Tp Share Discussion Threads

[fat00mch] 27/10/2022 13:07

Kwizza and Orange clearly done a bit of digging - I'd done the same.

Expensive auditors.

Also, LucyPear, ex TPG employee?? - first post ever yesterday, with the share price under 1p

[terminator101] 27/10/2022 10:17

Another leg down in this pile of pish huh.

[timojelly] 27/10/2022 09:43

So they just want out end of.

[orange1] 27/10/2022 08:54

And the announcement states:

BDO have confirmed that, in accordance with Section 519 of the Companies Act 2006, none of the reasons for ceasing to hold office and no matters connected with ceasing to hold office need to be brought to the attention of members or creditors of the company.

[kwizza] 27/10/2022 08:52

Think you will find that BDO have resigned as auditors to a few companies
over the past few months

[timojelly] 26/10/2022 21:53

Good riddance at that cost then.

[timojelly] 26/10/2022 21:51

https://www.tpgroupglobal.com/careers/vacanciesStill plenty of high quality positions available within the group.

[catch007] 26/10/2022 20:48

fat00mch: I suspect there has been an audit issue around 'Going Concern' statements. Clearly the Auditor has been deeply uncomfortable to certify future accounting indicating real concerns.

[fat00mch] 26/10/2022 16:50

An auditor is obliged to report anything untoward that they are aware of i.e. if another onerous contract or accounting irregularity

SAG paid Grant Thornton LLP £359k to audit the whole of SAG in 2021

TPG audit costs from BDO were £628k for 2021

[justiceforthemany] 26/10/2022 14:30

6.5p was the offer.

[terminator101] 26/10/2022 14:15

Well that went down like a lead fart huh. Plenty of warning given for this loss making lifestyle pish over a long time, so you only have yourself to blame if you are still holding.

[jdh1602] 26/10/2022 13:47

Yes, the sensible time to get out for long term holders was the SAG full takeover offer in Sep '21, when they pulled out due to (effectively) being blocked from doing Due Dilligence by TPG, who must have had lots to hide.

[thompsonminor] 26/10/2022 13:02

This would explain why SAG haven't made a full offer for the outstanding share capital of the business. Too much to lose? It begs the question, though, as to why SAG even made an offer without full due diligence. We were always told that SAG and Martin Ratcliffe were masters in the art of takeovers. The next few weeks may show how true this is.

[catch007] 26/10/2022 12:27

Looks like I dodged a bullet here thankfully! Vote of confidence from ex employee and auditor resignation OMG!

[lucypear] 26/10/2022 11:49

As a former employee of TP Group, I’d say cut your losses and sell. This company is run by monkeys and is experiencing problems far deeper than is currently known. The share price will continue on its downward trajectory.

[rjohna] 26/10/2022 11:05

According to ii (Alliance News), there is a trading statement on Tuesday 1st Nov.

[fat00mch] 26/10/2022 09:31

BDO were the chop shop auditors appointed in Dec 2020 who were happy to oblige Cartmell et al when the previous auditors weren't prepared to sign off on the 2020 accounts.

[thompsonminor] 26/10/2022 08:47

HaHa! And now the auditors have jumped ship. This really couldn't get any worse. Its difficult to argue for any case TO invest in this business the way it's carrying on. As catch says, above, the woefully inept Derren Stroud has to take responsibility for a large part of the share price erosion here.

[catch007] 17/10/2022 11:25

Paulgo: I started to take a look at the potential value offered by SAG takeout however I stopped immediately I saw that Stroud holds all key posts in TPG (source Morningstar). He was wholly complicit in all the dubious practices of the previous board and should have been fired over the scandalous TPG Engineering Ltd debacle. His continued involvement is a red flag.

Instead, I have deployed some capital into two bombed out investment trusts with yields 9%+ and NAV discounts which still high risk offers a better return to my portfolio.

[paulgo] 17/10/2022 07:33

Thank you Catch. Yes, I remember you selling but wondered if you’d been tempted into buying back before now.
Good luck to you too.

[catch007] 14/10/2022 08:50

Paulgo: I sold out entirely at the offer price 6.5p and posted my reasons for exit on the BB. Mainly board deceit and bad practice.

The contingent liabilities of Maritime remain a concern especially as negotiation with the buyer on fixed price contracts (I believe this is MOD) has failed to date. The true enterprise value is probably circa 2p (I havent done the analysis) so my pondering is around the value opportunity of the final take out price versus high yields now on offer elsewhere in the depressed market. Good luck to you.

[paulgo] 14/10/2022 08:09

Seems you’re not the only one Catch, nearly 2 million bought so far this morning. Surprised that hasn’t nudged the share price up?
Are you not holding any shares atm?