Issue of Shares

RNS Number : 2852E
Tanfield Group PLC
03 November 2015
 

Tanfield Group plc

 

("Tanfield", the "Company" or the "Group")

 

Issue of Shares

 

 

Exercise of Share Options

 

Application has been made for the admission to AIM of 600,000 new ordinary shares of 5p each in the Company following the exercise of 200,000 options at 5p by Management Services Cambridge Limited, a Company wholly owned by Jon Pither, the Chairman of the Company and the exercise of 400,000 options at 5p by Penshaw Consultancy Limited, a Company wholly owned by Daryn Robinson, the Company Secretary.

 

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 and  management. These loans are due for repayment by June 2016 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 £157,000. In order to preserve the cash balances in the business pending any realisations of its investments  a proportion of these  loans are being converted to equity.

 

Application has been made for the admission to AIM of 6,583,334 new ordinary shares of 5p each in the Company following the conversion of £568,714.08 of debt at 10.25p by Roy Stanley, a Director of the Company, the conversion of £19,286.81 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 £86,790.85 of debt at 10.25p by Daryn Robinson, the Company Secretary.   

 

Director Holdings

 

Following the Admissions Jon Pither, through Management Services Cambridge Limited, will be interested in 1,403,248 Ordinary Shares, representing approximately 0.93% of the Company's enlarged issued share capital. Roy Stanley will be interested in 18,347,909 Ordinary Shares, representing approximately 12.16% 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 6 November 2015.

 

Following Admission, the Company's enlarged issued share capital will comprise 150,924,073 Ordinary Shares.  The Company holds zero shares in treasury.  Therefore the total number of Ordinary Shares with voting rights is 150,924,073, 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.

 

- ends -

 

For further information:

 

Tanfield Group Plc

Roy Stanley                                                                                        0845 155 7755

 

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
 
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