THG boss Matt Moulding gives up ‘golden share’ status
The move comes almost two years after he first promised to make the change.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The boss and co-founder of online retail group THG has given up his “golden share” rights which granted him power to veto any takeover of the firm.
The move comes almost two years after he first promised to drop the powers amid efforts by the company to ease investor concerns over corporate governance.
Chief executive officer Matt Moulding will lose the special share as it also looks to secure a premium listing on the London Stock Exchange.
THG, which was previously known as the The Hut Group, confirmed the change ahead of its annual general meeting on Wednesday.
It comes a month after the ecommerce firm held talks over a takeover deal with private equity giant Apollo, but talks collapsed after the investment firm’s approach reflected an “inadequate valuation”.
The company, which owns brands such as MyProtein and Cult Beauty, also confirmed that non-executive director Iain McDonald will step down from its remuneration committee after criticism from shareholder advisers.
On Wednesday, THG also revealed that it expects a rise in profits for the first half of the year due to a stronger performance by its nutrition division.
It told shareholders it is on track for earnings of between £44 million and £47 million for the period, up from £32.3 million over the same period a year ago.
Shares in the business were up 6.3% at 77.5p on Wednesday.