17 Aug 2011 16:37
Cosalt plc
("Cosalt" or "the Group")
OFT Decision
The Board of Cosalt confirms that the OFT has today approved the sale of the Marine Business to Survitec. The sale is expected to complete by 2 September 2011. The Board also confirms that the Group's senior lenders have agreed to extend the waiver relating to the repayment of amounts due under the Existing Facilities and the right to test financial covenants from 19 August 2011 until 5 September 2011.
Enquiries:
Cosalt plc
| Tel: +44(0) 1472 725 560 |
Mark Lejman, Chief Executive | |
Hawkpoint Partners Limited | Tel: +44(0) 207 665 4500 |
Paul Baines | |
Matt Scaife | |
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Evolution Securities Limited
| Tel: +44(0) 113 243 1619 |
Joanne Lake | |
Peter Steel | |
Cardew Group | Tel: +44(0) 207 930 0777 |
Tim Robertson Sophie Leigh-Pemberton |
Note
Unless otherwise indicated, terms used in this announcement have the same meanings as defined in the circular to shareholders dated 2 June 2011. A copy of the circular is available from the Company's website at http://www.cosalt.com/_assets/pdfs/investors/circular%20-%20final.020611.pdf.