The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Or proxy papers!
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.
Just seen this posted on another board https://www.oedigital.com/news/490644-ore-catapult-secures-funding-for-five-projects-to-drive-forward-maritime-decarbonisation. TPG are down as a partner in one of the projects.
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!
htTps://www.bbc.co.uk/news/world-58564837
"The pact means Australia has torn up a A$50bn (€31bn; £27bn) deal it signed with France in 2016, to build 12 submarines."
The same 12 subs TPG were providing atmosphere control systems for as part of the Australia SEA1000 program?
*back2black (spellchecker - soz)
backtrack
Have a look at the figures for Osprey and you'll see why an Osprey announcement doesn't move the price. Their model is lots of small pieces of work.
40+ staff contributed £2.5 "consulting" revenue in H1
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
Good news thanks but seems like it doesnt effect the sp :(
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.
Are we still a going concern? Not great results but nowhere near as bad as some predicted. Looking like Westek will be sold on and it wouldn't surprise me if parts of maritime went too.
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.
The payment of half a million pounds to Cartmell leaves a bad taste for me. Also, the highlighting of problems at Westek (a business I never felt right for TPG). I think the interims are a sorry affair.
The new CEO is having to make the best of it - he probably was the best man to turn this around a year ago but I think this is a lost cause now for us existing shareholders - I'm looking for myself a best exit now.
GLA
The track record continues, lets face it. The company is not able to make money. There will always be something as before to cause no profit. Order book down. Loss increased. Debt increased.
The results are not as bad as they could be. One thing I would like to know is what was the cause of the significant drop in Net Assets. Also debt increased significantly without any explanation. I would expect an increase in debt to be balanced by an increase in assets but that is not what happened here.
They can spin todays numbers as much as they want. CEO went home with 500k termination bonus. Company made a loss and revenue growth means nothing to shareholder if earnings per share is negative. I got no dividend. Well done. I hope you get taken over!
fatoomch I've only just read this "If 6 months down the line, despite posting details of increased revenue, that company reveals its spent £2.7M of the £7m drawn down - would you say that is a positive?" Wait what? I gave you the rope and you just carried on. Cash now vs Cash at the end of December does not necessarily mean what you think it means. Like I said before without seeing the same comparison in the companies other assets or the same comparison in liabilities then you are just making your own narrative.
I have submitted the following question for tomorrow's investor Presentation. It has been worded to try and avoid it being said to be outside the scope of the meeting.
For the growth of the company it needs to generate new business and clients. What assessment was made of the effect on this of not attending DESI 2021 as Defence is a key sector for the company.
Perhaps it could be worth raising this question on the Investor Meet Company platform although I've been disappointed with this platform for other shares.
fatoomch ref 12.53 post When I went to the list of exhibitors from the Google search I did see a basic listing for TP Group. However, it did not look like the page I saw earlier. I then went through the DSEI Homepage and clicked on the Exhibitors list which bought me to this page https://www.dsei.co.uk/2021-exhibitors?&filters.status=Space%20-%20Standard%2CSpace%20-%20Enhanced%2CShell%20Scheme%20-%20Standard%2CShell%20Scheme%20-%20Enhanced%2CElite%20Shell%20Scheme%20-%20Standard%2CElite%20Shell%20Scheme%20-%20Enhanced%2CPods%20-%20Enhanced%2CPartner%20-%20Enhanced%2CUK%20Pavilion%20Shell%20Scheme%20-%20Standard%2CUK%20Pavilion%20Shell%20Scheme%20-%20Enhanced%2CSpace%20-%20Enhanced%20-%20Premium%2C&azletter=T&searchgroup=0E8BC13E-exhibitors As you can see TP Group is not on this list.