Shares in perennial dog’s breakfast, lunch and dinner Tanfield (TAN) tanked last week and now trade at just 14.125p on the back of its latest dire trading update. Yet the company is still valued at £19 million. That really is a triumph of hope over experience.
The restructuring of last autumn saw Tanfield reclassified as a passive investment company. It now has stakes in two (perennially cash consumptive and loss making) businesses. Let’s start with the bad news from Friday.
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