Press Notice by the AADB

RNS Number : 6064V

Tanfield Group PLC

04 November 2010

 



TANFIELD GROUP PLC ("Tanfield" or the "Company")

Press Notice by the Accounting and Actuarial Discipline Board ("AADB")

The board of Tanfield notes the recent press notice by the AADB advising their intention, under its Accountancy Scheme, to investigate the conduct of Members and of Baker Tilly UK Audit LLP, as auditors to Tanfield.

The board notes that the 2009 accounts are expressly not within the scope of their investigation.  The matters under review concern historical issues related to past sets of accounts of Tanfield, specifically the valuation of certain assets (goodwill and other assets of the powered access division) in the 2007 balance sheet, the impairments of those assets processed in the 2008 accounts and whether these impairments should have been recognised at least in part in the previous accounting period.

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

 

END

 

 

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