Member Article

Tanfield Group raise £12m

The Tanfield Group have raised gross proceeds of approximately £12 million after placing 29,268,293 new shares on the stock market.

The ordinary shares of 5p each were sold at a price of 41p per share by WH Ireland as Nomad and broker to the company, which manufactures aerial work platforms. 9,407,720 shares were issues under existing authorities to institutional and other investors, while 19,860,573 further shares will be conditional on the passing of the Resolution.

Darren Kell, Chief Executive of Tanfield, commented: “The additional working capital raised by this placing will help to alleviate the bottlenecks within our supply chain allowing us to increase throughput, reduce lead times for customers and generate purchasing efficiencies.

“As a result, we believe it should accelerate our return to profitability and help to cement our position as one of the leading global manufacturers in the aerial work platform industry.”

During the first half on 2011, Tanfield’s turnover rose by 25% to £24.6 million, while the outstanding order book rose by 170% to £20.9 million.

Legal advice to Tanfield Group plc on the group’s share placing was provided by Ward Hadaway

This was posted in Bdaily's Members' News section by Ruth Mitchell .