Thg Share Discussion Threads

[debsdowner] 29/1/2022 17:57

Business Desk

"In his 55-page judgement Mr Justice Blair rejected Mr Cookson’s claim of deceit in that The Hut Group’s executives had all known about a fraud committed in 2010 and 2011 by a former financial controller who was sacked in 2011 for gross misconduct after overstating the company’s profits."


"Mr Justice Blair said this act by the former employee, had blown a plan by The Hut Group to float the business in late 2011 on the Stock Market, off course. The fraud caused The Hut to restate its 2010 accounts, and meant an initially reported EBITDA of £4.1m was in fact a loss of £1.5m,"

[debsdowner] 29/1/2022 17:54

Short memories

[davidro77] 29/1/2022 17:53

And the finance director survived and got moved to.....ingenuity!!Anyone know if he is still there?Will the culture described in the article have changed if senior figures involved are still there.'THG's then financial controller, plus another member of the accounting department were sacked, with Darren Rajanah, then finance director and now working in THG's Ingenuity division, put on gardening leave before returning to the company.Rajanah's conduct was criticised in the judgment including how "a bonus of £50,000 which had been awarded to Mr Rajanah ... was paid into [the fired financial controller's] bank account to hide it from Mr Rajanah's wife, from whom he was undergoing a divorce."

[boix] 29/1/2022 17:51

Newsweller
What’s a fantasy?
Every broker has their own (or white labelled) dark pool - it’s how it works especially with large positions to sell or buy.
The dark pool trades are c. 30% + of the market usually disguised as OB trades when recorded.

They operate in all global stock markets.

[boix] 29/1/2022 17:47

Agreed
The whole saga is pretty unbelievable - it’s difficult to understand from the outside.
Not just this chapter but the whole story.

[debsdowner] 29/1/2022 17:45

Some people have short memories of fraud

[debsdowner] 29/1/2022 17:25

Staff must be feeling pig sick as well as 200 staff



Forced sale of shares imo and I dont feel short sellers are finished.

[boix] 29/1/2022 17:18

That’s true not forced to release but it would be prudent.
I am sure the position would have just been sold into the brokers dark pool - suggesting anything else without info is just dreaming.
If there was any sort of positive spin they would have released the info.
Expecting further falls to follow next week even if the greater market holds.

[1pencil] 29/1/2022 17:09

(9444 of 9444)

Why would they, the total amount is not much more than 0.5%


"If it had been sold to one investor they would have released that purchase at the same time to avoid this speculation and resultant further price falls."

[boix] 29/1/2022 16:54

No not necessarily.
They would have been sold in the brokers dark pool (likely Goldman Sachs - But they actually have multiple brokers) and then registered later with the LSE as a lump.
That’s how it works when you have a huge position to offload discretely and you are trying to avoid crashing the price.
If it had been sold to one investor they would have released that purchase at the same time to avoid this speculation and resultant further price falls.

[1pencil] 29/1/2022 16:47

Now may have been prudent timing given the current share price, minimising any tax liability crystallised from the company disposal.

Someone purchased the shares in a single transaction, could be a family member, children, spouse outside of notification requirements.

[merrick1965] 29/1/2022 15:34

My primary concern with Director sale would be

If it was a loan convenent then a commercial director of a 2 billion company with his connections in banking could have renegotiated terms or security (he could have increased number of THG shares as collateral secured at a lower price, the question then arises if Goldman felt the increased collateral was good value against the loan ) if he believes in the future value of his shares he would have fought tooth a nail if he felt the shares were worth a lot more (somebody also mentioned he’s going to get a whooping tax bill).

Option 2

You sell your shares - downward share price pressure continues we buy the company cheaper - and give you a load of share options

Not sure I see any positives in this RNS when we are trusting his commercial prowess to look after THG

Maybe he should make a press statement to placate shareholders

[1pencil] 29/1/2022 14:23

Unlikely imo to be anything to do with a margin call as no financial instrument details mentioned either in the original (Aug 21) or subsequent (Jan 22) announcements.

"...as security for a loan facility made available to Steven Whitehead pursuant to a loan agreement."



Lazard Int, Jupiter and Chrysalis have all been recent buyers, lets see whose on the other side of these trades

[newswseller] 29/1/2022 14:17

Ermm nope...

[hamhamham1] 29/1/2022 14:00

Y3ah, well spotted merrick...

"...Company's historical employee share incentive arrangements; and (b) the entry by FIC Shareco into a security agreement with Goldman Sachs International Bank in respect of only those ordinary voting shares beneficially owned by Steven Whitehead but registered in the name of FIC Shareco and which are to be subject to such security agreement on or about the date of the conversion of the above referred F and G ordinary non-voting shares beneficially owned by Steven Whitehead, as security for a loan facility made available to Steven Whitehead pursuant to a loan agreement dated 10 August 2021. Details of the full notification received by the Company are set out below..."

[merrick1965] 29/1/2022 13:25

This is not a share sale as someone else posted it appears Loan convenant for Goldman underwrote the loan

“ ordinary non-voting shares beneficially owned by Steven Whitehead, as security for a loan facility made available to Steven Whitehead pursuant to a loan agreement dated 10 August 2021.”

[hamhamham1] 29/1/2022 11:43

He must bet gutted with a forced sale of half(?) his shares at that price, if it is a loan covenant?
That 6m of shares would have been worth nearly £50m at peak prices and to only get £8m, doh!
I guess he will want to focus and make sure his remaining shares grow in value, might be a good thing?
First world problems, eh? ;)

[pre] 29/1/2022 10:59

good sensible post Srs8 - makes sense, so no doubt someone else probably took the shares - there was a 4 million buy trade put through yesterday.

[kooba] 29/1/2022 10:00

Srs8 very good points on CGT liability crystallised on share sale too..hadn't realised its literally all taxable profit even after the sharp fall.What a mare.

[amaretto1] 29/1/2022 09:37

Totally agree with that ....Kooba a very good comparison !!

[bookbroker] 29/1/2022 09:35

Thing is, one needs a period of a year or so’s more trading to judge this company. Remember SPD, when Ashley floated, BOOM, then big investors realised they were dealing with a maverick, a very astute one at that who threw convention to the wind. But fact was, share price fell to 40p before establishing itself at a higher level. City needs to get to grips with Moulding , and vice versa!