28th Nov 2024 12:12
THG PLC - Manchester-based e-commerce retailer of consumer beauty and nutrition products - Will change its London listing category to 'commercial companies' from 'transition' to clear the way for inclusion in FTSE UK indices. The change in listing status will be effective from January 6. This will allow THG to be part of the March quarterly index review by index provider FTSE Russell. It will miss the December review, which will take place next week. At that review, Deliveroo PLC and Oxford Nanopore Technologies PLC, who made the same change to their listing category, are expected to join the FTSE 250 index of mid-cap stocks. With a market capitalisation of GBP715.4 million, THG would be almost certain to do the same come March.
THG previously had planned to move to the 'premium' listing segment in London, with Founder & Chief Executive Officer Matthew Moulding clearing the way to do so buy giving up his 'golden share' with its voting special rights back in 2023. Since then, the UK Financial Conduct Authority made changes to UK listing rules, creating the new categories.
THG also on Thursday called a general meeting for December 27 for shareholders to vote on its proposal to demerge Ingenuity. The division operates THG's e-commerce platform, so the spin-off will make THG a pure-play retailer of consumer beauty and nutrition products.
Current stock price: 45.74 pence, up 5.6% in London on Thursday
12-month change: down 42%
By Tom Waite, Alliance News editor
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