Tanfield could benefit from Smith's IPO
By Maria Hadlow11 November 2011
Smith Electric Vehicles US (27% owned by Tanfield) has filed an S-1 registration statement with US Securities and Exchange Commission with a view to a proposed IPO (initial public offering) of shares on the NASDAQ global market.
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, the parent company of Snorkel. Subject to market conditions, the IPO may include a partial sale by Tanfield of its current shareholding in Smith.
Should the IPO go ahead it would result in a cash injection for Tanfield and Snorkel.