27 Mar 2009 10:44
Cosalt plc
("Cosalt" or the "Group")
Re Deferred Consideration & Banking Facility
Cosalt (www.cosalt.com) is a leading provider of critical safety equipment and services for the Offshore Oil & Gas and Marine industries.
Deferred Consideration for GTC Holdings
The Group acquired GTC Holdings Limited in October 2007 for a maximum consideration of £30.3 million, including deferred consideration of up to £3.75 million. Following GTC's financial results for the year ended November 2008, the Board has reached agreement with the vendors for the maximum entitlement to be paid over a period between April 2009 and February 2012.
Banking Facility
Further to the recently agreed outline terms for increased and extended banking facilities of £39 million with HSBC and RBS, the Board is pleased to confirm that the new facility has now been formally completed.
Mark Lejman CEO Cosalt plc commented today:
"The new facility gives the Group greater headroom and is an important step in the delivery of the Group's strategy."
27 March 2009
ENQUIRIES:
| Cosalt plc | Tel: 01472 504504 |
| Mark Lejman, Chief Executive | |
| Mike Reynolds, Finance Director | |
| College Hill | Tel: 020 7457 2020 |
| Mark Garraway | |
| Adam Aljewicz |