Share Name Share Symbol Market Type Share ISIN Share Description
TP Group LSE:TPG London Ordinary Share GB0030591514 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 5.25p 5.00p 5.50p 5.25p 5.125p 5.25p 301,734 12:07:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 21.7 -3.9 -0.9 - 22.18

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Date Time Title Posts
21/9/201616:55TP Group plc1,200
13/9/201608:27TP Group (formly Corac)7

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TP (TPG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
27/09/2016 16:14:295.1250,0002,560.00O
27/09/2016 16:13:355.00125,0006,250.00O
27/09/2016 13:40:545.00100,0005,000.00O
27/09/2016 10:09:445.0313,500678.39O
27/09/2016 09:33:005.034,000201.00O
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TP Daily Update: TP Group is listed in the Industrial Engineering sector of the London Stock Exchange with ticker TPG. The last closing price for TP was 5.25p.
TP Group has a 4 week average price of 5.49p and a 12 week average price of 5.24p.
The 1 year high share price is 6.25p while the 1 year low share price is currently 1.88p.
There are currently 422,464,726 shares in issue and the average daily traded volume is 417,710 shares. The market capitalisation of TP Group is £22,179,398.12.
del28it: Hi, I bought into this some time back based on and paid service as I don't now enough about stocks and shares. I know longer have access to this service and have watched over time my investment fall by nearly half my investment! Can anyone shed light on what this all means hxxp:// Does that mean if the reduce the share price, each of my shares will now go down in value to GBP 0.01 !! ?? Why would they want to doe that? and should I sell at the loss I'm currently at? Is this a company to get out of? or does anyone here think this company could have a recovery in the share price any time soon? Many thanks for any advice
larry laffer: What 'downward pressure on the share price' Larry Laffer? the downward pressure that is exerted by long term holders relieved to get out at break even prices, which is a realistic possibility with TPG. Don't dismiss so readily the fact that a number of people will have invested, heavily for them, at prices far in excess of todays share price They will probably bale out at the point they break even, not all will re-ssess their investment at that time. That will create a downward pressure at whatever share price it occurs. Nothing to do with the rise in share pricc in the last few months/years you mention. In respect of hxxp:// a good article, but unless you have other information it may, or may not be, relevant in TPG's case. I hope you are right, I fear you will be wrong. Your best friend in these matters is you, not the board or some obscure web site offering investment advice. Don't get fooled too easily. view evry action with a dollop of cynicism and you will be less likely to get caught out. As I said before Time will tell. If you lack confidence in your investment then sell up, its usually safer to do so. I will assess this share regularly and flog mine when I decide its the right time. I am still willing to hang in there at this moment in time to see what develops.
pavey ark: sp, yes,that's another side of this. The institutions hold almost 70% of TPG and they put their money in well north of 10p so I doubt if they will go for any "fat cat", "fill your boots" scheme. When senior management wanted to redefine the conditions of some options they were able to bring them down to 10p but the share price had to be at 15p for twenty consecutive trading days. On the other hand I don't think I've seen many companies where the senior management have spent more of their salary on BUYING shares. Cartmell in particular has spent serious amounts and recently Simon Kings has bought 1m. I think the institutional shareholders may go for an incentive scheme that covers certain key workers but not massive awards under 10p to senior management. One slightly depressing thought is that with the share price at 5p surely a following wind could see it up at 7/7.5p and then a 10p option is entirely reasonable given that they are usually valid for nine or ten years. On a brighter note it is possible that they are trying to get people to come to them now. As you may have guessed I simply don't know but again I am pleased to see that things are moving on and may be moving on in a big way.
larry laffer: It wouldn't be necessary if the share price was over 10p. The common reason to reduce the par value is so the company can raise cash when the usual institutional investors won't pay the going rate. After this change the company can issue shares to preferred buyers at a new lower price, which will be at some discount to the current price. As has been pointed out they can't legally issue shares at a price lower than the par value. Institutions who benefit most by this will vote for it as it means more and cheaper shares for them. The avergae joe won't get a look in. I would prefer they get the share price up above 10p and don't bother with the recap.
bullster: There was a one million trade, the other day. The share price has remained stable though. 04/08/2016 11:48:23 TPG 4.50 O 1,700,000 = £76,500 04/08/2016 11:17:27 TPG 4.65 O 857 04/08/2016 10:24:42 TPG 4.65 O 18,053 03/08/2016 12:10:51 TPG 4.65 O 30,794 03/08/2016 08:57:06 TPG 4.83 O 10,362 03/08/2016 08:11:13 TPG 4.65 O 3,226 02/08/2016 16:28:26 TPG 4.65 O 100,000 02/08/2016 16:16:47 TPG 4.87 O 20,000 02/08/2016 15:54:55 TPG 4.75 OK 1,000,000 = £47,500 02/08/2016 15:03:00 TPG 4.75 O 25,000
pavey ark: I've stayed well clear recently but there have been a few knowledgeable and balanced posts mixed in with the usual ill-informed nonsense. Just for the record Cartmell has bought over 2m shares at various stages and has an average price of 11p. The options are set at 10p but the share price must be over 15p for 20 consecutive trading days so realistically the price has to get to 18p. The recent share purchase was after the trading update and even after the Simon Kings presentation the shares could be bought at or below 3p The share price has been very low for five months and anyone could have filled up in that time. At 3p the enterprises value of the company was £5m and even now is c.£7m. If any private investor who has any knowledge of this company can't see overwhelmingly,compelling value at these prices I wonder if they should be dealing in small AIM shares. The company has gone from strength to strength in recent years and I expect that to continue.The fact that the share price has not matched this progress should/could be a real opportunity but that's up to the individual investor. (Lakeland update: off up High Street today, high but flat at the top and time to take in great views.)
the prophet: Hi Ricardo That is the valuation that Edison place on the other companies page 10 of Edison's initiation note last April: 'E&P Value £0.0m ' In the notes next to this entry they say 'Zero as EBITDA losses will be eliminated' Regarding the valuation of ACI, poor old PA is stuck in his '10 x EBITDA' mantra. Reasons why this is not realistic, I've already given them, reference the Edison report. I will spell it out yet again, as it doesn't seem to sink in. Under 'Specialist Engineers' we have companies with much better records of delivering profits and dividends than ACI/TPG but they are selling on EBITDA's much less than PA's touted 10. I note there has been no attempt by PA to refute these facts eg these are 2016 forecast EBITDA's Avingtrans 4.5 Hayward Tyler 5.9 Fenner 6.6 Hunting 6.2 Plexus had, at the time of the report, a forecast EBITDA of 14.9 but is now around a quarter of that as the share price has fallen off a cliff (oil related company) There are other specialist engineers in the list with much higher EBITDA's, its hard enough to make a case to compare a tiddler like ACI to Avingtrans/Hayward Tyler, but just about do-able. I sincerely hope PA is not suggesting comparing ACI to Rotork, SpiraxSarco etc, as that is just silly beyond words. Perhaps PA would care to explain why ACI is worth twice these boys and how that value will be realised in terms of the sp? Notable PA only wants to enter a debate on the understanding that one accepts his '10 x EBITDA'. That is not a debate, but never mind. OK, lets examine that ACI is worth £30m and suspend belief for a minute. How is that value going to be realised? It could be by: 1)ACI producing good results resulting in a re-rating of TPG. Possible, but I somehow doubt it. ACI is not 'clean', it has the other rag-tag bits and central costs to contend with. The latest forecast from Edison call for a PBT of MINUS £0.2m for this year. 2) Another company buying ACI. Again , possible. I think ACI would be a better fit as a bolt on acquisition for a larger group. But, imo, there is no way an acquirer is going to pay a very full 10X EBITDA for ACI. And, even if they did, it would not be reflected in TPG's share price, as TPG would be left with a loss making/break even division, a bunch of central overheads and a management that has destroyed shareholder value over the last 6 years. It is noteworthy that the market currently assigns a value of c £5m for ACI (market cap less cash). That is a testament to PC's reign and reflects what investors think of TPG. There could be an opp here for share price appreciation, but if you think either investors are going to wake up one morning and value ACI at £30m or a white knight is going to turn up with £30m, then I'm afraid you are going to be very disappointed. A bit of logic and research is all that is needed.
the prophet: I believe there are a number of fundamental flaws in the Edison sum of the parts report: The details of the Edison SOP valuation is given in their April 2015 initiation note. They give EBITDA's of Aerospace and Defence (A&D) companies. The sort of companies Edison use include the likes of Rolls-Royce, QintetiQ, BAE systems etc. The market caps range from £113m to £18bn, most of the companies featured are large companies and I question whether a comparison with TPG at market cap £11m is in any way valid. They also look at the valuation of a number of specialist engineers, which may well be closer to the mark. The smallest, Hayward Tyler, has a market cap of £72m, but, again, most of the companies featured have market caps in the £250m-£3.5bn rang, so I again question whether a comparison is valid, I think not.It is perhaps noteworthy that the two smallest specialist engineers, Avingtrans and Hayward Tyler with market caps of £100m and £72m respectively come in with EBITDA of 5.5 and 6.5. Therefore I would suggest that Edison's 10.3 EBITDA is a very full valuation indeed, I would suggest half that would be nearer to the mark, given the examples above and that, imo, is being generous.I just can't see anyone coming in and paying 10.3 EBITDA for ACI. Moving on to the next part of the Edison calculation, Edison value E&P as zero, probably fair enough, although I doubt if you will find anyone to take them off your hands, so possibly a minus zero. Edison then deduct £3.9m from their valuation for 'three times central costs', although the 2014 and 2013 annual report gives central costs in each year as £2m, and that excludes exceptional costs which don't seem particularly exceptional, be it opening the Slough centre, or closing it, or the very hefty £900K it cost in advisers and fees for buying the Wellman companies. Anyway, perhaps they are assuming the costs will be £1.3m this year, then applying what looks like a fairly arbitrary '3 times' to that figure. The trouble with the Edison methodology is it grossly overstates the value of ACI for the reasons given above. Nobody is going to come along and pay £30m for ACI. But, if we worked on the basis that miracles can happen, then that £30m will not be fully reflected in the TPG share price as what will be left will be a bunch of central costs, a loss making/break even E&P process combined with an investor deep distrust of the current management due to their track record of shareholder value destruction. Or, put it another way, the market won't trust them to use the cash wisely. Edison's bottom line on the SOTP valuation gives an 'implied fair value of 7.3p', which is a market cap of £30m. That looks hopelessly over optimistic,imo and for the reasons stated above, but one would think there should at least be some upside from the current £11m market cap.
the prophet: here's the sort of hard facts investors are most interested in: 28/09/09 Cartmell appointed Chief Exec. Share price 46.5p 05/07/2010 Cartmell appoints himself Chairman and Chief Exec. Share price 18p 12/10/2010 Placing of 140m shares @ 15p 15/03/2012 Placing of 60m shares @10.5p. 2012 Cartmell awards himself £250K bonus, on top of his £268K salary, to make £518K for the year! If only TPG could make those sort of profits! 02/12/2013 Placing 110m shares @ 10p (notice a trend here) 09/12/2015. 'Profits' warning,contracts delayed 'materially affecting the Group's projected 2015 revenues' Share price: 2.625p And that brings us up to date, current sp:2.125p Current market cap:£9m. Amount of cash raised during Cartmell's tenure:£38m. I take it all back, the guys a genius , he has turned £38m into £9m, and that's not including the cash TPG had when he arrived! No doubt worth every penny of the millions he has been paid, inc the £250K bonus in 2012, way to go,Phil! Hard facts Pavey, the hardest fact is indisputable, the market has voted on that.Share price 2p, market cap £9m , after all these years under Cartmell's tenure and all the cash he has raised, that truly is pathetic.
pavey ark: Paulgo,TDay, It's not just this share, I have two other holdings where the cash element is even higher, one where the cash is 80%,total very tangible assets are 90% and the business is profitable and another where the cash is greater than the share price. I don't know if there is a large number of private investors out there doing due diligence and not posting. I notice that Stockpedia use (with other things) EV to EBITDA as a measure of value. If the TPG price were to stay anywhere as low then this measure would be rather compelling based on my target EBITDA for next year.(note that this is just MY target/expectation and not one I should really shout out but I have put some thought into it and if I'm wrong it is simply my fault) My big problem is that I have a reasonable holding in a company that I'm pretty sure will announce that it has been bought over and the news could come before the TPG trading update in January so I should have a lump of cash to reinvest. (TPG issues a trading update at the end of January with a final detailed cash position and guidance on the final figures, due at the end of March, so I suppose most investors will be looking out for that.) If the share price is anything like as low as this is is very doubtful if I could resist buying more and I do have quite a number.
TP share price data is direct from the London Stock Exchange
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