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I seem to remember a statement saying Q1 this year, then again I also remember one saying Q1 last year, 180 days from now is Q1 next year.
Am I being too simple (or optimistic) to assume that the 180 day loan repayment date to SEVUS gives us quite a big clue on the timing of their IPO?
On the home front, Tanfield has used the £11.4m it raised in another placing earlier this year to invest in its supply chain. The boost in capacity has allowed it to increase sales of its platforms and it expects "to reach break-even volumes during the second half of the current financial year." Darren Kell, Chief Executive, said: "Given that Tanfield is Smith's largest shareholder, Tanfield is keen to support the company in its planned IPO [initial public offering, or flotation]. This fund raising will enable Tanfield to participate in a lending facility that gives Smith that support without risking the progress achieved (so far) in the powered access business." WH Ireland said the forecast by Tanfield of hitting break-even volumes in the second half of the current financial year is in line with its own forecasts. "After a two-year buying hiatus, rental companies have begun to replace their ageing aerial lift equipment fleets, a trend which appears to continue despite global macro uncertainties," the house broker said. Tanfield's improved working capital following its earlier fund raising "allows the company to place larger orders with its principal suppliers, make investments in strategic supply channels and, where necessary, offer incentives to prioritise supply chain commitments from key supply chain partners," the broker explained
Tanfield Group, which makes aerial work platforms, has placed shares in the market at 42p each to raise funds for a bridging loan for associate company Smith Electric Vehicles. The company raised £2m through the share placing to provide a 180-day loan to Smith Electric Vehicles, in which it has a 24% stake. The loan will be repaid after Smith floats in the US, although no date for the flotation has been released. Smith will pay market rates for the loan. Tanfield's broker and nominated adviser (nomad), WH Ireland, reckons that Smith's flotation is still likely to take place "prior to the summer recess" but notes that, while US markets are still funding stock market flotations, "the window of opportunity this side of summer is clearly narrowing." "Tanfield retains a 24.13% equity stake in Smith Electric Vehicles which, based on a proposed February 2012 private funding round, equates to an unrisked value equivalent to 43.6p per Tanfield share," WH Ireland analyst Matthew Davis calculates.
http://www.proactiveinvestors.co.uk/companies/news/45610/tanfield-group-raises-2m-for-associate-smith-electric-vehicles-45610.html Tanfield Group raises £2m for associate Smith Electric Vehicles 8:18 am by Sergei Balashov Tanfield Group (LON:TAN) has raised £2 million net of expenses to provide funding to its 24 percent owned associate company Smith Electric Vehicles. The aerial lifts manufacturer has placed 5.1 million shares at a price of 42 pence per share for total proceeds of £2.2 million. The loan, which matures in 180 days, should provide liquidity support prior to Smith's planned initial public offering (IPO). Smith has secured a total £12 million from its key shareholders. “Given that Tanfield is Smith's largest shareholder, Tanfield is keen to support the company in its planned IPO,” said chief executive of Tanfield Darren Kell. “This fundraising that will enable Tanfield to participate in a lending facility that gives Smith that support without risking the progress achieved year to date in the powered access business.” In the first quarter of the year, Tanfield has tapped shareholders for a total £11.4 million to invest in its supply chain to grow its powered access business. The firm added that demand for powered access products has held up and it expects order intake rates to keep rising, adding that it continues to expect to reach break-even volumes during the second half of the current financial year.
Odd manipulations going on here with the spread. A wide spread indicated the MM's are trying to encourage a sale and do now want to part with shares. Anyone who purchases now would need a rise in the mid price of 10% to simply break even
Any ideas?
Seems odd??
I can understand the SP dropping due to the current economic conditions but TAN seems to be affected much more severely then its competitors who most are also U.S/UK companies. I get the feeling the LSE do not have a good relationship with TAN because its seems no matter what they do LSE certainly does not support them!
I think it is because the construction centre fell in May and June , that and doubts about America's recovery. We are due a trading statement soon and this will settle things as the Snorkel order was strong.
Why is the SP dropping when Snorkel announced quadrupling order book? Also the powered access market is out of the red and back into the black and has been progressing for over a year now!! "Tanfield, which is now dedicated to aerial lifts, reported sales of £48.3 million ($77 million) for the year, held back it says by supply chain problems, which transferred into a quadrupling of the company’s order book from £7.7 million at the end of 2010 to £30.5 million at the end of 2011"
Electrics side dead lucky its 45p and not 4.5p -- 37p next stop.
A teeny drop this Friday .62p- disappointing all the same.
Up two Friday's in a row- this must be a good sign
another announcement re the IPO. where others dread to tread Tanfield marches on. reckon this will get a lift today as a result.
Everyone will no doubt scream "no relavent, completely different business, etc" and quite true, but Facebook is now down 30% since its launch and surely anyone would want the dust to well and truely settle on that little disaster before anouncing thier own IPO.
Oh well, another 17p to go
Note sure if you have seen this but looks like the IPO is being pushed hard! http://www.footnoted.com/ipo/smith-electric-moves-closer-to-ipo/
Very strange dealing prices.............and even more strange closing sp.but than nothing making much sense this days..........see what next week bring.........GLA........
Ask 69p Bid 54.75p What's going on?
Yes I agree, massively under valued!! In comparison to its competion TAN are lagging but they have a loyal distribution network. Its seems the whole industry is out of the red and back into the black so TAN are in a great positions to capitalise. This will be a good year for them.
No idea about a date. They keep on submitting revised filings. The SMTH epic can only last for six months and their credibility will fall if it does not materialise soon. My own feelings are that there will be no IPO, which in the longer term is better for Tan. This company is undervalued at present though management are not doing it any favours.
Can anyone confirm the date for the IPO please?
Whilst I am more then happy with the rise this week, 52p-59.50, I feel absolutely gutted about the 800 shares I lost through the manipulations of the week before. Still, a rise is still good.