22nd Jun 2015 09:33
LONDON (Alliance News) - Tanfield Group PLC Monday said there is still a "risk of failure" for both of its investments, despite progress made.
Tanfield is an investment company with two passive investments, a 5.76% holding in Smith Electric Vehicles Corp and a 49% stake in Snorkel International Holdings LLC.
According to Chairman Jon Pither, the investments have a combined value of 33 pence per share. Tanfield shares were quoted Monday at 22.53p, down 0.4%.
"During the year both of the investments made progress, which the board feels brings the realisation of value a step closer," Pither said in a statement.
According to the company's investment report: "The strategy of the company in relation to these investments is to return as much as possible of the realised value to shareholders as the events occur and circumstances allow, subject to compliance with any legal requirements associated with such distributions. The board takes the view that while there has been progress made by both Snorkel and Smith, there is still a risk of failure. The board will continue to fulfil its obligation to its shareholders in seeking to optimise the value on its investments."
Tanfield Group reported a pretax profit of GBP144,000 for 2014, compared with GBP7.4 million in 2013.
By Samuel Agini; [email protected]; @samuelagini
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