CSLT.L Regulatory News (CSLT)

9 Oct 2007 16:12

Cosalt PLC09 October 2007 Cosalt plc("Cosalt" or "the Company") Proposed Acquisition of GTC Holdings Limited and Proposed Placing and Open Offer of 7,717,060 New Ordinary Shares at 330 pence per share Results of Placing and Open Offer On 13 September 2007 the Company announced a Placing and Open Offer of 7,717,060New Ordinary Shares at an issue price of 330 pence per share to raiseapproximately £25 million (net of expenses) in order, inter alia, to finance theproposed acquisition of GTC Holdings Limited. The Placees are David Ross, theRappaport Family and Hanover Investors (the "Placees"). The Open Offer has beenfully underwritten by David Ross and the Rappaport Family (the "UnderwritingPlacees"). Qualifying Shareholders were invited to subscribe for Open Offer Shares on thebasis of 12 Open Offer Shares for every 23 existing Ordinary Shares held. As aresult of the Open Offer which closed at 11.00 a.m. on 9 October 2007, validapplications have been received in respect of 1,975,108 shares (representingapproximately 52 per cent. of the 3,829,390 Open Offer Shares available underthe Open Offer). The balance of the Open Offer Shares will be taken up equallyby the Underwriting Placees. The Placing and Open Offer remain conditional, inter alia, upon the Resolutionsto be proposed at the Company's Extraordinary General Meeting to be held at10.00 a.m. on 11 October 2007 being duly passed and admission of the NewOrdinary Shares to trading on the London Stock Exchange and listing on theOfficial List of the UK Listing Authority becoming effective. The New Ordinary Shares, when issued and fully paid, will rank pari passu withthe Existing Ordinary Shares in all respects, except that they will not beeligible for the final dividend in respect of the period ending 28 October 2007.Subject to the passing of the Resolutions at the Extraordinary GeneralMeeting, Admission of the New Ordinary Shares is expected to become effective on12 October 2007. Completion of the acquisition of GTC is also expected to takeplace on 12 October 2007. The definitions used in this announcement shall have the same meaning given tothem in the Prospectus dated 18 September 2007. Enquiries: CosaltPer Jonsson, Chief ExecutiveNeil Carrick, Finance Director 01472 504 504 Noble Grossart LimitedGuy Stenhouse 0131 226 7011 College HillMatthew GregorowskiMark Garraway 020 7457 2020 9 October 2007 Noble Grossart, which is authorised and regulated in the United Kingdom by theFinancial Services Authority for designated investment business, is actingexclusively for Cosalt plc and for no one else in relation to the Acquisitionand the Placing and Open Offer and will not be responsible to anyone other thanCosalt plc for providing the protection afforded to clients of Noble Grossart orfor giving advice in relation to the Acquisition, the Placing and Open Offer, orany other matter referred to in this document. This information is provided by RNS The company news service from the London Stock Exchange