THG confirms shift in shape of £90m fundraising
Published: 05:57 27 Mar 2025 EDT
THG PLC (LSE:THG) said on Thursday that it had completed an "oversubscribed" share issue to raise £90 million, though the immediate contribution from CEO Matt Moulding seemed to be increased.
Rather than the original plan for £30 million via an institutional placing at a discounted price of 32.3p, the nutrition and beauty retailer said £22 million was raised from a placing.
Boss Moulding's convertible loan was upped to £68 million. Previously THG had said its founder, CEO and main landlord would contribute £60 million, including a £55 million convertible loan and a "partly paid" £5 million of shares..
Originally, the FTSE 250-listed company said the amount of the convertible loan "may be scaled back, based on demand from institutional investors in the equity placing".
A spokesman for the company said the amount of proceeds to THG from external investors "remains unchanged" at £30 million, with all places receiving the same number of THG shares as originally allocated earlier in the week.
The spokesman said Moulding's net investment in THG is also unchanged at £60 million, adding that "the only change being to the allocation between the number of PLC shares issued tomorrow under the ABB and the size of the convertible".
This was said to be a consequence of the listing rules, and will unwind in December when the convertible loan converts into listed shares, subject to shareholder approval at the AGM.
Following admission, THG said its capital structure will include nearly 1.4 billion voting ordinary shares alongside a complex alphabet soup of non-voting and incentive-linked D1, D2, E, F, G, and deferred share classes, most of which carry no immediate rights but could impact future dilution or payouts.
