News blog
Water Hall Group
- BY: Andrew Hore |
- POSTED: 17/06/2009 |
Water Hall Group has appointed GVA Grimley to help it sell its landfill business.
There has already been interest in the Water Hall Complex. Any sale could be delayed until there is an agreement with Hertfordshire County Council about the restoration of the area. A revised scheme has been discussed and planning permission will be submitted in a few weeks.
An alternative to the sale would be to use the gas from the landfill activities for power generation. There is also potential to mine gravel from an extension area. An Energy from Waste project is a further alternative.
Trading has been mixed so far this year. The first two months were reasonably good but May was one of the worst months ever. Trading has improved in June but prices have been cut to attract work.
Water Hall believes that there are a number of potential acquisition opportunities available. These might be funded through cash and debt or they might require a share issue.
Water Hall bought more Lloyds Banking Corporation shares in the Shareholder Compensatory Scheme at 38.43p a share. Since the beginning of the year the Lloyds shares have lost £150,000 of their value - making the overall loss since their purchase £883,000.
At 3.25p a share, the waste management business at £1.84m. The net asset value was £3.58m at the end of 2008. There was net cash of £3.16m. Even if cash in escrow is excluded, cash is £1.84m - equal to the company‘s market value. That figure does not include the investments in Lloyds and Petards.
Religare Hichens Harrison was appointed broker and its sister company Blomfield Corporate Finance became nominated adviser on 1 May 2009.
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