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Petards Group Plc Announces Recommended Offer For Water Hall Group Plc


Monday, 1 Jul 2013 02:05am EDT 

Water Hall Group plc and Petards Group Plc announced that they have reached an agreement on the terms of a recommended offer to be made by Petards for the entire issued and to be issued ordinary share capital of Water Hall. Under the terms of the Offer, Water Hall Shareholders will be entitled to receive 12.5 New Petards Shares and GBP2 nominal convertible loan notes per 100 Water Hall Shares. The Convertible Loan Notes, details of which are set out below, convert into Petards Shares at a price of 8p, are unsecured, are redeemable at par five years from the date of issue and carry a coupon of 7.0 per cent. per annum. The Offer values the entire issued and to be issued share capital of Water Hall (assuming full conversion of the Water Hall Loan Note) at approximately GBP3.56 million, assuming a price per Petards share of 16.5p, the closing mid market price as at close of business on June 28, 2013 (being the last practicable date prior to the date of this Announcement), and valuing the Convertible Loan Notes at nominal value. The Offer values each Water Hall Share at approximately 4 pence which represents a premium of approximately 100 per cent. to the closing mid market price of 2 pence for each Water Hall Share as at the close of business on June 28, 2013, (being the last practicable date prior to the date of this Announcement). 

Company Quote

11.875
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26 Jan 2015