27.06.2007

Tanfield on the acquisition trail

Rumours in the financial press forced Tanfield, owner of UpRight Powered Access, to release a brief statement yesterday stating that it is looking to raise £115 million in new equity to fund a substantial acquisition.

The new shares will be placed at £1.63p and will be subject to the successful completion of the acquisition.

The acquisition, which was still not concluded late last night will, it says, be earnings enhancing in its first year.