Petards Group PLC Response to Water Hall Group re General Meeting (9489I)
31 July 2012 - 11:30PM
UK Regulatory
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RNS Number : 9489I
Petards Group PLC
31 July 2012
31 July 2012
Petards Group plc ("Petards" or "the Company")
Response to Water Hall Letter concerning General Meeting
Petards, the AIM quoted developer of advanced security and
surveillance systems, announces that it is aware that Water Hall
Group plc ("Water Hall"), which holds 29.9% of Petards voting share
capital, has written to Petards' shareholders indicating that it
will be voting against the resolution to be proposed at the general
meeting being held on 9 August 2012. Although Water Hall say that
their response is in the interests of all Petards' shareholders it
is the opinion of Petards independent directors that Water Hall is
actually pursuing its own agenda.
The Company has wished to raise capital for some time to fund
the development of its business and the Petards independent
directors are concerned that since increasing its shareholding in
Petards to 29.99% in 2010, Water Hall has voted against all
resolutions put to shareholders relating to the raising of capital.
This has been in contrast to the other shareholders; over 99.8% of
those voting have consistently supported the Board's position and
voted in favour of those resolutions,
The resolution presently being put to shareholders is seeking an
authority which, if passed, will increase the options available to
the Company when considering how best to provide funding for the
Company's continued development. The Company is aware that its two
other major shareholders have voted in favour of the resolution as
have the vast majority of other shareholders whose votes have been
counted at the date of this announcement.
Approval of the resolution would enable the Company to undertake
a fundraising but only on the basis of a pre-emptive open offer to
shareholders which means that any such offer would be available to
all shareholders equally on the same terms and would not favour one
shareholder over any other. However it should be noted that an open
offer will only be undertaken if the Directors are satisfied that
it represents the best available option to the Company and
therefore that it is in the best interests of the Company and its
shareholders as a whole.
The Directors, other than Osman Abdullah, continue to recommend
that all shareholders vote in favour of the resolution to be
proposed at the general meeting.
For further information:
Petards Group plc www.petards.com
Andy Wonnacott, Finance Director Tel: 0191 420 3000
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe Tel: 0117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
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