24.01.2011

Tanfield adjusts to access only

Tanfield, the owner of Snorkel, has announced the departure of director Geoff Allison, managing director of its Zero Emission vehicle division, following the sale of its SEV business to SEV USA.

It has also announced a new share option incentive for directors and staff, all part of its new position as an powered access specialist.

In total the option to buy up to 5.8 million shares was given to various directors and members of staff. 4 million were awarded to Tanfield directors as follows:
Jon Pither –chairman – 200,000
Darren Kell –chief executive -1.8 million
Charles Brooks – finance director – 1.1 million
Brendan Campbell – chief operating officer – 900,000

The options allow each recipient to purchase new ordinary shares in the company in three years’ time for 27 pence each, this being the middle market quotation for the shares 21st January of this year.

The options may be exercised at any time after January 21, 2014 and expire if not taken up, in 2021.