Tanfield Group PLC - investment firm headquartered in Newcastle Upon Tyne - Says its investment in Snorkel International Holdings LLC is currently valued at £19.1 million. Says Snorkel performed well in the second quarter of 2022, achieving further sales growth. Nonetheless, posts loss before interest, tax, depreciation, and amortisation of $4.3 million, swinging from a profit of $200,000 year-on-year, due to a reduction in gross margin to 2.8% from 8.9%.
Says a number of shareholders have subscribed to a further £300,000 of its third loan note. The third loan is unsecured and carries annual interest of 10%. It will provide the company with working capital funding.
The company currently uses support from shareholders, via loan note subscriptions, to fund its legal proceedings and day-to-day costs, and ensure the protection of its investment in Snorkel.
Current stock price: 1.51, down 25% on Wednesday
12-month change: down 33%
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