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7-8p apparently
Cannacord and Ruffer are invested in both SAG and TPG.
If SAG can onboard those two, and given the huge disparity in shareholder returns, there would need to be something seriously astray if they couldn't, they would control 29.45% of TPG shares between them
Cannacord 11.71
SAG 10.20
Ruffer 7.54
The remainder (Killick, Barclays, iii) are all individual investor holdings
No wonder there's stony silence from the BOD at TPG. Nothing on social media at all.
TPG has been great on jumping on bandwagons and providing consultancy. They appear to have no unique, ground breaking technology.There is competition in all of the markets they are in and bar Marine, which is a well established market, they seem unable to turn a profit - over 10 years down the line. A company of well paid consultants Directors, and (ex) CEOs with no thought to shareholder value. They finally paid lip service to that in the last set of results. It's a cash cow for a large number of these guys who now need to depart and put the technologies in the hands of those who can turn a profit for shareholders. Something SAG have demonstrated they can do.
Take the good concepts - put them in the hands of people proven to be able to make them profitable pdq and not start as an afterthought ten years down the line.
While a technical investment the filing of the Form 8.3 by Octopus Investment was interesting in its timing. They had 10 days to file but did it on day 1. What if anything is to be read into that.
Agree Schrodinger. Since the maritime bid news flow has almost stopped. We know the company hasn't stopped though as good progress with the train and order book replenished. Zero in the price for hydrogen and i was hoping for a boost at COP26 plus some units being sold in the not too distant future. Some of the army AI stuff may also have legs. Science group look like a well run company and no doubt they spot value here. Cartmell was gung ho trying to boost turnover in a quick period of time. No reason why Lindsay can't turn this round as he will easily sort the books out and might have some of the pipeline products come good too
This is a blast from the past. Whatever happened to the Downhole Compressor project?
SAG are too small here to push for a hostile takeover our revenue was £60M in 2020 there's was £74M. All they have is to push for a merger. Like Dactions says we have a new CEO who has already pulled the plug on the sale of maritime. Lets see what the plan for TPG is going forward and let's get excited by a takeover when it's someone like Thales, BAE or Bab**** pushing for a takeover. At the moment they own 10%, I don't think SAG can get another 10% as easily as they did the first. The market is watching now, they have shot first in a battle not a one vs one duel.
Gone NT
Lutra - I agree with you - the new CEO hasn't had a chance to put his mark on the Company and he showed his commitment with a high personal stake. If you're a holder of TPG and don't need the money, then one could sit on ones hands and see what develops. For the moment, I'm out as I decided to take the loss having made some capital gains elsewhere. I shall be watching TPG as I'd really like to recover some of those earlier losses.
Yes, but the statement reads like hostile PR from a hostile bidder, and with bedside manner like that, I'm not sure I would be talking to them! They are the bidders and it is up to them to make the running.
Looking through the science group statement not sure the board are interested in talking to anybody, given our boards running of the company dont think they have our best interest at heart will hold for now.
Lutra, I don't think we majorly disagree but TPG can get to 9p on it's own. It made it to 8.25 even during the pandemic last year with very few contracts won. Cut costs and start to see contract wins again in the post pandemic era and things will look very different. Make no bones here SAG have spotted a steal here and only by holding firm will shareholders see anything close to fair value.
Schrodinger, I think we agree! Hopefully, no way at 6p. My 9p would be a 50% gain on that but your expectations may be higher than mine!
But the SAG deal looks very similar to the PC plan to me. SAG can't afford the whole group without funding, and the maritime business doesn't match. If TPG had sold maritime and declared a one-off dividend with the proceeds, then the remainder would have been a perfect match both for SAG's business interests and their available cash. Instead, SAG could get the maritime bidder on-board to fund the maritime portion of the take-over and end up in the exact same position.
Lutra, I'm happy to sit and hold long term as long as the group starts to cut costs, the blocker to that was PC. He has gone. 6p was the last placement, a lot of our II's bought chunks at that level so no way that should be accepted. Why should it, TPG is not at risk of imminent collapse so need for short termism. Anybody giving up there shares for 6p needs to give their head a bang, TPG was worth that in 2017 minus Sapienza, Osprey, Westek and Polaris.
Schrodinger, I think that most investors who are underwater pray for anything that can lift them back into a decent profit! If that comes by way of a take-over by a similar (but a bit bigger) UK company, then that's Ok by me. As I say, my target is the equivalent or better than 9p/share, which is what I calculate the "fair" value to be. If that came as a cash offer, I would consider buying some SAG shares, because I still believe there is further mileage in the sector. If it was by way of a share offer, then it would save me some dealing costs.
M&G Investment Management Limited 18.78%
Canaccord Genuity Wealth Management 11.71%
Close Bros. Asset Management 10.68%
Ruffer 7.54%
Hargreaves Lansdown Asset Management Ltd. 7.37%
Killik Asset Management 6.04%
Interactive Investor 5.52%
Individuals 3.35%
Barclays Smart Investor EO. 3.21%
With such a high II's profile and given the dismal share performance of the company since the placing 2017, I can't see that it would take much of an offer to buy them out. Moreover, we now know there was no great clamour to buy the Maritime division. So perhaps a bid around 6p is all it will take ?
Nice work dactions, I did something very similar but managed to get a few at 4.5 and the rest 4.7. It never hurts to take a quick profit! My main rationale for doing so is that I don't trust the board to play hardball - I can see them accepting 5p a share and that being that.
I never understand when people on these boards pray for these scenarios. This is interesting but still of concern as most of us are underwater here and SAG have been able to acquire a sizeable chunk with ease. I'm not giving up my shares easily nor do I want to be part of a group I know next to nothing about. If there is no immediate need to sell then only a stellar offer is acceptable here, I don't have much faith in the board as for the most part they have been passive, but let's see if the board has a backbone.
I don't normally trade shares but was able to buy in at 4.7p first thing this morning and decided to come out at a little over 5p + 15 minutes later. TPG has not been a good ride these past years and I can well understand why one of the IIs (M& G ?) has offloaded to Science Group.
M&G have long been a major investor over very many years and I've often wondered why they stuck with the group as it continually reported losses.
Yes, but they don't have sufficient cash themselves for a straight cash offer. So they either need to raise finance or make a share/swap offer to TPG shareholders.
...and there is always the chance that other bidders might join the party!
https://www.lse.co.uk/SharePrice.asp?shareprice=SAG&share=Science-Group
SAG has mcap of £180 mil and they bought 10% already yesterday at 5p
Something was due. 4 mil buy & science group this morning.
TP Group notes recent speculation and announces that it has received an approach from Science Group plc ("Science Group") regarding a possible offer for the entire issued and to be issued ordinary shares of the Company (save for those already owned by Science Group).