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21 May 2010 17:06
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 £248,094.22.
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 £1,020,000 on sales of £15,946,000 for the year ended 31 December 2009. The post tax profits for the year ended 31 December 2009 were £1,108,000 and the net liabilities as at 31 December 2009 were £292,000.
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 333Raschid Abdullah
Religare Capital Markets Emily Staples +44(0) 207 444 0800Daniel Briggs +44(0) 207 444 0500www.religarecm.com
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