premium placing @ 14.5p22 Feb 2016 12:29
£400k raised @ 14.5p (premium to current price)
Snorkel International Holdings – As announced on 2 December 2015, based on information provided by Snorkel, Tanfield estimated that Snorkel sales in 2015 would be approximately 30% higher compared to 2014 as the business continues to progress year on year. The carrying value of the 49% holding and the preferred interest holding (Loan note) is $60.1 million as set out in the Company's interim accounts which, based on the current exchange rate, is around £41.5 million. This represents approximately 27 pence per share of the proposed enlarged issued share capital.
Smith Electric Vehicles - The carrying value of Smith in the interim balance sheet of the Company at 30 June 2015 was £4.8m, amounting to approximately 3.1 pence per share of the proposed enlarged issued share capital. The board of Tanfield is currently reviewing the position of the investment in Smith and its carrying value and will update shareholders in due course.
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