Softbank has sold its entire holding in online retailer THG (LON: THG) to Qatar holding and founder Matthew Moulding at a large loss. The sale price is 39p a share. The current share price is 45.84p, up 5.25p on the day, valuing THG at £649m. That is less than estimated NAV of £1.47bn.
Softbank owned 7.09% of THG. Qatar Holding will buy 67.8 million shares and Matthew Moulding 12.8 million via FIC Shareco Ltd.
Matthew Moulding raised £10.8m from share sales in May 2021 and January 2022. There were 7.3 million shares sold at much higher share prices. He has subsequently bought shares worth £2.73m prior to the latest purchase, which costs £5m.
In September, THG warned that its margins are worse than expected. A loss of £175m is forecast and a loss of more than £100m is expected for each of the following two years. Net debt of £351m is forecast for the end of 2022.
