1 May 2012 07:30
Cosalt plc
("Cosalt" or the "Company")
Suspension of Listing
Further to the announcement made on 12 April 2012, the Board of Cosalt has agreed with Oval (a Company wholly owned by David Ross) an extension of one month to 31 May 2012 for repayment of the short term £1 million credit facility provided by Oval. The Company is continuing discussions with David Ross, and the Group's pension trustees and its banks to secure a long term financing solution to ensure it has sufficient working capital to sustain the business. Any such solution is expected to involve the issue of new equity share capital. Whilst the Board has continued to progress these discussions, their outcome remains uncertain, and the Group is not yet in a position to publish its Report and Accounts for the 12 months ended 31 December 2011 by 30 April 2012, as required by Disclosure & Transparency Rule 4.1.3. Accordingly the Company has requested that its ordinary shares be suspended from trading pending publication of its audited accounts.
A further announcement will be made as soon as possible.
Enquiries:
Cosalt plc Trevor Sands, Chief Executive Officer | Tel: +44 (0) 1472 725560 |
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson