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Tanfield Group PLC Announces Disposal of Powered Access Division

Friday, 20 Sep 2013 02:00am EDT 

Tanfield Group PLC announced that it has reached agreement on the terms of a conditional contribution agreement (the Contribution Agreement) to dispose of the Snorkel Division by contributing the Snorkel Division to a new company, Snorkel International Holdings in which the Company will retain a minority interest, with SKL Holdings, LLC (SKL Holdings) owning a majority interest.(the Transaction). Xtreme Manufacturing, LLC ("Xtreme"), by way of its holding in SKL Holdings, proposes a staged acquisition of the Snorkel Division, via the creation of Snorkel International Holdings, which is a Nevada, USA, limited liability company, in which Tanfield will retain a holding until the consideration terms are fully met. Xtreme has committed to making significant working capital facilities available to Snorkel International Holdings to deliver its growth forecast (such growth forecast is estimated by Xtreme to require between USD35million and USD50million of working capital) and to deliver certain other strategic benefits and synergies to Snorkel International Holdings. Tanfield will retain an initial interest in 49% of Snorkel International Holdings and a preferred interest position of USD50 million (which may be subject to adjustment, as described in the Circular), in exchange for Xtreme's controlling interest in Snorkel International Holdings. 

Company Quote

21 Nov 2014