11.11.2011
Smiths Electric Vehicles to float
US Based Smiths Electric Vehicles (SEV), which is partly owned by Tanfield, parent of Snorkel, has filed for an Initial Public Offering on the NASDAQ exchange, valued at around $125 million.
The flotation may include the sale of all or part of Tanfield’s holding in the business which is just over 27 percent after a private equity placing announced in October.
As a result of the news Tanfield shares jumped almost 25 percent to over 47p.
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