Business
Snorkle Investment & Loan Subscription Update
Snorkle Investment & Loan Subscription Update.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7245A\n Tanfield Group PLC\n 03 June 2021\n \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 Tanfield Group Plc\n \n \n (\"Tanfield\" or the \"Company\")\n \n \n \n \n \n \n \n \n Snorkel Investment & Loan Subscription Update\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, and additional loan funding.\n \n \n \n Investment Background\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 On 22 October 2019, the Company announced that it had received a Summons and Complaint, filed in Nevada by subsidiaries of Xtreme, relating to the Contemplated Transaction (the \"US Proceedings\").\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 The Snorkel investment is valued at £19.1m. The outcome of the US and UK Proceedings could have an impact on this valuation.\n \n \n \n \n Highlights\n \n \n \n \n \n · \n Following the update on 18 May 2021, in which the Company announced that Snorkel had breached its contractual obligation to provide the year end accounts within 120 days of the year end, Snorkel have now provided the Company with its 2020 year end accounts. \n \n \n \n \n \n · \n In the final quarter of 2020, Snorkel continued to be impacted by the global Covid-1...