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(Alliance News) - TP Group PLC on Monday confirmed that its Maritime Engineering business was no longer for sale after a series of offers did not meet valuation expectations.
The consulting, software and engineering company said it had received "significant interest" and offers were made to acquire its Maritime Engineering business but that they did not meet the company's minimum offer expectations.
In addition, TP announced that David Lindsay would be appointed as permanent chief executive following a review of the business. Lindsay was hired as interim chief executive earlier in the July, replacing Phil Cartmell, who stepped down at the end of June.
Lindsay has held a number of chief executive and chief financial officer roles, including as acting CEO of Industrial Control Services PLC, a services provider to the energy industry, and most recently CFO of EDM Group Ltd, which was acquired by document management firm Restore PLC in April.
TP shares were trading up 13% at 3.73 pence each in London on Monday morning.
Hampshire, England-based TP said it was currently trading in line with market expectations and that there remains "significant market opportunities" which give confidence for the future.
By Will Paige; willpaige@alliancenews.com
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