Last checked at 4 Nov 2011 07:00
4 November 2011
TANFIELD GROUP PLC
("Tanfield" or the "Company")
Conversion of new fundraising round at Smith Electric Vehicles Corp.
Further to its announcement of 24 October 2011, the Board of Tanfield is pleased to announce that its US associated company, Smith Electric Vehicles Corp. ("Smith"), has obtained the necessary approvals, and has established a new class of preferred equity securities to be issued upon the conversion of its previously placed convertible notes. Effective on 3 November 2011, the Company's convertible note converted into shares of these preferred equity securities.
Following the conversion, the Company now holds 5,259,192 ordinary shares in Smith representing, on a fully diluted basis, approximately 27.22 per cent of the enlarged ordinary share capital of Smith.
Further information:
Tanfield Group plc Darren Kell, Chief Executive Charles Brooks, Finance Director
| 0845 155 7755 |
Arbuthnot Securities Limited (NOMAD and Broker) James Steel Ed Groome | 020 7012 2000 |