Substantial acquisition
22 May 2010 - 2:06AM
UK Regulatory
TIDMWTH TIDMPEG
RNS Number : 3808M
Water Hall Group Plc
21 May 2010
21 May 2010
Water Hall Group plc
("Water Hall" or the "Company")
Substantial Acquisition
Water Hall, the AIM listed waste management company, today announces that it has
increased its investment in Petards Group plc ("Petards"), an AIM listed
provider of security and surveillance systems, through the acquisition of
38,000,000 ordinary shares of 1p each in the issued share capital of Petards
("Ordinary Shares") at an average price of approximately 0.6461p per Ordinary
Share and at a total cost, including expenses, of GBP248,094.22.
The cost of the acquisition of the further investment has been funded out of the
Company's existing cash resources.
As a consequence of the acquisition the Company now owns 84,500,000 Ordinary
Shares representing 13.27% of the issued share capital of Petards.
On 26 April 2010, Petards announced pre tax profits of GBP1,020,000 on sales of
GBP15,946,000 for the year ended 31 December 2009. The post tax profits for the
year ended 31 December 2009 were GBP1,108,000 and the net liabilities as at 31
December 2009 were GBP292,000.
Raschid Abdullah, Chairman of Water Hall commented;
"The board of Water Hall, which first invested in Petards in November 2007,
remains committed to its long term investment."
For further information:
Water Hall Group plc
+44 (0) 1483 452 333
Raschid Abdullah
Religare Capital Markets
Emily Staples
+44(0) 207 444 0800
Daniel Briggs
+44(0) 207 444 0500
www.religarecm.com
<ENDS>
This information is provided by RNS
The company news service from the London Stock Exchange
END
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