Tanfield Group PLC - passive investing company with 49% interest in producer of self-propelled, towable and push-around aerial lifts Snorkel International - Says that following a recent US court hearing, a judge has ordered Snorkel to produce its overdue accounts for the first and second quarter. Tanfield’s shareholding follows its joint venture with Xtreme Manufacturing LLC, a firm owned by Don Ahern of Ahern Rentals Inc. Subsidiaries of Xtreme filed a summons & complaint against Tanfield in Nevada in 2019. Tanfield says Snorkel’s annual accounts were provided late according to the JV’s terms, and it still hasn’t received accounts for the three months to March 31. Adds that it has requested them on multiple occasions but received ‘no response or reason for the ongoing delay’. Says it ‘sought the assistance of the court’ because the deadline regarding accounts for the second quarter was approaching.
Tanfield says it remains ‘fully focused’ on the US proceedings but the jury trial set to start in March will need to be rescheduled, because of ‘ongoing delays in obtaining relevant discovery’ from its opponents. Expects a delay of three to six months. Says however it still believes ‘that a positive outcome...is possible’.
Current stock price: 3.50 pence, down 7.9% in London on Friday afternoon
12-month change: up 7.7%
Copyright 2024 Alliance News Ltd. All Rights Reserved.
