// THG CEO Matt Moulding has lost the power to veto hostile takeovers
// The move is part of the retailer’s plans to join the ranks of the FTSE 250
THG founder and chief executive Matt Moulding has given up his ‘golden share’ rights which granted him the power to veto hostile takeover approaches.
The move means the business should now be able to join the FTSE 250 premium segment of the London Stock Exchange.
THG said the timing of the move would be subject to the final outcome of the Financial Conduct Authority’s review for reform of the listing regime.
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Following corporate governance criticism from the media and the city, Moulding gave up his chairmanship of THG last year, tapping Charles Allen, Lord Allen of Kensington CBE, as non-exec chair to focus on the CEO role.
In an update to the London Stock Exchange ahead of THG’s annual general meeting later today, the business reported a strong second quarter, with a “continued successful focus” on profitability and cash generation.
It added that a “significant increase” in half-year profits is expected, with adjusted EBITDA in the range of £44m to £47m, up from £32.3m.
The online firm’s full-year guidance remains unchanged.
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