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Science Group PLC - Cambridge, England-based science and technology consulting company - Accuses TP Group PLC, an engineering services company, of avoiding any responsibility for the poor financial performance of the business, the failure of corporate governance and the destruction of shareholder value in recent years. Science Group says, contrary to the perception portrayed by the TP Group, the general meeting requisitions are to replace two non-executive directors who have "presided over the substantial deterioration in shareholder value and have failed to provide the corporate governance reasonably expected of their role by TP Group shareholders". Science Group says it has never indicated or inferred in any way that it intends to remove the newly appointed chief executive or the finance director. Science Group withdrew takeover offer for TP Group earlier this year.
"The TP Group board should cease the scaremongering and accept their responsibility for the poor performance of TP group in recent years," the company says in its statement Thursday.
Science Group current stock price: 477.00 pence
Year-to-date change: up 70%
TP Group current stock price: 5.89p
Year-to-date change: down 13%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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