News blog
Water Hall / Petards Group
- BY: Andrew Hore |
- POSTED: 28/05/2010 |
Water Hall Group has sold part of its stake in Lloyds Banking Group in order to help finance the tender off for shares in Aim-quoted security systems supplier Petards Group.
The company sold 852,690 shares art 57.955p a share. That raised just over £494,000 before costs and Water Hall is left with 800,000 Lloyds shares.
The quarry operator invested £1.27m of its cash pile in Lloyds TSB shares in September 2008. It has subsequently bought more shares at a total cost of £454,000, which brought the average cost of the shares down. The remaining shares are worth around £456,000.
The tender offer for Petards is at 0.7p a share and it will cost just over £730,000 to take Water Hall’s stake from 13.6% to 29.99%.
Petards says that it does not believe that the tender price fully reflects its underlying value. However, it does recognise that shareholders with less than £3 worth of shares would benefit from tendering their shares.
At the current share price of 0.64p, Petards is valued at £4.07m.
At 3.75p a share, Water Hall is valued at £2.13m.
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