(Bloomberg) -- THG Plc said co-founder Matthew Moulding and his wife Jodie no longer have any of their shares in the online shopping group pledged as security against a 100 million-pound ($138 million) personal loan from Barclays, lifting another concern that weighed on the stock.
Barclays released the pledge and neither Moulding nor his wife had to sell any of their THG shares to secure the arrangement, THG said in a statement Wednesday.
Formerly known as The Hut Group, THG is trying to improve its governance following a share price rout amid investor concern about the profitability of the Ingenuity e-commerce division. Moulding has already this week agreed to give up his controversial “golden share” and the company will apply to move the e-commerce group to the premium segment of London’s Stock Exchange.
Founded by Moulding and John Gallemore, THG started off selling CDs but now offers beauty and skincare products and health food across hundreds of websites, as well as the Ingenuity platform.
Moulding and his wife took out the loan from Barclays before the company floated last year. The loan, which has only partially been drawn down, was disclosed in the IPO prospectus. The loan raised eyebrows because if the loan defaulted, Barclays could take a direct stake of 18.8% of the business.
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