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Result of GM & Appointment of M&A Adviser

15 Apr 2013 12:22

RNS Number : 3609C
Tanfield Group PLC
15 April 2013
 



For immediate release

15 April 2013

TANFIELD GROUP PLC

("Tanfield" or the "Company")

Result of General Meeting & Appointment of M&A Adviser

On the 20th March 2013, the Board of Tanfield announced details of a £2.1m conditional Placing, advising that it had conditionally raised gross proceeds of approximately £2.1 million by way of a placing of 10,500,000 new ordinary shares of 5p each at a price of 20p per share to institutional and other investors.. The Admission of 7,247,826 shares issued under existing authorities occurred on 25th March 2013. The issue of the remaining 3,252,174 shares (the "Second Tranche Placing Shares"), was conditional on shareholder approval. 

The Company is pleased to announce that the Resolution set out in the notice of General Meeting dated 20th March 2013, was duly passed at the General Meeting of the Company held earlier today.

It is expected that Admission will become effective and dealings in the Second Tranche Placing Shares will commence, at 8.00am on 16th April 2013.

Following Admission of the Second Tranche Placing Shares, the total shares in issue will be 139,491,225. This figure may be used by Shareholders, from Admission 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 FSA's Disclosure and Transparency Rules.

Terms defined in the Circular published by the Company on 20 March 2013 shall have the same meaning in this announcement unless the context otherwise requires.

The Company announced on 20th February that a number of approaches had been received with regard to its Snorkel Powered Access Division ("Snorkel"). Subsequent to this announcement a number of further approaches have been received, and due to the strength of interest in the Snorkel division, the Board of Directors has appointed an M&A advisory firm to further explore and manage this process to optimise value for shareholders. Further announcements will be made in due course.

The Smith Electric Vehicle Corporation ("Smith"), in which Tanfield retains a 24% shareholding, will shortly issue a newsletter update to its stakeholders via their web site today. The Company are announcing this for information purposes only - the announcement can be viewed at the Smith website : http://www.smithelectric.com/press-room/

For further information:

  

Tanfield Group Plc

Darren Kell, Chief Executive

Charles Brooks, Finance Director 

 

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

020 7466 5000

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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