TP ICAP Group PLC — Regulatory Filings 2021

Jul 26, 2021

National Storage Mechanism | Additional information

RNS Number : 3666G

TP Group PLC

26 July 2021

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
Derren Stroud, Chief Financial Officer
www.tpgroup.uk.com
Cenkos Securities plc	Tel: 020 7397 8980
Stephen Keys / Mark Connelly / Callum Davidson
www.cenkos.com
SEC Newgate UK	Tel: 020 3757 6882
Elisabeth Cowell/ Bob Huxford/ Richard Bicknell
www.secnewgate.co.uk

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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