Business
Snorkel Investment & Legal Proceedings Update
Snorkel Investment & Legal Proceedings Update.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n \n \n \n The 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 \n \n \n \n \n \n \n \n \n \n \n \n \n Tanfield Group Plc\n \n \n \n \n (\"Tanfield\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n \n Snorkel Investment & Legal Proceedings Update\n \n \n \n \n \n \n \n \n \n \n \n The Board of Tanfield (the \"Board\") is pleased to update the market on its investment in Snorkel International Holdings LLC (\"Snorkel\"), the aerial work platform business.\n \n \n \n \n \n \n Investment Background\n \n \n \n \n \n \n \n \n ·\n Tanfield is a 49% shareholder in the equity of Snorkel following\n the 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 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 a result, the Company amended its claim to include Foulston Siefkin as a second defendant.\n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n \n...