31.05.2019

Tanfield raises £225k

Tanfield, owner of a 49 percent stake in aerial lift manufacturer Snorkel has raised £225,000 through the issue and sale of 4.5 million new shares to existing shareholders for 5p each - a discount of around four percent on the market. The funds will be used to meet the ongoing running costs of the company.

At five pence a share the company has a total value of £8.15 million, its only real asset now is its stake in Snorkel, which could be worth nothing, or if it might just be able to obtain a settlement with Don Ahern that achieves something close to Tanfield’s book valuation of £19.1 million, ($24 million), in which case the investors would have doubled their money, at least on this tranche of shares.