TP Group (TPG) announced that it has been awarded a £1.9m contract from a shipbuilding prime contractor in south-east Asia. The new contract, expected to be delivered over a two-year period, is for the provision of submarine life-support systems to be built by TPG Maritime at its manufacturing centre in Portsmouth.
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News of the contract came a fortnight after the specialist engineer announced that it intends to raise up to £23.9m to fund targeted acquisitions in the defence, aerospace and government sectors. This involved the issue of 368m new ordinary shares at a price of 6.5p apiece, with £20m through a firm placing and the remainder through an open offer, which has now closed.
