THG PLC (LSE:THG) is trumpeting an upsized fundraiser that has brought in £95.4 million, or just over £20 million more than it was asking for.
The cash will be used to spin off and take private the Ingenuity e-commerce platform. Or, looked at another way, shareholders are paying to complete the demerger.
Remember, Ingenuity was once notionally worth £4.8 billion as part of a complex deal dreamt up by SoftBank, the tech fund, that very few people understood or believed.
The cash call will see founder Matt Moulding kick in £10 million, while Mike Ashley's Frasers Group is ponying up the same amount.
In all, THG is issuing the equivalent of just under 15% of the company to bring in the new funds.
The striking thing is the discount or lack of one with the book-runners only having to lop 5% off the value of the shares to tempt buyers out of their hidey holes.