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Looks like Tan miss out on a great chance to do some positive PR http://www.futurecarchallenge.com/index.htm Only costs £5K to enter
At the end of the informal question session, an American sounding chap who was a representative of a large shareholder who couldn't be there (I suspect from Liberty) I am informed that guy was the Chief Executive of Liberty and was prevented from raising any questions
I think we are missing the point with the liberty opportunity. The BOD of tanfield are currently negotiating from a position of great weakness - few weeks/months money left. If Liberty provided the funds that meant the company did not have to sell its 49% then it could turn the tables on the US and demand much much more or take-over Smiths US and float Tanfield on Nasdaq...
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.
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.