Water Hall Group Plc New Investment (1993I)
29 6월 2013 - 12:50AM
UK Regulatory
TIDMWTH
RNS Number : 1993I
Water Hall Group Plc
28 June 2013
For immediate release
28 June 2013
Water Hall Group plc
("Water Hall" or the "Company")
New Investment
The Board of Water Hall announces that it has entered into a
debt purchase agreement (the "Debt Purchase Agreement") with Lloyds
TSB Commercial Finance Limited and Bank of Scotland Plc (the
"Banks") pursuant to which the Banks have assigned to Water Hall
their full rights under the working capital facility letters and
the receivables finance agreement provided by the Banks to Petards
Group plc (the "Petards Working Capital Facility") together with
the assignment of the Banks' security to Water Hall. The rate of
interest payable under the Petards Working Capital Facility on any
drawings is charged at the annual rate of 4 per cent. over the Bank
of Scotland base rate. Petards Group plc ("Petards") is a UK-based
AIM-traded company whose activities embrace the provision of
security and surveillance systems to the transport sector, in
particular railways, emergency services sector, specifically the
police and the UK Ministry of Defence. Water Hall has an existing
29.99 per cent. interest in Petards.
The total consideration paid by Water Hall to the Banks for the
amount currently owing by Petards under the Petards Working Capital
Facility and other associated trading and transaction costs was
GBP664,557 in cash, which has been funded from Water Hall's
existing cash balances.
The Petards Working Capital Facility, was secured by a number of
debentures and charges over the assets and business of Petards and
its subsidiaries, comprising Petards Limited and Petards
Joyce-Loebl Limited, had a limit of GBP1,650,000.
The Board of Water Hall is now in active discussions with
Petards with a view to Water Hall providing Petards with a new
working capital facility (the "New Facility") of up to GBP1,650,000
(including the amount acquired from the Banks) on substantially the
same terms and security as the Petards Working Capital Facility. A
further announcement will be made in due course.
In addition to its liquid resources of approximately GBP500,000
and the amounts due from Petards arising from this agreement, Water
Hall's sole remaining equity investment is its 29.99 per cent.
interest in Petards, which as at close of business on 27 June 2013,
was valued at GBP538,000. For the six months ended 30 June 2012,
the date of the last published results, Petards's unaudited
turnover and profit before tax amounted to GBP4.7 million and
GBP22,000 respectively and as at the same date total assets and net
assets amounted to GBP4.4 million and GBP383,000 respectively.
Enquiries:
Water Hall Group Plc www.waterhallgroupplc.com
Raschid Abdullah Tel: +44 (0) 1483 452 333
Beaumont Cornish Limited (Nominated Tel: +44 (0) 20 7628 3396
Adviser and Broker)
Roland Cornish / Michael Cornish
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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