Tanfield Group PLC
("Tanfield" or the "Company")
Smith Electric Vehicles Update
The Board of Tanfield has recently been informed by the Board of Smith Electric Vehicles ("Smith"), in which Tanfield holds approximately 5.76 per cent of the share capital, that the Company has ceased all operations.
As reported in the final results for the year ended 31 December 2015, the decision was taken by the Board of Tanfield to impair the investment value of Smith to nil due to the uncertainty around its future and the level of funding it required. In August 2016 the Board of Smith stated that it planned to centralise its operations in the United States while retaining a presence in the UK as a branch of Smith USA Corp but due to a lack of funding, it recently ceased all activity in both the United States and the UK.
The Board of Smith confirmed that the CEO of Smith, John Dixon, has retired from the Board and that the remaining Board are exploring possible funding options. The Board of Smith also stated that there was no guarantee they will be successful in raising the required funds and that without funding it is unlikely that Smith would remain solvent.
The Board of Tanfield 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