08.03.2012

Tanfield approves new shares

The board of Snorkel owner Tanfield has approved the issue of new shares for its £12 million placing, while two directors have stepped down.

Dealings in the second tranche of the new shares should commence tomorrow.
John Bridge and Jeremy Wooding have also stepped down from their roles as non-executive directors, with immediate effect. Bridge joined the Tanfield board in January 2001, and Wooding in June 2009, he was also Tanfield's non-executive deputy chairman.

Tanfield/Snorkel chief executive Darren Kell said: "I would like to thank John and Jeremy for their contributions and particularly for their help and advice as we steered the company through a protracted and difficult recession and the sale of the Smith Electric Vehicle division. The Tanfield board, now appropriately sized, will be entirely focused on the future growth and return to profitability of its global Snorkel powered access business."