren't happy on LinkedIn it seems ...
https://www.thetimes.com/article/a4c913f9-b849-4606-aff5-f3e0e802c667?shareToken=12aeebbe5ff45972e75426c943469708
“My dogs have got more shares and you’ve met them.”
Don't get the controversy in the comment. He wasn't calling anyone a dog, he's just saying Kelso have an insignificant proportion of total shares and have shown to only be in this for a short term trade (already sold a portion for a quick profit). So Matt is well within his right to make this comment.
Kelso making a big song and dance about it shows that the article hit a nerve. If they wanted more influence maybe they should have tapped up backers with deeper pockets...
Extraordinary, Ihavenoclue.
Hopefully, this arrogance isn’t reflective of moulding’s views of us lowly PIs.
No
THG has an equal fiduciary duty to all shareholders - whether you’re me with 100k, or joe the plumber with 10m. Doesn’t matter. To be so dismissive of legitimate shareholder concerns is more evidence of his unsuitability for the role of CEO of a PLC. Private fine - PLC - no.
Get the feeling it's not about them sharing concerns, think there's prob a lot we don't know what either side has been doing. Don't think they are just sitting there saying this is a problem, get the feeling they are trying to force the issue and get the company to do what they want, as the comment is directly linked to them trying to get him to sell nutrition. I agree with Ryan, but it's worded odd, the and you've met em part just doesn't sound right in the context it was written. Basically seems.a bit more to it, or something was said that wasn't written into it.
Ryanf
"Kelso making a big song and dance about it shows that the article hit a nerve. If they wanted more influence maybe they should have tapped up backers with deeper pockets..."
Personally I think you have got this all the wrong way round.
Kelso challenging Mouldings authority, how things are being done and the present status quo has triggered Moulding to do 2 things, so it is they Kelso that have clearly hit a nerve with Moulding.
1. The first is that that he has gone back into the market and twice bought Kelso shares (further Pacman defensive buying) and sufficient to secure a seat on their Board. It must therefore worry him what their discussions and plans are.
2. It has also caused him to sit down with The Times of all newspapers and one whom he has openly had spats with in the past and in the connections between journalists and hedge funds. This is completely outside his comfort zone.
The comments are belittling to Kelso and they, Kelso, in response have every right to highlight the unacceptable nature of these comments.
Could they take it further. I genuinely don't know but I concur that it certainly makes for an interesting AGM, especially if they Kelso attend.
KWK, in a perfect world that statement holds, but there are complexities around relationships and past share price history that mean you cannot apply the rule of "looking after the interests of all shareholders big and small".
1. By not selling the company at 170p, he stuck by the largest shareholders (like Sofina), who have backed him since IPO.
2. Due to the dramatic change in SP since IPO, it's almost impossible to look after the interests of all shareholders. All shareholders will have different aspirations, me for example could wait years and would prefer to do so if it meant greater returns in the end. Kelso have already shown themselves to hold THG for the short term. Why should Matt change the long term strategy of the company just because some very small II has started a shouting match. Matt is well within his right to make the comments, he is well within his right to buy 10% of Kelso shares. I hope he keeps squeezing them because they are taking the moral high ground but will leave the rest of us in the dust just to make a quick buck, we've seen it already.
Yes he might not be everyone's cup of tea with the shirtless photos and LinkedIn posts (stop please Matt), but he has built this company from nothing, has his own charity foundation, has a strong family unit and clearly has integrity (something that we all know tends to be lacking in the city, and evidently at Kelso). That's who I want to be running the company long term, because value will eventually be realised with improved macro.
MM is very likely a good person but it is undeniable that he is unable to keep lid on his ego. That comment about dogs, is deeply unwise and unbecoming. Lacking in class and unworthy of a Ceo of a publicly listed company. In his defence he probably knows his limitations and hired a city grandee to be the conduit with the city. The chair failed to do his job and rightly should go. MM needs to stop talking and needs someone good in pr to filter his LinkedIn posts. It's not had, but constantly allowing his ego to rule is proving damaging. Imo
Ryanf I'm going to pick you up on the central part of your post and I'll put the reasoning after each sentence. Here's what you wrote
"Kelso have already shown themselves to hold THG for the short term. Why should Matt change the long term strategy of the company just because some very small II has started a shouting match. Matt is well within his right to make the comments, he is well within his right to buy 10% of Kelso shares.
1. Kelso have already shown themselves to hold for the short term.
A. Incorrect they have held 5 Millions hares consistently all the way throughout.
2. Why should Matt change the long term strategy of the company just because some very small II has started a shouting match.
A. Because its not working and the numbers and share price show that. How much money / Capex has Ingenuity had spent on it to attract in whales - Not 1 landed - X amount of people made redundant - and a Chairman brought in on a 2 day week. My Protein - £50Million spent on it to retain customers and then somebody decides to rebrandb and on the manner of operating in Japan - Last update a whopping 9% down on revenue. Yet everyone was told spending on analysts calls spending the £50 Million was the right thing to do. Was it?
3. Matt is well within his right to make the comments...,
A. Completely disagree with you on that one and so do many others, including the intended recipient of the comment Kelso. They are shareholders in THG.
"My dog has more shares, and you've met them\"
4. he is well within his right to buy 10% of Kelso shares. Indeed he is - but lets be clear these are being bought by Matt Moulding as a private individual. These are not THG purchased shares so he is acting in a private capacity.
Now not wishing to be funny about this but it is the job of the Chairman to be in overall charge of these type of situations and deal so it'll be interesting to see what he does thereafter and given the upcoming AGM voting.
Imvho.
Just to be factually correct
"“My dogs have got more shares and you’ve met them.”
@onsolid…
I’m not 100% sure but didn’t you say a few weeks back that sold a load of THG shares higher up? Apologies if I’ve got that wrong.
You seem to keep repeating yourself. Looking back through your history you mention the 9% rev drop in nutrition A LOT! Most here are more than aware now of what the issues are at THG and I can only speak for myself but I’m looking forward to the see if the changes that have been made at MYP (rebranding etc) have paid off and I’m convinced the rev drop was a one off .
Can I ask, if you didn’t sell stock higher up and I haven’t made that up, would you be as negative as you are and constantly keep repeating yourself? I understand balance is important but in my opinion, you are trying to cry down the SP for a lower entry point.
The Hermit if you have looked back through my history then the answer is there and its consistent.
You wouldn't wish me to go repeating myself would you !!
The comments though that Matt Moulding made only appeared yesterday and I'm more than happy to trade comment and discuss with those having different views on what is a public bulletin board where that is its purpose.
Tomorrow I suspect that instead of me you'll be directing your comments at the 3 "woof woof" amigo posters Stew2000, APH1 and GTC who seem quiet at the moment but will no doubt have their own views.
Perhaps, rather than focussing on posters, focus your attention on discussing THG the company, The Times article from yesterday, the CEO's comments and the response it has created from Kelso. That's the biggest issue presently.
Just to put you back on course - What do you think might happen on the THG side and on the Kelso side.
Nothing, Apology, Reprimand, Investigation and Sanction, MM increases his stake further in Kelso, Kelso offload some of their holdings or buy more, Others offload or buy, Kelso attend the AGM, Shorts increase or decrease ??
Just to be factually correct :
In January 2023, Kelso initially bought 5m shares in THG at 55p, subsequently increasing this
exposure to 8m shares, maintaining an average in price at around 61p. In the second half of the year,
as we began to diversify our portfolio, we sold shares generating a realised gain of £0.9m. THG’s
share price at the end of 2023 was 85p resulting in a further unrealised gain for the year of £1.2m.
Subsequent to Kelso’s year-end, THG’s share price fell back to 60p at which point we bought a
further 1m shares at 60p to give us 6m ordinary shares in total.
Given how Moulding continues to throw the shares around like confetti at a wedding he probably has gifted his dogs more shares than Kelso hold.
Unless you are a Moulding fan boy it's not a good look
If you had to be either a Kelso Fanboy or a Moulding Fanboy you'd have to go with Kelso based on evidence presented so far, mainly because Kelso are an investor first and foremost. Moulding has basically made his money and still treats THG like he owns it. He's also had years to realise his vision for the Company but seems more interested in buying Kelso shares than acting like a CEO.
Pride comes before a fall. The Times interview appears to conclude that his personal ambitions come before shareholder's interests. If he truly believes the company is worth many multiples of its current valuation should he and the Chairman step aside, then that surely means they are not doing a role in the best interests of all shareholders? JMO Adyor!