27th Jul 2015 10:04
LONDON (Alliance News) - The Tanfield Group PLC on Monday said its investments were valued at GBP46.9 million, equivalent to 33 pence per share, at the end of June, a 61% premium to the company's market value at the end of last week.
Tanfield shares were quoted down 2.4% at 20.00p Monday morning.
The investing company has two passive investments, owning 5.76% of Smith Electric Vehicles Corp and 49% of Snorkel International Holdings LLC.
It wants to return value to shareholders by realising the investments.
"Snorkel continues to develop its business...with an increasing demand for its products in a competitive market. Smith are making progress towards achieving their plans to publicly list the business and raising funds to allow for the execution of its strategy," Tanfield said in a statement.
Tanfield's accounts for the six months ended June 30 showed that its pretax loss narrowed to GBP209,000 from GBP261,000 year-on-year.
By Samuel Agini; [email protected]; @samuelagini
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