Banking Facility

27 Mar 2009 10:44



Cosalt plc

("Cosalt" or the "Group")

Re Deferred Consideration & Banking Facility

Cosalt (www.cosalt.com) is a leading provider of critical safety equipment and services for the Offshore Oil & Gas and Marine industries.

Deferred Consideration for GTC Holdings

The Group acquired GTC Holdings Limited in October 2007 for a maximum consideration of £30.3 million, including deferred consideration of up to £3.75 million.  Following GTC's financial results for the year ended November 2008, the Board has reached agreement with the vendors for the maximum entitlement to be paid over a period between April 2009 and February 2012.

Banking Facility

Further to the recently agreed outline terms for increased and extended banking facilities of £39 million with HSBC and RBS, the Board is pleased to confirm that the new facility has now been formally completed.

Mark Lejman CEO Cosalt plc commented today: 

"The new facility gives the Group greater headroom and is an important step in the delivery of the Group's strategy."

27 March 2009

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