Tanfield Group PLC
03 September 2004
For immediate release
Tanfield Group PLC
Update on placing and proposed acquisition
Further to the announcement on the 31 August 2004 the Directors of the Tanfield
Group plc ('Tanfield' or 'the Company') today announce that the conditions
attached to the placing of 40,050,000 new Ordinary Shares ('the Placing') have
yet to be fully met. However, due diligence on the proposed acquisition, this
acquisition being a condition of the Placing, continues to progress and the
Directors currently expect that the acquisition will be completed no later than
the end of September 2004. Accordingly the Company does not expect the placing
shares to be admitted to trading on AIM on 6 September 2004 as anticipated in
the announcement made by the Company on 31 August 2004.
Further announcements will be made by the Company regarding the progress of the
acquisition, and hence, the Placing in due course.
The placing agreement set a final date of 1 November 2004 for all of the
conditions of the Placing to be satisfied. If the conditions have not been
satisfied by this date monies will be returned to placees.
The Directors remain confident that the Placing will be completed by this date.
Enquiries:
Roy Stanley
Tanfield Group Plc Tel. 01207 521111
Ruari McGirr
Daniel Stewart & Co Plc Tel. 020 7374 6789
This information is provided by RNS
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