Discussions with SEVUS

RNS Number : 0918P

Tanfield Group PLC

09 July 2010

 



9 July 2010

The Tanfield Group PLC ("Tanfield" or the "Company")

Discussions with SEVUS over Electric Vehicle interests

The board of Tanfield announces that, following the announcement on 10 March 2010 that it had received a non-binding offer from Smith Electric Vehicles US (SEVUS) for its Smith Electric Vehicles business, it remains in active discussions with SEVUS over various options aimed at optimising shareholder value for its electric vehicle interests.  As a result, Tanfield has today agreed to extend the exclusivity period for a further period of 60 days.

The Company continues to see strong interest in the Electric Vehicle concept within the USA, with recent events and developments there further highlighting the demand for these products and a company in this business sector.  Underlining this point, and the increasing US federal commitment to low emission vehicles, the SEVUS facility yesterday hosted a visit by President Obama.

There can be no assurance that any agreement will be reached with SEVUS in relation to the Smith Electric Vehicles business or that SEVUS will be able to complete any financing required.

Further information

Tanfield Group plc                                                                                   0845 155 7755

Darren Kell / Charles Brooks

Arbuthnot Securities Limited (NOMAD and Broker)                           020 7012 2000

James Steel

 

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