Last checked at 25 Nov 2013 08:46
25 November 2013
TANFIELD GROUP PLC
("Tanfield" or the "Company")
Update and Notice of AGM
The Board of Tanfield is advising shareholders of the AGM date and providing a brief update on the Company's activities and interests.
The AGM date has been set for 09:00hrs on Tuesday 17th December at the Vigo Centre, Birtley Road, Washington, Tyne & Wear, NE38 9DA. A Notice of AGM has been sent to shareholders and is available on the Company's website at www.tanfieldgroup.com.
Snorkel
The integration of the Snorkel business into the joint venture company has progressed very well and the Board are satisfied that the process is on track. Supply chain constraints are being dealt with and the joint venture company is preparing for the buying season of 2014. The Board are informed that the internal plan is on schedule.
Smith Electric Vehicles
The management at Smith are progressing with their fund raising efforts with the ultimate aim of a Public Market listing to deliver upon their business strategy. Further updates will follow in due course.
Engineering Business
As reported on 5 November the Company was investigating ways to dispose of the loss making engineering unit, Tanfield Engineering Services Limited. No immediate buyers were identified and in order to preserve the Groups cash reserves to run the plc to advance the strategy of realising value from the Company's two principal investments in Snorkel and Smith Electric Vehicles, the Company has appointed Administrators for this business unit. The Administrators are of the view that the best outcome for creditors is served by trading the business for a period and seeking a buyer. The Administrators are optimistic that they will be able to find a buyer and preserve as many jobs as possible. Henceforth this unit does not therefore form part of the Groups activities. In the year ended 31 December 2012 this unit had losses of approximately £732,000 and negative net assets before group balances of approximately £367,000.
For further information:
Tanfield Group Plc Jon Pither - Chairman
| 0845 155 7755 |
WH Ireland Limited James Joyce / Nick Field - Corporate Finance Seb Wykeham - Corporate Broking | 020 7220 1666 |