Result of General Meeting and Funding Update (1795Y)
27 2월 2012 - 8:48PM
UK Regulatory
TIDMCSLT
RNS Number : 1795Y
Cosalt PLC
27 February 2012
27 February 2012
Cosalt plc
("Cosalt" or "the Company")
Result of General Meeting and Funding Update
At a general meeting of Cosalt plc, held earlier today,
shareholders voted against both resolutions as set out in the
notice of general meeting of the Company dated 9 February 2012 (the
"Resolutions"), as a consequence the Cosalt will continue as a
publicly listed company.
The decision was reached by a poll at the meeting and the result
of the poll for each resolution was as follows:
Resolution 1: a total of 227,910, 801 votes (representing 73.07%
of total votes cast) were lodged in favour of the Resolution, with
83,976,313 votes lodged against (26.93% of total votes cast). A
total of 8,559 votes cast were withheld.
Resolution 2: a total of 228,128,800 votes (representing 73.14%
of total votes cast) were lodged in favour of the Resolution, with
83,764,043 votes lodged against (26.86% of total votes cast). A
total of 2,830 votes cast were withheld.
A copy of the Resolutions will be submitted to the National
Storage Mechanism and will shortly be available for viewing online
at the following web-site address:
http://www.hemscott.com/nsm.do
Following this vote by shareholders, the Company will consider
its options and the actions needed to support the continued
listing. The Company's net debt position as at 9 February 2012 was
approximately GBP18.7 million. The Company requires further funding
to meet working capital requirements in the short term and is in
discussions with potential providers. A further update will be made
in due course.
David Ross, Chairman of Cosalt, said, "Given the current
position of the business, the Board and I believe that the Company
would be better off as a private enterprise without the associated
high costs of being a listed company. However, the decision from
today's general meeting means the Company will continue to be
listed and as a Board we will plan accordingly."
Enquiries:
Cosalt plc Tel: +44 (0) 1472 725560
Trevor Sands, Chief Executive
Officer
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson / Sophie Leigh Pemberton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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