Tanfield revealed last month that it had received “a number of approaches” for Snorkel. It now seems likely that negotiations with one or more party will open.
Tanfield has also disclosed that when it reports its 2012 results next month, it will show a £15.5m operating loss on turnover of approximately £45m.
However, the company is £2.1m better off after a share placing. A total of 10.5m new ordinary shares of 5p were placed with institutional investors at a price of 20p per share.
The net proceeds of the placing will be used for general working capital. Together with a recently agreed debt facility, this will allow the company to respond to market opportunities in the 2013 buying season, it said.
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