Tanfield Group PLC Issue of Shares (6953L)
October 05 2016 - 1:00AM
UK Regulatory
TIDMTAN
RNS Number : 6953L
Tanfield Group PLC
05 October 2016
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 GBP364,000. 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 GBP219,805.10 of debt at 10.25p by Roy Stanley, a
former Director of the Company, the conversion of GBP9,330.47 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 GBP38,473.89 of debt at 10.25p by Daryn Robinson, a
Director of the Company.
Director Holdings
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
The company news service from the London Stock Exchange
END
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