Science Group PLC - Cambridge-based research and regulatory consultancy services - Says "resilient performance" in its operating divisions has continued over the summer and provides confidence for the rest of the year. Had gross cash of GBP29.0 million at June 30, since then invests around GBP4.3 million on future royalty costs and GBP11.0 million in acquiring over 24% of TP Group PLC - with gross cash at August 31 standing at GBP17.2 million. Considers a new debt facility to increase capital efficiency and business leverage.
Requisitions TP to call a general meeting to propose removal of two existing directors and nomination of two directors from Science Group in replacement. Meeting anticipated in next few weeks. "Science Group is not restricted from increasing its shareholding up to 29.9% nor as to the price at which additional shares are purchased," it adds. On Friday withdraws TP takeover offer of 6.5 pence per share after weeks of back-and-forth.
Current stock price: 431.50 pence
Year-to-date change: up 54%
By Josie O'Brien; josieobrien@alliancenews.com
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