REG - Kelso Group Holdings - THG Trading Statement

Kelso groupAnnouncement

21/06/2023 09:15

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RNS Number : 4423D  Kelso Group Holdings PLC  21 June 2023

21 June 2023

Kelso Group Holdings Plc ("Kelso" or the "Company")

THG Trading Statement

We note today's AGM Trading Statement by THG plc ("THG"). THG remains Kelso's
initial investment with a total holding of 8.0 million shares/CFDs. The RNS is
attached below.

It is very encouraging to see the comments regarding a significant increase in
H1 2023 profitability (H1 2023 EBITDA increasing by nearly 40% year on year)
with Nutrition having a particularly strong start to the year. It is also
noted that 'cash flow is ahead of expectations' and the group remains well on
track to deliver free cash flow neutrality for the full year.

We also note Matthew Moulding relinquishing the Golden Share; a clear sign of
his confidence in the business and shareholder register, alongside improving
governance.

 

Kelso reiterates its belief that the current stock market value does not
reflect the underlying value of the sum of each of the main THG divisions.

 

https://www.londonstockexchange.com/news-article/THG/agm-trading-statement/16007296
(https://protect-eu.mimecast.com/s/PEBICzKrMfM3Pjgc4xpoB?domain=londonstockexchange.com)

 

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, Matt Hogg (Investment Banking)

Ben Robertson (Corporate Broking)

 

About Kelso

Kelso was established in 2022 to identify, engage and unlock trapped value in
the UK stock market. Kelso's strategy is to invest in situations where there
is an anomaly between the intrinsic value and prospects of a company and its
stock market valuation. Kelso will look for situations where it believes the
sum of the parts of a business is greater than the current value. The Company
completed a fundraising of £3.0 million in January 2023. Kelso believes that
the current market conditions are such that there are situations where UK
listed companies' valuations are not appropriately matched to their underlying
intrinsic value. There may be instances where Kelso itself could be used as a
vehicle by an undervalued company to spin off a subsidiary into its own
listing. Such a transaction would undoubtedly constitute a reverse takeover
for Kelso.

 

END

 

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