23rd Aug 2021 17:10
TP Group PLC - Hampshire, England-based consulting, software and engineering company - Says Science Group PLC's revised 6.5 pence per share offer still "undervalues" company.
Also asks SG for "satisfactory confirmation" it has available cash to complete deal, which it has yet to receive.
"On August 23, the board received a further letter from SG with no such satisfactory confirmation. The letter again contained substantial pre-conditions," TP adds.
TP Non-Executive Chair Andrew McCree says: "The board of TP is acutely aware of its fiduciary responsibilities to all its stakeholders. As such, it will consider properly funded and constructed offers for the company at an appropriate valuation. The board is not currently in receipt of any such offers. In addition, the board is aware of the manner of the takeover of Frontier Smart Technologies Group Ltd by SG. Shareholders are urged to support the independent membership of the board."
On Friday, SG purchased 58.8 million shares in TP for 6.5 pence each, GBP3.8 million in total. Now has just short on an 18% stake in TP.
Last Monday, SG said it is unlikely to buy TP while its board refuses to cooperate, but held out the prospect of a future deal.
Current TP stock price: 6.05 pence
Year-to-date change: down 11%
By Paul McGowan; [email protected]
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