Last checked at 28 Sep 2010 15:35

28 September 2010
TANFIELD GROUP PLC ("Tanfield" or the "Company")
Result of Open Offer
On 8 September 2010, the Board of Tanfield announced details of a share issue to raise approximately £1.8m (net of expenses) through the issue of up to 20,000,000 New Ordinary Shares through an Open Offer for which the Company had undertakings from the Directors to subscribe for 1,614,554 Open Offer Shares (representing the Open Offer Entitlements in respect of their beneficial holdings of Ordinary Shares). In addition, the Underwriting Group had agreed to subscribe for, in aggregate, up to a further 18,250,000 Open Offer Shares, to the extent that these were not taken up by Qualifying Shareholders.
The Open Offer has now closed in accordance with its terms and Tanfield is pleased to announce that it has received valid acceptances under the Open Offer in respect of 10,083,145 Open Offer Shares from Qualifying Shareholders which represents a take-up of approximately 50.42% of the Open Offer Shares.
Accordingly, the remaining 9,916,855 Open Offer Shares representing 49.58% of the Open Offer Shares, have been allocated to members of the Underwriting Group.
The Open Offer remains conditional, inter alia, upon shareholder approval, which will be sought at the General Meeting to be held at 9am on 30 September 2010 at Vigo Centre, Birtley Road, Washington, Tyne and Wear, NE38 9DA.
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It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on Friday 1 October 2010. New Ordinary Shares in certificated form are expected to be credited to CREST accounts as soon as possible after 8.00 a.m. on Friday 1 October 2010, and definitive share certificates for the New Ordinary Shares in certificated form are expected to be dispatched within 10 business days of Admission.
Terms defined in the Circular published by the Company on 8 September 2010 shall have the same meaning in this announcement unless the context otherwise requires.
Further information
Tanfield Group plc 0845 155 7755
Darren Kell / Charles Brooks
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Arbuthnot Securities Limited (NOMAD and Broker) 020 7012 2000
James Steel / Edward Gay