30 September 2010
TANFIELD GROUP PLC ("Tanfield" or the "Company")
Result of General Meeting and announcement of date of Annual General Meeting
On 8 September 2010, the Board of Tanfield announced details of a share issue to provide funding for a short period within which to complete the consolidation of the Company's electric vehicle businesses. These negotiations are ongoing. The share issue was conditional on shareholder approval, and will raise approximately £1.8m (net of expenses) through the issue of up to 20,000,000 New Ordinary Shares through an Open Offer for which the Company had undertakings from the Directors to subscribe for 1,614,554 Open Offer Shares (representing the Open Offer Entitlements in respect of their beneficial holdings of Ordinary Shares). In addition, the Underwriting Group had agreed to subscribe for, in aggregate, up to a further 18,250,000 Open Offer Shares, to the extent that these were not taken up by Qualifying Shareholders.
The Company is pleased to announce that the Resolution set out in the notice of General Meeting dated 8 September 2010 was duly passed at the General Meeting of the Company held earlier today.
It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence, at 8.00 a.m. on Friday 1 October 2010. New Ordinary Shares in uncertificated form are expected to be credited to CREST accounts as soon as possible after 8.00 a.m. on Friday 1 October 2010, and definitive share certificates for the New Ordinary Shares in certificated form are expected to be dispatched within 10 business days of Admission.
Following Admission of the 20,000,000 New Ordinary Shares, the total shares in issue will be 94,077,218, and the interests of the Directors in the Company's issued Ordinary Share Capital will be as follows;
|
|
No of. Ordinary Shares |
% of Share Capital |
|
RRE Stanley |
11,128,756 |
11.83% |
|
DS Kell |
2,197,811 |
2.34% |
|
CD Brooks |
28,563 |
0.03% |
|
BJ Campbell |
28,441 |
0.03% |
|
GE Allison |
26,467 |
0.03% |
|
JN Bridge |
26,044 |
0.03% |
|
JP Pither (through Surrey Management Services Ltd) |
815,084 |
0.87% |
Following Admission of the New Ordinary Shares the Standby Loan Agreements will be repaid and the Debentures released.
Terms defined in the Circular published by the Company on 8 September 2010 shall have the same meaning in this announcement unless the context otherwise requires.
The Board announces that the adjourned Annual General Meeting will re-convene on 21 October 2010.
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