Member Article

Tanfield Group agrees Smith Electric Vehicles capital restructure

The board of Tanfield Group, which owns a stake in Smith Electric Vehicles, has agreed to a capital restructuring plan which aims to raise $30 million.

Smith plans to convert all debt into common stock prior to listing on the Over-The-Counter-Bulletin-Board trading medium, before a full listing on a U.S National Exchange.

The move will significantly dilute Tanfield’s 24% stake in Smith to around 4/5%, although the Tanfield Board said the plan reppresents the best outcome for stakeholders of Smith, including itself.

The news follows last week’s news that Smith will receive investment from Hong Kong-based battery producers Sinopoly, off the back of a partnership agreement.

This was posted in Bdaily's Members' News section by Tom Keighley .