Tanfield, the AIM-listed aerial work platform maker, roared higher on Thursday afternoon after it was announced that US firm Smith Electric Vehicles Corp - in which it holds a 27.22% stake - has filed for a $125m initial public offering (IPO) on Wall Street.
In a brief statement, Tanfield flagged Smith's filing to the Securities and Exchange Commission and said that the IPO may include the partial sale by Tanfield of its current Smith shareholding.
"The shares of common stock to be sold in the offering are proposed to be sold by Smith and by certain of its stockholders, including Tanfield."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shares in Tanfield had jumped 30.72% higher to 50p by 16:21.
BC
-
RICS: Housing market continues to strengthen but 2025 could be challengingThe latest survey by the Royal Institution of Chartered Surveyors reports a resilient UK housing market, but warns of headwinds next year
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
