THG has announced plans to move forward with the demerger of its e-commerce services division, Ingenuity. The company has provided a timeline for the process, which will allow existing shareholders to take part in the demerger.
Shareholders will have the option to convert their Ordinary Shares into B Shares. These B Shares will entitle holders to receive a preferential distribution of Ingenuity Shares, with one Ingenuity Share allocated for each B Share held.
Key dates for the demerger include December 18 as the ex-date for receiving B Shares, and December 19 as the record date. A general meeting to discuss the demerger will be held in London on December 27. If shareholders approve the move, the demerger will be finalized on January 2, 2025.
The announcement follows the sale of a business park near Manchester Airport by THG founder Matthew Moulding for £180 million. Despite the sale, Moulding assured that the site would remain the home of THG for many years to come, as confidence in the global property market begins to recover.
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