LONDON, July 3, 2026, 23:04 BST
- Tanfield ended at 5.05p, gaining 5.1%, with the move coming after London trading hours.
- The price puts the company’s equity at roughly £8.23 million, which is about 40% of what was reported for 2025 equity, according to Reuters calculations.
- Tanfield’s most recent update on its website is a holding notice dated June 30. There isn’t a new operating statement.
- Southey Capital is now at 11.94 million shares, or 7.33%, after moving over the threshold June 29.
Tanfield Group Plc (LON:TAN) moved up 5.1% to 5.05 pence on Friday. That gives the AIM-traded investment group a market cap of roughly £8.23 million, using its 162.91 million shares on the market. Hargreaves Lansdown listed the share at a 4.84p sell and a 5.25p buy at the close.
Investors are focused on the wide gap. Tanfield’s market cap is under half of the £19.1 million carrying value it assigns to its 49% stake in Snorkel International Holdings LLC, and sits at about 40% of the £20.6 million equity it posted for 2025. That’s before factoring in any upside from the disputed option price in the Snorkel dispute.
| Measure | Value | Per Tanfield share | Market read-through |
|---|---|---|---|
| Friday close | 5.05p | 5.05p | Where the stock last changed hands |
| Market cap at this price | £8.23 mln | 5.05p | Reuters estimate |
| Snorkel book value | £19.10 mln | 11.72p | 2.32 times the current quote |
| 2025 stated equity | £20.62 mln | 12.65p | 2.51 times Friday’s price |
| 2025 cash/deposits | £2.06 mln | 1.26p | Roughly a quarter of the share’s last price |
Tanfield isn’t running any industrial operations right now. The company holds a 49% stake in Snorkel and owns 5.76% of Smith Electric Vehicles Corp, per its AIM Rule 26 filing. Tanfield’s stake in Smith is marked at zero value.
Liquidity is weak. AJ Bell data shows just 150,790 shares traded on July 2, nearly all from one 149,795-share trade at 5p. That print was valued at £7,489.75.
| Latest available tape item | Price/volume | Value |
|---|---|---|
| Company website, July 3 | 5.05p, up 5.1% | — |
| Hargreaves Lansdown quoted prices | 4.84p bid / 5.25p offer | — |
| AJ Bell July 2 trading volume | 150,790 shares | About £7,540 at 5p |
| Biggest single July 2 trade on AJ Bell | 149,795 shares at 5p | £7,489.75 |
The discount comes from a U.S. court battle tied to Snorkel. On April 1, Tanfield said the court held that Snorkel used a call option in November 2018 and now owes the Preferred Interest along with an option price that still hasn’t been set. Tanfield said that price could be zero or higher, but added Snorkel planned to appeal.
The board, in the annual report signed by Chairman Daryn Robinson, said it still sees the chance for “further positive outcomes” and has “no reason to believe” the supreme court won’t back the district court decisions. Tanfield Group
Tanfield continues to book charges tied to time and legal expenses. The company reported a £1.8 million operating loss for 2025, up from £0.4 million, as legal costs in the U.S. pushed expenses higher. Cash and short-term deposits dropped to £2.1 million at the end of December from £3.2 million the year before, and stood at roughly £1.5 million as of the April update.
| 2025 financial pressure point | 2025 | 2024 |
|---|---|---|
| Operating loss | £1.8 mln | £0.4 mln |
| Cash plus short-term deposits, year-end | £2.1 mln | £3.2 mln |
| Total assets | £21.2 mln | £22.4 mln |
| Dividend | Nil | Nil |
Southey Capital filed a TR-1 dated June 30, flagging a new stake. The group crossed a threshold on June 29, reporting 11,937,615 voting rights, or 7.33%. That’s about £603,000 at Friday’s 5.05p price, according to Reuters.
Tanfield’s site hasn’t posted anything new since the June 30 holding update. Interim results are still set for before Sept. 30, according to its financial calendar.
