Tanfield raises funds to lend to US associate company

Tanfield Group, which makes aerial work platforms, has placed shares in the market at 42p each to raise funds for a bridging loan for associate company Smith Electric Vehicles.

Tanfield Group, which makes aerial work platforms, has placed shares in the market at 42p each to raise funds for a bridging loan for associate company Smith Electric Vehicles.

The company raised £2m through the share placing to provide a 180-day loan to Smith Electric Vehicles, in which it has a 24% stake. The loan will be repaid after Smith floats in the US, although no date for the flotation has been released. Smith will pay market rates for the loan.

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