water hall group plc (WTH) Snapshot

The acquisition talks between Petards Group plc and Water Hall Group plc have broken down. Petards said Water Hall had made a preliminary approach about a takeover deal. But Water Hall said its proposal had not been accepted. "The board of Water Hall is disappointed that offer talks have been terminated in this way when it considered the proposed indicative terms were attractive but have been denied to the wider shareholder base," Water Hall Chairman Raschid Abdullah said. Water Hall said its paper offer was at a premium to the share price of Petards but after it was refused it is not allowed under the Takeover Code to make another without Petards' cooperation.

Water Hall Group plc, Annual General Meeting, Oct 15, 2012. Agenda: To approve 22,000,000 new ordinary shares at a price of 2.5 pence per ordinary share to raise £550,000; to issue a £200,000 unsecured convertible loan note and to raise up to £283,456 by way of an open offer to be made to eligible shareholders of up to 11,338,220 new ordinary shares at the placing price.

Water Hall Group plc reported unaudited consolidated earnings results for the six months ended June 30, 2012. For the period, the company reported operating loss of £256,000 against £489,000 for the same period last year. Loss before tax was £256,000 against £489,000 for the same period last year. Loss from continuing operations was £256,000 or 0.45 pence per basic and diluted share against £489,000 or 0.86 pence per basic and diluted share for the same period last year. Profit for the period was £335,000 or 0.59 pence per basic and diluted share against loss for the period of £291,000 or 0.51 pence per basic and diluted share for the same period last year. Cash used in operations was £727,000 against £475,000 for the same period last year.