Tanfield Group PLC Smith Electric Vehicles Update (8858F)
02 August 2016 - 1:14AM
UK Regulatory
TIDMTAN
RNS Number : 8858F
Tanfield Group PLC
01 August 2016
Tanfield Group PLC
("Tanfield" or the "Company")
Smith Electric Vehicles Update
The Board of Tanfield was last week informed by the Board of
Smith Electric Vehicles ("Smith"), in which Tanfield holds
approximately 5.76 per cent of the share capital, that Smith plans
to centralise its operation to the United States in order to
optimise the use of investor capital and is deploying this strategy
to fortify its business and enhance its ability to serve existing
and new customers worldwide.
The Smith Board took the decision to streamline the structure
and operations as part of Smith's strategy to enhance customer
service and product development. Smith intends to consolidate its
operations hub in the US and add a division in the UK while selling
and distributing its products worldwide. Smith intends to
significantly strengthen its business and serve as the world's
largest and leading manufacturer of short haul, medium size
electric commercial vehicles. Smith's UK operation will become a
branch of Smith USA Corp. It retains its presence in the UK with
the objective to invest and optimize its sales and service business
in Europe.
As reported in the final results for the year ended 31 December
2015, the decision was taken to impair the investment value of
Smith to nil. It was also reported that in order for Smith to
implement its plan it is seeking to raise $15m in new funding
through a series 'F' financing round. The Board of Tanfield believe
this is still the intention of Smith and will provide a further
update when appropriate.
For further information:
Tanfield Group Plc
Daryn Robinson 0700 349 7489
WH Ireland Limited - Nominated Advisor
James Joyce / Nick Prowting 020 7220 1666
Peterhouse Corporate Finance - Broker
Peter Greensmith / Duncan Vasey 020 7220 9797
This information is provided by RNS
The company news service from the London Stock Exchange
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August 01, 2016 11:14 ET (15:14 GMT)