Interim Management Statement (4205D)
16 May 2012 - 4:00PM
UK Regulatory
TIDMCSLT
RNS Number : 4205D
Cosalt PLC
16 May 2012
Cosalt plc
("Cosalt" or the "Company")
INTERIM MANAGEMENT STATEMENT
Cosalt announces its Interim Management Statement in respect of
the period from 1 January to 15 May 2012.
On 10 January 2012, the Offer for the issued share capital of
Cosalt by Oval, a Company wholly owned by the Chairman David Ross,
was declared unconditional. Following the closure of the Offer,
Oval owned 56% of the issued share capital of Cosalt. During the
period under review Oval has provided two short term unsecured loan
facilities totaling GBP6 million, in addition to the Company's
other borrowings of GBP14.9 million, of which GBP6.6 million is
being provided or guaranteed by David Ross.
As announced on 1 May 2012, 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. The Group also
stated that it is not yet in a position to publish its Report and
Accounts for the 12 months ended 31 December 2011 as a result the
Company requested that its ordinary shares be suspended from
trading pending publication of its audited accounts.
Although Group sales were in line with the Board's budget,
during the period there has been pressure on margin and cashflow.
In addition, the Group's costbase and level of indebtedness
continue to significantly constrain the business and are not
sustainable over the longer term, in the absence of a new financing
solution.
The Board is very focused on finding a solution for all parties
involved in the discussions and will make a further announcement 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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