Business
Interim Results for the six months to 30 June 2022
Interim Results for the six months to 30 June 2022.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n \n \n \n This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tanfield Group Plc\n \n \n \n \n \n \n \n (\"Tanfield\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n Interim Results for the six-month period to 30 June 2022\n \n \n \n \n \n \n \n \n \n Tanfield, an investing company as defined by AIM Rules, announces its half year results for the period ending 30 June 2022. The unaudited financial information will shortly be available on the Company website at \n \n www.tanfieldgroup.com\n \n .\n \n \n \n \n \n \n Background\n \n \n \n \n \n \n \n \n ·\n Tanfield is a 49% shareholder in the equity of Snorkel International Holdings LLC (\"Snorkel\") following\n the\n joint venture between the Company and Xtreme Manufacturing LLC (\"Xtreme\") (the \"Contemplated Transaction\"), a company owned by Don Ahern of Ahern Rentals Inc, relating to\n Snorkel, in October 2013\n .\n \n \n \n \n \n ·\n T\n he Snorkel investment is valued at £19.1m. The outcome of the US and UK Proceedings referenced below could have an impact on this valuation.\n \n \n \n \n \n ·\n On 22 October 2019, the Company announced that it had received a Summons and Complaint, filed in Nevada (the \"US Proceedings\") by subsidiaries of Xtreme, relating to the Contemplated Transaction\n .\n \n \n \n \n \n ·\n On 24 October 2019, the Company announced it had become necessary to issue and serve a claim in the English High Court against Ward Hadaway (the \"UK Proceedings\"), the solicitor acting for the Company at the time of the Contemplated Transaction, in order to fully protect the Company's rights pending the outcome of the US Proceedings. \n \n \n \n \n \n ·\n On 26 February 2021, Ward Hadaway was granted permission to join Foulston Siefkin, Tanfield's US based law firm who were retained in 2013 to draft the documents governed by US law relating to the Contemplated Transaction, into the UK Proceedings. As ...