Tp Share Discussion Threads

[timojelly] 28/6/2022 12:19

Well, it's all out there now including the kitchen sink.

[timojelly] 28/6/2022 10:41

Absolutely pummeled on £3k of trades.

[fat00mch] 28/6/2022 10:40

TPG more active on LinkedIn than twitter

[timojelly] 28/6/2022 10:34

No tweets since 8th of March

[timojelly] 28/6/2022 10:32

And so the falling knife continues.

[timojelly] 28/6/2022 09:11

'In addition, the Company intends to issue an update on trading, focussing on the key metrics of 2021 by the end of June'

[fat00mch] 28/6/2022 09:05

AGM this morning

[fat00mch] 25/6/2022 08:42

Sept - still not sure how that has any impact on TPG.

[septblues] 24/6/2022 16:06

it's what happens either side of selling and buying a business - the new owners will have to come to terms with the contractual relationships they've inherited and deal with them accordingly. Things can be pretty inflexible going into a sale. After a buy, things can begin to open up.

[fat00mch] 24/6/2022 15:21

Sept - so how does that unblock the fixed price contracts in Marine.

RR "many NATO boats" is a pretty vague statement- lol

[rolling ronnie] 24/6/2022 13:47

Maritime supply AMS to many NATO boats but not US as they have their own supplier and won't source outside the US

[septblues] 24/6/2022 12:32

Kwasi Kwarteng is Secretary of State for Business, Energy and Industrial Strategy since 2021

Advent International (US private equity) has been approved to buy Ultra which is engaged in submarines.

[fat00mch] 24/6/2022 10:35

Not sure I follow that logic Sept - care to expand?

[septblues] 24/6/2022 09:29

now that KK has given the go-ahead for Advent to buy Ultra the fixed price contracts in Marine will be unlocked

[rolling ronnie] 24/6/2022 08:59

^ As I've been saying for a while!!

[fat00mch] 23/6/2022 14:56

AGM doc - special resolution 8

[paulgo] 23/6/2022 13:57

Where did you pick that up from fat00mch?

[fat00mch] 23/6/2022 10:20

Board looking for authority to buy back up to 15% of shares.

Wouldn't be a bad thing given current share price

If TPG bought back 55M shares (at a cost of @£1m) - SAG holding would then be over 30%.

[septblues] 22/6/2022 17:23

Cenkos warrants are at 5.8p

[jdh1602] 22/6/2022 15:18

As i'm already 75% down on a small position here after nearly 3 years, I may just see if this can challenge IG Design group as my worst result ever (-90%) :-) Obviously, will need to fire my Head of Risk soon...

[fat00mch] 22/6/2022 14:24

11/02 RNS “….provisions related to onerous Maritime contracts are now anticipated of approximately £4.5 million. At the present time, it is unclear whether this will all be a charge in 2021 or may relate to prior periods.”

20/06 RNS…”it is now apparent that the provisions required will exceed previous expectations.”

Page 9 of the AGM document had already revealed a request for an extension to the deadline for filing of accounts- to Sept 30th - so shouldn't have been a shock.

So, onerous hit above £4.5M, BUT, having some success in renegotiating international onerous contracts (which surely puts a cap on that) but no success on renegotiating the onerous UK contract.

Exceeds… could be £1, £10, £1m, or millions.

My guess is that it’s the MoD contract negotiated in 2017 (£22M over 5 years). I wouldn’t expect the contract to have become onerous until covid lockdown circa March 2020 (end of 2020 is when Cartmell tried to sell it). Defence spending is increasing, Maritime is a niche business – not sure if any UK competition.

In the interim - £2M cash received for Sapienza and Cenkos guidance of 2022 Revenues to be £68M with EBITDA of £6.1M and Adj PBT of £2.5M.

2019 – revenue £49.4M – cash £6.6M
2020 - revenue £59M – cash £0.4M
2021 – revenue tbc – cash at -£1.6M
2022 – forecast revenue £68M – cashflow positive

With focus on cost cutting and maximising revenue on specific markets, looks like a turnaround is already underway.

My opinion – interested in what others think (trolls are on filter – so don't bother)

Edit- the AGM is on Tuesday and the company will issue an update on trading before the end of the month.

[flotogo] 22/6/2022 13:56

Wonder what the views are of the institutional holders are who backed SAG in getting over the line

[kiwihope] 22/6/2022 12:55

Sold up. For the first time in 20+ years I don't own any shares. Fortunately didn't have many. I'm afraid this is done for. Should have sold much earlier. Good luck to all holders...