26 May 2022 16:50
This announcement contains inside information
TP Group plc
("TP Group", "the "Company" or the "Group")
Sale of Sapienza Consulting Ltd.
TP Group (AIM: TPG), announces that, following the review of the Group's non-core operations in relation to its wider strategy as announced on 1 November 2021, it has entered into a conditional agreement to dispose of the entire issued share capital of Sapienza Consulting Holdings BV to Serco Holdings Ltd (a wholly owned subsidiary of Serco Group plc) for a cash consideration of c. €3.2m. Completion of the disposal is subject to regulatory clearance in the UK, France and Italy which is anticipated to take approximately six to eight weeks. The Company will make a further announcement in due course.
On completion net proceeds of c. £2m will be used to part repay the Group's £7m loan facility with HSBC Bank Plc.
In the determination of accepting the valuation and final terms, Martyn Ratcliffe and Peter Bertram recused themselves from the decision and did not participate in the Board vote.
TP Group plc | Tel: 01963 34444 |
Derren Stroud, Chief Financial Officer | |
www.tpgroupglobal.com | |
Cenkos Securities plc | Tel: 020 7397 8980 |
Stephen Keys / Mark Connelly / Callum Davidson | |
www.cenkos.com |