Business
SEV US - Working Capital Fund Raise
SEV US - Working Capital Fund Raise.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 4926C Tanfield Group PLC 08 March 2011 \n \n\n8th March 2011\nTANFIELD GROUP PLC (\"Tanfield\" or the \"Company\")\nSmith Electric Vehicles US - Working Capital Fund Raise\n \nThe Board of Tanfield is pleased to announce that its associate company, Smith Electric Vehicles US (\"SEVUS\"), yesterday completed a private placing, raising US$58m of new equity. \nAs a result of this placing, in which Tanfield did not participate, the company now holds 32.2% of the outstanding issued shares in SEVUS on a fully diluted basis. The proceeds of the placing will be used by SEVUS to fund the increase in working capital required to ramp up its supply chain and manufacturing capability in order to satisfy the strongly growing order book.\nFollowing the fundraising, Tanfield intends to exercise its option to receive a US$5m prepayment of the deferred consideration due from SEVUS on the sale of the Smith Electric Vehicles business which will result in a 203 day payment holiday for the SEVUS business.\n \nFurther information:\n \nTanfield Group plc 0845 155 7755\nDarren Kell / Charles Brooks\n \nArbuthnot Securities Limited (NOMAD and Broker) 020 7012 2000\nJames Steel / Ed Gay\n \nENDS\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCSSFFUWFFSEDD\n\n \n ","length":2777,"tagName":"div"}]