Business
Update on Offer for Smith Ele
Update on Offer for Smith Ele.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n RNS Number : 6763U Tanfield Group PLC 20 October 2010 \n \n\n20th October 2010\nTANFIELD GROUP PLC(\"Tanfield\" or the \"Company\")\n \nUpdate on Offer for Smith Electric Vehicles division\n \nThe Board of Tanfield Group is pleased to announce that, at the request of its associate company, Smith Electric Vehicles US Corp (SEVUS) and its counterparties, and in return for the sum of $1m, the Company has today granted SEVUS an exclusivity option for a period of 60 days. This exclusivity gives SEVUS 60 days to complete its consolidation of Tanfield's UK-based Smith Electric Vehicles business, as previously outlined in the Heads of Terms agreement announced on 9 August 2010. This sum is non-refundable, but would be deducted from any consideration arising from the successful completion of the consolidation.\n \n \nFurther information:\nTanfield Group plc 0845 155 7755\nDarren Kell / Charles Brooks\n Arbuthnot Securities Limited (NOMAD and Broker) 020 7012 2000\nJames Steel / Edward Gay\n \nENDS\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END OUPURVVRRSARURA \n ","length":2493,"tagName":"div"}]