Last checked at 21 Sep 2012 07:00
21st September 2012
Tanfield Group plc
("Tanfield" or the "Company")
Smith Electric Vehicles Corp. announces withdrawal of IPO.
Tanfield, a leading global manufacturer of Powered Access equipment and an investor in Smith Electric Vehicles Corp. (Smith), announces that Smith yesterday announced that it has decided not to pursue its planned initial public offering. The company intends to withdraw its registration statement on Form S-1 as filed with the Securities and Exchange Commission.
"We received significant interest from potential investors, however, we were unable to complete a transaction at a valuation or size that would be in the best interests of our company and its existing shareholders," said Bryan Hansel, Smith's Chief Executive Officer. "We have instead elected to pursue private financing opportunities to support the execution of our business plan."
Tanfield will issue its interim results on the 28th September 2012.
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/ Nicola Cronk
| 020 7466 5000 |