Business
Interim Results
Interim Results.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n \nRNS Number : 6927J Tanfield Group PLC 21 August 2019 \n\nThe information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain\n \n \nTanfield Group Plc\n \n(\"Tanfield\", or \"the Company\")\n \nInterim Results for the six-month period to 30 June 2019\n \n \nTanfield, an investing company as defined by AIM Rules, announces its half year results for the period ending 30 June 2019. The unaudited financial information will shortly be available on the Company website at www.tanfieldgroup.com.\n \nBackground\n \nThe Company is currently defined as an investing company that has two passive investments. This status resulted from the disposal of Smith Electric Vehicles in 2010 and the transfer of the Snorkel division to Snorkel International Holdings LLC (\"Snorkel\") in October 2013. Tanfield currently owns 49% of Snorkel and 5.76% of Smith Electric Vehicles Corp. (\"Smith\"). \n \nThe strategy of the Company in relation to these investments is to return as much as possible of any realised value to shareholders as events occur and circumstances allow, subject to compliance with any legal requirements associated with such distributions.\n \nSummary\n· As reported in the 2018 interim results, the Board impaired the Snorkel investment value to £19.1m, representing approximately 11.7p per share.\n· Smith continues to be held at a nil balance sheet value following the impairment of the investment at the end of 2015. \n· As reported in November 2018, the Board received a call option notice in which Xtreme, via its subsidiary SKL Holdings, requested to exercise a call option to acquire Tanfield's interest in Snorkel. In the request, SKL Holdings stated that the option price to acquire Tanfield's holding was $0 (nil) and that payment of the priority amount and preferred return (collectively \"the Preferred Interest\") was not required.\n· The Board did not agree with this statement and does not believe that the contractual agreements, or the ci...