15 May 2012

Fox Williams LLP advised AIM-listed Water Hall Group Plc on its disposal of Water Hall (England) Limited, including its wholly-owned subsidiary companies Star Quarry Products Limited and Warecrete Limited which provide waste management services, to Lyons 54 Limited (the “Disposal”).

The Disposal constituted a fundamental change of business of Water Hall under Rule 15 of the AIM Rules, which required shareholder approval. Since the disposal would result in Water Hall becoming an “investing company” (a/k/a AIM shell), AIM Rule 15 further required Water Hall to obtain the approval of its shareholders for its proposed “investing policy” going forward. Shareholder approval was obtained, and the Disposal completed, on 11 May 2012.

Commenting on the Disposal Raschid Abdullah, Chairman of Water Hall Group Plc, 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.”

Head of Capital Markets Richie Clark and Senior Associate Nick McCarthy led the Fox Williams team on the transaction.

Richie Clark commented:

We were delighted to assist Water Hall, as a new client of FW, navigate the AIM regulatory framework to complete this strategically important transaction. The deal served to reinforce our expertise in the AIM space, where we have recently acted on a number of fundamental disposals and AIM shell transactions, in addition to listings and fundraisings. We look forward to continuing to work with Water Hall on the implementation of its new investing policy in due course.”

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