18.05.2009

Tanfield to consolidate shares

Tanfield, owner of UpRight and Snorkel has announced plans to consolidate its shares with a one for five swap and will propose the cancellation of its share premium account and that the Company's existing Ordinary Shares of 1p each be consolidated into New Ordinary Shares of 5p each.

All shareholders as off June 18th will receive on e new 5p share for each five shares in the company that they currently hold. The company says that the aim is to achieve a higher market price per share which is likely to lead to a reduction in the current bid offer spread.

The cancellation of the amount standing to the credit of the Company's Share Premium Account (currently £138.5 million) will allow the company to eliminate the accumulated deficit on its profit and loss account, enabling it to pay dividends out of profits generated in the future, earlier than would otherwise be the case.

Following the Share Consolidation the Company's issued ordinary share capital will comprise 74,072,218 Shares of 5p each.