Tanfield Share Discussion Threads

[steveglobal4] 30/5/2014 14:38

must be an offer coming, what other reason can there be for the hold up.

[m.t.glass] 30/5/2014 14:15

It's not like they're too busy. They don't make anything any more.

[knicol46] 30/5/2014 14:00

Reults that were due in March, April and May will now be released on Monday 2 June - apprarently

[knicol46] 30/5/2014 07:57

No results again! Either management are incompetent or the results are that bad or both.

[cool_hand] 29/5/2014 19:44

what do you mean? this is one of the best investments on AIM.

[johnga] 29/5/2014 16:01

Don't worry, everyone. Multiplural has guaranteed success and stevglobal4 is buying.

Just can't see much evidence for either claim though!

[knicol46] 28/5/2014 17:55

I wonder if the 2013 results that were due out by the end of March, delayed until April then were supposed to be released on a random date in May 2014 are getting released?

They might even be delayed further until June 2014 or later even!

[m.t.glass] 23/5/2014 16:16

Plus he gets a readymade UK listing, if he wanted such a thing.

But I still think unlikely he would want the ongoing distraction of a farflung outpost. So if he did buy, shutting it down might be more likely. Though I don't think any of that will happen.

[steveglobal4] 23/5/2014 15:26

surely adhern would like to take tanfield as a whole to gain the tax incentive, of the losses racked up over the years, my vote is a takeover bid on tanfield from adhern, 42p a share. only time will tell

[multiplural] 21/5/2014 11:47

As you can see from my calculations, the reason I think this is worth north of 30p is obvious.
Coincidentially my average is also north of 30, but it has no influence on my judgment of the value as I see it.
I guess we will get some info very soon on Snorkel, and hopefully it can convince others that this is a good buy. But in general I have no problem accepting the market price at 16-17, just shows that opportunity is everywhere.

[cool_hand] 21/5/2014 10:19

agree Orange: they've managed to F* over shareholders more than once no reason why they won't have another go.

can't be trusted and hence current share price @ 16p.

Multi keeps quoting 30p plus because quite clearly that's where his average is.

[m.t.glass] 21/5/2014 10:14

Roy Stanley has a history of dabbling in various business activities, moving in and out of educational software, champagne, busmaking, electric trucks & vans, mobile platforms, airport stairways, forklifts, fleet servicing, tugtractors, general and specialised engineering, etc. Merging, renaming and restructuring companies along the way. I don't imagine that a clean simple outcome is high on the list of probabilities ;o)

[orange1] 21/5/2014 09:50

Fair enough. But it demonstrates that the TAN management are contemplating other things than returning the money and it is often the case that what management contemplates management gets.

[multiplural] 21/5/2014 09:33

Orange, obviously a shareholder approval can change the policy. But as of now the policy is to return the cash to the shareholders. If a majority of shareholders should wish otherwise it can obviously change. This is the case in all companies, and rightly so.

[orange1] 21/5/2014 09:03

Not quite. This statement made in March suggests that TAN may be contemplating not returning any money received to shareholders:

The strategy of the company in relation to its two interests is to return as much possible of the realised value in these investments to shareholders as and when they occur. The Board is reviewing its investment strategy and will inform shareholders of the outcome of this review in the near future. Any proposed amendment to the investing policy would be subject to shareholder approval.

[multiplural] 21/5/2014 08:46

Management have said they will return proceeds from sale of the two assets to the shareholders. Left will be an empty shell, maybe even with a tax loss carry forward, that might add further value if taken over by someone and used to list a new venture. All in all buying at todays level to me looks like a slam dunk.

[m.t.glass] 21/5/2014 08:17

And then what? Tanfield distributes cash and delists/ceases? Or Tanfield uses its listing to set out on some new venture? Or a bit of both?

[multiplural] 21/5/2014 08:05

Wishful, you said there is no reason for Ahern to bid early. I disagree. Read my post 774:
What if?
According to the deal Ahern can acquire 19 of Tanfields 49% of Snorkel by paying the 50M$ prefferred interest Tanfield hold.
The remaining 30% of Snorkel can be put to Ahern, or he can call it, when for a 12 month period the Ebitda of Snorkel are 25M$ or higher on a multiple of 5,5 times Ebitda. If this situation occurs then the lowest price for Tanfields remaining 30% will be 5,5x25Mx0,30=41,25M$ .
So total, if all stars align, the value of Tanfields 49% Snorkel share is 91,25M$ or some 55,3M£ or around 39,5 p per share.
On top of this comes whatever SEV might be worth. Even with SEV worth nothing and Don Ahern going for an early bid to get things under 100% control, I have a hard time convincing myself that this is not worth 30+ p right now.
Remember the reason Don Ahern might go for an early buy could be that he eyes Ebitda above 25M in the years to come which would up the price tag on the remaining 30% of Snorkel.
All in all I fully understand that someone apparently bought 5+% in TAN last week, could be an easy double.

[depester] 21/5/2014 07:19

Does anyone remember the JV with Wanxiang? Was released as part of an RNS if I'm not mistaken. I especially like his radical statements :)

Lu Guanqiu, the chairman and founder of China's Wanxiang Group Corp., plans to manufacture electric cars in the U.S. and ultimately in China, he said in his first extensive interview since prevailing in a February bidding war for Fisker's assets.

"I'll put every cent that Wanxiang earns into making electric vehicles," he said at Wanxiang's headquarters in Hangzhou, Zhejiang province. "I'll burn as much cash as it takes to succeed, or until Wanxiang goes bust."

Just google tesla fisker bloomberg or try this link:

[steveglobal4] 20/5/2014 22:09

Sorry but how I see is that adhern would be mad not to buy early if snorkel is doing better than exoected, otherwise he will be working his nuts of for snorkel only to give away more money to tanfield on his own success,
Hence if snorkel is going well, he is better off buying tans stake as early as possible, the way the rns was written a couple of weeks ago, i read it than once smith was confirmed we would get an offer from adhern,
Time will tell as i said before buy that's what I think,

[cool_hand] 20/5/2014 20:27

Great job guys.

[wishful_thinking] 20/5/2014 18:52

Steve, I agree based on information announced at the time the value of Snorkel must be worth at least twice the current share price but I disagree that there will be any early offer. I don't recall his exact words but it was something like "when the time is right I will buy the remainder of snorkel". I can't see why he would buy the remainder of the Snorkel any earlier than the contract states which was when they hit the profit target as surely if there was millions spare it would be better use to him being invested in growing his empire further. The only reason to buy it early would be for a sizeable discount but TAN aren't desperate to sell cheap so I can't see them accepting a discounted offer. I believe the share price is currently suppressed because the only reason TAN shouldn't get at least double the current price from it's investment in Snorkel is if they don't hit the profit target in the 5 year window. Then Ahern would be in a position to make a low offer to buy the balance. I believe we won't see much of an increase in the price (other than when more info on Smith value is made available) till we get some firm financials re Snorkel that show them making sustained profits and a very strong order book under pining continued growth. I don't think we're likely to get this for another year at least though.