I agree Smith is probably worthless but Snorkel is quite the opposite with management taking shares instead of cash also the bigger investor upping there stake recently tells me where this is going. If you research the AWP sector you will see its booming and set to increase, Snorkel was always going to take a few years to turn around and I think the time for the deal to be met is close!
So the Tanfield board are short of cash to pay their salaries, just about the only cost this company has other than listing/broker fees now. How should they raise the money to pay themselves? By giving themselves discounted share options and turning their loans into discounted shares... same old story at Tanfield!
What is left for the real shareholders here...
around 5% of Smiths who have only just been saved from bankruptcy. This shareholding will be diluted more and more with no possible return to TAN shareholders. IMO This business has always been worthless and everyone knows it. Does anyone know if they are even building vehicles anymore?
the 49% shareholding in Snorkel. No real information available on this from what I can find out but the UK company posted a £5m loss for 2014 and the general announcements from their bigger/more efficient competitors seem to show a general contraction in sales of around 15-20% in Europe. Does anyone know what happens with regard to the Ahern option if Snorkel doesn't meet its $20m, or so, EBITDA target by 2018?
Application has been made for the admission to AIM of 600,000 new ordinary shares of 5p each in the Company following the exercise of 200,000 options at 5p by Management Services Cambridge Limited, a Company wholly owned by Jon Pither, the Chairman of the Company and the exercise of 400,000 options at 5p by Penshaw Consultancy Limited, a Company wholly owned by Daryn Robinson, the Company Secretary.
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