12 Apr 2012 15:54
Cosalt plc
("Cosalt" or the "Company")
Additional Funding from Oval
The Board of Cosalt announces that it has agreed the terms of a new short term revolving credit facility of up to £1 million being provided by Oval, a company wholly owned by the Chairman, David Ross. This is in addition to the £7 million of existing loans and £4.6 million of bank guarantees already being provided by David Ross. The new facility will be repayable by 30 April 2012 and will be used to support working capital requirements while the Company continues to work on securing a long term financing solution with its banks and the Group's pension trustees.
Enquiries:
Cosalt plc Trevor Sands, Chief Executive Officer | Tel: +44 (0) 1472 725560 |
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson