THG (THG) has set out the terms for offloading its lossmaking e-commerce fulfilment arm, Ingenuity.
The company, which raised £95.4mn in equity and £55mn in debt last month, to fund Ingenuity’s route to break even, will create a new class of B Shares that will give holders the right to receive Ingenuity shares. If they take up this right, this will equate to around 13.4 per cent of their current THG stake. This values Ingenuity (which will be privately held) at £87.8mn.