Tanfield Group is the new company name of Comeleon. As I understand it, Comoleon was getting into trouble so TAN (paerent company?) took over. Since this has happened the share price has dropped by 0.25p each day for the last week or so (on average) and are now around the 3p mark with very little activity.

Does anyone know much about this company or previously held stock in Comeleon? There is virtually no info out there other than on the company website.

cheers

Mike

Daniel Stewart comment :


Tanfield - SELL

Price: 12.5p Target price: 10p

Code: TAN.L Analyst: Mike Stoddart | 0161 830 1892


Trading update - it's a shocker

Tanfields trading update today will lead to major downgrades.

In addition to the major doubts about the quality of the earnings reported by the group which we raised yesterday, the market now has to cope with falling quantity of earnings.

Key points from the announcement;
a marked slowing in our markets was experienced throughout June.
The outlook for the Group as a whole, whilst still one of year-on-year growth, is growth at a significantly lower level than previously forecasted.
the company will not meet the market's expectations for the year, which were set at a time of much more favourable and positive market conditions.
Electric vehicles Continuing supply chain problems in electric vehicles which will lead to a reduction in forecast volumes

Cash the performance here is significantly worse than we were expecting. When we met the company on 2nd June 2008 the guidance from the FD was that cash at the end of June would be 18m. Now they are saying that it was 11m.

This is a 17m outflow in six months. Clearly, this is a major problem. The company says that it is halting a number of expansion projects and that the reduced sales targets will lead to a reversal of the working capital outflow. We remain unconvinced of this and the fear in the market will be that the company will run out of cash fairly soon.

Valuation we are cutting our forecast from 20m to 16m, EPS of 3p. We expect further downgrades eventually and expect the shares to trade on a very low multiple to reflect the cash worries. SELL.

tan has issued a few over the last year "we know of no reason why the share price has fallen" now we all know why it has fallen, market got it right again.

WOW!!!!!!!!!! Iam so glad i didnt buy in. Definately worth a punt as soon as as they start to turn back up.

TAN is keeping things to itself...how could it deny the problems it was facing? Looks identical to Worthington Nicholls.

Euhhh....WOW is not the term to describe this...more like aaaaghhh !, at a guess this could be a good time to buy back in....if there is to be a Dow recovery, TAN will benefit....9p value with no debt....and 11 million in the bank....a little overdone this drop perhaps....might be tempted to take a risk on this one for recovery!.

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I wasn't temped at 5.5p at 0900hrs but you never know.

MYH has taken a similar bashing over the last couple of days.

Don't worry...TAN will be 5p soon enough.

is this share still alive?

i did say last week when it went to 29p after falling more than 30 p in 2 days....tha folk should sell and idiots said this would rebound etc.

10p is max price tan can ever get to for foreseeable future for rest of year and beyond.....but thats pushing it!
yes could be 5p.....was ACTUALLY less than 5p this morning, lol

Interesting to see the differing broker's view!

STOCKWATCH Tanfield Group slumps on profit warning; brokers mixed in views




LONDON (Thomson Financial) - Shares in Tanfield Group Plc. slumped more than
70 percent this morning, as brokers took a mixed view on the group's fortunes,
but with WH Ireland advising investors to 'sell'.
At 10:57 a.m., Tanfield Group shares were 22.60 pence down at 9.15 pence,
making it the heaviest Small Cap faller, while the FTSE Small Cap index dropped
47.4 points to 2,820.9.
Earlier on Tuesday, the engineering company issued a profit warning after
reporting a "marked slowing" in its markets during the month of June and
deteriorating macroeconomic conditions.
Reacting, WH Ireland kept a 'sell' rating on the stock, noting that the
market for Powered Access equipment -- central to the group's fortunes -- has
deteriorated markedly.
The broker notes that, as well as the gloomy outlook, there are also some
accounting issues relating to the previous financial year.
In light of this, WH Ireland is to review its forecasts for Tanfield and
expects to cut its 2008 pretax profit estimate to 15-20 million pounds from 36.1
million pounds, which was already below consensus.
Investec Securities left a 'hold' rating on the shares, but said it will be
significantly lowering its forecasts for 2008 and 2009, while its 81 pence price
target will also be cut.
It said the big question is whether there is value in the business.
Although it thinks there is, it believes it could take some time to
materialise.
Finally, FinnCap left a 'buy' rating on the stock, saying Tanfield is a play
for brave investors.
It notes that the market was braced for the bad trading statement, as seen
by the share price fall in the last week.
But it thinks this is an overreaction and that the shares could now rise to
around 20 pence.
Noting that its forecasts require severe reductions, it nonetheless thinks
the Enterprise Value business alone is worth more than Tanfield's current market
capitalisation.

You gotta love it! ;-)))

brokers, lol.....what do they know.

u still got this dead dog of a share cynic, lol? not even 10% from when u got it and in rapid time

Blimey ! how bad is this !... glad I got out @ 88p without losing anything...normally I hang on for too long and lose the lot...

good luck to all who still hold....

I'll go back in when the dust settles and it looks like a good recovery play! (might be a whle yet)

Oh yes, where is cynic nowadays, scot?

Woah! This is not the same as W-N, . . . . . . . IMHO.
TAN has reported correctly that new business is down...that's it....and the sp has reacted to a poor RNS last week....far better to have hinted sales were not rising ( and leave punters to fill-in the gap, at least until today).

(W-N was a miles away from this scenario)
As I read it, they have cash, they have Orders, also some customers are slow-paying ( nothing new there!).....but many orders have been with large companies....and it is essentail Management cosy's up to them, to maintain their Green desires. There is NO_POINT in building vehicles that are not paid-for. Better to take a cancellation-charge (= in the contract?). For that is pure profit, since the metal can be used on another order.

Things are bound to be slack for a while....some layoffs will be needed and that's no different to many sectors. Why would anyone think this is immune?

They claim to have cash to weather the downturn - that is good.
Maybe too quickly, I've bought at 9.4 pence.
(yes, it's 8.9 already!).....but not long ago I was tempted to buy( at +++), so these are a long-term buy. Very risky to Short at these prices......only needs one order, etc. and even the Banks are looking better!

Does anyone think this is a 0p stock?
-- - - - Do tell.

maybe authorities have captured cynic at last and sent him back to his caravan

on holiday in Provence ...... bit the bullet yesterday thank goodness .... and unlike some, i do not gloat when others take a bath ...... shame i did not have the balls (or cash prob) to short SCHE this morning

Good to see you out of this mess, cynic. Well done for bailing out yesterday.

yes, about 70% hit in about a month or 2!!

Don't forget scot to take into account previous gains on this stock. Therefore not a total loss.

Have been watching price closely today and after the initial drop to 5p or so and rise to 10p. It has twice dropped to 8.5p to buy. You have to ask yourself do I go in and at what price am I happy to invest at. I may leave it another day or so, as 5p has been suggested.

Whatever price it reaches anything under 10p is an absolute bargain and a good point for anyone to regain any losses in the mid to longer term. All IMHO DYOR.

Suddenly 8.18p to buy, could drop further.