Скачать или смотреть Billionaire THG Founder Matt Moulding Surrounds ‘Golden Share’

British billionaire Matt Moulding has scrapped a shareholder structure that gave him a controlling stake in his ecommerce protein powder and beauty empire THG as part of a push to be included in the FTSE index of blue-chip shares, and comes after sharp share sell off last week. Shares in the Manchester-based company rose 8.7% on the news but are still worth less than half what they were listed at in THG’s $5.8 billion IPO in September 2020. Investors’ disquiet at corporate governance at the ecommerce powerhouse and a complex deal with SoftBank to invest in its technology arm wiped billions from its stock market value last week. The London Stock Exchange’s current rules mean that companies with a dual share class that hands more voting rights to some shareholders cannot be included as a so-called premium listing, and are excluded from the FTSE index. Moulding, who remains the majority shareholder in THG, had planned to retain a “golden share” that would allow him to veto takeover attempts for up to three years following the listing.“THG Plc announces that Matthew Moulding, CEO, in furtherance of good corporate governance, has confirmed his intention to cancel his Special Share rights.  This cancellation will facilitate the Group's application to step-up to the Premium segment of the Main Market of the London Stock Exchange in 2022,” the company said in a stock market update. THG’s September 2020 listing marked the largest IPO on the London Stock Exchange in over five years but investors’ disquiet has grown over the governance at the online seller of protein powders, supplements and beauty products. A $1 billion bonus for THG’s founder in November, and its move during the IPO to make Moulding the owner and landlord of the company’s property assets, have strengthened calls for an independent chairman to take over some of Moulding’s duties as executive chairman. THG’s shares slumped 35% following a meeting with investors on October 12. Analysts and investors had pushed THG for detail on a plan to spin out its distribution arm Ingenuity in a $1.6 billion deal with SoftBank that valued the unit at $4.7 billion.


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