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23 Nov 2011 07:00
Cosalt plc
("Cosalt" or "the Company")
Following the announcement on 17 November 2011, the Company's cash flow position has continued to deteriorate such that the Company now has only £900,000 of bank facilities available, which represents sufficient working capital only until 30 November 2011. The Company is therefore now in urgent discussions with its major shareholders and banking partners. The Board is also in the process of appointing restructuring advisers to assist management in assessing options available to the Company for realisation of assets or refinancing. The Independent Directors and the Company's advisers continue to progress discussions with Mr Ross and his advisers relating to Mr Ross' possible offer. A further update will be given as appropriate.
Enquiries:
Cosalt plc Trevor Sands, Chief Executive Officer | Tel: +44 (0) 1472 725560 |
Evolution Securities Limited Joanne Lake / Peter Steel | Tel: +44 (0) 113 2431619 |
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson / Sophie Leigh Pemberton
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