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Water Hall Group / Petards Group

  • BY: Andrew Hore |
  • POSTED: 24/06/2010 |

Water Hall Group voted against security technology provider Petards Group’s AGM resolutions for a capital reorganisation and the disapplication of pre-emption rights for share issues.

Quarry operator Water Hall took its stake in Petards to 29.99% in June following a tender offer at 0.7p a share. In fact, more shares were tendered than could be bought without triggering a mandatory bid. Water Hall says that it voted against the resolutions because Petards has not provided clear information about its future direction. Water Hall wants a meeting with the Petards management.

Petards had more than 14,000 shareholders prior to the tender and nearly all of these had shareholdings of less than 10,000 shares. The plan was to consolidate 10,000 shares and then subdivide them into 100 new shares. Any shareholders with less than 10,000 shares would have received market value for the shares through the sale of their fractional entitlements. This would have reduced the costs of the shareholder register.

Trading remains tough for Petards but its margins are better than expected. Revenues will be weighted towards the second half of the year. At 0.72p a share, Petards is valued at £4.62m.

Water Hall also held its AGM today. A planning application has met with a favourable response from Hertfordshire County Council. This covers restoration plans and an additional 200m3 of landfill space. Water Hall will be able to sell the Water Hall Complex if it chooses to. The company also hopes to do a landfill gas deal.

The remaining stake in Lloyds Banking will be sold at some point because it is non-core.

At 3.25p a share, up 0.25p on the day, Water Hall is valued at £1.84m.

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