Blog
Provides refreshingly forthright, objective comment on small cap companies. Informed opinion, based on first-hand research, but pulls no punches in exposing management weaknesses.
TANFIELD (LON:TAN) Open Offer to raise £2m – it doesn’t look enough to us!
Posted 08/09/10
The beleaguered engineering group has announced an open offer to all shareholders of 20 million new ordinary shares to raise up to £2m before costs (which shouldn’t be high). The issue price of 10p per share represents a 31% discount to the closing price on 7th September 2010) and equates to the issue of one new share for approximately every 3.7 existing shares. As I write the share price stands at 14p, with the shares off only 3.45% so the news has actually been quite well received.
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Tanfield – will private investors save the day?
Posted 26/08/10
Today’s announcement from Tanfield that it is trying to finalise an equity fundraising as an open offer at a substantial discount to the current share price surprised the market sending the share price down over 45% at one point.
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At least there are fewer liquidity problems with this AIM stock
Posted 12/02/09
The recent trading update confirmed what most of us already knew, that trading conditions in the second half for Tanfield were difficult.
The year-end cash figure is £11.1m, down on the previous figure of c£13.3m on 31st October 2008. With £8m being collected in the weeks following the year end, cash balances at the end of January 2009 were £13.1m. There was also encouragement from the announcement of a JV with Ford, but more of that below!
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