26 July 2021
TP Group plc
("TP Group" or the "Company")
Appointment of Chief Executive Officer and update on
sale of the Maritime Engineering business
Further to the announcement made on 6 July 2021, the Board has now completed a detailed review of the business and a number of opportunities to significantly improve performance have been identified.
Following this review, David Lindsay is now appointed as permanent CEO, subject to completion of the standard on-boarding process being undertaken by the Company's nominated adviser. A further announcement will be made in due course in this regard, which shall contain all necessary disclosures pursuant to Schedule Two, paragraph (g) of the AIM Rule for Companies.
In addition, as announced previously, the Company had received a number of expressions of interest to acquire its Maritime Engineering business. Whilst there was significant interest and offers were made, they did not meet the Board's valuation expectations and the Board has decided to withdraw the Maritime business from sale.
The Company is trading in line with market expectations and there remain significant market opportunities and strong customer relationships which give the Board confidence for the future. A further update will be made to shareholders in due course.
For further information, please contact:
| TP Group plc |
Tel: 01753 285 810 |
| David Lindsay, Chief Executive Officer |
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| Derren Stroud, Chief Financial Officer |
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| Cenkos Securities plc |
Tel: 020 7397 8980 |
| Stephen Keys / Mark Connelly / Callum Davidson |
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| SEC Newgate UK |
Tel: 020 3757 6882 |
| Elisabeth Cowell/ Bob Huxford/ Richard Bicknell |
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Notes to Editors
TP Group delivers complex equipment, software and services for mission-, business- and safety-critical applications in defence, space, intelligence & security and energy sectors. With more than 400 people in 6 European countries, it serves global customers through long-term contracts. The Group's shares have been traded on AIM since July 2001.
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