Statement regarding TP Group plc
Science Group notes the announcement by TP Group plc earlier this morning.
On 9 August 2021, Science Group plc (“Science Group”) acquired 79,308,596 shares in TP Group plc (“TP Group”) equivalent to approx. 10.2% of the voting shares in TP Group at a price of 5.0 pence per share. The shares were acquired in the open market.
In recent months, Science Group has repeatedly sought to engage with the Board of TP Group with regard to exploring a strategic investment and more recently in relation to a potential combination of the two companies. These informal and formal approaches have all been rejected, without any discussion, by the TP Group Board, despite the very evident challenges of the Company in their announcements; the replacement of the CEO; and the consistently poor track record of TP Group in terms of delivering value to shareholders.
TP Group reported results for the year ended 31 December 2020 on 15 June 2021 which included the statement that “a material uncertainty exists which may cast significant doubt on the Group’s and Parent
Company’s ability to continue as a going concern”, a qualification repeated in the Independent Auditor’s Report in the TP Group plc Annual Report. However, the Board of TP Group plc continued to reject all
approaches by Science Group