Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - Says its investment in Snorkel International Holdings LLC is currently valued at GBP19.1 million. Says Snorkel performed well in the second quarter of 2022, achieving further sales growth. Nonetheless, posts loss before interest, tax, depreciation, and amortisation of USD4.3 million, swinging from a profit of USD200,000 year-on-year, due to a reduction in gross margin to 2.8% from 8.9%.
Says a number of shareholders have subscribed to a further GBP300,000 of its third loan note. The third loan is unsecured and carries annual interest of 10%. It will provide the company with working capital funding.
The company currently uses support from shareholders, via loan note subscriptions, to fund its legal proceedings and day-to-day costs, and ensure the protection of its investment in Snorkel.
Current stock price: 1.51, down 25% on Wednesday
12-month change: down 33%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Tanfield (TAN)