Business
M&A Progress and Debt
M&A Progress and Debt.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n \nRNS Number : 6369N Tanfield Group PLC 10 September 2013 \n\n\n\n\n\nFor immediate release\n\n\n10 September 2013\n\n\n\n\n \nTANFIELD GROUP PLC\n(\"Tanfield\" or the \"Company\")\n \nM&A Progress and Debt\n \nTanfield Group PLC, a leading manufacturer of Aerial Work Platforms, is providing the following update to the M&A progress announcement of 9th August 2013.\n \nThe Board is pleased to report that the company, together with the preferred potential purchaser is making significant progress with its due diligence and the completion of a suitable contract.\n \nAs previously announced, the Company is currently being managed to conserve cash through the sales process. In order to bolster the company's cash position and to provide working capital headroom through the period the Company has secured a debt facility of £500,000 from two of its Directors. The loan is secured and has a fixed interest rate of 9.5% and is repayable on the earlier of completion of the sale of the powered access division or 20 December 2013.\n \nThe Company may need to raise further funds from exchange of contract to completion. The board will seek alternatives sources of funds, however, these Directors have indicated they would be prepared to extend further funds if necessary.\n \nFurther updates will be issued in due course.\n \n \nFurther information:\n \n\n\n\n\nTanfield Group Plc\nDarren Kell / Charles Brooks\n \n\n\n0845 155 7755\n\n\n\n\nWH Ireland\nJames Joyce/Nick Field-Corporate Finance\nSeb Wykeham / Ruari McGirr - Corporate Broking\n \n\n\n020 7220 1666\n\n\n\n\nBuchanan\nCharles Ryland/ Helen Greenwood\nwww.buchanan.uk.com\n \n\n\n020 7466 5000\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEAANEFEDDEFF\n ","length":4069,"tagName":"div"}]