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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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BlackRock to nearly halve stake in British e-commerce firm THG

11/02/2021 | 02:48am EST

* BlackRock selling 58 mln THG shares

* Sale at 10% discount to Monday's close

* THG shares hit record low

Nov 2 (Reuters) - THG's second-largest shareholder BlackRock Inc is offloading nearly half its stake in the company at a 10% discount, in the latest sign of investor discontent with the British e-commerce group.

Deal bookrunner Goldman Sachs said on Tuesday BlackRock would sell 58 million THG shares at 195 pence apiece, a 10.3% discount to the stock's Monday close and well below its initial public offering price of 500 pence.

BlackRock had a 10.13% stake of nearly 124 million shares as of mid-October, according to Refinitiv data, making the U.S. asset manager the No.1 institutional shareholder in THG and the second-biggest after THG founder and CEO Matthew Moulding.

Shares of THG, which went public in a bumper IPO last year and owns beauty retailer Lookfantastic and supplements firm Myprotein, were down 6.7% by 0845 GMT on Tuesday after hitting a record low of 198 pence.

BlackRock and THG declined to comment on the sale.

BlackRock's deal follows a rocky month for THG in which its share price sank 35% in a single day after a poorly received investor presentation that focused on its e-commerce technology platform Ingenuity.

Investors were disappointed by a lack of specifics about the business during the presentation. Japanese venture capital giant SoftBank Group Corp, which took a stake in THG this year, has an option to inject $1.6 billion into Ingenuity at a valuation of $6.3 billion once it is spun off.

A series of measures by Manchester-based THG to soothe investor nerves, from naming a SoftBank executive to its board and pursuing a premium stock listing to Moulding giving up his "golden share", have so far failed to stem the slide in its share price. (Reporting by Sachin Ravikumar in Bengaluru; Editing by Ramakrishnan M. and Shounak Dasgupta)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SOFTBANK GROUP CORP. -0.40% 5508 Delayed Quote.1.77%
THG PLC -10.29% 166.5 Delayed Quote.-19.02%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 119 B 53 362 M 53 362 M
Net income 2022 1 058 B 9 228 M 9 228 M
Net Debt 2022 15 202 B 133 B 133 B
P/E ratio 2022 8,76x
Yield 2022 0,80%
Capitalization 9 416 B 82 179 M 82 119 M
EV / Sales 2022 4,02x
EV / Sales 2023 4,01x
Nbr of Employees 58 786
Free-Float -
Chart SOFTBANK GROUP CORP.
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Last Close Price 5 508,00 JPY
Average target price 9 718,00 JPY
Spread / Average Target 76,4%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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