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Am I the only person who got a letter from the Board in the post enclosing a Notice of the Requisitioned Meeting for the 1 October 2021 in case my broker had not told me about it. If I had not already voted this would have tipped the balance for me to vote in favour of the resolutions. The letter smacks of desperation and I was always told it is rude to write in red.
I’ve only been a shareholder for 3 long years, but have vote against all resolutions (on HL) just to give the new CEO a chance. Personally, I don’t see it making any difference, PI’s never seem to have an impact.
pm444 ref 14.18 post NO actual offer was made. We had an indicative offer was made. What you are referring to is the EGM that is being called at the request of SAG who are seeking to remove 2 directors and replacing them with two SAG directors. If the resolutions are passed then it is highly likely that in 6 - 12 months SAG will return with a new offer. If TPG's performance and share price has improved then we might see an improved offer compared with the indicative offer.
I also just received the TPG papers asking to reject the offer. While I agree that the management has been somewhat useless, I feel that the current offer it's a bit too low, so a difficult decision to make. It would be interesting to know what the majority of the investors on this board have decided to do. My initial reaction is to reject the current offer hoping for an improved one.
I've just received my proxy papers from TPG. No use now as I sold my significant holding over a week ago which, if I still had them, I would have voted in favour of the board changes anyway. I'd held TPG for many years, originally buying in at 10.7p. Fortunately, I'd topped up at 2.5p so my average was similar to my selling price. This was my darling investment that I was going to retire on. Instead, it's been a litany of excuses after excuses culminating in a pathetic attempt (IMO), to sway investors to continue believing in them. The proxy form even has the resolutions filled in in their favour already! Is that even legal I wonder? If you're still in then I wish you all the very best and if you've sold out like me then at least we can sleep more easily. PS. I used the proceeds to buy into a Ruffer fund that has substantial investments in SAG. If only I'd bought Ruffer or SAG from the start, I'd be a retired millionaire by now!
I learnt more from the 1 hour presentation than from 8 years as a shareholder. Lindsay certainly talks a good fight but he backs it up with open and honest info. He held the 1st Management conference so that management actually met other managers and could share ideas, learn from each other and feel part of a group. Standard for many companies. Take an interest in your employees and invite them to have a meaningful input is the best way to engage the workforce and to show you value them.
Very reassured and I'm voting for TPG.
It just shows how lackadaisical the previous CEO was. Carmel was. rn impute is th r. people actually met noto m
After listening to the meeting it would appear maritime and westek will get sold on. Any money raised could clear debts and allow the purchase of a european consultancy group that brings entry into the market
stokey very valid point re: 500k package. Clearly it was not linked to performance or creation of shareholder value, and worked out really well for the CEO. I have not even logged on to the presentation. They often do not address any questions from retail investors. They are prepared well in advanced and the questions which are set up.
A positive show from Lindsey - seemed pretty damning of how TPG has operated in the past
Lack of synergies/duplication of effort. Now setting KPIs for staff. All of that should have been par for the course for any business.
Consulting is cash generative and predictable. Marine is not predictable. Difficult to manage a both. Easier to run a single mission business (Lyndey's words).
Using a football analogy, despite having spent cash, TPG has suffered successive relegations due to poor management. A new manager is on board - with some bog standard management 101 techniques that no team should be operating without. It's a long climb back up.....
Just listened to the investor presentation and I was not impressed. The failure to address my question about the increase in Net Debt left me wondering are they trying to hide something. I note that the £500K exit package for the CEO was a contractual requirement. I wonder who put that in.
Poor results but still better than I expected. Cuts of £1M are clearly just not enough. SAG will no doubt win the vote now, it's pretty much game over for TPG's independence. Cartmell is really the one to blame here, they can point to the pandemic but what did any of the board do over the last 18 months? Pathetic really and it's sad to say but they deserve to go.
Not particularly good at all. To much to fix quickly. The only real prospect of immediate growth is in Sapienza and Osprey which are relatively newcomers. Westek, NorthStar and the Hydrogen project are in the jam tomorrow category. I can't see SAG giving the BoD the time to restructure the company. One can but hope but there's a whiff of cooked goose around at the moment.