Tp Share Discussion Threads

[fat00mch] 07/6/2022 09:43

Its a pretty niche market too - with the uk navy having just 11 submarines.

[pavey ark] 07/6/2022 09:26

New, non nuclear submarines use AIP( Air independent propulsion) and this brings in gas management for fuel cells.TPG was quite heavily involved in this and I suspect they still are.I did spot an article about the time nuclear submarines are not on patrol due to delays in servicing etc.Perhaps money to be spent here by MoD as these are rather expensive boats to be laid up waiting for parts......(from a cash strapped TPG?)I wonder how close they are to sorting out the fixed price contracts mess and if they are will Maritime go back up for sale ?Working out the background as to motives and where this company is heading is very difficult but then it turns out that shareholders didn't know the half of what was going on......right up to the time the brown smelly stuff hit the whirling metal thing.Ever the optimist I still think there has to be substantial value in the Maritime Unit...........the fixed priced contract may have been an open ended liability that the prospective customer couldn't/ wouldn't take on but the market appears to have written it's value down to practically zero.Another thought is that the prospective purchaser reduced the price offered to compensate for the fixed priced service liabilities and this was rejected by TPG........if so did they think they could sort the problem ......then sell ?As you can see I don't have much of a clue as to what is going on but in my defence it is rather difficult to make sense of this.When a predatory 30% shareholder is thrown into the mix we have the uncertainty increased even further.

[rolling ronnie] 07/6/2022 08:37

TPG Maritime's solution is only utilised in nuclear submarines. Conventional subs don't require oxygen generation capability as they're not at sea for months at a time.

[septblues] 02/6/2022 16:12

they also need submarines to harvest minerals and farm foodstuffs beneath the waves

[fat00mch] 02/6/2022 10:22

TPG Maritime at UDT in Rotterdam - July 7 to 9



"According to Shephard's Naval Vessels Market Report, the global market for conventional submarines alone is expected to increase to US$8.0 billion by 2029. Cumulatively, the market is expected to have a value of US$90.3 billion over the next decade.

Undersea Defence Technology (UDT), as the largest global event dedicated to the undersea defence industry, is a multi-faceted exhibition and conference reflecting the community’s desire for continuous learning and development.

Designed to equip nations to deal with an increasing diversity of threats and challenges, UDT brings together researchers, military end-users and professionals spanning the entire supply chain to evaluate developing solutions in one of the harshest environments known to man."

[paulgo] 01/6/2022 14:47

RNS Number : 6016N

TP Group PLC

01 June 2022

1 June 2022

TP Group plc

("TP Group" or the "Company" or the "Group")

Notice of Results

Notice of Annual General Meeting and Audited Results update

TP Group (AIM: TPG) announces that its Notice of Annual General Meeting ("AGM") has been mailed to shareholders and is now available for download on the Company's website, www.tpgroupglobal.com.

The AGM will be held at the offices of Cenkos Securities plc, 6.7.8 Tokenhouse Yard, London EC2R 7AS on Tuesday 28 (th) June 2022 and will commence at 9.00 a.m.

The 2021 Group audit is well advanced and it is anticipated that the audited results of the Group for the year ended 31(st) December 2021 will be announced in mid-June. Further updates will be made accordingly.

[fat00mch] 31/5/2022 11:38

Website says "AIM securities" not in public hands 58.87% (last updated 13 May 2022)

That's SAG + M&G + Cannacord

iii, Killick and HL all hold on behalf of PIs

[rolling ronnie] 31/5/2022 09:40

100% of a target company's share capital is acquired by a bidder under a scheme of arrangement approved by a majority in number, representing 75% in value of each class, of shareholders attending and voting at the relevant shareholder meeting.

If they buy out the other 5 institutional shareholders, it gets them to 75%, so they don't need the private investors.

[catch007] 30/5/2022 18:27

Maritime still the jewel in the crown for SAG methinks despite some legacy contractual issues:

Many thanks to all those that attended our presentation at the Underwater Defence & Security show in Farnborough yesterday. Johnathan Milsom's talk on 'Utilising artificial intelligence to pre-empt through-life issues to drive cost savings' was well received at the event and is on our stand today engaging with delegates.

tpgroup is showcasing its market leading submarine atmosphere management systems at the Underwater Defence & Security at Farnborough from 24 to 26 May 2022. In addition to our exhibition stand and presentation, tpgroup ran an exclusive industry briefing on 'Submarine Technology Solutions' .

Our growing businesses are actively recruiting. Our TPG Maritime business is seeking project engineers and project managers. Our UK Consulting business is seeking people with skills in Systems Engineering,

[thompsonminor] 30/5/2022 13:50

Time is ticking on. Only a few more weeks before the 12 month ban is lifted on SAG making another offer for TPG. While SAG own 28% of the business, the next major holder is M&G who will be sitting on a major loss currently. So, what will be their bottom line in terms of sell out price? We know that Cannacord Genuity are already in bed with SAG (their discretionary clients own 16% of SAG), so will they (CG) stitch up some sort of deal with SAG before the next bid is tabled? As for the remainder of the TPG shares, they're mostly in the hands of private investors, it seems, so I can't see how they're going to be persuaded to relinquish their holdings below what Lindsay paid - 3.77p

Happy to be proven wrong.

[rolling ronnie] 30/5/2022 09:31

Shocking maybe, but hardly surprising. Ratcliffe is selling off the bits he doesn't want with the plc taking the hit and then, when he only has the bits left that he's interested in, he'll buy it out with his 'Science Group' hat on for peanuts!

[catch007] 27/5/2022 13:08

Hi marktime good to see you I also retain a personal interest as I was a strong advocate for several years. I had simply omitted the HSBC pivotal position in my reply to fernandesb question. However as you know being a highly experienced investor yourself there are many factors that will determine the final price, one of which being SAGs desire to pay as little as possible for available assets.

If the 22 Cenkos forecast numbers are correct then the trading picture is way better than I thought and will have a significant bearing and much improve the base case scenario. The current value of maritime remains shrouded and it would be churlish to guess. Yes there could be good or bad news here nothing has changed has it!

There is a continuous and constant theme on TPG acquisitions - buying consultancies people will leave for better pastures and they did. We share several investment positions so I must wish you good luck!

[marktime1231] 27/5/2022 12:40

On that analysis sounds like you think TPG is only worth 2p catch, but if your exit scenario is a takeout at a 30% premium then holding at 2.6-2.7p makes sense.

There may be good news ahead like a vote of confidence from MoD with orders, or bad if the auditor has something to say about going concern and how well forecast net income covers liabilities etc. The resolution of the dispute when covid disrupted a Far East submarine system order?

I am continuing to watch this with personal interest having jumped ship as you know. The new Bangert and Dalton defence consulting business Sirius Analysis seems to be going from strength to strength, I guess poaching back some of their former staff. TPG was a good prospective investment then, could have been a winner.

[catch007] 27/5/2022 12:25

thomsonminor: I haven't seen the cenkos report however those numbers indicate very healthy trading and if correct should underpin and improve the share price There will also have to be an extraordinary loss item posted in the accounts for Sapienza unfortunately.

[catch007] 27/5/2022 11:18

fernadesb: A further and important consideration on potential exit sale I should have pointed out.

As per RNS Sapienza sale proceeds will mainly be used to reduce to £7m HSBC loan. HSBC have a bond and floating charge on all TPG assets and are a secured creditor. An exposure of £7m against a company market cap of circa £20m means the TPG account will now be under specialised lending functions seeking full recovery. HSBC will have to be paid unless SAG agree to taking on the debt onto their balance sheet however the net effect is the same - the impact on market cap reduces net current assets to circa only £13m. The enterprise value of the company is also reduced. TPG have 779m shares in issue. We do not know much about the current trading state of play bar recent maritime contract impairments however the above does provide indicative food for thought. Of course this is only a top line overview and I have not done a detailed supportive analysis as a broad outline suffices.

[thompsonminor] 27/5/2022 11:03

marktime I think we can assume it includes Eclipse software. The RNS states "....to dispose of the entire issued share capital of Sapienza Consulting HoldingsBV to Serco Holdings Ltd" I don't remember seeing anything about any part of Sapienza being hived off. Did I miss something?

Also, Cenkos released an update this morning on TPG - primarily to report the Sapienza sale. Other points of note from Cenkos were:
(1) "We believe the company will release FY21 results during the next few weeks"
(2) They are projecting 2022 Revenues to be £68M with EBITDA of £6.1M and Adj PBT of £2.5M. Wonder if that will have any bearing on the eventual price paid by SAG later in the year.

[marktime1231] 27/5/2022 10:43

Is this the sale of the whole Sapienza business including the Eclipse software and licenses or just the staffing part which is more in Serco's line?

If this is the whole bundle which TPG bought in 2019 for an intial E10M cash + E1.5M in shares and ?? follow-on payments then yes what an awful waste.

[thompsonminor] 27/5/2022 10:03

The Sapienza saga epitomises the crassness of the Cartmell leadership; ill-judged, overpaid, and egocentric. What's worse ... I bought in to it, and am now sitting on a massive paper loss. Lessons have been learned, but retirement has been put on hold and resources are being diverted elsewhere.

There's not much left of the original TPG now, and there's no way the original 6.5p will be offered again. The best we can hope for is to get close to the figure Lindsey paid for his 2.6 million shares last year; 3.77p (average weighted). I don't believe Ratcliffe would keep him on as a NED unless there was some hope of him re-couping his original investment. Now that Sapienza has gone, there could be a RNS stating that Lindsey has now left also.

[catch007] 27/5/2022 07:54

fernandesb: Glad you picked up some, absolute bargain will be supported by the buyback near term. I wish you the best of luck.

[septblues] 27/5/2022 07:13

Rat cliff leading lemmings over the cliff

[timojelly] 27/5/2022 06:27

What are we?

[fernandesb] 26/5/2022 23:30

Thanks for your response Catch 007.I did buy a number of shares in Barc in the 140's
Thanks.