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Tanfield Group PLC (TAN.L)

TAN.L on London Stock Exchange

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2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

Tanfield Group PLC - Smith Electric Vehicles announces Joint Venture
Tuesday, 5 May 2015 02:01am EDT 

Tanfield Group PLC:Updates the market regarding its investment Smith Electric Vehicles.Announces that it has executed a conditional agreement to form an exclusive joint venture with strategic partner and investor FDG Electric Vehicles Limited.Smith will invest Smith brand, licence for Newton(tm) EV design and IP.Says strategic partner FDG will invest $15M in cash and $30m in assets, licence for commercial EV design and IP.Says the new joint venture entity to be responsible for US product development, sales and marketing.Says Smith will be responsible for manufacturing and maintain its right to territories outside of the USA.Says Smith will hold 20 million shares out of a total of 42.5 million.Says this represents a holding of 47 pct for Smith.Says Smith will distribute all the shares in the new joint venture to its common stockholders on a pro rata basis.Says the agreement is conditional on certain conditions precedent including , inter-alia, necessary government approvals and FDG due diligence.  Full Article