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@Canonguy, this is what the SAG withdrawal RNS said on 3rd September;
“For the purposes of Rule 2.8 of the Code, Science Group, and any person(s) acting in concert with it, reserve the right to make or participate in an offer or possible offer for TP Group (and to take any other action which would otherwise be restricted under Rule 2.8 of the Code) within 6 months after the date of this announcement:
- with the agreement of the TP Group Board;
- following the announcement of a firm intention to make an offer for TP Group by or on behalf of a third party;
- following the announcement by TP Group of a proposal for a "whitewash" (as referred to in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or for a reverse takeover (as defined in the Code); or
- where the Panel on Takeovers and Mergers has determined that there has been a material change of circumstances.”
And director GM resolutions;
“Removal of Mr Andrew McCree as a director;
· Removal of Mr Jeremy Warner-Allen as a director;
· Appointment of Mr Martyn Ratcliffe as a director; and
· Appointment of Mr Peter Bertram as a director”
If those director changes are made & the TPG board then accept the offer (I don’t see what choice they would have?) it appears the 6 month rule would be bypassed?
Fatoomch, an operating loss of around £2M - £3M. Obviously I can only guess what the write downs will be and there will no doubt be some other one off items, there always is with TPG. But if losses are not that bad and remember 2020 full years do include the drag of engineering and there are green shoots in the numbers beyond revenue and some cashflow generation then I would be pleased, but let's hold no bones anything other than profit here and you (who I have no issue with), your firesale sidekick and SAG are just going to hammer TPG. I think on both counts I'm likely to be right.
Surely if indicative carried less weight they wont begiven a deadline of 11 Sep
Have been researching an answer to that question.
Does an indicative/possible offer carry the same restrictions as a firm/open offer.
They'll have counsel to inform them on that.
But it will have been indicative on purpose.
I thought it was just six
If SAG get men on the TPG BoD they will be able to undertake due diligence.
They are not allowed to make an offer below their highest purchase price until at least 12 months after that purchase.
obviously I am assuming they will hit 30%+ ownership
yes, it was an indicative offer. Arent they only allowed to offer minimum 6.5p, highest price paid by them for TPG's shares during the last 12 months?
SAG never made a offer, they made a indicative offer.
What makes you think 6.5p will be the offer? My guess is they'll get on board & say" oh it's much worse than we expected".
Read the Frontier takeover RNS's to see their MO.
well, if no extension granted, the Oct 1 vote will go in SAG's favour. More holders may sell to them after this, as they will not want to wait for the 6 months to run out and when we eventually get there it will be a very simply vote
CanonGuy ref your 14.37 post Lasvelas is as far as I am aware right in his 14.37 post they will not be able to make another bid until around February/March of next year unless there is a material change in circumstances. As an example another party puts in a bid. I note that SAG has said that they would not sell their stake which would prevent another bid as SAG will effectively stop TPG becoming a wholly owned subsidiary of another company.
I think so too however wont they have to wait 6 months before making the offer again? (Their deadline will run out before the vote) Unless they are granted an extension by the Take Over panel
So it's a done deal then? If all TPG investors voted, and they won't, only 19% of them need to vote in favour of the SAG motion for it to pass and once SAG have the directors on the TGP board, they'll have an EGM to vote for accepting the SAG offer.
this will just aggravate the commie cat
hmmmmm, let me think.....................................that's a hard one.................................................hmmmmmmmmmmmmmm................I am not sure......................hmmmmmmmmmmmmm............I got it.......no.....................really? ......................wow.............................................are you sure?.............................................................I am not sure..... any idea?
Cannacord participated in the SAG placing yesterday, increasing their holding by 1.2m shares which is equal to £5.4m. They now own 15%+ of SAG. Cannacord also own 11.7% of TPG, which equals 91.7m shares.
Which side do you think they'll be voting on?
Scrodingerscat - just keen on typing, I don't care...
What are your expectations for interim results cat?
Mine are continued deterioration (don't forget, Lindsey only put his superman vest on after the end of the half year)
At some point, the financial cost of the aborted Marine sale will hit the bottom line. Maybe that will be deferred until full year.
A hydrogen contract (no mention of revenue)
A collaboration with Collins Aerospace
An mod contract for £1.1M
Where is the profit going to come from to increase shareholder value?
Hi Scrodingerscat
Re: your 07.52 post
My thoughts exactly.
Tpg BoD get my vote for now.
Lasvelas exactly??? Like that suddenly makes more sense from what you said haha, you thought you had some killer point but the workers controlling the means of production bears no semblance to anything I have ever said.
I'm not going to be educated on economics by someone who doesn't even know what communism is, thanks you have helped me attribute the value of your posts. I'm not surprised with your position now as there is no nuance for you because clearly you are just dim.
and be quick, because 26% of them already made up their minds....
Exactly. In capitalism, the shareholders have a say, and if they vote against, it is what it is. So go and influence the big boys to make sure it happens, if you believe in it. The retail people will have little impact on this.
Lasvelas not at all. Your the one who started banging on about communism, which makes no sense and why you were referred to as an idiot, because there is no capital or equity in communism. I notice it's the same people commenting with the same points on repeat. Yes TPG have under performed but if you need the liquidity that bad just sell now it really is that simple, if EBITDA does hit £6.1M and that equates to a profit in 18 months of around £3M - £4M that equates to a PE ratio that justifies a 2.2X higher market cap but you want to dispose at 6.5p in 12 months. Ludicrous, it's basic use of occams razor the hypothesis with the least amount of assumptions is there an attractive level of value here SAG know it and because of some collective echo chamber mentality or bad actor motivation you continue to promote SAG's approach as the only solution. It really isn't and we will find out on results day whether you've been short sighted or not.
fatoomch - I am with you on that. There is price for everything (sadly) and holders are selling out little by little. The big holders will vote for a change and that starts with the BoD. Let's just wait for the results.
Absolutely right Mr Fatoomch. Like me, you're probably in this business to make money and TPG has made me a lot through trading it these past couple of years. Regardless of my opinion of TP Group (which isn't that high) I noticed that the SP would rise into results date (or on a surprise RNS) and fall away pretty quickly after or when results were announced. This strategy has proved fruitful. Check the RNS dates and SP charts if you want to check this. I think TPG will get taken out, probably by SAG as nobody else has raised an interest, and I wait to see what the SP does in the run up to the next set of results. Interesting times.