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

Share Price Movement (Tanfield)




RNS Number : 7080X
Tanfield Group PLC
27 June 2008


Tanfield Group Plc
(the "Company")

Share Price Movement

The Directors of the Company have noted the recent fall in share price following the
statement made by Oshkosh Corporation, the parent
company of JLG the US manufacturer of Aerial work Platforms, downwardly revising its
estimates.

The Company confirms that it posted its annual report and accounts to shareholders on 26th
June 2008, a PDF copy of which will be
available on the company's web site later today and that it will be releasing a trading
statement on 1 July 2008.


For further information please contact:


Darren KellTanfield Group plc 0845 1557 755
Nicholas WellsCenkos Securities plc 020 7397 8900

Oh dear.

Its almost halved in two days ... someones got wind of a profits warning hence the above announcement imo.

Never catch a falling knife...37p now. Looks like TAN has been another good short by EK. He thinks TAN have failed to deliver and are letting people down. This of course will have a detrimental effect on share price to say anything.

Anybody got the Oshkosh Corp information re decline in sales?

Oshkosh Corp shares plunged 28.4% after mentioning it will make a LOSS in its third quarter.

There's more but here's a taste :-

Oshkosh Corporation Announces Downward Revisions to Estimates for Third Fiscal Quarter and Full Fiscal Year 2008 Results




Oshkosh Corporation (NYSE: OSK), a leading manufacturer of specialty vehicles and vehicle bodies, today announced that it expects a loss of approximately $1.22 to $1.32 per share for its third quarter of fiscal 2008 compared to the Companys prior earnings per share (EPS) estimate range of $1.40 to $1.50 of income for the quarter. The expected loss relates to a non-cash charge for the impairment of goodwill to be recorded in connection with the Company's European refuse collection vehicle manufacturer, the Geesink Norba Group (Geesink). The impact of the impairment charge on third fiscal quarter earnings is estimated to be approximately $175 million, or $2.32 per share. Projected third fiscal quarter results also reflect weaker performance expectations compared with previous estimates for, most notably, the Companys access equipment segment and, to a lesser extent, its fire & emergency and commercial segments.

Lower than expected sales in both North America and Europe driven by softness in non-residential construction and general economic weakness, and rising raw material and fuel costs, have caused us to reduce our outlook for the third quarter and full fiscal year 2008, said Robert G. Bohn, Oshkosh Corporation chairman and chief executive officer.

During the quarter, we also lowered our outlook for Geesink due to a slower and more difficult than expected return to profitability, coupled with expectations of a weaker European economy and higher raw materials costs. This revised outlook has caused us to believe that the value of Geesink no longer supports the goodwill recorded for this business, resulting in the impairment charge we are announcing today. There is no tax benefit associated with the Geesink impairment charge, and the charge is not expected to affect the Company's liquidity, cash flows from operating activities or compliance with debt covenants, nor is it expected to have any impact on future operations. The actual charge for the impairment of goodwill will be finalized during the upcoming third fiscal quarter close process.

The Company expects that fourth fiscal quarter EPS will be below prior years levels and will provide a new EPS estimate range for full fiscal year 2008 when it announces its third fiscal quarter results.

Tanfield yesterday posted its Annual Report brochure - and today it is available online at http://www.tanfieldgroup.co.uk/downloads/AnnualReport2007.pdf

Well worth a look.

I am more than happy to hold.

is cynic though? he's awfy quiet last 2 days

Tanfield tanks after rival's warning
Created: 27 June 2008 Written by: Graeme Davies
Shares in Tanfield look like they've fallen off the top of a ladder. The company, which makes powered access systems and electric vehicles, plunged 40 per cent today and prompted the company to advise it will be rushing out a trading statement next week.

Advertising


Tanfield has been heading south for some time, but the catalyst for the latest plunge has been a statement from New York-listed Oshkosh Corporation, which owns JLG, a US powered-access provider. The main reason for the Oshkosh alert was an impairment charge for an unrelated business, but it also cautioned that "softness in non-residential construction and general economic weakness, and rising raw material and fuel costs," have resulted in a lower sales outlook for JLG. (Read the full statement here)

Tanfield is exposed to these markets courtesy of Snorkel, a US company that it acquired around a year ago (see Tanfield makes US move). With hindsight, this deal is proving to be a millstone around its neck - it required extra fundraising to complete, it has soaked up working capital and worries about Tanfield's increased exposure to US construction have undermined the share price.

Tanfield was one of the darlings of Aim in 2007, turning in a stunning share price performance. But confidence has begun to unravel in recent months (see Has Tanfield run out of power?). Its shares have now shed almost three-quarters of their value in just six months.


--------------------------------------------------------------------------------

IC VIEW
HighEnoughShort-sellers have really got their teeth into this one, and it's not hard to see why. Any exposure to US construction is bad news right now, and the ready availability of Tanfield stock makes it an easy target (it's one of Aim's more liquid stocks). It's possible that Monday's statement will be a profit warning, and it may include a write-down of the carrying value of Snorkel. Until the boil is lanced, high enough

reckon this will be 20p soon

Tanfield isn't "rushing out a trading statement" next week. It's delivering its regular half-year trading update which most of us knew was expected and which has been mentioned at least two dozen times in the past two months in other forums.

And it's out Tuesday not Monday. As announced.

But it looks as though they were asked by the stock exchange to issue a statement today , usual stuff is "we know no reason for the fall etc etc" if all is well not "give us a couple of days to see how we can make things look a bit less bad than they are".

1 would still sell tanfield at 38p
I have posted on the Sharecrazy boards that this stock does not appeal. Today its shares are collpasing, off 26% at 38p as I write. But on balance Id still be a seller.

Supporters will say that a market cap of 141m is too low. An historic PE of 10. A discount to net assets. Maybe. But if one strips out intangibles and assumes a cash drain this stock is actually trading at a premium to NAV.

Cash is everything. Last year (cal 07) Tanfielded reported profits of 10m or so. But its operating cash outflow was 29m. Why? No-one has ever explianed this to me. Add in capex etc and ignoring acquisitions this company happily burned well over 30m last time. Year end net cash was 29m. Unless there has been a market improvement in cash generation then Tanfield may need to reaise additional equity. Those who backed the last funding at 150p last year (another winning issue from Lord Snooty and pals at St Helens) may not be quite so keen this time around.

Posted by Tom Winnifrith on Jun 27, 09:49 AM in Newsflow

its 30p now.....its in meltdown!

if its 10p by monday or tuesday, i'll buy

FWIW the Mkt cap and Turnover appear out of step....so unless there are gold bars in the Store, it's overpriced big time, IMHO...perhaps this "green vehicle" nonsense has run its course.
If the slowdown continues, we shan't need any delivery vehicles.

This afternoon, trading @ 30p doesn't tempt me.

Personally, I think the US-company ann. is NOT Tanfield - but the RNS didn't make it clear (why not? Should be No1 question). However, it would be surprising if TAN sales weren't down, wouldn't it?
Why the fall? - TAN-holders wanted to take their profits, before it all fell over..

I think 10p is probably several months away. A lot will depend on company announcements of course. I've noticed generally that when prices fall dramatically they either hit a wall and bounce, or hit a wall and go sideways, ultimatley trending lower (and slower) over the following months and years though.

In my opinion.

Strawbs.

i cant believe cynic aint commenting on this.....and he'ds gone quiet on barc too

This reminds me of Worthington Nicholls...which has gone bust now.