Business
Statement regarding TP Group plc
Statement regarding TP Group plc.
About this update from Science Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7310I\n Science Group PLC\n 16 August 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 16 August 2021\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\n \n \n \n \n \n THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE.\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n \n Statement regarding TP Group plc (\"TP Group\" or the \"Company\")\n \n \n \n \n \n Following the announcement by TP Group on 10 August 2021 and Science Group's response of the same date, Science Group requested that TP Group provide information to enable Science Group to consider whether or not to make an offer to acquire TP Group. With a track record of delivering value to shareholders, a strong balance sheet and clear operational synergies with TP Group, Science Group is a credible British, London-listed partner for the Company. \n \n \n \n \n \n An indicative proposal was made via advisors on the morning of 12 August and confirmed in writing on 13 August 2021, potentially offering a significant premium to the TP Group share price of 3.9 pence prior to Science Group's investment. This proposal requested due diligence information and agreement to an extension of the current offer timetable to enable Science Group to complete its evaluation. The Board of TP Group notified Science Group late on 15 August that the proposal was rejected without any discussion or engagement.\n \n \n \n \n \n In the context of the financial performance of TP Group, the obstructive approach of the TP Group Board is indefensible. On 28 July 2017, TP Group completed a £20.8 million fund raising at 6.5 pence per share. On 6 August 2021, the last trading day prior to Science Group's share purchase, the closing mid-market share price of TP Group was 3.9 pence. In the 2020 ...