TIDMTAN
RNS Number : 8320Y
Tanfield Group PLC
09 September 2022
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Tanfield Group Plc
("Tanfield" or "the Company")
Interim Results for the six-month period to 30 June 2022
Tanfield, an investing company as defined by AIM Rules,
announces its half year results for the period ending 30 June 2022.
The unaudited financial information will shortly be available on
the Company website at www.tanfieldgroup.com .
Background
-- Tanfield is a 49% shareholder in the equity of Snorkel
International Holdings LLC ("Snorkel") following the joint venture
between the Company and Xtreme Manufacturing LLC ("Xtreme") (the
"Contemplated Transaction"), a company owned by Don Ahern of Ahern
Rentals Inc, relating to Snorkel, in October 2013 .
-- T he Snorkel investment is valued at GBP19.1m. The outcome of
the US and UK Proceedings referenced below could have an impact on
this valuation.
-- On 22 October 2019, the Company announced that it had
received a Summons and Complaint, filed in Nevada (the "US
Proceedings") by subsidiaries of Xtreme, relating to the
Contemplated Transaction .
-- On 24 October 2019, the Company announced it had become
necessary to issue and serve a claim in the English High Court
against Ward Hadaway (the "UK Proceedings"), the solicitor acting
for the Company at the time of the Contemplated Transaction, in
order to fully protect the Company's rights pending the outcome of
the US Proceedings.
-- On 26 February 2021, Ward Hadaway was granted permission to
join Foulston Siefkin, Tanfield's US based law firm who were
retained in 2013 to draft the documents governed by US law relating
to the Contemplated Transaction, into the UK Proceedings. As a
result, the Company amended its claim to include Foulston Siefkin
as a second defendant.
-- The Company's operating loss in H1 2022 increased to GBP311k
(H1 2021: GBP187k) as a consequence of increased legal fees during
the period, with the retained loss for the period increasing
further to GBP499k (H1 2021: GBP268k) as a consequence of increased
finance expense.
-- The Board believe that further loan funding may be necessary
to ensure that the Company continues to protect its investment in
Snorkel. As announced on 24 August 2022, the Company continues to
receive the support of its Shareholders via loan note subscriptions
in order to provide the necessary funding for its day-to-day
running costs, including the ongoing costs of the US and UK
Proceedings, and the Board are of the opinion that further funding
will be made available.
Overview of investments
As announced on 24 August 2022, during the first 6 months of
2022 Snorkel has continued to recover from the impact of the global
COVID-19 pandemic and has seen sales in the first 6 months increase
to US$88.6m, up from US$71.7m for the same period in 2021. Further
information relating to the recent performance of Snorkel can be
found in the 24 August 2022 announcement.
The Board confirm that both the US and UK Proceedings are
continuing to progress and that the Board believes a positive
outcome to either/both proceedings is possible. So far as it is
necessary, the Company will continue to vigorously defend and
advance its position in both proceedings, whilst continuing to seek
advice.
Further updates will be provided to Shareholders as and when
appropriate.
For further information:
Tanfield Group Plc 020 7220 1666
Daryn Robinson
WH Ireland Limited - Nominated Advisor / Broker
James Joyce / Megan Liddell 020 7220 1666
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSING 30 JUNE
2022
Year
to
Six months Six months 31 Dec
to to 21
30 Jun 30 Jun
22 (unaudited) 21 (unaudited) (audited)
GBP000's GBP000's GBP000's
------------------------------ ----- ---- ------------------- ----------------- ------------
Revenue - - -
Staff costs (52) (51) (93)
Other operating income 10 9 19
Other operating expenses (269) (145) (295)
-------------------------------------------- ------------------ ----------------- ------------
Loss from operations (311) (187) (369)
Finance expense (188) (81) (145)
Finance income - - -
------------------------------ ----- ----- ------------------ ----------------- ------------
Net finance expense (188) (81) (145)
Loss from operations before
tax (499) (268) (514)
Taxation - - -
------------------------------ ----- ----- ------------------ ----------------- ------------
Loss & total comprehensive income for
the period attributable to equity
shareholders (499) (268) (514)
-------------------------------------------- ------------------ ----------------- ------------
Loss per share from
operations
Basic and diluted (p) (0.31) (0.16) (0.32)
BALANCE SHEET
AS AT 30 JUNE 2022
30 Jun 30 Jun 31 Dec
22 21 21
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000's
------------------------------------ ----- ----- -------------- -------------- ------------
Non current assets
Non current Investments 19,100 19,100 19,100
-------------------------------------------------- -------------- -------------- ------------
19,100 19,100 19,100
----- ----- -------------- -------------- ------------
Current assets
Trade and other receivables 67 36 23
Cash and cash equivalents 1,368 739 588
-------------------------------------------------- -------------- -------------- ------------
1,435 775 611
----- ----- -------------- -------------- ------------
Total assets 20,535 19,875 19,711
-------------------------------------------------- -------------- -------------- ------------
Current liabilities
Trade and other payables 132 54 72
-------------------------------------------------- -------------- -------------- ------------
132 54 72
----- ----- -------------- -------------- ------------
Non-current liabilities
Other payables 2,958 1,631 1,695
-------------------------------------------------- -------------- -------------- ------------
2,958 1,631 1,695
----- ----- -------------- -------------- ------------
Total liabilities 3,090 1,685 1,767
-------------------------------------------------- -------------- -------------- ------------
Equity
Share capital 8,145 8,145 8,145
Share premium 17,336 17,336 17,336
Share option reserve - 331 -
Special reserve 66,837 66,837 66,837
Merger reserve 1,534 1,534 1,534
Retained earnings (76,407) (75,993) (75,908)
-------------------------------------------------- -------------- -------------- ------------
Total equity 17,445 18,190 17,944
-------------------------------------------------- -------------- -------------- ------------
Total equity and total liabilities 20,535 19,875 19,711
-------------------------------------------------- -------------- -------------- ------------
STATEMENT OF CHANGES IN EQUITY
Share Share Share Merger Special Retained Total
capital premium option reserve reserve earnings
reserve
GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's GBP000's
--------------- --------- --------- --------- --------- --------- --------- ----------
Six months to
30 June 2022
(unaudited)
At 1 January
2022 8,145 17,336 - 1,534 66,837 (75,908) 17,944
--------------- --------- --------- --------- --------- --------- --------- ----------
Comprehensive
income
Loss for the
period - - - - - (499) (499)
--------------- --------- --------- --------- --------- --------- --------- ----------
Total
comprehensive
income
for the
period - - - - - (499) (499)
At 30 June
2022 8,145 17,336 - 1,534 66,837 (76,407) 17,445
--------------- --------- --------- --------- --------- --------- --------- ----------
Six months to 30 June
2021
(unaudited)
At 1 January
2021 8,145 17,336 331 1,534 66,837 (75,725) 18,458
--------------- --------- --------- --------- --------- --------- --------- ----------
Comprehensive
income
Loss for the
period - - - - - (268) (268)
--------------- --------- --------- --------- --------- --------- --------- ----------
Total
comprehensive
income
for the
period - - - - - (268) (268)
--------------- --------- --------- --------- --------- --------- --------- ----------
At 30 June
2021 8,145 17,336 331 1,534 66,837 (75,993) 18,190
--------------- --------- --------- --------- --------- --------- --------- ----------
Year to
December 2021
(audited)
At 1 January
2021 8,145 17,336 331 1,534 66,837 (75,725) 18,458
--------------- --------- --------- --------- --------- --------- --------- ----------
Comprehensive
income
Loss for the
year - - - - - (514) (514)
--------------- --------- --------- --------- --------- --------- --------- ----------
Total
comprehensive
income
for the year - - - - - (514) (514)
Transactions
with owners
in their
capacity as
owners:-
Share based
payments (331) 331 -
--------------- --------- --------- --------- --------- --------- --------- ----------
At 31 December
2021 8,145 17,336 - 1,534 66,837 (75,908) 17,944
--------------- --------- --------- --------- --------- --------- --------- ----------
CASH FLOW STATEMENT
FOR THE SIX MONTHSING 30 JUNE 2021
Year
to
31 Dec
21
Six months Six months
to 30 to 30
Jun 22 Jun 21
(unaudited) (unaudited) (audited)
GBP000's GBP000's GBP000's
------------------------------------------- ----- ------------- ------------- ------------
Loss from operations (499) (268) (514)
Adjustment for:
Finance costs 188 81 145
Changes in operating assets and
liabilities / working capital:
(Increase)/decrease in receivables (44) (12) 1
Increase/(decrease) in payables 60 (36) (18)
-------------------------------------------------- ------------- ------------- ------------
Net cash used in operating activities (295) (235) (386)
-------------------------------------------------- ------------- ------------- ------------
Cash flow from financing activities
Proceeds from borrowings 1,075 450 450
-------------------------------------------------- ------------- ------------- ------------
Net cash generated by financing
activities 1,075 450 450
-------------------------------------------------- ------------- ------------- ------------
Net increase in cash and cash equivalents 780 215 64
Cash and cash equivalents at the
start of period 588 524 524
-------------------------------------------------- ------------- ------------- ------------
Cash and cash equivalents at the
end of the period 1,368 739 588
-------------------------------------------------- ------------- ------------- ------------
1 Basis of preparation
The Interim Report of the Company for the six months ended 30 June
2022 has been prepared in accordance with AIM Rule 18 and not in
accordance with IAS34 "Interim Financial Reporting" therefore is
not fully in compliance with IFRS.
The half year report does not constitute financial statements as
defined in Section 434 of the Companies Act 2006 and does not include
all of the information and disclosures required for full annual
statements. It should be read in conjunction with the annual report
and financial statements for the year ended 31 December 2021 which
is available on request from the Company's registered office, c/o
Weightmans LLP, 1 St James' Gate, Newcastle upon Tyne, NE99 1YQ
or can be downloaded from the corporate website www.tanfieldgroup.com.
2 Accounting Policies
Impact of accounting standards to be applied in future periods
There are a number of standards and interpretations which have
been issued by the International Accounting Standards Board that
are effective for periods beginning subsequent to 31 December 2022
that the Group has decided not to adopt early. The Group does not
believe these standards and interpretations will have a material
impact on the financial statements once adopted.
3 Loss per share
The calculation of the basic and diluted loss per share is based
on the following data:
Year
Six months Six months to
to 30 31 Dec
to 30 Jun 22 Jun 21 21
Number of shares 000's 000's 000's
-------------------------------------------------------- ---- ------------- ----------- ---------
Weighted average number of ordinary shares
for the purposes of basic earnings per
share 162,907 162,907 162,907
-------------------------------------------------------------- ------------- ----------- ---------
Loss From operations GBP000's GBP000's GBP000's
-------------------------------------------------------- ---- ------------- ----------- ---------
Loss for the purposes of basic earnings
per share being net profit attributable
to owners of the parent (499) (268) (514)
-------------------------------------------------------------- ------------- ----------- ------------
Loss per share from operations
Basic and diluted (p) (0.31) (0.16) (0.32)
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END
IR UPUUPBUPPGAR
(END) Dow Jones Newswires
September 09, 2022 02:00 ET (06:00 GMT)
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