Last checked at 20 Oct 2010 07:00
20th October 2010
TANFIELD GROUP PLC("Tanfield" or the "Company")
Update on Offer for Smith Electric Vehicles division
The Board of Tanfield Group is pleased to announce that, at the request of its associate company, Smith Electric Vehicles US Corp (SEVUS) and its counterparties, and in return for the sum of $1m, the Company has today granted SEVUS an exclusivity option for a period of 60 days. This exclusivity gives SEVUS 60 days to complete its consolidation of Tanfield's UK-based Smith Electric Vehicles business, as previously outlined in the Heads of Terms agreement announced on 9 August 2010. This sum is non-refundable, but would be deducted from any consideration arising from the successful completion of the consolidation.
Further information:
Tanfield Group plc 0845 155 7755
Darren Kell / Charles Brooks
Arbuthnot Securities Limited (NOMAD and Broker) 020 7012 2000
James Steel / Edward Gay
ENDS