Check this out24 Jun 2013 15:07
Water Hall Group plc
("Water Hall" or the "Company")
General portfolio realisation
On 7 May 2013 the Board of Water Hall announced that it had increased the Company's equity exposure by increasing its holdings of liquid investment-grade UK equities against a background of improving market conditions. As set out in that announcement the Board has continued to evaluate potential investment opportunities. Subsequently, the Board has been approached with a further investment opportunity in respect of which it is now at an advanced stage of negotiations. Accordingly, in order to ensure that the Company has sufficient immediately available funds to make this new investment should it proceed, and given the background of increasing volatility in world equity markets over the course of the last week, on 21 June 2013 the Board realised through the market its entire general portfolio for an amount in aggregate of £562,058 in cash (before expenses), which compares to the book cost of £589,886. In addition, the Company sold on the same date its entire holding of 800,000 ordinary shares in Lloyds Banking Group Plc ("Lloyds") for £498,399. The net book value of the Company's interest in Lloyds as at 30 June 2012 was £248,800.
Together with its other cash balances, the Company's total cash balances including the sale proceeds are therefore approximately £1.2 million. In addition to its liquid resources, Water Hall's sole remaining equity investment is its 29.99 per cent. interest in Petards Group plc, a UK-based AIM-traded company whose activities embrace the provision of security and surveillance systems to the transport sector, in particular railways, emergency services sector, specifically the police and the UK Ministry of Defence.
Accordingly, Water Hall's general portfolio and investment(s) in associate(s) following completion of the new investments is set out in the table below. All the investments are in UK listed ordinary shares unless stated otherwise:
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