1st August 2013
Further to the announcement of the offer by Petards to acquire the issued and to be issued share capital of Water Hall Group Plc ("Water Hall"), Petards announces that it yesterday received an irrevocable undertaking to procure the acceptance of the offer from El Khereiji Financial Company WLL ("El Khereiji") in respect of 14,974,054 ordinary shares of 1p each in Water Hall, representing approximately 18.8 per cent of the existing issued share capital of Water Hall. There are no circumstances in which the irrevocable commitment may be withdrawn.
In addition El Khereiji holds a £200,000 convertible loan note in Water Hall which, subject to the Offer becoming wholly unconditional, it intends to convert into a maximum of 8m ew Water Hall shares which it has irrevocably undertaken to assent to the Offer.
Save as disclosed, El Khereiji has no further interest in shares, options in shares, derivatives or short positions in Water Hall that are required to be disclosed in accordance with the requirements of Rule 8.5 of the City Code.
Together with other irrevocable commitments received by Petards in respect of a further 43,290,568 shares in Water Hall, as disclosed in the offer document dated 23 July 2013, Petards has now received irrevocable commitments to accept the offer in respect of a total of 58,264,622 shares in Water Hall, representing approximately 73.16 per cent of the Water Hall shares currently in issue.