Business
Irrevocable undertaking
Irrevocable undertaking.
About this update from Petards Group Plc
[{"type":"text","content":"\n \nRNS Number : 6988K Petards Group PLC 01 August 2013 \n \n\n1 August 2013\n \nPetards Group plc\n(\"Petards\" or \"the Company\")\n \nIrrevocable undertaking\n \nFurther 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 Khereijii\") 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 There are no circumstances in which the irrevocable commitment may be withdrawn.\n \nIn addition El Khereijii holds a £200,000 convertible loan note in Water Hall which, subject to the Offer becoming wholly unconditional, it intends to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 new Water Hall shares which it has irrevocably undertaken to assent to the Offer.\n \nSave 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.\n \nTogether 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.\n \nFor further information:\n \n\n\n\n\nPetards Group plc\n\n\nwww.petards.com\n\n\n\n\nAndy Wonnacott, Finance Director\n\n\nTel: 0191 420 3000\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland Limited\n\n\nwww.wh-ireland.co.uk \n\n\n\n\nMike Coe /John Wakefield\n\n\nTel: 0117 945 3470\n\n\n\n\n \n \nIMPORTANT INFORMATION\nWH Ireland, which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively for Petards and no one else in connection with the Offer and will not be responsible to anyone other than Petards for providing the protections afforded to clients of WH Ireland nor for providing advice in relation to the Offer or any other matter or arrangement referre...