Member Info for fatoomch

*back2black (spellchecker - soz)

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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

https://ospreycsl.co.uk/osprey-to-provide-certification-and-regulatory-support-to-electric-hydrogen-hybrid-aircraft/

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.....

Stokey- I've found TPG on 2021 list of exhibitors

Osprey was acquired on 25/08/20
In the final 4 months of 2020 - Osprey revenue was £1.4M.
In the financial year ended 31 December 2019, Osprey reported adjusted EBITDA of £0.6 million from revenues of £4.6 million and as at 31 December 2019 had unaudited consolidated gross assets of £1.4 million.
2019 and 2020 performance fairly similar.

I'm not expecting too much from Osprey in 2021.
It may well be a good play for the future (jam?) - but no positive impact half or full year 2021. All imo - of course.

Cat - if a company has to draw down on a £7m bank loan to remain a going concern- is that a positive?

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?

Would you say that £2.25M cash paid for Osprey Consulting, plus another £1.25M cash due pretty soon if they meet certain targets seems sensible for a cash poor company - in the middle of a pandemic?

Imo - Osprey Consulting, a company primarily aviation focused, will not contribute a profit in 2021 - due to the pandemic .

Stand alone - and TPG would still be around 4p - what will drive a recovery, and when

oh that's great cat - thanks.

There's me thinking they'd had to spend £2.7m hard cash to keep the company ticking over, despite increasing revenue (but not making a profit) BUT - because its a going concern and a loan facility its not real money.

Where do I get me one of these £7m going concern loans. They look great!

Lasvelas - interims will be poor. Some investors don't bother/want to look at the numbers. And TPG only highlight positives. Turnover has increased by x%.

However, cash is down from £7.4m to £4.6m in first 6 months. That seem to indicate that they're still not on a financially sound footing.

Des

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.

Cannacord supported the SAG fun raising yesterday. They also hold TPG.
Can't see Cannacord supporting SAG trashing the TPG share price

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)

If SAG get men on the TPG BoD they will be able to undertake due diligence.

They are not allowed to make an offer below their highest purchase price until at least 12 months after that purchase.

What are your expectations for interim results cat?

Mine are continued deterioration (don't forget, Lindsey only put his superman vest on after the end of the half year)

At some point, the financial cost of the aborted Marine sale will hit the bottom line. Maybe that will be deferred until full year.

A hydrogen contract (no mention of revenue)
A collaboration with Collins Aerospace
An mod contract for £1.1M

Where is the profit going to come from to increase shareholder value?

If the boot were on the other foot - TPG were successful and SAG had hit rock bottom, but mainly due to the poor performance of the BoD, TPG holders would be saying "well, that's business - take 'em over, and in the interests of TPG shareholders, pay as little as possible to maximise revenue and future returns for us all"

That's they way the market works.

Statements like "whomever is selling to them is no friend of ours" - there has to be sellers and buyers to make a market. Somebody sold shares, somebody bought. Nobody made anyone sell shares, nor buy them. I try not to attach emotion to buyers or seller, they are neither my friends, nor my enemies.

And yes, after many many years, 6.5p is my exit cue.

TPG is now a consultancy - check out the circular - all talk is of consultancy. Not for me

SAG have raised £18.5m - or will have by Friday, at a premium to their share price.

scrodinger- sticks and stone love the conspiracy theory.

Who do you think I'm working with, ISIS, QAnon?

SAG have pulled out - but can now hoover up more shares at 5.2p.

They will force an EGM and oust McCree

Put a man on the BoD then will be able to undertake the diligence they require.

I've been in nigh on 15 years. Happy to wait another year

Agree with Lasvelas. This isn't a game of bluff. SAG see an opportunity at 6.5p to make a profit.
SAG have finessed their hand perfectly - next step is to close the deal

tbh TPG are a sitting duck.

SAG will

Bill - you say potato....

groping around - I say mopping up. Sensible to keep building a position cheaper than 6.5p

Interesting RNS from Cenkos today. They are sitting on 900k now - having bought an additional 100k yesterday and sold zero. At the same time SAG picked up @800k.

So SAG bought directly- not through Cenkos. As a MM - assume Cenkos would sell that 900k at a small profit.

Lavelas - spot on.

A lot of these "major shareholders" hold on behalf of individuals.

iii is a prime example