Tanfield Group (AIM: TAN) IPO of Smith Electric Vehicles pulled - another classic from Tanfield
Just when things were starting to look a bit brighter for the manufacturer of Powered Access equipment and investor in Smith Electric Vehicles, the Washington (Tyne & Wear) based group has shocked the market with news that the planned IPO of Smiths has been pulled
The statement from management was that they received significant interest from potential investors but were unable to complete a transaction at a valuation or size that would be in the best interests of the company and existing shareholders. They have instead decided to go the private funding route – one hopes/assumes management has already identified a private funding solution! With several private funding rounds in Smiths already completed (over US$120m has been raised) their confidence may not be misplaced suggesting that today’s fall in the share price (currently down 35%) is overdone. Unfortunately this business has disappointed so often in…