Manganese Bronze in funding talks with GeelyThe maker of London’s black cabs
Manganese Bronze, will hold talks with major investor Geely on Monday about emergency funding to help “keep the doors open” at the beleaguered company.
It was reported by the Daily Telegraph yesterday that Manganese Bronze would be holding talks With Geely on Monday 15th October regarding emergency funding to help “ keep the doors open” at the beleaguered company.
With LTC Chief Executive John Russell stating that Chinese Car Company Geely has a “big part to play” in supporting the business.
However, according to the Reuters news agency today a senior executive at Geely
Automobile Holdings Ltd, Mr Lawrence Ang, said that “ he was not aware of recent
Communication between the firms about that matter”….he also stated that
“ Geely is only a minority shareholder in this company”
“ Our CEO and myself used to sit on the Manganese Bronze`s board but we`ve cut down to only one non-executive Member now” said Mr Ang.
Geely now own roughly 20% of Manganese Bronze worth £610,000 based on the Share price of just 10 pence per share on October 11th, its last trading day.
It is quite obvious to us at the LCDC that the London Taxi Company have neither the money nor the mechanical solution to rectify this mess.
If any driver has just bought a TX4 and he has not made his first finance payment then under the terms of his agreement he can stop the debit, tell the company he is returning the vehicle. All he needs to do is give a reason – eg safety concern re steering box.