ALEX BRUMMER: Hut float 侮辱する／軽蔑するs the 支配するs but it's 始める，決める to make some very rich people even more 豊富な

By Alex Brummer for the Daily Mail

Updated:

Jolly good for the London 在庫／株 交流 that after a long 干ばつ it finally has a £5.4billion float to celebrate in the 形態／調整 of the online beauty and health group, The Hut.

It is a pity then that the 264-page prospectus, 地位，任命するd on the company’s website last evening, 提起する／ポーズをとるs as many questions as it answers.

As much of a ‘gem’ as the 企業 may be, as 述べるd by 独立した・無所属 仲買人 Liberum, 創立者 chairman and 長，指導者 (n)役員／(a)執行力のある Matt Moulding has unsheathed a governance nightmare.

In order to secure ownership of properties including the Spa Resort in Cheshire, founder chairman and chief exec Matt Moulding (pictured) has? taken out a £100m loan from Barclays

ーするために 安全な・保証する 所有権 of 所有物／資産／財産s 含むing the Spa 訴える手段／行楽地 in Cheshire, 創立者 chairman and 長，指導者 exec Matt Moulding (pictured) has? taken out a £100m 貸付金 from Barclays

Not only will he have 独裁的な 力／強力にするs, he has also てこ入れ／借入資本d himself and his family up to the hilt.

ーするために 安全な・保証する 所有権 of the 所有物／資産／財産s, 含むing the 高級な Spa 訴える手段／行楽地 in Cheshire, gorgeous Matt, family and associates have taken out a £100million 貸付金 from Barclays. In the ありそうもない event that The Hut were to be blown over, Barclays could be the lucky 支えるもの／所有者s of 30 per cent of the 公正，普通株主権.

The sell-off is going to make some very rich people even more 豊富な. My old friend Sir Terry Leahy of Tesco fame has a 株 火刑／賭ける 価値（がある） £85million, on 最高の，を越す of money he earned when retailer B&M joined the public markets.?

One of the 広大な／多数の／重要な puzzles of The Hut prospectus is why so many of the Square Mile’s golden エリート have been 用意が出来ている to trample over London’s 評判 as the world’s leader on 法人組織の／企業の governance.?

The long 名簿（に載せる）／表（にあげる） of 指名するs on the prospectus 含むs such illustrious and 信用d as Rothschild, blue 血d JP Morgan Cazenove and Goldman Sachs.

Together, they and the other 助言者s look 始める，決める to scoop £38million of 料金s.

By the 基準s of City fat cattery, this may not be a big number, which makes it even more egregious.

The shortcomings of the way The Hut ーするつもりであるs to 治める／統治する itself have been evident from the moment the IPO was 発表するd.

見込みのある 投資家s can finally see the problems in 黒人／ボイコット and white. Moulding is 侮辱する／軽蔑するing governance codes by 存在 長，指導者 (n)役員／(a)執行力のある and (n)役員／(a)執行力のある chairman.?

He will also will 保持する a special 株, which is 効果的に a self-破壊 button for shareho lder 僕主主義 because it will mean that he has the 力／強力にする to 敗北・負かす any 決意／決議. It could also stymie 取引，協定-making because the 創立者 would have a 拒否権 over unwanted 処理／取引s.

One cannot 非難する the LSE for wanting to host this float rather than see it migrate to the Nasdaq.?

But a consequence of the planned 解放する／自由な float 存在 制限するd to just 20 per cent of the 株, 違反ing the 25 per cent 名簿（に載せる）／表（にあげる）ing 支配する 施行するd by the 財政上の 行為／行う 当局, is that The Hut will be a 基準, rather than 賞与金, 在庫／株.

This might all seem technical, but it means that the group will be 除外するd from the major FTSE 索引s, which in turn will mean that it cannot be part of any of the tracker 基金s that follow the FTSE.

The 欠如（する） of any recognisable governance is ありそうもない to make it a favourite of 倫理的な 投資家s either.

The whole 目的 of UK governance is to 確実にする over-powerful bosses do not run roughshod over the 利益／興味s of other stakeholders. The prospectus 捜し出すs to （人命などを）奪う，主張する that The Hut is doing everyone a 抱擁する favour by 可決する・採択するing powerful audit and 支払う／賃金 委員会s when it is not 強いるd to under 基準 名簿（に載せる）／表（にあげる）ing 手続きs.

That argument might 持つ／拘留する water if the 非，不，無-(n)役員／(a)執行力のあるs were 信頼できる and 独立した・無所属. They either have served too long or, like 上級の 非，不，無-(n)役員／(a)執行力のある Zillah Byng-Thorne, are over-boarded and 供給するd previous 協議するing services.

The chairman of the remuneration 委員会 is 私的な 公正，普通株主権 princeling Dominic Murphy who through his previous 役割 as a financier to The Hut has a 火刑／賭ける 価値（がある） an 概算の £50million. This is like asking the fox to stand guard inside the chicken 閉じ込める／刑務所.

There is a 誓約（する） of a new 非，不，無-(n)役員／(a)執行力のある to come to 供給する a counterweight to a 深く，強烈に unimpressive bunch. But only a truly desperate 候補者 would fancy 存在 a 孤独な 発言する／表明する の中で the 教団 of Matt.

It would be nice to think that The Hut, with its proprietary 科学（工学）技術, own-branded protein 製品s and 取引，協定s with some of the world’s 最高の，を越す beauty brands, is going to be a 広大な／多数の／重要な UK success story ? the next Ocado or something better.

失敗 to 支配（する）／統制する the exuberance of a boss who has contrived to be a landlord 同様に the master of all the levers of 力／強力にする is 深く，強烈に 乱すing.

It 危うくするs 信用／信任 in the public markets.

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