Last checked at 22 Feb 2018 14:23
Tanfield Group PLC
("Tanfield" or the "Company")
Issue of shares and appointment of sole broker
Issue of shares
Tanfield announces that it has raised a total of £250,000 through the placing of 2,083,333 ordinary shares of 5p each (the "Placing Shares") at a price of 12p per share (the "Placing") from existing investors. The placing price represents a discount of approximately 2% on the closing market share price of 12.25p on 20 February 2018. The funds will be used to meet the ongoing running costs of the Company.
The Placing Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 5p each ("Ordinary shares") in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid in respect of such shares after the date of issue of the Placing Shares.
It is expected that the Company will apply for admission of the Placing Shares to trading on AIM, a market operated by the London Stock Exchange plc (the "Admission") and that Admission will take place and that trading in the Placing Shares will commence on or around 28 February 2018. The Placing is conditional upon Admission becoming effective.
Following Admission, the Company's enlarged issued share capital will comprise 158,406,850 Ordinary Shares. The Company holds no shares in treasury. Therefore the total number of Ordinary Shares with voting rights is 158,406,850, which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Change of Broker
Furthermore, in line with the strategy to minimise ongoing running costs, Tanfield announces the Company have ceased to operate with Joint Brokers and WH Ireland will continue to be Nominated Adviser and sole Broker to the Company.
For further information:
Tanfield Group Plc
Daryn Robinson 0700 349 7489
WH Ireland Limited - Nominated Advisor
James Joyce / Alex Bond 020 7220 1666