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Cosalt plc

("Cosalt" or "the Group")

Shareholder Circular re Class 1 Disposal and Notice of General Meeting

The board of Cosalt announces that a circular relating to the proposed Disposal of subsidiaries comprising the Marine Business ("the Circular") has been approved by the UK Listing Authority and will shortly be posted to Shareholders.

The Circular contains notice of a General Meeting of the Group for Shareholders to consider and, if thought fit, to pass a resolution approving the disposal of the Marine Business to Survitec Group Limited. The General Meeting will take place at 11.30 am on 22 June 2011 at the offices of Cardew Group Ltd, 12 Suffolk Street, London SW1Y 4HG.

The Circular will be made available from the head office of the Company at Origin 4, Genesis Park, Origin Way, Europarc, Grimsby, N.E. Lincolnshire DN37 9TZ, during normal business hours. The Circular will also shortly be made available for viewing on the Company's website at http://www.cosalt.com/investors.ashx and has been submitted to the National Storage Mechanism, where it will be available for inspection at http://www.hemscott.com/nsm.do.

The terms of the Disposal, in all material respects, remain as notified by the Company on 3 May 2011. Unless otherwise indicated, terms defined in the Circular have the same meanings in this announcement.

ENQUIRIES:

Evolution Securities Limited, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for the Company and no-one else in connection with the Disposal and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Evolution Securities Limited nor for giving advice in relation to the Disposal or any other matters referred to in this announcement.

Hawkpoint Partners Limited, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for the Company and no-one else in connection with the Disposal and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Hawkpoint Partners Limited nor for giving advice in relation to the Disposal or any other matters referred to in this announcement.

Important notice

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any applicable restrictions or requirements. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction. This announcement has been prepared for the purposes of complying with English law and the Listing Rules and the applicable rules and the information disclosed may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws and regulations of any jurisdiction outside of England and Wales. The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and publication of this announcement shall not give rise to any implication that there has been no change in the facts set forth herein since such date. Nothing contained in this announcement shall be deemed to be a forecast, projection or estimate of the future financial performance of the Company, the Cosalt Group, the Continuing Group or the Marine Business except where otherwise stated.

Forward looking statements

This announcement contains certain "forward-looking statements" with respect to the financial condition, results of operations and business of the Company, the Cosalt Group and the Continuing Group and certain plans and objectives of the members of the Cosalt Group. In some cases, these forward-looking statements can be identified by the fact that they do not relate to historical or current facts and by the use of forward-looking terminology, including the terms "anticipates", "believes", "estimates", "expects", "intends", "plans", "prepares", "goal", "target", "will", "may", "should", "could" or "would" or, in each case, their negative or other variations or comparable terminology. These statements are based on assumptions and assessments made by the Directors in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe appropriate. Investors should specifically consider the factors identified in this announcement that could cause actual results to differ before making an investment decision. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, the Cosalt Group or the Continuing Group, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. They are also based on numerous assumptions regarding the Company's, the Cosalt Group's and/or the Continuing Group's present and future business strategies and the environment in which it is believed that the Continuing Group will operate in the future. These forward-looking statements speak only as at the date of this announcement. Except as required by the FSA, the Listing Rules, the Disclosure and Transparency Rules, the London Stock Exchange or applicable law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this announcement.