22 May 2015 07:00
22 May 2015
CORAC GROUP PLC
("Corac" or the "Company")
Corac Group plc to change name to TP Group plc
Corac (AIM: CRA), the specialist engineering group focused on the aerospace & defence and energy & process industry sectors, is pleased to announce that in line with the resolution approved by shareholders at the AGM on 21 May 2015, that from Monday 1 June 2015, the Company will rename as TP Group plc.
The change in name is another step in the Group's substantial progress migrating from a research and development driven company to a growing and diversified business providing specialist engineering, technical services and managed services to global high technology markets.
The ongoing Group strategy is to deliver these capabilities to our core sectors to achieve organic growth, and to make targeted acquisitions consistent with these goals. The new name continues to acknowledge our technology heritage and captures the partnership approach with our long term customers, suppliers, collaborators, investors and staff.
The name change will take effect from Monday 1 June 2015, and on the following day the Group's London Stock Exchange Tradable Instrument Display Mnemonic ("TIDM") will change from CRA to TPG. TPG plc shares will continue to be traded on the AIM market of the London Stock Exchange.
The Group's new corporate website will also be active from Monday 1 June 2015 at www.tpgroup.uk.com.
Shareholdings are unaffected by the name change, and existing share certificates should be retained, as they will remain valid for all purposes. Any new share certificates issued after 1 June 2015 will bear the name TPG plc.
Phil Cartmell, Group Chief Executive, commented:
"Our new name and company identity is part of our continuing evolution as a British specialist engineering group serving global high technology markets. This change will allow us, where appropriate, to retain our existing brands and their customer relationships whilst providing a clear and unifying structure to the organisation as we continue to progress toward profitability and enhanced shareholder value."
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For further information please contact: |
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Corac Group Plc |
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Phil Cartmell, Chief Executive Officer | 01753 285 800 |
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Mark Crawford, Chief Financial Officer |
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www.corac.co.uk |
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Cenkos |
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Ivonne Cantú / Elizabeth Bowman | 020 7397 8980 |
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www.cenkos.com |
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Vigo Communications | 020 7016 9570 |
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Jeremy Garcia / Fiona Henson |
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www.vigocomms.com |
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NOTES TO EDITORS
About Corac Group plc
Corac Group is a specialist engineering group focused on the aerospace & defence and energy & process industry sectors. The Group designs and builds valuable solutions for critical applications in compression systems, renewable energy, atmosphere management and fabricated equipment; and provides support services through the equipment's lifetime. Corac Group shares have been trading on AIM since July 2001.