Water Hall Group Plc Further Investment (2192I)

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: [phone] 
                             333 
 Beaumont Cornish Limited 
  (Nominated Adviser and 
  Broker) 
 Roland Cornish / Michael   Tel: [phone] 
  Cornish 
 

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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