5th Nov 2013 10:58
LONDON (Alliance News) - Tanfield Group PLC, which is in the process of trying to sell its loss-making engineering business and convert into an investing company, Tuesday said Executive Directors Darren Kell, Charles Brooks, and Brendan Campbell have left the company and agreed to defer outstanding payments for up to 12 months.
Two of the directors, which the company hasn't identified, gave the company a GBP500,000 debt facility in September to help it through its transition and the sale of its engineering operations. Tanfield said the two directors have now agreed to defer the repayment of the amount, plus any interest which is now being charged at 12% a year, for 12 months or earlier if cash becomes available.
It said it will retain its three non-executive directors on the board, but at reduced remuneration.
"The company has retained sufficient cash to cover those running costs to a date at which it expects to receive a return from one of its investments," it said.
Tanfield shares were up 1.4% at 18.50 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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