RNS announcements state that the chairman of TP and another non-executive director resigned the day before the General Meeting on Friday and the two Science Group non-executive directors were elected yesterday. The share price fell about 3%. In the two insightful reports produced by Techinvest last month and this month I think the most telling remark is:
“if Science Group's hoard considers that there is enough value in TP's business to make it worth investing heavily to acquire a 27% stake at around 6-6.5p per share and to invest so much management time in stalking the company and now seeking to initiate directorate changes, then this may well encourage other current shareholders in TP to believe that their shares must be worth a tad more than 6.5p each in terms of the intrinsic value of the underlying assets.”
Science Group, being in a similar business to TP, seem convinced that TP is worth much more than the current share price. I usually sell on a Techinvest hold recommendation (as you have to sell something in order to buy and there are few sell recommendations). However in view of the interest from Science Group I intend to hold onto the stock.