Last checked at 10 Sep 2013 14:00
For immediate release | 10 September 2013 |
TANFIELD GROUP PLC
("Tanfield" or the "Company")
M&A Progress and Debt
Tanfield Group PLC, a leading manufacturer of Aerial Work Platforms, is providing the following update to the M&A progress announcement of 9th August 2013.
The Board is pleased to report that the company, together with the preferred potential purchaser is making significant progress with its due diligence and the completion of a suitable contract.
As previously announced, the Company is currently being managed to conserve cash through the sales process. In order to bolster the company's cash position and to provide working capital headroom through the period the Company has secured a debt facility of £500,000 from two of its Directors. The loan is secured and has a fixed interest rate of 9.5% and is repayable on the earlier of completion of the sale of the powered access division or 20 December 2013.
The Company may need to raise further funds from exchange of contract to completion. The board will seek alternatives sources of funds, however, these Directors have indicated they would be prepared to extend further funds if necessary.
Further updates will be issued in due course.
Further information:
Tanfield Group Plc Darren Kell / Charles Brooks
| 0845 155 7755 |
WH Ireland James Joyce/Nick Field-Corporate Finance Seb Wykeham / Ruari McGirr - Corporate Broking
| 020 7220 1666 |
Buchanan Charles Ryland/ Helen Greenwood www.buchanan.uk.com
| 020 7466 5000 |