Tp Share Discussion Threads

[swiss paul] 31/10/2022 21:10

Fuked over good style

[sailorsam1] 31/10/2022 16:39

Funny how keen SAG are to buy a company that seems such a mess. Hmmmm

[catch007] 31/10/2022 13:05

thompsonminor: Absolutely, Stroud should be held accountable as FD. He will be leaving as per offer document; 'Science Group anticipates that Derren Stroud (Chief Financial Officer) would remain in his role at TP Group until the middle of 2023 to effect a smooth transition into SG Group and to complete the TPG Group's statutory audits'. He has been complicit in shareholder value destruction failing to declsre material facts (along with other bod members).

I had roughly figured 2p take out price so given the additional 0.25p institutional sweetener was near enough. SAG imho is still getting a good deal here, every trick played to reduce value and share price however the underlying businesses still hold value.

At least closure now in sight.

[fat00mch] 31/10/2022 12:57

SAG are also taking on £7M of debt.The HSBC loan (£6M) was running at 12% subject to SONIA remaining below 1%.With SONIA now above 2% I suspect that loan is now far more expensive to service.

[thompsonminor] 31/10/2022 12:43

As CFO and Company Secretary, Derren Stroud (who is responsible for issuing today's announcement) has shown what a completely incompetent and untrustworthy person he is. For years, he gratuitously followed the doomed direction of Phil Cartmell's absurd strategy without questioning the financial wisdom of that strategy. He was clearly complicit in all the financial negotiations with the submarine clients, which have caused the massive black hole in TPG's accounts. And now, he's trying to suggest that he is impartial in the decision to accept SAG's derisory offer. Derren Stroud will hopefully lose his job when the takeover is complete, and his record can be examined by the Chartered Institute of Management Accountants. His incompetence as CFO is mind blowing.

[rolling ronnie] 31/10/2022 12:17

TPG has considerable value and isn't the basket case that is being presented, for the sole purpose of driving down the price so SAG can buy it on the cheap. Maritime has had a bad couple of years, but had contributed almost £20 million in profit up to 2019 and will make profit again, it's a single source supplier to NATO. Services are getting stronger and stronger and are contributing significantly too.

[varies] 31/10/2022 11:16

boll,
Thank you for giving us a figure for the total cost to SAG of buying TPG.
This certainly looks an unrewarding investment so far and it is hard to see much value in TPG until the maritime contracts are worked out.
SAG did very well out of FST and has the resources to turn TPG round. Even so, I expect that Mr Radcliffe and his colleagues rue the day that TPG came into their sights.
I have a respectable holding in SAG and a modest holding in TPG. I shall be glad to bid good'bye to the latter.

[boll] 31/10/2022 10:07

It’s going to cost SAG group I total around £25m to acquire TPGincluding cost already incurred for the 28% holding of nearly £12.8m

[secretsqu] 31/10/2022 08:09

A sorry end to this debacle. Whilst the offer is generous in relation to the current share price The writing was on the wall when Science Grp made an offer and the incompetent incumbent directors refused to open the bonnet.I'd suggest an investigation into the previous BOD, but that would be simply whistling in the wind.

[justiceforthemany] 31/10/2022 07:55

Those immoral cretins like terminator who feed on negativity taking pleasure in people losing money and were advising people to sell out here - will you now APOLOGISE? I suspect not.

[timojelly] 31/10/2022 07:43

Well. After nearly 20years , that will be me out. Good luck to you all.

[timojelly] 31/10/2022 07:15

And there is the completed flip...

[bigbigdave] 31/10/2022 07:07

2.25p for anyone still holding.

[threeputt] 29/10/2022 09:07

ooh where do I sign ?

[secretsqu] 28/10/2022 18:41

That's not as bad as expected, but outside influencers dictate the narrative. I unwound my position at around 4p. Some sold out at the 6.5p offer price. I wish I had.I hope those remaining shareholders salvage something out of this, but given who is now running the show, one only has to look at previous takeovers.

[fat00mch] 28/10/2022 15:10

Nothing is hidden - half year results were an improvement.

The general economic outlook is a concern, investors spooked - needing/preferring to be in cash/cutting losses.

TPG Services growing nicely – revenue up 14%, profit up 66%. Maritime even showing a slight profit despite onerous contracts weighing. Westek performing.

Refinancing is the dark cloud.

2021
TPG Services – Revenue £25.8M, profit £2.3M
Maritime – Revenue £18.5M, loss of £2.5M

H1 2022
TPG Services – Revenue £14.3M, profit £1.5M
Maritime – Revenue £10M, profit of £0.3M

Westek
Performing profitably again – looks like pre tax profit of £375k for H1 2022.
Pre-pandemic figures for Westek:
H1 2020, £0.2M profit on revenue of £1.8M,
FY2019, £0.6M profit on revenue of £3.9M.
Currently held as an asset for sale, and discussions continuing with a potential acquirer.

[flotogo] 27/10/2022 18:39

Boil. Contracts were probably quite often like that before covid made that type of arrangement difficult to sustain. The lack of positive news flow has been non existent. Issuing vague possibilities of needing extra funds then not actually needing them have helped topple the price

[catch007] 27/10/2022 18:30

6.5p take out offer price to 0.6p bid is a spectacular fall in just over a year. I wonder if SAG will seek appointment of its own auditors and make a nominal final offer? I am sad to say the outcome looks very bleak at present.

[boll] 27/10/2022 17:54

they aren't trashing the shareholders they are trying to sort out te mess that was hidden from shareholders by previous management such as signing a contract at a fixed price knowing that cost overruns couldn't be recovered

[flotogo] 27/10/2022 16:58

Not sure even Cartmell managed to trash the share price like the current minority owners are doing