Kelso Group Holdings PLC Investment in THG Plc Update (5063M)
2023年9月15日 - 12:16AM
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RNS Number : 5063M
Kelso Group Holdings PLC
14 September 2023
Kelso Group Holdings Plc ("Kelso" or the "Company")
Investment in THG Plc ("THG") Update
Kelso, the main market listed investment company, updates its
shareholders on its investment in THG Plc ("THG"). Kelso notes
today THG's interim results for the half-year ended 30 June 2023
("Interim"), which remains Kelso's main investment.
We are generally pleased with the operational and financial
performance of THG, however, the lack of strategic update is
disappointing. There is no mention of plans for the medium-term
structure of the business or regarding the move to the Premium
Segment of the London Stock Exchange. These matters are important
to shareholders; we think that today's material share price fall is
due to the lack of clarity on these plans. Several comments were
made in the Q&A meeting this morning around the potential
future structure of the business which we believe would have been
beneficial to be included in the Interim results.
It was pleasing to see full year expectations reiterated at c.
GBP120m. For the period, EBITDA was slightly above market
expectations at GBP50.1m, driven by a strong performance in THG
Nutrition of c.GBP47m, an increase of 72% year on year. In our
view, THG Nutrition will continue to perform strongly in H2 and
whilst performance in THG Beauty declined year on year, it is
encouraging to note that it has returned to growth at the start of
the second half.
Kelso believes the true value of the group will only be realised
when THG Nutrition is divested, albeit supported by Ingenuity,
whether majority owned by THG or not. We have said before that we
believe THG Nutrition has a value significantly more than the
current market capitalisation, and plays strongly into the global
trend for large snack companies to diversify into healthier
products. Given the significant recovery in THG Nutrition this
year, we believe that now is the time to be exploring the strategic
options around this business.
Shareholders would appreciate an update regarding the potential
move to the Premium Segment. Most UK active fund managers and index
funds are benchmarked or indexed against the Premium Segment and so
do not consider shares listed on the Standard List, as THG
currently is. Moving to the Premium Segment would force these funds
to consider THG. As a result, we believe that THG should embrace
the UK stock market and move as quickly as possible to the Premium
Segment, regardless of future potential changes that may be brought
by the UK Listing Authority.
For further information please contact:
Kelso Group Holdings plc +44 (0) 75 4033 3933
John Goold, Chief Executive Officer
Mark Kirkland, Chief Financial Officer
Jamie Brooke, Chief Investment Officer
Zeus (Broker) +44 (0) 20 3829 5000
Nick Cowles, Ed Beddows (Investment Banking)
Ben Robertson (Corporate Broking)
About Kelso:
Kelso was established in November 2022 to identify, engage and
unlock trapped value in UK listed companies. Through active
engagement and alignment with other stakeholders, Kelso aims to
effect change where existing shareholders are often unable or
unwilling to do so themselves. Kelso is run by John Goold (CEO),
Mark Kirkland (CFO and Strategy) and Jamie Brooke (CIO) each of
which have over 25 years of experience in the quoted and unquoted
UK small and mid-cap market.
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END
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September 14, 2023 11:16 ET (15:16 GMT)
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