Water Hall Group: Petards Tender Offer Oversubscribed

21st Jun 2010 08:10

LONDON (Dow Jones)--Water Hall Group PLC (WTH.LN), which provides quarrying and waste management services, said Monday that at 1200 GMT on June 18, the tender offer to buy up to 104.5 million Ordinary shares in Petards Group PLC (PEG.LN) was over-subscribed by Petards shareholders. MAIN FACTS: -Valid tenders were received in aggregate for 133.7 million Petards Ordinary shares, representing an over-subscription of 27.97%. -Valid tenders received will be subject to pro rata scaling back and will be accepted in respect of 78.145% of Ordinary shares tendered. -As a result of the subscriptions under the tender offer Water Hall's shareholding in Petards has increased to 191 million Ordinary shares, representing 29.99%, from 86.5 million Ordinary shares, or 13.59%. -Petards is an AIM listed provider of security and surveillance systems. -Consideration to be paid by Water Hall to holders of tendered Ordinary shares of GBP731,579 is being funded from the Company's existing cash resources. -Water Hall shares at 0705 GMT unchanged at 3.75 pence valuing the company at GBP2.13 million. Petards shares also unchanged at 0.68 pence, valuing the company at GBP4.30 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 21, 2010 03:10 ET (07:10 GMT)