Water Hall selling a subsidiary
By BFN News | 12:21 PM | Wednesday 25 April, 2012
Water Hall has entered into a conditional sale agreement for the sale of its wholly-owned subsidiary company Water Hall (England) ("WHE") including its wholly-owned subsidiary companies Star Quarry Products and Warecrete which provide waste management services.
The proposed sale of WHE is conditional upon approval by shareholders at a General Meeting on May 11.
Under the agreement the company will receive a consideration of £1 and repayment of the outstanding inter-company debt of £1,249,999.
Commenting Raschid Abdullah, Chairman of Water Hall Group, said: "The disposal achieves the first of the board's three objectives set out in my statement accompanying the interim financial statement, that of maximising the value of the Group's remaining operational assets.
"The challenge for the board is now to deliver on the second and third objectives of enhancing the value of the Group through increasing the value of its investments and identifying a business sector in which to establish a platform for sustainable growth".
At 12:21pm: (LON:WTH) Water Hall Group share price was +0.01p at 1.88p
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