Top THG shareholder joins calls for vote against chair 

THG’s tenth largest shareholder has joined a revolt against the reappointment of the company’s chairman amid disappointment over the group’s share price, The Times has reported. 

Dutch investment firm Ophorst Van Marwijk Kooy Vermogensbeheer, which has a 1.89% stake in the company, will reportedly join fellow shareholder Kelso in a vote against the re-election of Charles Allen as chair. 

Last month, it was reported that Kelso is set to vote against the reappointment of Allen as it criticised the group’s “poor” share price and “major” strategic and structural issues. 

Kelso, a UK investment firm that owns about 0.5% of THG’s shares, said it was “disappointed” with the lack of progress in offloading some of the group’s divisions and moving its listing to the premium segment of the London market.  

After listing at a £5.4bn valuation in 2020, shares in THG have slumped 90% since its IPO. 

THG’s chief executive and co-founder, Matthew Moulding, has blamed the company’s troubles on a “broader wariness” from investors towards London-listed companies, as well as negative coverage from the media. 

However, Kelso has argued that THG has to “take the blame” for its share price performance.

In 2021, THG said its divisions would likely pursue “individual public market listings or partnerships, with THG retaining significant majority ownership”. However, Kelso reportedly said a lack of progress in this move means that it will vote against the re-election at the upcoming AGM.

THG has previously said it would wait to see if the standard and premium segments of the London stock market would be replaced with a single listing category before making a change. 

THG has been contacted for comment.