A capital idea
Ahead of the interim results to be announced on 13 September, which we expect to confirm solid progress by the group, TP Group has announced a proposed capital reduction. The move would eliminate the accumulated deficit and reduce the nominal value of the ordinary shares, enabling future creation of distributable reserves from retained profits, as well as the issue of shares at a premium in support of M&A opportunities and employee incentivisation. In our view, both reflect the progress of the company to date and future intentions to build shareholder value.TP Group is a specialist services and engineering company that provides solutions and through-life support for critical applications in defence, industrial and government sectors. Co. consists of four interlinked business units: TPG Maritime, which include the provision of air purification equipment for submarines; TPG Engineering, which activities include the manufacture of heat exchange equipment used in the heating and cooling of large scale industrial processes and power generation; TPG Design and Technology, which specialises in the design and development of high-speed turbomachinery; and TPG Managed Solutions, which provides systems engineering services to primary organisations.
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