Water Hall Group Plc Further Investment (2192I)
01 7월 2013 - 3:05PM
UK Regulatory
TIDMWTH
RNS Number : 2192I
Water Hall Group Plc
01 July 2013
For immediate release
1 July 2013
Water Hall Group plc
("Water Hall" or the "Company")
Further Investment
On 28 June 2013 the Board of Water Hall announced that it was in
active discussions with Petards Group plc ("Petards") with a view
to Water Hall providing Petards with a new working capital facility
(the "New Facility") of up to GBP1,650,000.
The Board of Water Hall is pleased to announce that it has now
agreed with the Board of Water Hall the terms of a new facility to
be provided by Water Hall to Petards on the following basis, which
are on broadly similar terms to the previous Petards' bank
facility:
Borrowers: Petards Group PLC
Petards Joyce-Loebl Limited
Petards Limited
Facility Amount: GBP1,650,000
Security: Fixed and floating charge over
assets of Petards and its subsidiaries.
Purpose: General corporate purposes/ working
capital.
Interest Rate: 4% per annum above Bank of England
base rate
Interest Period: Monthly
Default Rate: 3% per annum above Interest Rate
Review Date for The day before each anniversary
Extension: of the date of the agreement.
On Demand Events: A period of 3 months has elapsed
since the date upon which:
(a) The Lender determines that
(acting in its sole discretion)
it is no longer in a position
to make the Working Capital Facility
available to the Borrowers; or
(b) The Lender determines that
(acting in its sole discretion)
a Borrower or the Group has been
acquired (in whole or in part),
or has merged or amalgamated with
any other person.
Fees: (a) Arrangement fee of GBP20,625
to paid within 2 business days
of the facility being executed;
and
(b) A monthly management fee of
GBP3,000 payable on the interest
payment date.
The Facility Amount includes the indebtedness already owed by
Petards to Water Hall following the debt purchase agreement
announced on 28 June 2013.
Enquiries:
Water Hall Group Plc www.waterhallgroupplc.com
Raschid Abdullah Tel: +44 (0) 1483 452
333
Beaumont Cornish Limited
(Nominated Adviser and
Broker)
Roland Cornish / Michael Tel: +44 (0) 20 7628 3396
Cornish
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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