TIDMTPG

RNS Number : 9875M

TP Group PLC

26 May 2022

This announcement contains inside information

TP Group plc

("TP Group", "the "Company" or the "Group")

Sale of Sapienza Consulting Ltd.

TP Group (AIM: TPG), announces that, following the review of the Group's non-core operations in relation to its wider strategy as announced on 1 November 2021, it has entered into a conditional agreement to dispose of the entire issued share capital of Sapienza Consulting Holdings BV to Serco Holdings Ltd (a wholly owned subsidiary of Serco Group plc) for a cash consideration of c. EUR3.2m. Completion of the disposal is subject to regulatory clearance in the UK, France and Italy which is anticipated to take approximately six to eight weeks. The Company will make a further announcement in due course.

On completion net proceeds of c. GBP2m will be used to part repay the Group's GBP7m loan facility with HSBC Bank Plc.

In the determination of accepting the valuation and final terms, Martyn Ratcliffe and Peter Bertram recused themselves from the decision and did not participate in the Board vote.

 
  TP Group plc                              Tel: 01963 34444 
  Derren Stroud, Chief Financial Officer 
  www.tpgroupglobal.com 
 
  Cenkos Securities plc                     Tel: 020 7397 8980 
  Stephen Keys / Mark Connelly / Callum 
   Davidson 
  www.cenkos.com 
 

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END

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(END) Dow Jones Newswires

May 26, 2022 11:50 ET (15:50 GMT)

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