News blog

Water Hall Group

• BY: Andrew Hore |
• POSTED: 17/09/2012 |

Having sold its quarry operations Water Hall Group is raising £750,000 in order to put the shell on a stronger financial footing to seek out acquisitions and it has promised existing shareholders the chance to participate through an open offer.

Water Hall is issuing £200,000 of convertibles and placing 22m shares at 2.5p a share to raise the rest. The convertibles are convertible at the placing price. This is a premium to the current market price of 1.88p a share, which values the existing share capital at £1.06m.

No details of the open offer have been revealed as yet.

Water Hall is seeking to acquire a business with its own IP and technological expertise.

Water Hall still owns stakes in Lloyds Banking Group and Aim-quoted security company Petards and has an estimated £1m plus of cash prior to the fundraising.

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