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

I know you were talking about cynic, but as I have read this BB for some considerable time now I am well aware of several profit takings made by him along the way. Thats why I suggested that he may not be on a loss at the end of his trading, this time around on this company.

Richard, when he's born here. LOL.

Back to TAN up to 8.47p to buy again.

u could be born in a stable but it doesnt make u a horse!

so woaded one declines to actually commit .... no real surprise there then

saw news prog in london other night and pakis, bangladeshis etc all in this school and children even though born here dont consider themselves as british. that proves my point.
if u r in pool, how come u still can type pish

1p soon oily

and those that are born here and/or are perhaps 2nd or 3rd generation, and think themselves british, do you regard them as such?

Tanfield shares collapse
Created: 1 July 2008 Written by: Graeme Davies
As expected following a hurried statement last week, powered access and electric vehicle maker Tanfield has warned on profits. Sales deteriorated markedly in June, management has put the brakes on its rapid expansion strategy, and there could be job losses. Furthermore, some customers have been slow to pay, inventory levels have risen and supply chain constraints have caused some delays in deliveries.



All this has the hallmarks of too much, too fast, in particular the acquisition last year of Snorkel, a powered-access provider in the US. Working capital has ballooned - there were warning signs of this several months ago - and Tanfield is not getting paid quickly enough by its customers.

This is particularly worrying, as it suggests a breakdown in financial controls, which is often the precursor to financial distress. Tanfield is insulated from that to a degree, because it has net cash on the balance sheet, but the expected reduction in sales and the expected pressure on margins going forward could soon erode that cushion.

The share price performance over the past few days has vividly illustrated the old adage "a share that's fallen 90 per cent can always fall another 90 per cent". A year ago, the shares changed hands at 184p; today they're just a twentieth of that.


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IC VIEW:
FairlyPricedFrom one of Aim's darlings in 2007, Tanfield has become a short-seller's dream of late. Its shares have shed almost 90 per cent of their value in the space of a week, and are fairly priced at 9p.

6p now...anybody going to buy?

not me

shorters have to buy back shares at some pont though

only if the company goes into liquidation or similar and MMs must be stuffed full of stock they would like to unload

Uncrossed @5.53

Fooked. ;-))

I must admit I was tempted this morning to buy back in but am glad I didn't and don't think I will. It's a great shame as I was very excited by this company a while back. Sadly, I fear it may end up in receivership and be snapped up for next to nothing. Hope I'm wrong.

This is from today's Times:

"After Tanfields 43 per cent collapse on Friday, youd think that the maker of lifts had reached the basement and was ready to bounce back up again. Perhaps, but not everybody would agree with you.

"Mike Stoddart, the Daniel Stewart analyst who famously put a zero price target on Silverjet months before it went bust, would be one. He advised investors to sell Tanfield yesterday this despite the shares recovering 2p to 31p, before todays trading statement.

"Mr Stoddart said that his worries came from Tanfields long-delayed report and accounts, released late on Friday, which showed that even the disappointing 12.4 million annual profit unveiled in April 4 million below forecasts had been flattered by 2.2 million in foreign exchange gains."

(See also Post 758, referring to Mike Stoddart's comments)

At the moment, (right now), this is complete over reaction, and some people that have been tipping this one at a 1 can't be too pleased, no debt (at the moment)...a product that everybody wants...still (at the moment) 11 million in the bank...bank facilities available (whatever that means)....reports on a terrible day on the markets...this is not Stanelco.....they might have to sack people in America where they have taken on too much....but the way the market has reacted you would think they are going under....not just yet I would like to think....a dow jones recovery could be coming in the autumn, so 5p....5p...really crazy,....(just my opinion)....!.

Andrew Hill in the FT:

Tanfields wider message to industrial companies is a grim one: the credit crunch has arrived. It caught up swiftly and shockingly with banks and builders in March, just as they thought they had found a way through the first squeeze. For industrial companies, the point of impact was last month. Tanfield was caught by surprise when customers of its powered access division started delaying and cancelling orders, or found themselves unable to pay for them. But the picture is also reflected in yesterdays official figures indicating that UK manufacturing activity weakened sharply last month. That this coincided at Tanfield with supply chain problems and higher raw material prices looks like bad luck. But the board and managements judgment also looks flawed.

Since May, Tanfield has been under pressure to pull in its horns, strengthen its board, reshuffle its advisers and improve communications. For evidence that Tanfields infrastructure was underpowered by comparison with its vaulting ambition, look at its reaction to last weeks shock profit warning from Oshkosh, its US-based rival. Oshkosh is better resourced in investor relations and governance. But for Tanfield to wait four-and-a-half days to explain its own problems was unforgiveable.

Mr Stanley former chief executive, now chairman and, like at least two of his board, a luminary of the north-east business community took much credit for Tanfields aggressive expansion. The group itself describes him as a visionary entrepreneur with a can-do attitude. His vision having failed him, he can do one thing now: take the blame.

oilyrag has it about right IMHO - the trades today are wavering (tech term) about 8 - 8.5pence . . . . . and the City poured money into this at 1.60 (DYOR) only last year! I wonder if the City finance bosses will stop their(own) bonuses this year?
Looks like Snorkel was a Buy too Late - hadn't we heard NRK was sick and Credit-crunch in USA....about to reach here? Of course S was for Sale - prospects low, but here in the UK - - - no bother.
I suspect we didn't have a clue..... and - - -- is this a stonking Buy?
- well they have little Debt ( smart move raising Cash, eh?)
- and abt 11m in the Bankl - that's about 2p per share
- but we don't like their inventory of unsold stock - maybe they'll start a HIRE business?
-odd that 18% shareholder Dir sold almost all his holding then....nice! ( and Grr!).He stll has more than I - but doesn't everyone?
+Ah well, 2009 may restore my sanity.
DYOR on this one - already nasty volumes.

re Andrew Hill (in FT Today, posted above)
Nice piece, correctly paints City view I guess - pity City didn't say this a month/a week ago - let's face it the City was asleep on the job. That's our Pension Managers messing up....not their money etc. etc. - Wicked shame, eh?

re. MrMike ( poster 2004 = thread-start )
I know nothing of this takeover and suspect it has NO relevance to today's company - they started building the business with the benefit of H&S Regulation and much Construction excitement - so they pressed ahead, and the City loved it...Look at the SP groiwth - yet supported by Sales to Hire-Co's and large Co's. Management "fault" was in not anticipating the slowdown....a bit like a Burger Seller going for a break just before football match finishes...i.e. entirely predictable....with a little research.

Still, buying Snorekel will be seen as a Smart-Move in 2-years' time, I;m guessing and we'll see a higher sp....probably held-back by this memory.....20p anyone?....50p in 4-years ....who knows what?
Sales in Middle-east are rising, so some turnover may be a surprise! The Arabs don't have a Cash-shortage at the current OIL-price....I bought at 9.4p = a tad too eager...

BOUGHT IN WITH A MASSIVE SPREAD BET...CAN'T FAIL..GO LONG