Tanfield Share Discussion Threads

[dave224] 22/11/2018 17:53

So it turns out Don Ahern is nothing but a thief.

[9degrees] 22/11/2018 17:15

we were completely stitched up by an incompetent management board who presumably are still paid ??

[sorksandnorks] 22/11/2018 16:55

So they want our 49% for nothing. How is that possible? Does it mean that their 51% is also worth nothing? This is a very strange state of affairs which doesn't bode well at all. Any funds we have left will be swallowed up by lawyers should this go to litigation. I suspect that we are being well and truly hung out to dry by Ahern & Co. Desperate times indeed.

[grabster] 15/11/2018 07:10

TJ - last we saw of MTG was a photo of him and new wife alongside a Winnebago, somewhere in the USA, (lengthy honeymoon tour?) more than 2 year ago. Perhaps still there, living the dream? Saw a couple of posts from him about 6 months ago on another bb site. He got SPL wrong and mentioned writing off a loss on that but sounded cheery. Nothing here on advfn from him in past 2 years.

[tradejunkie2] 14/11/2018 23:59

Well things are going well then aren't they?

Where's our buddy M.T.Glass?

[donemyhomework2] 09/11/2018 09:09

Very tight spreads at 6.25p to 6.30p. Lowest ask price for quite a while I think. Hmm.

[multiplural] 07/11/2018 21:04

I suppose we were both right as to the development for Snorkel ?
As for Ahern we have not seen anything yet.

[orange1] 07/11/2018 20:12

Following the mid-term elections in the US, the bid price reaches an all-time low of 6.3p.

Time then for a bit of US election nostalgia ....

Following the Presidential elections two years ago, we were treated on this thread to the following "top-class bantz":

"Dave224 9 Nov '16

What a result, a Trump win is great for Snorkel the investment in infrastructure will see more AWP's needed!

multiplural 9 Nov '16

Dave, I totally agree. The talk about the infrastructure investments might be the catalyst that could move a buy from Ahern forward.

If anything it will for sure better the financials for Snorkel to a point where the option kicks in. That would be an even better scenario with the +45p level instead of a premature bid that would probably be accepted in the 30p level."

[eke] 06/11/2018 11:45

GrabsterWell said Sir.

[grabster] 05/11/2018 04:55

If the remaining Tanfield directors ever do engage in expensive legal action to try and beat Ahern's lawyers in this dispute, this will surely do no more than hasten the eventual delisting and closure of the company - by emptying the coffers sooner rather than later. At which point the Tanfield directors will no longer be able to continue pocketing whatever salary they might currently be taking. If they merely continue talking about the possibility of such action, rather than actually engaging in it, and can string out such threats, they can presumably continue collecting their monthly paychecks for longer.

I've no idea if that is what they are thinking of course. It may be that in the interests of shareholders they have ceased collecting salary payments, pending whatever they can best achieve for their beleaguered fellow shareholders.

Of course it might be that they actually would win a court case and make shareholders a fortune from doing so.

Place your bets. ;-)

[tradejunkie2] 04/11/2018 23:43

Timbeeeeerr.

[multiplural] 01/11/2018 18:33

As presented Charles Brooks must be in real trouble. It seems he might have acted on behalf of the buyer ( Ahern) when he was acting as sellers representative while being CFO in Tanfield.
I guess they jail this sort of conduct in the states if correct.
Ahern have a reputation though as an honest citizen and businessman, I doubt he will try to steal this in a criminal way. Obviously he might try to get away with paying the heavy reduced preferred interest, now some 25M$, but the accounting shenanigans of late should not pass.
I guess Snorkel on itself is worth at least the revenue.

[donemyhomework2] 01/11/2018 17:28

So an EBITDA certificate was due every quarter since they started in October 2013 . So we are talking nearly 5 years worth of quarterly certificates and no one noticed or have I misunderstood??

[jamesenglish] 17/10/2018 20:56

Snorkel - order
www.khl.com/access-international/south-korea-deal-for-snorkel-/134933.article

[orange1] 14/10/2018 16:45

Oh, multi. Hear thy soul speak. Of the very instant that thy saw Don, did thy heart fly at his service. Love is like a child, that longs for everything it can come by.

[multiplural] 14/10/2018 13:51

New interview with Don Ahern on Snorkel.





On the subject of OEMs and Ahern’s majority acquisition of Snorkel in 2013, has the company become everything he expected it to be? “Almost,” he replies, “We are very pleased with it. We have taken a company that was distressed and was barely operating and was probably within a very short time of not operating. “You could call it ground zero, and now we are annualising around $300 million.”

[tradejunkie2] 11/10/2018 01:48

That chart looks like a ski slope.

lol

[grabster] 10/10/2018 14:25

multi - I don't think anyone ha expressed any doubt about how well Snorkel is doing. Just that its relevance to Tanfield shareholders is now minimal if not zilch.

[multiplural] 08/10/2018 09:54

According to Snorkel CEO things are doing quite well.
"
Whilst there may be increased commentary on global trade, tariffs and retaliations, we still see an underlying strong demand for aerial equipment in North America, and globally.

"
See interview here:

[puffintickler] 20/9/2018 12:52

"The assertions made by Mr Brooks, is that the preferred interest position, described in the excerpt from the circular below as being "$50,000,000 (which may be subject to adjustment)" is only applicable until 30 September 2018, after which date the value will be nil."

Arguably either Mr Brooks is lying about what he believes the phrase means or he is admitting he is guilty of not fulfilling his fiduciary obligations while at Tanfield. Some may even suggest he used his position of trust in Tanfield to knowingly swindle the company out of its ownership of the subsidiary.

The RNS of 20th September 2013 prepared by Derren Kell and Charles Brooks states that
"Tanfield to hold a US $50million preferred interest in new Snorkel entity, Snorkel International Holdings, LLC ("Snorkel International Holdings")"

this is only qualified by the statement

"Tanfield will retain an initial interest in 49% of Snorkel International Holdings and a preferred interest position of US $50 million (which may be subject to adjustment, as described in the Circular)."

If the preferred interest was intended to expire on a certain date this would be a far more important fact in the RNS to mention, indeed emphasise, than that it was "subject to adjustment". Obviously those who signed off the RNS, notably Charles Brooks, did not intend that the preferred interest would ever expire.

[fenners66] 20/9/2018 08:35

I had this stock on my watch list for a decade or more without ever really looking into it.
If I recall , originally I put it on as the Electric vehicle division was supposed to be worth more than the shares....

I assumed it was another too good to be true story and kind of ignored them.....

So I opened up the RNS this morning whilst thinking to myself "there was something dodgy about these in the past"

and then I read this.

Now we all understand there is still "something dodgy" about these.....

[eke] 20/9/2018 08:25

Just put the 49% on e bay and see what you get!Just a thought