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27 Mar 2009 10:44
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Cosalt plc
("Cosalt" or the "Group")
Re Deferred Consideration &Β Banking Facility
Cosalt (www.cosalt.com) is aΒ leading provider of critical safety equipment and services for the Offshore Oil & Gas and Marine industries.
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Deferred ConsiderationΒ for GTC Holdings
The Group acquired GTC Holdings Limited in October 2007 for a maximum consideration of Β£30.3 million,Β including deferred consideration ofΒ up to Β£3.75Β million.Β Β FollowingΒ GTC'sΒ financial results for the year endedΒ November 2008,Β theΒ Board hasΒ reached agreement with the vendorsΒ forΒ the maximum entitlement toΒ beΒ paid overΒ a periodΒ betweenΒ AprilΒ 2009 and February 2012.
Banking Facility
Further to the recently agreed outline terms for increased and extended banking facilities of Β£39 million with HSBC and RBS, the Board is pleased to confirm thatΒ the new facilityΒ has now been formally completed.
Mark Lejman CEO Cosalt plc commented today:Β
"The new facility gives the Group greater headroom and is an important step in the delivery of the Group's strategy."
27Β March 2009
ENQUIRIES:
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Cosalt plc |
Tel: 01472 504504Β |
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Mark Lejman, Chief Executive |
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Mike Reynolds, Finance DirectorΒ |
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|
College HillΒ |
Tel: 020 7457 2020 |
|
Mark Garraway |
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|
Adam Aljewicz |
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