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Water Hall Group / Petards Group

  • BY: Andrew Hore |
  • POSTED: 21/08/2013 |

Security equipment supplier Petards Group has declared its bid for Water Hall Group.

Acceptances representing 55.1% of the share capital have been received.

Petards has offered 12.5 of its own shares and £2 of convertible loan notes for every 100 Water Hall shares. At a Petards share price of 12p, the bid values each Water Hall share at 3.5p.  The convertibles offer interest at 7% and the conversion price is 8p a share.

The bid is effectively a reverse takeover and it follows Water Hall’s purchase of Petards’ debt facility from Lloyds TSB, which the bank was going to withdraw. The £1.65m facility continues to be provided by Water Hall, which owns 29.9% of Petards.

Prior to acquiring the debt, Water Hall had cash of around £1.2m. The amount paid for the debt facility was £665,000 so there is still spare cash to finance the Petards business.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2013_47.pdf

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