kelso group holdings plc on friday called for a separation of thg plcs nutrition business if no offer for the whole company was forthcoming as it raised its shareholding in the ecommerce company the uk investment company has raised its shareholding in thgknown as the hut groupto 055 of its issued share capital from 05 and said that further offers for thg should consider the intrinsic value of its nutrition business kelso has increased its shareholding in thg to 80 million shares through a mix of ordinary shares and contracts for differences it previously owned 74 million shares the company which bought a 04 stake in thg in january said that its investment in thg is focused around the significant intrinsic value of the nutrition business amid shifting consumer patterns toward health and nutrition products kelso added that thgs nutrition business direct to consumer digital model would be highly attractive to many pureplay global health nutrition companies citing groups like celsius holdings inc and bellring brands inc any forthcoming offers for thg as a whole must clearly reflect this underlying value and in the event that an acceptable offer is not forthcoming then a separation of myprotein should be considered alongside a potential partnership and minority investment from companies such as those highlighted kelso said on april 17 thg said it had received a highly preliminary and nonbinding indicative proposal from apollo global management inc no pricing information was disclosed at the time and apollo has until may 15 to either make a formal offer or walk away under uk takeover panel rules on march 30 kelso called on thg to consider a move of its listing to the premium list of the london stock exchange and a sharebuyback program thg is currently trading on the standard list of the london stock exchange it said at the time that while it commends thgs board and managements efforts it believes there are more actions they can take to ensure the share price reflects what it believes to be intrinsic value thg shares at 0843 gmt were up 556 pence or 67 at 9066 pence having risen 67 over the past month