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Water Hall Group

  • BY: Andrew Hore |
  • POSTED: 24/06/2013 |

Shell company Water Hall Group has sold its general portfolio of shares and its stake in Lloyds Banking.

The portfolio raised £562,000, slightly below book cost and the Lloyds stake generated £498,000, taking the cash pile to £1.2m. Water Hall wants the cash for new investment opportunities.

The former quarry operator invested £1.27m of its cash pile in Lloyds TSB shares in September 2008 in order to get a better return because the dividend payments were going to be higher than the interest it would have received but the timing proved poor. The acquisition of HBoS meant that it could not pay dividends due to the terms of the government bail out of the banks.

At 2p a share, up 0.5p a share, Water Hall is valued at £1.59m. Most of that valuation is covered by the cash pile and Water Hall still owns 29.9% of Aim-quoted security equipment supplier Petards, which is worth £538,000.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf

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