Tanfield Group PLC
("Tanfield" or the "Company")
Issue of Shares
Conversion of Loans
Since it became a passive investing company in 2013 , the Company's strategy has been to return as much as possible of any realised value to shareholders in relation to its passive holding's in Snorkel International Holdings LLC and Smith Electric Vehicles as events occur and circumstances allow, subject to compliance with any legal requirements associated with such distributions.
Since 2013 the Company's working capital has been supported in part by loans from directors, former directors and management. These loans are due for repayment by June 2017 and are convertible into equity at 10.25p per share. The cash in the business at the interim balance sheet at 30 June was approximately £364,000. In order to preserve the cash balances in the business pending any realisations of its investments the balance of these loans are being converted to equity.
Application has been made for the admission to AIM of 2,610,824 new ordinary shares of 5p each in the Company following the conversion of £219,805.10 of debt at 10.25p by Roy Stanley, a former Director of the Company, the conversion of £9,330.47 of debt at 10.25p by Management Services Cambridge Limited, a Company wholly owned by Jon Pither, the Chairman of the Company and the conversion of £38,473.89 of debt at 10.25p by Daryn Robinson, a Director of the Company.
Following the Admissions Jon Pither, through Management Services Cambridge Limited, will be interested in 1,542,553 Ordinary Shares, representing approximately 0.93% of the Company's enlarged issued share capital. Daryn Robinson will be interested in 942,785 Ordinary Shares, representing approximately 0.6% of the Company's enlarged issued share capital.
The new Ordinary Shares will rank pari passu with the Company's existing issued Ordinary Shares, and dealings are expected to commence on or around 10 October 2016.
Following Admission, the Company's enlarged issued share capital will comprise 156,323,517 Ordinary Shares. The Company holds zero shares in treasury. Therefore the total number of Ordinary Shares with voting rights is 156,323,517, which figure may be used by shareholders in the Company 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 FCA's Disclosure and Transparency Rules.
For further information:
Tanfield Group Plc
Daryn Robinson 0700 349 7489
WH Ireland Limited - Nominated Advisor
James Joyce / Nick Prowting 020 7220 1666
Peterhouse Corporate Finance - Broker
Peter Greensmith / Duncan Vasey 020 7220 9797
This information is provided by RNS