Acquisition

26 Oct 2006 07:01

Water Hall Group Plc26 October 2006 Water Hall Group plc (the "Company") announces that on 24 October 2006 itacquired 600,000 ordinary shares of 10 pence each in Premier Asset Managementplc ("PAM") representing approximately 3.934 per cent. of its issued ordinaryshare capital for a cash consideration of £990,000, or 165 pence per share,excluding dealing costs. The Company has met the cost of the purchase from itsexisting cash resources. PAM is an AIM listed holding company with a stock market capitalization of£26.239 million at close of business on 24 October 2006. The principal activityof PAM is that of a holding company, the subsidiary undertakings of which manageopen and closed end investment funds as well as discretionary portfoliomanagers. For the 6 month period to 31 March 2006, PAM announced pre and post tax profitsof £241,083 on turnover of £7.042 million and a net asset value of £7.575million. For the full year ended 30 September 2005, PAM reported a pre tax lossof £348,519 and a post tax loss of £223,519, after a tax credit of £125,000, onturnover of £8.637 million and a net asset value of £5.644 million. The principal activities of the Company's operating subsidiary Water Hall(England) Limited continue to be those of waste management and quarryingoperating from its site located in Hertfordshire. Commenting on the purchase, Mr. Raschid Abdullah, Chairman of Water Hall Groupplc said: "The Company has made this purchase with the objective of seeking abetter return for its shareholders." 26 October 2006 End Enquiries: Raschid Abdullah, Chairman, Water Hall Group plc - Tel: 01483 452 333 Barrie Newton, Rowan Dartington & Co. Limited (a subsidiary of Corporate SynergyGroup plc) - Tel: 0117 933 0011 This information is provided by RNS The company news service from the London Stock Exchange