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I will get to see my 15p again. When the TAN management say they are happy with the progress of their strategy whilst turning down a substantial life line I cant help but laugh uncontrollably at them. Perhaps they now allot that we do not? or perhaps its they are just being as stupid as they have been for the past couple of years. Hope I do see the sub 16p again, i know they have assets that far exceed there present value and would like to earn some more loot. Its all getting very interesting again. Come on profit takers get that SP low for me.
Monday 18 October, 2010 Tanfield Group PLC Response to statement by Libe RNS Number : 5560U Tanfield Group PLC 18 October 2010  18 October 2010 The Tanfield Group plc (Tanfield") Response to statement by Liberty Electric Cars Limited ("Liberty") The Board of Tanfield notes today's announcement from Liberty clarifying that it does not intend to make an offer for Tanfield. The Board of Tanfield carefully considers with its financial adviser all proposals offering the prospect of value for Tanfield shareholders. After considering Liberty's indicative proposal the Board of Tanfield saw no merit in pursuing it. The Board is pleased with the progress of its existing business strategy and continues to progress its existing negotiations with Smith Electric Vehicles (US) over the possible consolidation of its electric vehicle businesses. Press enquiries: The Tanfield Group Plc 0845 155 7755
otherwise this would appear to make much more business sense than the other proposal on the table.Liberty management may be our white knight.I am more happy to punt in this direction than let TAN's Board get away with blue murder.
Just a little lower and i was back in.
I believe the LAST 2 were called OFF !!
link keeps being removed... forbes . com electric car compani executes agreement with Electric Car Company, Inc. Executes Definitive Agreement With Liberty Electric Cars, USA LLC 08.17.10, 10:11 AM EDT pic SPRINGFIELD, Mo., Aug. 17, 2010 (GLOBE NEWSWIRE) -- Electric Car Company, Inc. (OTCBB:ELCR), a vehicle conversion Company that specializes in electric conversions and manufacturing for the Livery, Fleet and Private Specialty Markets, today announces that it has executed the Definitive Agreement with Liberty Electric Cars, USA LLC. Under the terms of the Agreement, both Companies have agreed to a 50/50 ownership and joint venture that will operate under a newly formed Nevada Corporation named Liberty Electric Car, Inc. The Agreement will combine the respective expertise of the two Companies in the production of high performance zero emission luxury Pure Electric vehicles.
Found this useful like re: US http://www.forbes.com/feeds/globenewswire/2010/08/17/electric_car_company_inc_executes_definitive_agreement_with_199575.html
I have only held Tan shares for a short time but surely it would make sense for the Board to consider any deal - however opportunistic or not. If the SEVUS deal does not proceed quickly then the company is heading for administration as it only has enough funds for a few more months.
ALL i am saying is they should have an open mind and listen .non of us nor tan knows yet what is they are after .
This is not an offer of "help", it is opportunism. They have said nothing publicly about their intentions for Snorkel or regarding the crucial relationship and negotiations with SEVUS. I am deeply cynical.
I dont know why tanfeid refused to speak to liberty,after all the state of the company is far from being well. I do remember similar situation few years ago with LSB(london scotish bank)shares ,they also been given an offer for help and refused it.and we all know what happened shortly later. .SO hopefully the management of tan knows better,BUT can we trust them to do the right thing this time???????
http://www.worksmanagement.co.uk/article/28597/Liberty-Electric-Cars-bids-to-acquire-Tanfield-.aspx
Good post Having looked at liberty they would seem an ideal partner for Tan I wonder what RS has in mind?
Approach from Liberty Electric Cars Limited to acquire a majority interest in the Tanfield Group PLC (LSE: TAN) Liberty Electric Cars Limited (“Liberty”) has sought to acquire, through a special purpose holding company to be formed for the purpose, a majority interest in AIM listed, Tanfield Group Plc (“Tanfield”). The proposal, which was made through Tanfield’s Nominated Advisor, Arbuthnot Banking Group Plc (“Arbuthnot”) on 8th October 2010, is in the form of an all-share exchange supported by a £15 million proposed three year debt financing to Tanfield. Liberty’s proposal is supported by a specialist lender with considerable experience of providing debt financing both in turnaround situations and to the automotive industry. It is conditional upon satisfactory completion of the lender’s due diligence, execution of formal documentation and approval by both Tanfield and Liberty shareholders of the proposed Tanfield-Liberty share exchange. The three year debt is priced at an indicative overall interest rate of Libor plus 8.5%pa, which compares favourably to the rate at which certain directors of Tanfield recently provided a one month bridge loan to the Company. The proposed £15 million three-year debt financing is almost equal to Tanfield’s entire current market capitalization. It should, therefore, provide in terms of both amount and tenor a comfortable breathing space to address the proper resolution of the real problems facing Tanfield’s two core businesses. Liberty’s approach to Tanfield, through Arbuthnot, has been summarily rejected. Liberty’s request for a meeting to discuss the approach has been denied. Liberty believes that its proposal has merit and is worthy of consideration by Tanfield.
ALL very quiet last few days i cant waite for show time .have a nice weekend all ,come on monday.GLA
Almost!
The early part of this year, I was heavily invested in jrvs. There was a poster on the jrvs bb who claimed to work for Jarvis and he was warning of the dire state of affairs 'on the ground' . The poster was attacked for being a disgruntled employee and it was only sour grapes. Everybody thought they knew better. Unfortunately, from my point of view, I never heeded the warnings from the coal face and it cost me dearly. I'm well aware that there is no comparison with regard to debt but it pays to keep an open mind. Good luck to all invested. I
If you look at my posts from last month, your comments seem to support what I said then, being that the industry was rife with rumours or facts that suppliers were not being paid and new payment terms were being forced on some! Restructuring payments are a normal process when things are tight, but when both the markets and sales of your products are down and suppliers are putting you on stop, then it becomes difficult to operate a business. Couple this with poor customer service, poor product image and now giving your lucrative parts business away where margins are great, is simply not good business at all. Then you have a new share issue 50% underwriten by Directors, but as as a secured loan, it all makes you think! for come hell or high water they will not lose a penny if it all goes to the wall. My personal oppinion is that Upright/Snorkel days are numbered in the UK and it will either be sold off soon, if they can find a buyer in the US, or they will try to find funding in the US to support the Snorkel brand. The problem they have now is that Upright has sullied the Snorkel brand name that was once regarded highly in the past, particuarly in the US, now it too, is a tarnished brand, by it's association with the much bought and sold Upright Brand. It is for this reason Major Rental Companies have avoided the Upright brand and will continue to do so, particuarly in light of the lack of product support and other quality issues! As for SEV? God knows! the saga just continues! Why the offer in March 37Million was never closed remains baffling to any sensible person, then again, it was probably all just smoke and mirrors. I think that it has been great that some people have made some money over the last week or so, but Beware for the Future!
Just as I outlined, you all have a view from inside the factory(the corrector).If you look at my previous mails you will see thta I already mentioned about people leaving the company.Also, I know for sure of 2 suppliers that have had to wait for payments from Upright which had to be completly extended.The corrector is right about machines that cant be built.2 Reasons- Not enough demand, and more importantly, Upright or now Snorkel are on stop with many of its key suppliers.Why do you think the refer so many dealers to IPS for parts for current model machines.?they are giving away this business because they cant afford to run the parts for aftersales.Just to sum it up for all the doubting people.Corrector can verify this.The electrics on the machines are all based on a particular system from the states.This company has refused to deal direct with Upright/Snorkel direct because of debt.Upright has already had to change this.(ITT -Sev) Corrector- if you read this please explain to the guys on here that think Upright are producing!
Has the BOD got a plan B if the U.S deal doesn't happen?
Mr Triumph what are you talking about. The stragegy is clear , this is why they are concluding the deal... http://fleetowner.com/green/archive/electric-truck-maker-firing-up-0909/
new to this board but hold tan shares for quiet a while.(i know not too wise.....}but is this company ever get anything right???like most of you i think the management could do with new /fresh personal.