Liberty Electric Cars bids to acquire Tanfield
1 min read
Liberty Electric Cars, a UK-USA based clean technology company, is seeking to acquire a majority interest in the AIM-listed, Tanfield Group via an all-share exchange supported by a £15 million proposed three year debt financing to Tanfield. However, Tanfield has summarily rejected Liberty's approach and denied its request for a meeting to discuss the approach.
Oxford Science Park-based Liberty has developed proprietary electric powertrain technology to address the global demand for green transport. It has developed a prototype all electric, zero emission Range Rover and has recently reached an agreement for the potential supply of electric conversion kits for 10,000 buses to a Chinese State entity. Liberty said it is in a position substantially to improve the throughput at Tanfield's underutilised production facilities through the production of the zero emission Range Rover for sale in Europe and the electric conversion kits for China.
The proposed £15 million three-year debt financing is almost equal to Tanfield's entire current market capitalization and provides, says Liberty, a comfortable breathing space to address the proper resolution of the real problems facing Tanfield's two core businesses.
Liberty said Tanfield's management proposed to transfer all or a substantial part of its UK based electric vehicles business to the US.
