UPDATE 1-THG adds SoftBank exec to board, seeks independent chair – Reuters

(Adds information, background) Oct 26 (Reuters) – THG has actually selected an executive from backer SoftBank to its board of directors and is looking for an independent chair ahead of a suggested premium listing on the London Stock Exchange (LSE), the company said on Tuesday.The British e-commerce group has been working to soothe financier nerves after its shares plunged by 35% in a single session this month following an investor discussion focused on its Ingenuity unit, which THG plans to spin off. Shares in THG, which have actually fallen 60% this year, were up 1% at 310 cent in early trading on Tuesday.The business, which went public in a bumper preliminary public offering last year, owns appeal merchant Lookfantastic and supplements firm Myprotein.Japanese venture capital giant SoftBank, which bought a just under 10% stake in THG in May, has an alternative to inject a more $1.6 billion into Ingenuity at an assessment of $6.3 billion once it is spun off.Since the badly received presentation, THG creator Matthew Moulding has actually sought to reassure financiers by providing up his “golden share”, seeking a premium listing for THG and foregoing a pledge of some of his THG shares as collateral for a loan facility.A premium LSE noting demands stricter business governance requirements from companies and might offer them greater visibility through the FTSE indices.

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