Executive Summary

Water Hall Group plc is a holding company. The activities of its principal operating subsidiary, Water Hall (England) Limited, continues to be waste management. The Company also owns a 7.3% investment in Petards Group plc, an AIM listed company involved in high technology security and surveillance solutions, and a 19.5% trade investment in a company in Egypt, which has a 15-year city-cleaning contract in Suez that commenced in March 2002.

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