does tanfield have 2 good businesses ( smith electrics and upright)which are good value for the medium to long term hold ?

Odd this excitement has raised TAN sp, only to have it dashed when an "extension" is granted - ovbiously the Sale is not happening too soon.

(( what TAN owns - they own Smiths EV in the UK...and 49% of SEV-US. For Access, there is Snorkel-US, and UK UpRight - selling to the Hire-business mainly)).
President Obama is helping his supporters to be re-elected, I'm guessing, so the grant of money to SEVUS will demonstrate his committment to electric trucks, but that doesn't mean TAN will be bought off, say until the plant(s) start showing profits. Therefore, I conclude that TAN will not receive this cash and it's up to TAN-Execs to make good the Company with what they have.
Indeed "the offer" back in March10, may have been simply to align SEVUS with being a US-business, since now we know anything "British" is not liked by PO.
However, I'm not convinced that TAN-investors want the Cash - it's nice for Dir Bonuses (HUH!), but I doubt retail punters will get anything.

+So, it may be "better" to keep Smiths and look at the LT benefits of a home-grown EV facility possibly gaining from the US production and maybe a cross-selling of US-trucks (LHD into Europe) might give TAN an additional income stream - I think the UK van-factory in the Midlands did not secure Gov. funding during 2008/9 when they were in difficulty - can anyone confirm...?
Ah well another Op to buy TAN more-cheaply.....aargh and Zzzzz.
EDIT(22Jy2010)- Grief you'd think getting AGM info would be easy - NO! The RNS tells you to visit the website (awful) and the best I could find was a repeat of the RNS - telephone them after 3.15 and they are on message...=not ans.....ring again loser! =my take....Grr - no wonder weak-holders are leaving.....AGM is "probably" somewhere "UptNorth" - who knows, or cares, eh?
EDIT(18/8/10)-Interim results no better than last year, -and no worse thankfully. This co is still pushing that elephant through the back porch. Still we can look forward to an uneventful AGM (with staff) and Execs pay and Options....noses in trough and not facing the real World....Arrgh!
EDIT-(26/8/10)- TAN drops 38% (rights issue)-Ah so CON solidation didn't work for them either (way back).
Let's hang a few Dirs out and see what this lack-lustre business is worth. I suspect (No, that's hope) there is some fundamental value there, but I'd like to see some evidence of goods in progress, and so on, before propping up these Dullard Execs. Sure, in the past they conned everyone and the City paid a ot for shares (Placing), all IMHO. Arrgh!

I think you've got that just right hangon!

Currently down 34.5%.

The Tanfield Group Plc ("Tanfield" or the "Company")

Expected Financing Arrangements


In its interim statement published on 18 August 2010, Tanfield announced that,
despite its focus on cash preservation, its net cash had fallen to GBP2.2
million at 30 June 2010 and that, as a priority, it was reviewing alternative
ways to fund the continuing cash outflow until it could complete the
consolidation of its Electric Vehicle businesses currently under negotiation,
successful implementation of which was expected to lead to a cash inflow for the
Company.

In view of the absence of available credit facilities, the Company is currently
in negotiations to finalise a possible equity fundraising. Such fundraising is
expected to be structured on a pre-emptive basis as an open offer to all
shareholders and partially underwritten by certain of its Directors, at a
substantial discount to the current share price.

The outlooks for the Powered Access and Electric Vehicle businesses have not
altered from those set out in the interim statement published on 18 August 2010.

There can be no assurance that the equity fundraising will proceed or that the
discussions with SEV US, which remain subject to financing, will lead to a
successful outcome. In the absence of such fundraising, or if the expected
consolidation of the Electric Vehicle business failed to complete the Company
would have to review its financial position and alternative sources of funding.

A further announcement will be made as soon as practicable.

and to think that i used to think this was going to be a really great company ..... i lost quite a lot of money on this one when it first crashed, and thank goodness i was never tempted back in

wise move cynic - i lost a bit on this - not huge as never went in big - always had a lingering doubt - might risk a day trade here though!

ah well quick buy and sell just over 500 profit to put towards my tan loss last time round - makes it a little better - dont think i'll risk anymore here today! unless drops to 10p later!

Well done gibby.

Stange thing is, TAN and the old Worthington Nichols are about the only 2 companies that I haven't lost money on at some point or other which is a bit bizarre as many people have!

Once the shorters have closed their initial positions which is where you made money, I've found that any further attempt to play this market doesn't work so I think you're wise in leaving it alone now.

thanks dealerdear - wow not lost money on tan - you have done well and good on you - i got my timing wrong some time ago on - so been wary of tan ever since - at the moment i would not want to be in they seem up to their necks in it - credit likely not to be available and would anyone want to part with cash to help them out here - i would be surprised - and yes think wise to leave now - but still watching as i suppose many are - have a good day

Open Offer



TIDMTAN

RNS Number : 3119S
Tanfield Group PLC
08 September 2010

?
08 September 2010
TANFIELD GROUP PLC ("Tanfield" or the "Company")
Open Offer of 20,000,000 new Ordinary Shares at 10p per share
Highlights
� Open Offer to all shareholders of 20 million new ordinary shares to raise
up to GBP2.0m before costs
� Issue Price of 10p per share (31.0% discount to closing price on 7
September 2010), one new share for approximately every 3.7 existing shares
� Over 90% of Open Offer underwritten by certain Directors and Institutional
Investors
� Directors undertaking to take up entlements in full in respect of their
beneficial holdings
� Provides short term working capital to allow completion of expected
electric vehicle consolidation
� Certain Directors also providing GBP750,000 standby loan facility in the
interim

Jerry Wooding, Deputy Chairman of The Tanfield Group Plc, said:
"The Board believes that this fundraising represents the best solution to
Tanfield's immediate working capital requirements and the high proportion of
underwriting gives us certainty of success of the Open Offer"
"It is imperative that shareholders support this initiative by voting in favour
of the resolution at the General Meeting on 30 September 2010, whether or not
they are planning to take up their entitlement under the Open Offer."
This announcement should be read in conjunction with the full announcement below
and Circular which will be posted to shareholders today and is available on the
Company's website www.tanfieldgroup.com .

Market is silly at times, price yesterday was struggling and today they issue
a well discounted offer and now people are chasing it ?

I thought 13.5p bid was generous, 14.75p is crazy on a 10p offer placing.

sp should "match" the offer - as time draws close to the cut-off date.
However, the issue for me - do I give these Bounders any more money - Will they - up against the outside wall of their local boozer?

sadly thought this one a winner .. out now .. didnt cost too much .. so cant complain

Looks like steady buys over past few days.

I've just taken up my allotted shares, possibly a stupid move, time will tell! Not much cash involved though.

kim

What is it now in old money?

Not a lot!

Dealer, I'm afraid I have lost track of it's real term price now, but Skinny's chart just about says it all!!

Thanks both.

Just for interest, I been trawling through their reports and it was a 1:5 consolidation so in old money I guess that is about 2.2p.

Interesting to note that post consolidation, directors were buying at around 58p!

TANFIELD GROUP PLC ("Tanfield" or the "Company")
Result of Open Offer
On 8 September 2010, the Board of Tanfield announced details of a share issue to
raise approximately GBP1.8m (net of expenses) through the issue of up to
20,000,000 New Ordinary Shares through an Open Offer for which the Company had
undertakings from the Directors to subscribe for 1,614,554 Open Offer Shares
(representing the Open Offer Entitlements in respect of their beneficial
holdings of Ordinary Shares). In addition, the Underwriting Group had agreed to
subscribe for, in aggregate, up to a further 18,250,000 Open Offer Shares, to
the extent that these were not taken up by Qualifying Shareholders.
The Open Offer has now closed in accordance with its terms and Tanfield is
pleased to announce that it has received valid acceptances under the Open Offer
in respect of 10,083,145 Open Offer Shares from Qualifying Shareholders which
represents a take-up of approximately 50.42% of the Open Offer Shares.
Accordingly, the remaining 9,916,855 Open Offer Shares representing 49.58% of
the Open Offer Shares, have been allocated to members of the Underwriting Group.
The Open Offer remains conditional, inter alia, upon shareholder approval, which
will be sought at the General Meeting to be held at 9am on 30 September 2010 at
Vigo Centre, Birtley Road, Washington, Tyne and Wear, NE38 9DA.

It is expected that Admission will become effective and dealings in the New
Ordinary Shares will commence, at 8.00 a.m. on Friday 1 October 2010. New
Ordinary Shares in certificated form are expected to be credited to CREST
accounts as soon as possible after 8.00 a.m. on Friday 1 October 2010, and
definitive share certificates for the New Ordinary Shares in certificated form
are expected to be dispatched within 10 business days of Admission.
Terms defined in the Circular published by the Company on 8 September 2010 shall
have the same meaning in this announcement unless the context otherwise
requires.

On the move up ??