Hurricane Milton devastated homes when it made landfall as a Category 3 storm near Sarasota, Florida, Wednesday evening, killing at least five people. The now-Category 1 hurricane impacted communities that were still recovering from Hurricane Helene, which impacted Florida and other southern states just one week prior.

Tropical storm conditions and storm surge warnings are still in effect throughout parts of the southeastern U.S. coast, with a warning in place from Sebastian Inlet Florida to South Carolina, according to an advisory by the National Hurricane Center. More than 3 million customers in Florida alone are without power.

To help with the damage, disaster survivors are receiving $750 in aid from the Federal Emergency Management Agency, or FEMA, to pay for immediate needs. 

More than 8,000 federal personnel are assisting throughout the Southeast, and FEMA has 20 million meals and 40 million liters of water prepared, the White House said Wednesday. 

If you’d like to help, here are some organizations assisting survivors. 

International Medical Corps 

The International Medical Corps is responding to Hurricane Milton through its emergency response team, which arrived before the hurricane made landfall. The organization is working with the Department of Health to best assist those in need. You can donate here. 

Florida Disaster Fund 

The Florida Disaster Fund is a private fund by the state of Florida that provides assistance during periods of emergency or disaster. Donations to the Florida Disaster Fund are then dispersed to other service organizations that help individuals. 

Feeding Tampa Bay 

Feeding Tampa Bay, a food rescue and distribution organization, has supported the community with more than 500,000 meals at 56 emergency distribution centers in most affected areas. They are asking for volunteers and donations—both in the form of food and cash. You can find out more information about their efforts here. 

Save the Children 

Save the Children is providing families with diapers, baby wipes, and other emergency child-focused supplies in the aftermath of the hurricane. The organization said they are working with local education partners to assist with the restoration of child care centers, and are assessing the mental health impacts of the hurricane on children. Donations can be made to the Children’s Emergency Fund. 

Metropolitan Ministries 

Metropolitan Ministries, a nonprofit working to assist the homeless, is providing assistance to families through the form of hot meals, essential supplies, and safe shelter. Donations can be made here. 

The Humane Society of the United States 

The organization’s animal rescue team is working to make sure that cats and dogs have a safe place to stay, and that animal shelters have sufficient food, resources, and veterinary care in the aftermath of Milton. The organization previously flew animals from Tampa-area shelters to another location in Florida’s panhandle that is safer. You can donate here. 

World Central Kitchen 

World Central Kitchen has been sending thousands of gallons of water and fresh food to hard-hit areas in the southeast in the aftermath of Helene and Milton. The organization says it is currently operating in Florida, Georgia, North Carolina, and Tennessee. You can make a financial contribution here. 

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Last month, we wrote of THG’s plan to “demerge” its ecommerce division into private ownership: “the word for this is usually ‘disposal’”. This was incorrect. The correct phase is “hostage situation”.

Per RNS, post London close:

Ingenuity to be demerged into a standalone independent private entity 

Target c.£75 million equity raise to facilitate the demerger, by way of a Placing and Subscription, with additional proceeds from a Retail Offer

[ . . . ]

These funds, in conjunction with appropriate standalone debt issuance plans for Ingenuity, are expected to provide Ingenuity with sufficient medium-term funding as the business approaches positive cash generation on a standalone basis

Here’s the cunning plan. Ingenuity will be hived out of the listed group and each THG shareholder will be given a choice. They can elect to take shares in unquoted Ingenuity that are more, less, or equal to the proportion of THG currently owned; or they can not.

The £75mn+ being kicked in by THG shareholders supports an equity valuation on Ingenuity of “up to £100mn”. Spinco will also be wearing net debt up to a £307mn enterprise value, including lease liabilities, while “appropriate standalone debt issuance plans” are finalised.

However!

However, in determining the definitive Valuation, the Board anticipates also taking into account fluctuations in the market capitalisation of THG such that if, at the latest practicable date prior to the publication of the Demerger Circular, the market capitalisation of THG is:

• equal to or greater than the market capitalisation of THG at the time of completion of the Fundraise [ . . . ] then the Valuation to be used in establishing the entitlement of THG shareholders to elect to receive their respective pro rata entitlements to shares in IngenuityCo in connection with the Demerger would be expected to be £100m; or 

• less than the Post Placing Market Cap, then the Valuation to be used in establishing the entitlement of THG shareholders to elect to receive their respective pro rata entitlements to shares in IngenuityCo in connection with the Demerger would be expected to be reduced from £100m proportionately to the percentage by which the Post Placing Market Cap has declined.

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The placing is an institutional overnight bookbuild, with THG founder Matt Moulding and friends already committed to put in £33mn of the £75mn to be raised. Retail shareholders can apply to buy new shares on the same terms via PrimaryBid, with their allocation capped at €8mn.

Ingenuity’s biggest customer by far will of course be THG, with which it shares staff and office space. Other than an assurance that Ingenuity senior management will remain, there’s no information provided on how that might change. But THG’s internal checks and balances are strong enough for that not to be a concern, apparently. From the statement:

Further work is ongoing to design the appropriate governance framework for IngenuityCo. Separately, THG’s now well-established related parties committee chaired by Sue Farr, Senior Independent Director of THG will, following the Demerger, be responsible for overseeing transactions between RemainCo and IngenuityCo. Arms-length contracts between Ingenuity and each of Beauty and Nutrition have been in place since 2022, and will be expected to continue to operate post separation in the same manner as they do today. Ingenuity would have no recourse to THG post demerger.

And obviously . . . 

Whilst at this stage no certainty can be provided on the exact timescale of the Demerger, the current intention is that publication of the Demerger Circular would be in or by early November with the distribution of IngenuityCo shares being completed at or before the end of 2024.

The last complex deal involving Ingenuity put a $6.3bn valuation on the subsidiary, but didn’t quite work out. Depending where the placing is priced, this new package implies an pre-fundraise standalone value for Ingenuity three years later of between £25mn and zero. The value inside THG is, by implication, much less than zero.

Still, it’s been quite a journey:

MARTIN Lewis has issued a warning to anyone under 22 who could have £2,000 sitting in a forgotten account.

Child Trust Funds are long-term, tax-free savings accounts which were set up for every child born between September 2002 and January 2 2011.

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The Money Saving Expert said on X that those aged 22 and under could have the Child Trust Fund set up and access it for free.

But he also warned that some firms are attempting to charge individuals to “get your own money” – but Lewis says “don’t pay.”

The Government deposited £250 for every child during that time period, or £500 if they came from a low income family earning around £16,000 a year or below.

An extra £250 or £500, depending on their families’ economic status, was deposited when the child turned seven.

In 2010, this was reduced to £50 for better off households and £100 for those on a lower income.

The scheme was eventually scrapped in 2011 as part of cost-cutting measures following the 2009 financial crisis and was later replaced with Junior ISAs.

Currently, parents or friends can deposit up to £9,000 into the child’s account tax-free, with the money usually invested into shares.

The youngest children across Britian to have these accounts are about 13 years old, so have around five years before they can access the cash.

It is important to note that savings in these accounts are not held by the Government but are held in banks, building societies or other saving providers. 

The money stays in the account until it’s withdrawn or re-invested.

Young people can take control of their Child Trust Fund at 16, but can only withdraw funds when they turn 18 and the account matures.

However, new figures released by the HMRC have found that more than 670,000 18-22 year olds are yet to claim their Child Trust Fund.

The tax office said that the average savings pot is worth £2,212.

Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, said the government wants to “reunite young people with their money and we’re making the process as simple as possible.”

She added: “You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.”

How to track down a Child Trust Fund

If you were born in the UK between 2002 and 2006 it is worth checking to see if you have cash in a Child Trust Fund.

Parents were either given a voucher to set one up or HMRC set one up on a child’s behalf.

There are a number of third party groups offering to search for Child Trust Funds but it worth noting that they will charge a fee so you might loose a chunk of your money.

The Government has a free tool you can use online to help track down your fund.

You can find this by searching for “find a Child Trust Fund” on GOV.UK.

You’ll need to have a few personal details to hand to do the search, including your date of birth and National Insurance (NI) number.

Your NI number remains the same for your entire life. It’s made up of two letters, six numbers and a final letter. 

You can find this number on your payslips or by downloading the HMRC app, which can be downloaded on the Apple or Google Play Store.

When you’re done filling this out, HMRC will then send you a letter revealing what company has your Child Trust Fund.

What to do once you have claimed the money

Usually, people put the cash straight into a bank account, invest it, or transfer it into an ISA.

You can also ask your Child Trust Fund Provider to give you the money and get it cashed into your bank account.

This way you’ll need to share the bank account details you wish to transfer the cash into with HMRC.

But if you’d rather invest it, you can transfer it into an ISA.

The Sun recently broke down whether or not an ISA is right for you, which you can read here.

Super Micro Computer (SMCI) stock fell 2.5% Thursday after rallying as much as 9% the day before, continuing its rollercoaster ride of a week as investors swing between optimism over the company’s strong financials and cautiousness over its regulatory risks.

Super Micro is reportedly being investigated by the Department of Justice over allegations of shady business practices outlined in a scathing report by short seller firm Hindenburg Research in late August. That has pressured the stock, which has hovered under $50 per share since then.

This week, SMCI climbed on positive reports from the AI server maker. Super Micro surged 16% Monday after the company released numbers showing strong demand for its products. The stock was up 12% on Thursday from the prior week.

Super Micro makes servers using Nvidia’s (NVDA) AI chips for data centers that power artificial intelligence software. The company said it’s shipping servers containing over 100,000 Nvidia GPUs per quarter “for some of the largest AI factories ever built.”

Then on Tuesday, shares of SMCI fell 5% after a promising premarket rally that saw the stock jump as much as 7%. Daniel Newman, CEO of the Futurum Group, said investors’ euphoria over the company’s shipment data faded against the backdrop of Super Micro’s regulatory risk.

“I think one piece of good news hardly undoes multiple months of significant financial and regulatory scrutiny around a company like this,” Newman said.

The Hindenburg report in August accused Super Micro of shoddy accounting, undisclosed relationships between its CEO and companies it does business with, and violations of US export bans. For example, Hindenburg said Super Micro has shipped servers to sanctioned Russian firms through shell companies, some of which were likely used by its military for its war against Ukraine.

The day after Hindenburg released its report, Super Micro shares dropped 20%. The company also delayed filing its annual 10-K report to the US Securities and Exchange Commission. Super Micro’s woes continued with a Wall Street Journal report of an alleged DOJ probe, which sent shares tumbling in late September.

Super Micro CEO Charles Liang said the Hindenburg report contained “false or inaccurate statements” and “misleading presentations of information that we have previously shared publicly.” Liang said the company’s delayed 10-K filing would not affect the company’s fourth quarter financial results, adding that Super Micro would address Hindenburg’s allegations “in due course.”

Super Micro’s stock climb this week displays the tension between its potential as a key player in the AI boom and its regulatory hurdles.

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“This is a high-risk reward,” Newman said. “If they get absolved of all of this, there’s a very good chance it’s going to see a pretty nice move to the upside.” Of the Wall Street analysts tracked by Bloomberg who are covering the stock, seven have a Buy rating on the stock, while 11 maintain a Hold rating. Only one analyst recommends selling the stock.

Analysts see shares rising to $66 over the next 12 months.

The company reported mixed results in its last earnings report. Super Micro’s most recent quarterly revenue of $5.3 billion for the three months ended June 30 barely missed Wall Street’s expectations, but was 143% higher than the prior year. On the other hand, Super Micro earnings per share for the company’s fiscal fourth quarter of $0.63 were far lower than analysts’ consensus forecast of $0.83, according to Bloomberg data.

Argus Research analyst Jim Kelleher told investors in a note on Oct. 3 to buy the dip, noting that Super Micro “has been growing sales and earnings much more rapidly than the Tech industry in recent years.” Wall Street expects Super Micro to report revenues of $6.5 billion for the period ended Sept. 30, up 206% from the previous year. The company has not yet confirmed a date for its next earnings release.

“At this point, we are assuming that any accounting irregularities should they exist are minor and can be addressed while requiring re-issued financial documents,” Kelleher said, adding that Super Micro’s recent 10-for-1 stock split on Oct. 1 “broadens the potential investor pool and should be a long-term positive.”

Despite his long-term optimism, Kelleher lowered his 12-month price target for the stock from $100 to $70.

Laura Bratton is a reporter for Yahoo Finance.

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