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A simple enough-sounding “Snorkel Investment Update” from Tanfield Group (TAN), but then this company, previously described here as ‘perennial dog’s breakfast, lunch and dinner’, has found very little simple over the years – and the shares are down and well below 10p on this latest update…
Shares in perennial dog’s breakfast, lunch and dinner Tanfield (TAN) tanked last week and now trade at just 14.125p on the back of its latest dire trading update. Yet the company is still valued at £19 million. That really is a triumph of hope over experience.
Back in April I closed a bear trade at a loss in Tanfield (TAN). I figured in March that it had run out of money and that it was unlikely to raise funds at anything other than a massive discount to the share price of around 20p.
To my surprise brokers WH Ireland found some institutions dumb enough to pay 20p to raise £2.1 million for the company and the shares went well north of that on a relief rally.
They have now crashed below the placing price, never a good sign in my experience and I have reopened a short position at 18p.
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