Business
Notice of GM/Proposed placing/Investment update
Notice of GM/Proposed placing/Investment update.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n \nRNS Number : 3755P Tanfield Group PLC 17 February 2016 \n\nTanfield Group PLC\n \n(\"Tanfield\" or the \"Company\")\n \nNotice of General Meeting, proposed issue of shares and update on investments\n \n \nTanfield announces that a General Meeting (\"GM\") will be held at 11:00 a.m. (UK time) on 16 March 2016 at Sandgate House, 102 Quayside, Newcastle-upon-Tyne, NE1 3DX. Information on the resolutions can be found in the Notice of General Meeting circular that will be sent to shareholders and made available on the Company's website www.tanfieldgroup.com on 22 February 2016.\n \nThe Company also announces that it has, subject to shareholder approval at the GM, raised a total of £400,000 through the placing of 2,758,620 ordinary shares (\"the Placing Shares\") at a price of 14.5 pence per share (\"the Placing\") from existing investors and new investors via Peterhouse Corporate Finance. The placing price represents a premium of 6% on the closing market share price on 15 February 2016 and the funds will be used to meet the ongoing running costs of the Company. \n \nThe Placing Shares will, if approved by Shareholders and when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 5 pence each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid in respect of such shares after the date of issue of the Placing Shares.\n \nIt is expected that, if approved at the GM, the Company will apply for admission of the Placing Shares to trading on AIM, a market operated by the London Stock Exchange plc (the \"Admission\") and that Admission will take place and that trading in the Placing Shares will commence on or around 22 March 2016. The Placing is conditional upon Admission becoming effective.\n \nFollowing Admission, the Company's enlarged issued share capital will comprise 153,712,693 Ordinary Shares. The Company holds no shares in treasury. Therefore the total number of Ordinary Shares with voting rights is 153,712,693, which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of t...