Tp Share Discussion Threads

[catch007] 25/7/2022 18:07

Snippet taken from SAG results announced today:

Science Group is the largest shareholder in TP Group plc ('TPG') owning 28.0% of the issued share capital. It is actively managing its investment, with two seats on the TPG board including Chairman. The Group has not included within its H1 2022 Income Statement a share of TPG's results as it is not considered to be material for this half year period. As announced by TPG, the restructuring of the business is progressing with disposals of non-core business activities. Within the core operations, TPG Services continues to perform satisfactorily but TPG Maritime has been impacted by onerous legacy contracts which have resulted in substantial provisions having had to be taken (including prior year adjustments) and contracts now being renegotiated.

[fat00mch] 20/7/2022 08:56

This week, we'll be heading to the Royal Holloway, University of London to attend the International Symposium on Military #OperationalResearch (#ISMOR) organised by The OR Society. On the Wednesday, our #DataScience Lead, Dominic McCaskill will be presenting on “Natural Language Processing: Getting the Language Right". Dominic will give an introduction to the family of tools and techniques in natural language processing, addressing the key issues around computationally understanding natural speech.

[marktime1231] 18/7/2022 16:21

Is that the plane which was crunched by Cranfield in early trials leading to an AAIB report which basically called everyone involved a bunch of amateurs?

Apparently they switched off the engine mid-flight without having previously performed a safe battery restart, not even on the ground, and had to perform a forced landing which is aviator speak for crashing in to a hedge.

At least it didn't explode in a fireball which is a sort of pr victory, and for some reason Kwarteng is still backing the programme as an example of pioneering UK technology / derring-do. I will wait until the USA or Japan comes along with something more worthy of investment thanks.

[livewireplus] 12/7/2022 16:07

But 1m straight out to part repay loan.

[fat00mch] 12/7/2022 14:56

£2M banked fron the disposal of Sapienza.

[fat00mch] 29/6/2022 13:29

Looking at the voting from yesterday- would appear that M&G and Cannacord both supported all of the motions

[septblues] 29/6/2022 11:59

consider Cenkos, Canaccord and M&G as the puppet masters

[slicethepie] 29/6/2022 09:26

Little is also said about the clown from Cenkos chumley Warner , the Ned, he would know how to ensure that tpg kept the skeletons well hidden so was as complicit as Cartmell and mccree

[elsa7878] 29/6/2022 09:16

How on earth does what might be considered fraud, though will doubtless be passed off as "inadequate controls", constitute driving down the value. The last management lied / were incompetent (take your pick). The truth is now coming out.

[slicethepie] 29/6/2022 09:09

Science groups approach here goes against all the progress made in corporate governance over the last 10 years. Allowing a minority shareholder to control a business and drive down the value is disgusting behaviour. The share register of science group includes some reputable investors who support the QCA and yet they are willing to turn a blind eye.

[catch007] 28/6/2022 20:54

flotogo: The minority owners goal is of course to pay as little as possible for the company assets hence the continual stream of negativity to supress the share price

Your point on Lindsay is well made and casts considerable doubt in my mind on his capability in conducting the review as more legacy issues continue to surface and more provisions and write offs arise. Surely the CFO, the dreadful Stroud would have had major input to call out all the skeletons to ensure the review did indeed draw a line?

The legacy maritime contract issues, Sapienza purchase and subsequent sale; unforgivable losses attributable to TPG Engineering Ltd can really only be laid at door of the prior BOD imho and as they are continue to be announced the full destruction of shareholder value is apparent to all.

[flotogo] 28/6/2022 17:48

Catch007. As a PI its the current minority owners who are doing more damage to my investment than Carthorse and co managed. Lindsay's initial review and cost cutting should have put a line under many of the earlier woes. Has there been one item of positive news released recently to help the share price. What other uncertainty can be thrown in between now and September to bring further damage

[thompsonminor] 28/6/2022 16:18

You've got to wonder what's going through the minds of the big shareholders like M&G and Cannacord Genuity.

We know that Cannacord have a bigger slice of SAG (£29.6m) compared with TPG (now worth £1.1m) so, no doubt, Ratcliffe will look after them.

But you have to ask what M&G are doing still holding onto their 146.3 million shares. Not only has their influence and reputation been eroded, but they must be sitting on a loss of £8.8m. The last time they offloaded any shares was 7 May 2019 (when share price closed at 7.425p) but retained 146.3 million. Sure, they can "lose" that loss in their accounts because they're so large, but by comparison it makes L&G the smarter of the two, and that's not something I thought I would ever say!

I must admit, I'm tempted to jump in again at these prices because I can't see the situation getting any worse, and SAG will pay a premium on whatever the share price is when their lockout term expires in late August.

[paulgo] 28/6/2022 15:56

Best case, worse case here now? What are we saying? Hardly seems worth selling now.

[catch007] 28/6/2022 15:32

thomsonminor, fat00mch: Excellent posts gents.

A real debacle has unfolded and very clear now that the BOD (controlled by PC & McCree) were well aware of the issues hence the sought after sale of maritime. The non execs did not perform their duties as independent BOD members and Stroud as CFO should have been flagging contingent liabilities and contractual losses - clear dereliction of duty imho. PC walked away with a years salary as notice as well as his 2020 salary he really took TPG for every penny!

I think back to the disposal by L&G of its entire holding clearly they smelt a rat and took a loss as they could no longer back the management. A red flag that many including me ignored at the time.

SAG will pick up the business like a vulture at knock down price and will extract value in the residual businesses and make no mistake there is good operating businesses here. HSBC control the shots as neither TPG or SAG can make financial decisions without first consulting the Bank under its security suite. It wants paid as the secured creditor and will be seeking a full exit asap.

My heart goes out to the many PI's here (and I do include PA in that sentiment as he was also misled) for the utter disgraceful destruction of value by the company in so many ways, lying to the market on TPG engineering and other matters, covering up business issues, non disclosure of material facts whilst taking full remuneration.

[buywell3] 28/6/2022 14:49

buywell3 - 13 Jan 2021 - 08:11:20 - 7065 of 10239 TP Group plc - TPG

You guys that bigged up all that Navy Sub and Defence stuff

Will have to do a rethink and start again

[terminator101] 28/6/2022 14:37

Good luck with that NAV valuation. With the current management this company is basically worthless.

[justiceforthemany] 28/6/2022 14:11

Science Group offered 6.5p for this a matter of months ago.
Book price/NAV is 3.2p
Current share price undervalues the company despite all the bad news that is intentionally being released.

[fat00mch] 28/6/2022 14:08

Agree with you thompson - only reason Stroud is still on board is because he knows where the bodies are buried.

So, despite the onerous contracts which hang over Maritime, TPG services continue to perform well:

2020 revenue, £19.9M, profit £4.3M
2021 revenue, £25.8M, profit £6.7M
2022 revenue and profit AHEAD of 2021

“TPG Services (including Osprey) is operating in line with the Board expectations and AHEAD of the prior year. “

With regard to Maritime, despite the onerous contracts, there was still a profit of £0.8M in 2021. And the outlook statement is (purposefully?) vague in that it says below expectations – yet no view on what those expectations actually are, is it AHEAD or BEHIND the prior year.

There will be a cash inflow of £2M once the sale of Sapienza completes, which will be used to pay off some of the outstanding HSBC debt. TPG has had no need to draw on the additional £5M facility offered by SAG.

In 2022, without all of the baggage, TPG H1 results could like quite rosy in comparison.

[nchanning] 28/6/2022 12:39

For all TP shareholders who don't realise it yet , management are not on your side . They want to smash the share price lower by impairing and capitalising and bad mouthing the company . Then you will have to gratefully accept a takeover bid by Science at a small premium . This is the harsh reality