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 see over on SC that Evil has closed his short earlier this week, but his sidekick winnie his saying these are worth 0p!!!!!!!!!!!!!!.

Going down again.

What the feck would Winnie know ... he's got it wrong so many times before

SC should have helsd his short a few pence to go yet. Never witnessed such prolonged selling since last week. Would seems institutions are just dumping stock on the market. Imho 2p by the end of next week.

Distressed seller ... expect a large dump to show up after hours.

that Winnie is a fat head case.. 0p ..yeah right

Hopefully next weeks trading will show him to be the dork he truly is !!!

the real question surely is whether TAN is truly worth more than say SEO?
my guess is yes, and by a considerable margin.
however, there are so many "bargains" around at the moment, and no indication that things are going to get better (and perhaps much worse) in the next few months, that jumping in here may not be the best choice.

cynic
I agree in a normal market or even six months ago this would have bounced by now to at least 15p+ so still out at the moment.

mentioned ages ago i didn't like the look of things (and the chart in particular) and was waiting for 60p, still haven't bought, im with everyone else here, worried about cash, if they need to raise more they will have to issue a massive amount of extra shares and thus dilute further - however i still believe firmly in electric vehicles, could be an unbelievable recovery play in 12 months if they survive...

Hmm, interesting!:-

RNS Number : 4179Y
Tanfield Group PLC
04 July 2008



Tanfield Group plc (the 'Company')

New Bank Facility

The Company announces that its wholly owned subsidiary, Snorkel International Inc., has agreed a five year revolving credit facility of up to $35 million with JP Morgan Chase Bank NA ('Chase') secured over Snorkel's assets. The facility will bear an interest rate of the greater of prime rate of interest announced by Chase and the Federal Fund's effective rate plus 0.5 per cent., subject to a cap of 5.25 per cent and a floor of 3.67 per cent..


For further information:

The Tanfield Group Plc Tel: +44(0)845 1557 755
Darren Kell, Chief Executive

Fishburn Hedges Tel: +44(0)20 7839 4321
Morgan Bone

Cenkos Securities plc Tel: +44(0)20 7397 8900
Stephen Keys

St. Helen's Capital plc Tel: +44(0)20 7628 5582
Ruari McGirr



This information is provided by RNS
The company news service from the London Stock Exchange

END

Hopefully this will keep the wolf from the door!

Yes, but it is a huge wolf!!

Good news , a five year revolving facility should give plenty of time and breathing space to turn it round. Has been ridiculously oversold this week ( and over the last few weeks) are shorters really saying that the business and all its divisions is worthless? as the sp virtually hit the value of its cash in the bank i.e everything thrown in for nothing (UpRight, Smiths EV, Snorkel etc)


Well oversold ,almost farcically oversold, over recent days, and with the likelihood of a turnaround over the next few months/ year with perhaps a disposal or two this will back above 50p, all this needs is mgmt to take take a few tough decisions cut costs, speed up collecting the cash it's owed and rationalise the business. Anyone in at these levels may find the next few months interesting aimo

biggest word in the market... - sentiment
and close second... confidence

Could this be another Ashtead rising from the ashes? :)

Why the new Bank facility?.

This is what the management said on the 1st of July in the trading update..

" The Directors believe that the effect of taking a more prudent approach to the rate of growth, coupled with the measures that have been taken to drive additional cash from debtors and inventories, will result in the Group becoming cash generative in the fourth quarter. The Directors believe, therefore, that the current plans for the group will be met from existing cash and bank facilities".ENDS

It appears that the management are in a state of confusion or panic especially after that first profit warning relating to a competitor.

17.5 million over 5 years aswell hardly lines up with the cash burn going forward into the next 6 months.

I fear further problems may occur here.

So they've partly mortgaged Snorkel. Or more than partly if this is maybe the biggest sum they could raise on it when they really wanted more.

That said, this is surely good news - at a time when some companies cannot raise loans or additional credit at all. Some banks have decided Snorkel is worth supporting.

Not just Smith reporting fewer EV fleet orders than previously indicated. I just came across this from a press release dated Feb 2007 when Modec were boasting of their expectations.

Modec has received orders for over 100 of its zero-emission electric vans and is optimistic that it will find buyers for a further 400 units in 2007.
"By 2009 we expect to be producing 2,000, and we are already getting enquiries from the rest of Europe and even North America," says Modec sales and marketing director Geoff Reyner. "That's not bad for a new company is it?"

http://www.roadtransport.com/Articles/2007/02/09/125646/cheat-the-taxman-go-electric-with-a-modec-7.5-tonner.html



The last info I heard is that Modec have so far sold fewer than a hundred altogether.

reported at vertikal.net - with comment from them:


Tanfields Snorkel International subsidiary has agreed a five year revolving credit facility of up to $35 million with JP Morgan Chase Bank secured over Snorkel's assets.

The facility will bear an interest rate of the greater of prime rate of interest announced by Chase and the Federal Fund's effective rate plus 0.5 per cent., subject to a cap of 5.25 per cent and a floor of 3.67 per cent..

Tanfield shares plunged to a low of under five pence a share this week following a trading statement that admitted lower growth numbers that originally forecast. Tanfield has reacted by announcing a period of consolidation and slower growth.

Vertikal Comment

Tanfield has done a remarkable job in building its aerial lift business to it s current levels, in such a s short space of time, however its forecasts barely allowed for any glitches, the current slow down, caused more by a failure in confidence than a slow down in underlying demand, was to some extent predictable, although its timing less so.

Tanfields error, if there is one, is allowing investors to believe that it could maintain its initial growth levels regardless of what might happen in the wider world. It is now being punished with many institutional investors taking the apparent view that the everything the company has said is pure smoke and mirrors.

A share price of 5p is utterly ridiculous and reflects the stupidity of the market at times like this. It is hard to imagine that anyone holding Tanfield stock would sell at this rate, but they most certainly have.

The 5p level should encourage a suitor to step in with a takeover bid, however we all know that as soon as anyone did the price would skyrocket, making it hard to understand why it has fallen quite so much.

The next two months could be interesting.