Tanfield Group Gold
For those of you following the Tanfield Group, it's price since I first blogged it is up 98.9%. Currently sitting at £1.87 vs £1.89 ( a nice narrow spread) it has hardly faltered on its way up. Very kindly again my guest blogger, John Smith, has provided me with some information to put on here, so no credit to me at all.....lol Thanks John, over to you :o)
Is this the golden goose? An amazing week for Tanfield last week.
Shares were dropping back a little, apparently on press speculation that they would be coming to the market to fund an aquisition. So up pops an RNS titled "press speculation"
RNS Number:1123Z Tanfield Group PLC 27 June 2007
The Company notes the recent press speculation regarding a fund raising. The Company confirms that it has completed a placing to raise #115 million at 163p per ordinary share to fund a substantial acquisition, which is expected to be significantly earnings enhancing in the first full year of ownership. The placing is conditional upon, inter alia, completion of the acquisition and the Company expects to provide further information shortly.
How shortly for the "further information"? Well, the next day actually. This is a big RNS, so better not paste it all here, just the main statement.
RNS Number:1886Z Tanfield Group PLC 28 June 2007
28 June 2007
The Tanfield Group Plc, the leading manufacturer of zero emission electric vehicles and aerial work platforms, is pleased to announce the proposed acquisition (the 'Acquisition') of the entire issued share capital of Snorkel Holdings LLC ('Snorkel') and a conditional placing to raise #115 million (before expenses) (the "Placing").
Snorkel is a worldwide supplier of high quality industrial aerial work platforms. The products have a wide range of working at height applications and are supported by service, parts and training teams. Snorkel has significant manufacturing capabilities along with strong sales and distribution, in the USA and Australasia.
Also, they put out the RNS to annouce the annual reports.
RNS Number:1947Z Tanfield Group PLC 28 June 2007
Annual Report & Accounts and Notice of Annual General Meeting
The Company's Annual Report and Accounts for 2006 together with notice of the Annual General Meeting, which takes place at 10:00 on 28 September 2007 at Vigo Centre, Birtley Road, Washington Tyne and Wear, NE38 9DA are available for inspection from our website:
http://www.tanfieldgroup.co.uk/
Copies will be sent to shareholders shortly.
Shortly again? Somehow I don't think this means the next day :)Well I reckon thats enough news for one week. But wait........ Another RNS, Deutsche Bank have annouced that they have increased their stake again.
RNS Number:2385Z Tanfield Group PLC 28 June 2007
Tanfield Group plc (the "Company")
Holding in Company
The Company was informed on 28 June 2007 that Deutsche Bank AG has an interest in 20,640,470 ordinary shares in the Company which represents approximately 7.05% of the issued share capital of the Company.
There's a local press report thats very bullish. But then they would be, being local and Tanfield doing so well. Share price has settled around 185 at the moment, but has been as high as 195ish intraday peak. 185 is around 10 to 15p up this week.
http://icnewcastle.icnetwork.co.uk/0500business/businessnews/tm_headline=tanfield-ready-to-treble-output%26method=full%26objectid=19377931%26siteid=50081-name_page.html
This little quote from the media relations manager is heart warming. Well, it would be it's his job. "According to Jenkins, the share issue was significantly over-subscribed. We could have raised half a billion pounds because of the interest from institutional investors"
Still looks good.
