Response to statement by Libe

RNS Number : 5560U

Tanfield Group PLC

18 October 2010

 



18 October 2010

The Tanfield Group plc (Tanfield")

Response to statement by Liberty Electric Cars Limited ("Liberty")

The Board of Tanfield notes today's announcement from Liberty clarifying that it does not intend to make an offer for Tanfield.

The Board of Tanfield carefully considers with its financial adviser all proposals offering the prospect of value for Tanfield shareholders.  After considering Liberty's indicative proposal the Board of Tanfield saw no merit in pursuing it.

The Board is pleased with the progress of its existing business strategy and continues to progress its existing negotiations with Smith Electric Vehicles (US) over the possible consolidation of its electric vehicle businesses.

Press enquiries:

The Tanfield Group Plc                                                                               0845 155 7755

Darren Kell, CEO

Arbuthnot Securities Limited (Nomad & Broker)                                        020 7012 2000

James Steel

Arbuthnot Securities Limited, which is authorised in the United Kingdom under the Financial Services and Markets Act 2000 (as amended) and regulated by the Financial Services Authority, is acting exclusively for Tanfield and no one else in connection with the matters referred to in this announcement and will not regard any other person as its client or be responsible to any other person for providing the protections afforded to its clients nor for providing advice in relation to the matters referred to in this announcement.

 

END

 

 

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