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What percentage of the company is owned by the directors? Anyone?
Quite so. What SAG fail to understand is that, while they may be offering a rosy future for the staff of TPG, they are offering very little to the owners of the company. It is clear, though, that SAG believe that they will get a return on their purchases at 6.5p, and happy to retain their stake at that price, so why would we want to agree to a cash offer? For my part, my average TPG purchase cost happens to be 6.5p, so if the deal had gone through at that price, I would have broken even. I still value the group at 9p, so hope that the offer continues to be rejected.
That deal is not on offer at the moment but i see no reason why it could not improve slightly in that direction.
The latest RNS says it clearly, TP are wasting everyone's time.
Good thing it is August as it gives me time to read all these RNSs. Bearing in mind my earlier post I would be inclined to accept this offer if it was combined with shares. A part cash part shares offer allows the possibility of in time recovering losses through dividends on the share element. Well that is how I look at it.
I think people on this board might find this information of interest. Please note I have ot independently verified this information from filed documents. https://www.lse.co.uk/share-fundamentals.asp?shareprice=SAG&share=Science-Group
It's a game of poker
Each waiting for the other to show their hand.
Could TPG release the interims early?, that way we can all reassess our positions on what we think our shares are worth.
SAG would then have to up their 6.5p or stick & say 'well that's what we're offering'.
Pure gold fatoomch " Maybe they should have bought glitter instead"
you seem to have a twin on another board that purcased into the Turd Polishing Gang this morning
"23/8/2021
08:07 Had a little top up at .0604 on the opening Bell. That'll be last time we see that imo 08:52 edit - famous last words - lol "
fat00mch
My worry is TPs books are not great and they cannot ask for much more. Would love to be wrong...
And dont worry too much about the funding. They would not put 6.5p on the table without being able to get it to them.
Who cares about covid. And BoD should listen. They can want whatever they want if they owed most of the business. They have no skin in the game, they have little say. Yes, i want 10p as a shareholder. It doesn't matter what i want. The big boys will vote for it or against it.
SAG are not obliged to provide information to the TPG BoD - but must provide that information to shareholders as part of an offer document.
OT - when didn't TPG paint a rosy picture. Lots of income - especially from consulting - but no profit. Only Marine turns a profit.
I think TPG stands for Turd Polishing Gang :-)
Maybe they should have bought glitter instead
Correct Lasvelas however they need to be able to proove they can afford it and also the current offer is well below what they would consider selling for.They have also explained covid has caused major problems similar to many other companies.End of the day they do not want to sell.
This is my point. During negotiations TP should show their books and say to SAG your bid needs to reflect how we are doing. I believe this is normal course of take over negotiations. TP wont get a higher bid just because they think it is too low. The bid is not low based on the share price prior to this happening.
in short " substantial pre-conditions" means SAG want the books before the interims come out. Hope that helps
SAG along with us do not know how TPG is doing and due to bad timing of bid they will not know until after interim results Just to add the last trading update we had was from Jan 21
Business activity was robust in the last quarter of 2020 and this has continued in the early weeks of 2021 to provide a solid platform for the year ahead. The Board is pleased to report a forward order book growing year-on-year to c.£69.0 million (2019: £63.8 million).
Has not been any update on 2021 trading apart from above that i can find
As much as i would like another bidder in the mix i doubt this is likely to happen. I do agree they are trying to move things along to make it happen.
One would think that SAG would like to keep their momentum going & possibly make a bid over the heads of the TPG board.
It's in SAG's interest to speed things along as it gives less time for possible third party/parties to get their act together.
Agreed, but it's a waste of time if they are not going consider their bid seriously, which is what I read into this. If they know they will reject it, dont waste time asking for this. If they are to consider it properly then fine, but i am not convinced. That's all i am saying. I may be wrong obviously.
Lasvelas i think TPG do have a "grip on it "
"The Board responded on 22 August 2021 to SG requesting that SG provides satisfactory confirmation and evidence as to the sources and availability of cash to SG to enable it to meet any offer that it may make, which would, in accordance with the Code, be required to be in cash or accompanied by a cash alternative at not less than the highest price paid being 6.5 pence per share.
On 23 August 2021 the Board received a further letter from SG with no such satisfactory confirmation. The letter again contained substantial pre-conditions.
As i said 6.5p bid. You can all disagree with me but TP's response is a bit of a rubbish. The reason why the offer is indicative is because TP is not talking to SAG. So they have to be sending legal letters back forth. Waste of time. Once the number appears correct it goes in as a firm bid officially. TP should stop wasting time, come to the table and discuss. The other excuse of not seeing a confirmed funding is a silly excuse. If there is no agreed number why worry about funding, that will come as a result of agreeing the bid. They would not be offering 6.5p if it was impossible to fund in first place. TP get a grip and get on with it i would say.
oldtramp ref 16.27 post I would not entertain an offer at the indicative price either. However I might consider an increased offer especially if it allowed me to make a profit.
You really are a bit of an enigma fatoomch lol
BoD are impotent. SAG bypassed the FST BoD and went straight to shareholders with an improved offer.
Talk is cheap from McCree - shareholder value- blah blah blah. Far too little, far too late.
Good strong response from BOD don’t start haggling unless you can afford to buy.And 6.5p is ridiculous