Tanfield hit by funding concerns

Tanfield Group’s shares nearly halved in value, hitting a seven-year low yesterday, after the troubled electric van maker said it was in talks to sell its shares at a substantial discount to tackle a cash shortage. The company said it expected the fundraising to be structured as an open offer, partially underwritten by certain directors. It said its net cash fell to £2.2m at the end of June from £5.4m at the end of 2009. Its shares closed 38 per cent down at 17.9p.