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Just catching up on today's updates:
TP Group is pleased to announce that David Lindsay, CEO, and Derren Stroud, CFO, will provide a live presentation updating on the Company's interim results and prospects via the Investor Meet Company platform on Tuesday 14 September 2021 at 9:00 a.m.
Hi TT
Thanks for your insight
Cheers R
TruroTrader ref 15.12 post what Investor Presentation are you referring to?
Hi TT
Thanks for your well balanced comments.
As for you're leopard, well I must get new glasses, looks more like a Trojan Horse from where I'm standing! :-)
Hi Radius,
I can see advantages in both scenarios. It's certainly woken TPG up - Investor presentation - who'd have thought it! We've been excellent in the recent few years at growing both the revenue and the order book. However questions remain about A) the margins and B) costs. In fact for me BoD communications have been a major downside. We've heard little about synergy savings amongst a lot of other things. If a reasonable explanation for the lack of profits can be made then I for one would favor no takeover. SAG does not act like an ethical company in my book, The Frontier takeover has got bad press on this Board and I wouldn't like that to happen to TP.
BUT on the other side SAG's revenue growth is pretty damn good. So far it's unclear what sort of offer would be made - Shares, Cash - perhaps a mixture. The results on the 13th and the meeting on the 14th are going to be quite illuminating I hope. I think Lindsay and Stroud should take sandwiches to the Meeting - it could go on!
Perhaps Leopards can change there spots??!!
Stokey - I do agree with that point. SAG has to be strategic now and behave in such manner. It is an additional while this whole thing is going on.
Cat - yes, SAG was commenting on what TPG said. I am still on SAG's side (see no good reason why to support TPG) . Clearly no matter what say, you will disagree, that's fine. You are the one who attached me here first, calling names.
TPG are just a bunch of people who dont get it and hide behind, thinking they are worth more. They could get paid very well for making this transition easy. Surely they will be set targets to hit and be awarded for that. They failed their own shareholders so dragging this is not heling. Their own tiny holdings would be repaid to them at 6.5p, however the longer this goes on, the more likely they will get less and still be fired most probably. Cannot wait for the October vote. Hopefully they will get it then.
Lasvelas ref 07.39 post I was referring to the standard special resolution at the AGM. For a special resolution to pass you need 75% of the vote. Due to the number of shares that SAG has they can block any special resolution. The one at the AGM is needed to allow the company to issue shares without first offering them to existing shareholders. This provision is needed as otherwise any requirement to issue shares to somebody without first offering them to shareholders would need an EGM.
Lasvelas you do realise the wording in the RNS is that of SAG not TPG? Jeez do you get your news from memes.
Stokey12 agree very tit for tat but on the flipside SAG fired the first shot and TPG has to defend itself or risk losing shareholders to the very harsh diatribe released by SAG. All because SAG made a very low ball first offer and TPG refused to engage. SAG purposefully didn't release details of that offer and when TPG revealed it to the market SAG has thrown its toys out of the pram subsequently and focused almost exclusively on "our SP growth has been much better than yours".
When would this come to play, since I am not a lawyer to fully understand. You mean in case of any future equity increase so they don't risk dilution?
Lasvelas ref 07.39 post having read today's RNS from SAG it seems like both the TPG Board and SAG are acting like children trying to win their parent's approval. I do not see SAG agreeing to the usual special resolution to disapply pre emption rights as this might lead to them having their percentage holding reduced which would not be good.
Having very quickly scanned todays note, TPG are threatening with destroying their own company and any value for shareholders. What a bunch. They are not willing to talk, are stuck with their bad attitude. And yes, this could all end up badly for everyone if the worse case happens.
I found the RNS issued today interesting mainly because of the reference in two places to the suggestion that the two executive members of the Board should as the honourable course step aside and allow for an orderly transfer. I note that it is not stated who should replace them but I suspect that it would be people who would do as SAG says. This would give SAG effective control without having to do a takeover bid.
Lol cat - sticks and stones.
As I also pointed out - Cannacord took part in SAG fundraising yesterday. They are also a TPG holder - as I'm sure you're aware.
I see Cannacord supporting SAG. I might be wrong. if I'm right, I don't think Cannacord would take kindly to TPG share price being trashed.
And yes, I did vote for the Head Eating Cannibal - but it was what else they put in stew that surprised me.
Fatoomch firstly they have enough votes to block motions, if you are not familiar with block energy have a look at what one director and a shareholder group/concert party can do with enough votes. Extrodinary GM's can be called to vote on all manner of things, your defence is they won't want to erode their investment is a ridiculous counter argument because if they can get the remaining 70% much cheaper any loss on the initial 30% means nothing, not only that but they have done the exact thing you are saying they wouldn't possibly do in a previous aggressive take over. You said you were an IT consultant but clearly mathematics is not your forte or even just looking back at actual factual evidence.
I bet you are one of those people who would vote for The Head Eating Cannibal party and be surprised when they start decapitating people and putting heads in stew pots.
Hi TT & OT
As LTH's, what's your view
Thanks in advance.
R
Cannacord supported the SAG fun raising yesterday. They also hold TPG.
Can't see Cannacord supporting SAG trashing the TPG share price
Hi ShearClass
'What's the point?'
Time.
Time to shed Maritime TPG ( at a realistic price) which would put accounts back in shape.
Time to cut costs & keep the market informed as to your progress on both these issues.
Time for others to assess the trimmed down/debt free business & see (or not see) the value in making a offer at a sensible price.
What's the rush!
I & many others have been here for year's, I can wait another 6months.
Cat - there are 6 directors on the TPG BoD.
How precisely do you think 2 SAG members, who will be in a minority, will run the company into the ground and erode the share price so they can pick up TPG for 3p or 4p in 12 months plus?
Just no logic to that. If they purposefully erode value - they lose money on their initial investment and they end up with a less successful business than currently - which is worth less to them.
The EGM is not a binary vote. A no to McCree doesn't have to be accompanied by a yes for a SAG person. Cartmell got more votes to stay than go - but TPG made the right decision.
McCree and JWA - deadweight (imo)
@radius, if you let the value of your equity fall as low as TPG did at 3.9p then yes you run the very real risk of being bought out against your will. That is why most companies attempt to keep their share price up or alternatively the directors / owners / concert party hold a controlling % of the company to avoid a hostile takeover.
Why can't the board do anything? Well the existing members will know that SAG hold 27%+ and will bid for them again in 6 months and this time there won't be much they can do to stop them. What is the point in fighting a losing battle?
The way TPG have managed the business over the last 10 years + has been an attack on shareholder value, this is capitalism at it's best. The fittest preying on the weak to improve overall returns. If you want to run a business that is subservient to the directors then don't list it on the stockmarket!
Hi ShearClass
Why would the TPG board have no choice?
Interesting last condition re: material change of circumstances (Panel on T&M's).
Suppose for argument sake company A wanted to buy company B on the cheap.
You could buy enough shares to get on B's BoD, then do some mud raking, sorry due diligence, conclude it's a dog, let the market know that's your view.
SP of company B tanks, company A buys company B on the cheap.
Job done.
It's got too hot in here! I've lost out with Flybe and Sirius Mining already. My faith in equity investments is at an all time low. Boards seem free to rip off investors in so many ways legally!
I know whatever I do will be the wrong decision but the risks are just too great. I've been in for years having originally bought in at 10.7. I've reduced my average price considerably over the years so I'm just about breaking even now. I'm out!
Radius bingo. For the blind cannot see.
SAG are in no rush here they get on the board then you can kiss goodbye to 6.5p more like 3 or 4p in 12+ months. First order of business full audit cost a few million quid to come off the bottom line. SAG intend to get on the board to make life difficult, destroy value because that is the cheapest way to mop up. Finally someone on here who gets it, this is not business as usual this is an attack on shareholders and shareholder value, some on here really should take some wisdom from Sun Tzu.