Statement re. Suspension (4214C)
01 May 2012 - 4:30PM
UK Regulatory
TIDMCSLT
RNS Number : 4214C
Cosalt PLC
01 May 2012
Cosalt plc
("Cosalt" or the "Company")
Suspension of Listing
Further to the announcement made on 12 April 2012, the Board of
Cosalt has agreed with Oval (a Company wholly owned by David Ross)
an extension of one month to 31 May 2012 for repayment of the short
term GBP1 million credit facility provided by Oval. The Company is
continuing discussions with David Ross, and the Group's pension
trustees and its banks to secure a long term financing solution to
ensure it has sufficient working capital to sustain the business.
Any such solution is expected to involve the issue of new equity
share capital. Whilst the Board has continued to progress these
discussions, their outcome remains uncertain, and the Group is not
yet in a position to publish its Report and Accounts for the 12
months ended 31 December 2011 by 30 April 2012, as required by
Disclosure & Transparency Rule 4.1.3. Accordingly the Company
has requested that its ordinary shares be suspended from trading
pending publication of its audited accounts.
A further announcement will be made as soon as possible.
Enquiries:
Cosalt plc Tel: +44 (0) 1472 725560
Trevor Sands, Chief Executive
Officer
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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