Shares of THG went up 15.96% in Monday afternoon trading after the online retailer and logistics specialist announced its chief executive was cancelling his special share rights.
THG said the cancellation of Matthew Moulding’s special share would facilitate the group's application to step-up to the Premium segment of the Main Market of the London Stock Exchange in 2022.
The Manchester-based group, which went public last September, took action to restore confidence after its shares plunged by 35% last week, following an investor presentation.
THG also said it would undertake a further review of its corporate governance arrangements, as part of the overhaul.
“While the group currently complies with many aspects of the UK Corporate Governance Code published by the Financial Reporting Council, THG's board intends to undertake a further review of its corporate governance arrangements in conjunction with its application to step-up to a Premium Listing,” it said.
Matthew Moulding commented on the company update in a statement – and kept it brief.
“After the anniversary of our 2020 listing we feel that the time is right to make this next step and apply to the Premium segment in 2022, thereby continuing the development of THG as we endeavour to deliver our strategy for the benefit of our shareholders, key stakeholders and employees,” he said.