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Pin to quick picksTanfield Regulatory News (TAN)

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Corporate Update

13 Jul 2018 07:00

RNS Number : 5177U
Tanfield Group PLC
13 July 2018
 

Tanfield Group Plc

 

("Tanfield" or the "Company")

 

Corporate Update

 

 

The Board of Tanfield (the "Board") is pleased to inform the market that it expects to announce its half year results for the period ending 30 June 2018 during September 2018.

 

Background

The Company is currently defined as an investing company that has two passive investments. This status resulted from the disposal of Smith Electric Vehicles in 2010 and the joint venture between Tanfield Group Plc and Xtreme Manufacturing LLC ("Xtreme"), a Company owned by Don Ahern of Ahern Rentals Inc ("Ahern"), relating to Snorkel, in October 2013. Tanfield currently owns 49% of Snorkel International Holdings LLC ("Snorkel") and 5.76% of Smith Electric Vehicles Corp. ("Smith").

 

The strategy of the Company in relation to these investments is to return as much as possible of any realised value to shareholders as events occur and circumstances allow, subject to compliance with any legal requirements associated with such distributions.

 

Summary

· As reported in the Snorkel investment update on 21 June 2018, following a material increase in selling, general and administrative costs in Q1 2018, the Board reassessed the lower-end indicative value of its interest in Snorkel as being $25.3m and based on the most recent financial information, this value is now likely to be the realisable value if the call option is exercised in October 2018.

· The Board expects to update the market with the Snorkel Q2 2018 results around the end of August 2018.

· In the absence of any material change in the Snorkel Q2 2018 results, it is the Board's intention to impair the Snorkel investment value from £36.3m to £19.1m ($25.3m) which represents approximately 12p per share.

· In the event that the call option is exercised in October 2018, the Board will need to assess the Company's position and, if necessary, take appropriate advice. 

· Smith continues to be held at a nil balance sheet value following the impairment of the investment at the end of 2015.

 

 

 

For further information:

 

Tanfield Group Plc

Daryn Robinson 020 7220 1666 

 

WH Ireland Limited - Nominated Advisor / Broker

James Joyce / Alex Bond 020 7220 1666

 

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDLLFERDIIFLIT
Date   Source Headline
20th Nov 20231:01 pmRNSSnorkel Investment Update
17th Aug 20237:00 amRNSSnorkel Investment Update
24th Jul 20237:00 amRNSInterim Results for the six-months to 30 June 2023
2nd Jun 20237:00 amRNSResult of AGM
18th May 20237:00 amRNSSnorkel Investment Update
21st Apr 20237:00 amRNSFinal Results and Notice of AGM
22nd Feb 20234:35 pmRNSPrice Monitoring Extension
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18th Oct 202210:48 amRNSSnorkel Investment & Legal Proceeding Update
14th Oct 20221:17 pmRNSSnorkel Investment & Legal Proceeding Update
9th Sep 20227:00 amRNSInterim Results for the six months to 30 June 2022
24th Aug 20227:00 amRNSSnorkel Investment & Loan Subscription Update
3rd Aug 20228:46 amRNSResult of AGM
19th Jul 20224:36 pmRNSPrice Monitoring Extension
30th Jun 20227:00 amRNSFinal Results and Notice of AGM
26th May 202211:44 amRNSSnorkel Investment Update
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22nd Apr 20224:35 pmRNSPrice Monitoring Extension
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