News blog

Water Hall Group / Petards

• BY: Andrew Hore |
• POSTED: 20/12/2012 |

Water Hall Group has requisitioned a general meeting to remove the chairman from the board of electronic security systems company Petards Group.

Water Hall owns 29.99% of Petards and it invested a further £337,000 in the recent open offer at 25p a share in order to maintain the stake. Water Hall wants to remove Tim Wightman from the board and replace him with its own chairman Raschid Abdullah, who would wish to take an executive role at Petards. 

Water Hall has told Petards of its concerns about underperformance but has not had a formal response to the proposed board changes.

Earlier this year, Water Hall made an indicative offer for Petards, which was rejected, and it missed the 18 October deadline to make a firm offer.

At 23p a share, Petards is valued at £2.5m.

At 2p a share, Water Hall is valued at £1.59m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf